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Rotation Not From Fixed-Income: Pro

Investors have been moving into stocks, but where the money has been coming from was unexpected, Charles Schwab Investment Management CEO Marie Chandoha said Thursday on CNBC.

"One of the things that we saw was an uptick in equity flows, and what was interesting was, it was coming from money funds and moving into equity," she said. "So, people weren't rotating from fixed-income to equities, they were taking money out of cash and putting it into equities."

Chandoha has $200 billion in assets under management.

On "Fast Money," she said that gains were still likely in the market.

"Certainly, the market has had a really good run, but there have been sectors of the market that have lagged," she said.

"A good example of that is emerging markets, which has been in negative territory this year. So, I do think there are still places to put money to work. Not everything has had the big run-up."

Trader disclosure: On May 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long AIG; Steve Weiss is long F; Steve Weiss is long QCOM; Steve Weiss is long LCC; Joe Terranova is long JUNE NAT GAS FUTURES; Joe Terranova is long JUNE MINI S&P FUTURES; Joe Terranova is long TBT; Joe Terranova is long SWN; Joe Terranova is long SPLK; Joe Terranova is long IBM; Joe Terranova is long SJM; Joe Terranova is long VRTS; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long INTC; Mike Murphy is long FB; Mike Murphy is long IP; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long INTC; Anthony Scaramucci is long YHOO.

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