Ed Keon remains bullish on the U.S., and it's hard not to after the S&P 500 rose more than 28 percent in the past year.
He just sees more "bang for your buck" in European equities because of lower valuations there and increased global competition as the international economic recovery shows signs of life. Keon, a managing director at Quantitative Management Associates, said Thursday that U.S. equities rose so much in the past year they made their counterparts in Europe and other developed markets look much cheaper on a risk-adjusted basis.
"We have been moving money toward Europe," Keon said on "Squawk Box." "We still have a very big position in the United States, but early in the year I thought the U.S. was basically a no-brainer. Earlier in the year we had a huge position there, and we have trimmed a little bit of that and moved towards Europe basically because of the valuation."
(Read more: Goldman: How Europe outperforms in 2014)