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S&P 500 to gain 10 to 15 percent: Pimco exec

The S&P 500 has another 10 to 15 percent more to gain through year end, and emerging markets are increasingly attractive, Pimco's deputy CIO and global head of equities said Friday on CNBC.

On "Halftime Report," Virginie Maisonneuve said she was "quite positive" on the dollar and noted the potential of the Japanese yen and the euro to head lower.

"A strong euro is not good for Europe, and we know that Europe is ready to add QE if it needs," she said. "I think in U.S. dollar terms, a 10 percent return between now and the end of the year a makes sense."

Maisonneuve also noted the effects of a "very benign growth inflation environment" in the United States and an incremental tapering of quantitative easing by the Federal Reserve. "I think that is very bullish for equities," she said.

The U.S. would likely see better capital expenditures, decent growth and strong balance sheets, Maisonneuve added.

Emerging markets were also worth a look, she said, in part because they have been oversold, hold attractive valuations and promise solid global growth.

"I became more positive on emerging markets a couple of months ago when valuations were really very, very cheap," Maisonneuve said.

Top emerging markets on her list were Indonesia, Brazil, Thailand and Mexico.

"The reason why those markets were beaten up, if you remember during the crisis when there was basically no yield to be had anywhere, a lot of money went into the emerging markets to search for yield," she said. "When the noise or the seed of normalization or tapering came, a lot of that money came out, putting pressure on currencies and those markets. And clearly, countries that had a current account deficit suffered more."

A good time to invest in emerging markets could come on a dip, such as if China releases weak economic data or an escalation of the political situation in Russia, Maisonneuve said.

"If that was happening, I think this would be a fantastic entry point for people who do not have emerging markets or are very underweight," she said. "Ultimately, they will generate growth and good returns because they are so cheap."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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