How to play the slow-growth environment: Pro

Investors may have concerns about the drop in first-quarter gross domestic product, but it isn't necessarily worrying Collins Capital's Dorothy Weaver.

Although the estimate is a reflection of the fact that the U.S. is in a slow-growth environment, investors just have to know where to look for strategic opportunities, she told CNBC's "Power Lunch."

"As much as we would like to see growth kick in, it is going to, I think, continue to be a slow growth environment," said Weaver, who was once the chair of the Federal Reserve Bank in Miami.

Read MoreArt Cashin 'concerned' about second quarter

The U.S. economy shrank at a steeper pace than previously estimated in the first quarter. Gross domestic product fell at a 2.9 percent annualized rate, instead of the 1.0 percent pace the Commerce Department announced last month.

Stuart McClymont | The Image Bank | Getty Images

Deutsche Bank cut its global forecast on Friday, downgrading its estimate for U.S. growth this year to 2.3 percent, from 3.1 percent. Goldman Sachs also cut its U.S. growth forecast for the second quarter on Thursday.

Because the economy is going to continue to grow slowly, Weaver is not looking to call directionality in the markets.

"There can be a little bit of adjustment to the market back and forth, so we're not really counting on market growth to give the return from here," she said.

Read MoreDon't sweat low volatility in this market: Insana

Instead, Weaver is looking for "special opportunities and mispricings" in both longs and shorts that aren't correlated to the market.

She's also looking for a lot more corporate activity.

"We think they are going to have to look at creative ways to create shareholder value … whether its mergers, whether it's spin-offs, whether it's consolidation," Weaver said.

Read MoreMarket's oddest investing ideas put to the test

She noted that while the acquiring company used to see its stock go down and the acquired company saw its stock rise, these days both are seeing shares rise. That's because we're seeing "really accretive mergers that are win-win situations," she said.

By CNBC's Michelle Fox. Reuters contributed to this report.