The potential for a "great rotation" into European stocks from bonds could be on the way, given low -- or even negative -- yields in government bond markets, one equity strategist told CNBC Monday.
"We still see, particularly in Europe, the potential for a great rotation," Neil Dwane, CIO for European Equities at Allianz Global Investors, told "Squawk Box" Europe.
"We think there's over 5 trillion euros ($5.37 trillion) now of cash and bonds that yield nothing, whereas even if you just buy a European index ETF [Exchange Traded Fund] you get a yield of 3.1 percent," he said.
A 1 trillion euro stimulus program from the European Central Bank has helped drive government bond yields lower across the euro zone.
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Germany's 10-year Bund yield – the benchmark in Europe – yielded just 0.07 percent on Monday and could dip into negative territory this week, according to some analysts.