Investing.com - Fund managers are more pessimistic about the outlook for global equities.That is according to a monthly survey of fund managers by Bank of America Merrill Lynch (NYSE:BAC).46% of respondents said that equity markets are overvalued.This marked a new high from the 44% recorded in June.Just 33% think global corporate profits will improve over the next 12 months.That was the lowest level since November 2015.Investors said the top two biggest risks to markets are a policy mistake by the Fed or ECB, and a crash in global bond markets.