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.