Asset managers say the 2020 election is now the market's top risk

• The trade war dropped to the No. 2 concern among respondents for the first time since May, while worries about a "bond bubble" popping rose to the No. 3 worry.

Watch this space: A number of recent analyses have found that the stock market is currently showing some irrational exuberance, but BofA's model shows "investors are bullish but not euphoric,” chief investment strategist Michael Hartnett said in a note.

• The level of cash holdings has not yet reached the point that would signal excessive "greed," and overweight positions in stocks remain well below levels that signal concern.

Of note: Inflation expectations rose 14 percentage points from last month to net 56% of participants, the highest level since November 2018.

• 19% of fund managers surveyed think the global economy will experience above-trend growth and below-trend inflation; 62% continue to expect below-trend growth and inflation.
• Global corporate profit expectations jumped 14 percentage points from December, with a net 27% of respondents saying they expect profits to improve over the next 12 months, the highest level since March 2018.

Go deeper:

• Top executives are pessimistic about the 2020 economy
• Fed’s beige book shows uncertainty continues to hurt businesses