The latest Global Fund Manager Survey from Bank of America indicates that the bottom of the U.S.-Iran war sell-off hasn't reached yet. The survey's investor sentiment metric, which is based on cash levels, equity allocation, and global growth expectations, moved to 5.6 in March from 8.2 in February. While the drop in sentiment was caused by the Middle East conflict and private credit concerns, the bank's strategist, Michael Hartnett, noted that several key market signals are still standing strong, indicating that the economy and markets can weather the military conflict. The bank's Bull & Bear Indicator in the March survey was 8.5, indicating investors should sell rather than buy, while its participants are still 37% overweight in equities.