THE Bank of America’s (BofA) latest South Africa fund manager survey found that two-thirds of the managers they spoke to viewed local bonds and equities as undervalued. For the past 58 months, or almost five years, most local fund managers have told the BofA that they view local bonds as undervalued. The survey found that 73% of the managers see more ‘buy’ opportunities in the local market than ‘sell’ opportunities. About 67% of managers surveyed were ‘most bullish’ on SA equities, 20% were ‘most bullish’ about local bonds, and 13% were ‘most bullish’ about cash. About 20% of managers were…