Bank of America's March fund manager survey indicates that asset managers are the most bullish in over two years, with increased allocations to stocks and commodities while reducing bond holdings. The survey highlights a shift towards an earnings-driven market, with EPS influencing 53% of the S&P 500 return year-over-year. Investors are optimistic about growth and profitability, although cash levels are nearing a contrarian sell signal for equities. Risk sentiment among fund managers is at its highest since January 2022.