Investing.com - Global fund managers are more bullish on stocks than they were a month ago, according to the latest Bank of America Merrill Lynch (NYSE:BAC) Fund Manager survey.Managers increased their exposure to stocks and now expect the bull market to last longer.Some 55% of managers are overweight in equities--the highest level in two years. Cash levels fell to the lowest in about five years. Meanwhile, 30% expect the equity markets to peak in 2019 or after. In the previous survey they saw the peak coming in the second quarter of this year.Fund managers also adjusted their regional weightings in stocks, with Europe, Asia and the emerging markets preferable to the U.S.The January survey showed investment funds moving out of defensive stocks and into cyclical ones.