Global fund managers remain neutral on equities and bonds, according to the latest survey from HSBC.

The level of optimism for equities and bonds remained unchanged from the previous quarter's survey.

The survey for the fourth quarter of 2012 found 40 per cent of fund managers had an overweight view on equities and 20 per cent had an overweight view on bonds. Thirty per cent of managers were underweight cash.

Managers were less bullish on equity markets in developed economies. In the third quarter, 70 per cent of managers were bullish on North American equities and 50 per cent were bullish on European (ex-UK) equities. These bullish sentiments slipped to 60 per cent and 40 per cent respectively in the fourth quarter.

None of the managers were bearish towards Greater China, while more than half held neutral views as policy easing in China continued and growth slowed.

Those managers who were bullish on equities were optimistic on the back of recent actions from central banks around the world. Those fund managers believed the easing from central banks may support risky assets.

"The survey shows that global fund managers remain neutral towards equities and bonds, reflecting the nervousness in the market on growth prospects," HSBC Bank Australia head of global asset management Geoff Pidgeon said.

Bullish sentiment towards Asian bonds increased, with the majority of fund managers holding an overweight view on the asset class, compared to 38 per cent in the third quarter.

"With recent monetary easing actions by central banks, including the third round of quantitative easing in the US, bonds remain attractive, particularly for the yield-seeking investors. Having said that, equities have long-term appeal, underscored by the attractive yield pick-up over bonds," Pidgeon said.

High-yield bonds and global emerging market bonds remained in favour, with 90 per cent and 70 per cent of managers maintaining an overweight view on the two respective asset classes.

"Historically, emerging market assets offered potential yield enhancement but were not considered a safe haven. However, the resilience of Asia's corporate debt fundamentals are now making Asian debt and bonds more appealing to investors," Pidgeon said.