A BofA survey of fund managers shows India has replaced Indonesia as Asia's most-unloved equity market, underscoring rising investor caution; India is among this year's worst-performing markets globally. Respondents cited lack of clear AI exposure as the top concern, followed by weak economic growth. 32% of managers report being net underweight India equities, citing high valuations and a lack of reforms. Sentiment on Indonesia improved: 27% are net underweight there, down from 32% in July.