Investment managers expressed disappointment in most equity classes in a recent survey by Russell Investments. Developed markets were especially disheartening, dropping 21 percentage points.

“The markets have rebounded significantly from the lows of last March, but managers want to see real economic growth before they begin to believe in another strong rise for equities,” said Erik Ogard, director of client investment strategies for the company.

Sixty percent of managers believe the market is fairly valued, down slightly from 63 percent last quarter. More managers believe the market is undervalued now than it was last quarter; 28 percent said it was undervalued, up from 19 percent.

Managers are still bullish about the technology, materials and processing, and energy sectors, the survey found. The health care sector increased slightly from last quarter’s survey.

Bullishness for cash was at an all-time low since Russell Investments began surveying managers. Treasuries were equally unsatisfying as 6 percent of managers reported that both asset classes were “priced too expensively to garner much interest.”