The CFA Society found that 55% of those questioned said they consider developed economy equities to be overvalued as an asset class.
Notably, the trend is upward in terms of this viewpoint as last quarter only 49% of respondents felt this way.
Perhaps more telling was the fact that only 12% said they saw value in the asset class at the moment.
The survey was carried out between 22 and 31 July, with 584 analysts and investors taking part.
Emerging market equities in contrast are seen as undervalued by 50% of investment professionals. The CFA Society found that the enthusiasm for emerging market stocks is slightly waning however as last quarter 57% felt this way.
The picture in fixed income was far less balanced with big majorities seeing the asset class as being overvalued. Government bonds were seen as such by 75% of professionals responding and corporate bonds by 72%. Again, the trend is upwards for this bearish view versus last quarter.
"In spite of serious geopolitical events, stock markets are at or close to highs,” said Will Goodhart, CFA UK chief executive.
“However, our research indicates that investors are increasingly cautious about valuations and this may affect the way that capital is allocated over the remainder of the year," he added.