A record number of investors believe companies are overspending, according to Bank of America Corp.'s latest fund manager survey. The findings suggest growing unease about corporate capital expenditure strategies amid economic uncertainty.

Fund managers are increasingly concerned that excessive spending on equipment, facilities, and technology could erode profitability. This marks a significant shift in sentiment, as investors typically favor companies that demonstrate growth through investment. The survey highlights mounting pressure on corporate boards to justify major spending decisions.

The results come as companies face rising borrowing costs and potential economic headwinds. With interest rates elevated and growth slowing, investors are demanding greater fiscal discipline. This could force companies to reassess expansion plans and prioritize shareholder returns through dividends or share buybacks.