Q3 2021 Global Markets Review and Outlook

Inside, you will find a summary of market activity and our market outlook.

Global markets started Q3 strong, rising in July and August. But volatility returned in September, driving equities slightly lower during the quarter. Growth beat value again—albeit narrowly—and Tech led most other sectors while value had a short burst of outperformance toward September’s end.

  • We continue to favour larger, high-quality companies given our assessment that we remain in a late bull market cycle despite the technical bear in 2020.
  • While value’s relative strength occasionally interrupted growth’s leadership in Q3, sustainable value leadership is unlikely until the early stages of the next bull market.
  • Economic growth and inflation expectations likely continue to moderate as global economies reopen supporting our preference for growth equities.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.

Investing in stock markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance.


About Fisher Investments Europe

Fisher Investments Europe was established in London, England in 2000. Fisher Investments Europe offers the portfolio management services of its parent company, Fisher Investments, an independent money management firm in the US founded in 1979 by investment guru Ken Fisher. Today, Fisher Investments and its affiliates oversee more than £140 billion* in assets for over 68,000 private clients and 150 institutional clients globally.* Founder Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 to 2017, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 30/09/2021)