Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, joins BNN Bloomberg to discuss the outlook for markets amid uncertainty.

Equity markets remain on a bullish trajectory, though investors may face turbulence in the weeks ahead.

BNN Bloomberg spoke with Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, who sees the S&P 500 reaching 7,000 by year-end and 7,200 in early 2026. She points to semiconductors and mega caps as clear leaders, while also favouring metals such as silver and gold juniors, alongside Alphabet as a top stock pick.

Key TakeawaysMarkets remain bullish, with the S&P 500 seen at 7,000 by year-end and 7,200 in early 2026.Stocks are overbought, raising risk of a five to 10 per cent pullback in coming weeks.Mega caps and semiconductors are expected to continue leading market gains.Market breadth is improving as small caps join the rally, though not as leaders.IPO activity breaking out of a three-year range signals growing investor confidence.Metals remain in a bull market, with silver and junior gold miners offering fresh upside.Mary Ann Bartels, chief investment strategist at Sanctuary Wealth Mary Ann Bartels, chief investment strategist at Sanctuary Wealth

Read the full transcript below:

MERELLA: Investors appear to be less enthusiastic after markets hit records earlier this month. North American markets trended lower today, and if that holds, it will be the first three straight days of declines since March. Let’s find out what it means for your portfolio. Mary Ann Bartels joins us, chief investment strategist at Sanctuary Wealth. Thanks for joining us today.

MARY ANN: Thank you.

MERELLA: We’ve seen markets on a bit of a run lately. Do you think there’s more room to run?

MARY ANN: I think by the end of the year we could be at 7,000, so I definitely think we can have significantly more upside. But equity markets are extremely overbought, and rates are extremely oversold, so I think we’re going to get this tactical correction in equities as we see a temporary tick-up in interest rates. Today, we got some really strong economic data that was not expected, and that’s really what has rates moving.

MERELLA: You’re talking about the U.S. GDP number. It came in much stronger than expected, so things seem to be humming along there. You’ve put your S&P 500 target at 7,000, but you’re talking about a correction being a short period, right?

MARY ANN: That’s correct. Everybody’s talking about September as the worst month, and I think that’s one reason it hasn’t really corrected. But what’s important, and doesn’t get talked about, is October creates lows that are great buying opportunities. I think we can have a little volatility between now and October. We’re looking for somewhere between a five and 10 per cent pullback in the S&P 500, and we remain buyers. In fact, we even have a target going into early next year of 7,200. Earnings are just so powerful, particularly in communication services and technology. The story of AI remains very strong, and we think that’s going to continue to power markets higher.

MERELLA: So are you setting money aside to buy in October, or trimming from what you have?

MARY ANN: I’m not selling. If I’m an investor, I wouldn’t take profits here. But many of our clients still have cash on the sidelines. In fact, if you look at ICI money market funds in the U.S., there’s over US$7 trillion sitting in cash. I call that the money mountain — a lot of dry powder that can still come into the market. We’re starting to see confidence return as IPOs come back. The Renaissance IPO ETF has actually broken out of a three-year trading range, and that gives me confidence the market can continue higher.

MERELLA: Can you expand on what you see as leading right now?

MARY ANN: It’s tech, and I call it tech-related. It’s the tech sector and communication services, where you have Google, Meta, Netflix, and parts of discretionary with Tesla and Amazon. The true leaders, though, are semiconductors. That’s the real leadership. With tech and tech-related sectors around it, I don’t see those trends reversing. There’s no other setup in the market to take over. This stays a mega-cap cycle. We’ve seen small caps hit new highs, but they don’t have the earnings power of the tech companies to lead.

MERELLA: You mentioned small caps. Do you think that momentum will continue, even if they don’t take over leadership?

MARY ANN: Yes, I still think the breadth of the market is broadening, and that’s another bullish sign. It’s a long-term positive, but I don’t see small caps leading the market higher. I still think this is a mega-cap cycle.

MERELLA: Let’s talk about some of your stock picks, which include mega caps. First, Alphabet, parent company of Google. Now that they’re past a U.S. court case, the stock is getting a boost. Do you see that run continuing?

MARY ANN: That court case was a huge overhang. They still have another case to get through, but I think they will. Google is a major player in tech, and many people overlook divisions like YouTube or the driverless-car unit Waymo. There’s a lot more to Google than search. I think search has been too much of a focus, and that’s been part of the overhang. With the court case behind them, and Waymo expanding to more cities, I think Google will get more attention.

MERELLA: Let’s talk about silver. Why do you like silver as opposed to copper?

MARY ANN: I like all metals, but gold has had a great run. Our target has been US$4,000 for some time, so there’s still more upside. Silver recently broke out of a significant technical range. Many call it the poor man’s gold. I think we’ll retest the highs, and over time I believe we can make new highs. For those who missed the gold trade, silver is the next story. It’s also more industrial. Copper is another metal we’ve liked. One company we’ve liked is Southern Copper. Unfortunately, with the mudslide in Indonesia, other metal companies are getting a boost. But metals overall are in a bull market and should remain so.

MERELLA: And you like gold juniors too?

MARY ANN: Yes. The beta is in the juniors. Gold mining stocks have lagged and only recently broke out, and you get more beta in the juniors. I like the VanEck Junior Gold Miners ETF, ticker GDXJ.

MERELLA: Got it. We’ll leave the conversation there. Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, thanks for your time.

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This BNN Bloomberg summary and transcript of the Sept. 25, 2025 interview with Mary Ann Bartels are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.