The S&P/ASX 200 Index (ASX: XJO) slid lower in August, and the share price declines continued through to early September. At the time of writing, the index is down around 1% over the past month, but is still roughly 3% higher for the year to date.
But when the markets look weary, it's worth looking for shares which are tipped to outperform. Here are three ASX shares that brokers are tipping to outperform the index, and they're forecast to grow by up to 174% or more over the next 12 months.
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Resmed Inc (ASX: RMD)
At the time of writing, Resmed shares have rebounded around 25% from a multi-year low in early June. But they're still down around 11% year-to-date, and trading at $32.28 each.
The ASX healthcare sector came under fire through early 2026 as macroeconomic pressures, rising inflation, higher cost of living, and regulatory uncertainty created a sector-wide downturn.
And ResMed was one of many ASX 200 healthcare shares caught up in the sell-off.
And the sleep disorder treatment company's soft third-quarter earnings update in May didn't help either. ResMed delivered an 11% (8% in constant currency) increase in revenue to US$1.4 billion. This was driven by increased demand for its portfolio of sleep devices, masks, and accessories.
But ResMed shares have bounced higher recently off the back of improved confidence around healthcare shares and a stronger fourth-quarter result last month.
ResMed's revenue has continued to grow at a healthy pace, and its margins have continued expanding. The company has also generated strong free cash flow.
It looks like the ASX 200 shares are now significantly oversold and trading below fair value.
TradingView data shows the majority of brokers have a buy/strong buy rating on ResMed shares. The maximum $46.13 target price implies the shares could increase up to 43% over the next 12 months, at the time of writing.
Macquarie Group Ltd (ASX: MQG)
Macquarie shares have stormed higher in 2026, rallying strongly in April and reaching an all-time high in early August.
At the time of writing, the shares are up around 22% for the year-to-date following a series of good-news announcements.
In late July, the investment bank posted its first-quarter FY27 update, held an AGM, and announced that Greg Ward will take over Shemara Wikramanayake as Macquarie Group CEO.
As part of its results update, Macquarie described trading conditions during the first quarter as "satisfactory". It reported that its Banking and Financial Services segment increased its profit contribution compared with the same period last year. Deposits rose by 4% during the quarter, while home loans grew by 6% and business banking loans increased by 3%.
The results followed the company's positive earnings results back in May. At the time, Macquarie reported a full-year FY26 net profit of $4.85 billion, up 30% from FY25. It also confirmed growth across all four of its operating divisions.
Investors are thrilled with Macquarie this year, and many are still rushing to snap up the ASX 200 shares.
And brokers see lots of potential going forward, too.
Market Index data shows that the majority of brokers have a buy/strong buy rating. The maximum $290.40 target price implies the shares could jump by up to 17% over the next 12 months.
