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I own these 3 FAST-growing shares, do you?

If – like me – you are seeking to spice up your ASX share portfolio with a little extra oomph, take a look at the growth stocks below.

Each of them meet and exceed some of my criteria for making an attractive long-term investment for growth, including:

  1. A high-quality and in-demand product
  2. Industry tailwinds
  3. Good management
  4. Defensive or ‘sticky’ revenue; and
  5. Reasonable share price valuation

3 high-growth shares I own

  1. XERO FPO NZ (ASX: XRO)

Xero is the New Zealand-based cloud accounting software provider. It currently makes accounting losses. However, those losses are for a great cause. Long-term disruptive growth. Xero connects accountants to their clients, mostly small to medium-sized businesses, by taking care of all their bookkeeping and accounting needs.  

But Xero isn’t just a technology disruptor, it’s an information powerhouse. Banks, like National Australia Bank Ltd. (ASX: NAB), can now integrate their loan application services with Xero, so customers don’t need to provide physical documents to prove their income for a loan. The company is currently investing to bring new services to the market, and grow its customer base.

  1. Somnomed Limited (ASX: SOM)

SomnoMed makes mouthguard-type devices for the treatment of sleep apnoea. There are local and global companies which make more sophisticated devices using machines and masks, but their products are far more intrusive and costly.

SomnoMed’s products also face pressure from cheaper off-the-shelf products. However, SomnoMed’s proven design and expertise has been reflected in the 21% compounded share price growth it’s enjoyed over the past five years. With its growth in global markets ongoing, I’m a happy holder of SomnoMed shares today.

  1. Bulletproof Group Ltd (ASX: BPF)

Bulletproof Group offers cloud computing, maintenance, and support for businesses. Bulletproof takes advantage of Amazon’s AWS by on-selling customised services for businesses’ standalone technology applications. Then, it can provide services for an ongoing maintenance-type revenue stream.  

With demand for cloud services growing rapidly, Bulletproof’s ability to customise services and manage an often confusing and complex transition for businesses gives it an edge.

I own these three companies in my portfolio, but I'm still looking for other - faster growing - dividend shares to add to my portfolio, like the one The Motley Fool's expert analysts hand-picked as their best dividend share idea for 2016.

Indeed, our resident dividend experts named their Top Dividend Share for 2016. Not only are the shares dirt cheap, the company is growing and trading on a 5.6% fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast-growing ASX dividend share. No credit card required!

Motley Fool Contributor Owen Raszkiewicz owns shares of Somnomed, Xero and Bulletproof. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

The Motley Fool Australia owns shares of Xero. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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