There are a number of different investment strategies for investors to choose from, with each potentially providing investors with good returns in the long run.

One of the most popular investment strategies is growth investing. Growth investors focus on capital appreciation by investing in companies which exhibit above-average growth prospects.

I feel a good example of a growth share is SEEK Limited (ASX: SEK). In the last five years the company has grown its earnings by an average of 15% per year. In doing so it has taken its share price to new heights and provided its investors with an average total shareholder return of 22.2% per year during this time.

This would have turned a $10,000 investment five years ago into $27,250 today. This sort of result makes it quite easy to see why the strategy is popular with many investors.

Whilst Seek may be maturing as a company and growth may be slowing a touch, I believe there are still a good number of growth shares on the ASX that could grow their earnings at an above-average rate over the next few years. These two shares in particular have stood out:

Domino’s Pizza Enterprises Ltd. (ASX: DMP)

Domino’s is one of the first shares that comes to mind when thinking about growth shares. The growth of Domino’s in the Australian market has been phenomenal, but that’s only part of the story. The majority of the company’s revenue comes from its international segment, with the Japanese market in particular contributing to 45% of total revenue. Due to its strong first-half, the weaker Australian dollar, and the incredibly strong Japanese yen, I believe the quick service restaurant chain could produce bumper full year earnings. With Domino’s looking to expand its offering beyond just pizza, I believe there could be a good number of years of growth left in this high-quality company.

TPG Telecom Ltd (ASX: TPM)

In the last 10 years TPG Telecom has managed to increase its earnings by an average of 23% per annum. This incredible record looks set to continue with analysts forecasting earnings to grow by a further 24.3% per annum for the next couple of years. As the company looks to make an impression in the mobile phone market, I believe it could be another source of growth for many years to come. After all, it currently only has a 2% share of the market. A potential takeover of Vodafone Australia would increase this market share to approximately 17% if it were to ever eventuate.

Foolish takeaway

I feel both Domino’s and TPG Telecom have great long-term prospects making them great buy and hold investments. As growth shares tend to trade at higher earnings multiples relative to the rest of the market, it is worth remembering that if they fail to live up to market expectations the share prices could get pulled down hard. Thankfully, I feel both companies are positioned well for long-term growth that satisfies the market’s expectations.

Finally, if you would like to boost your portfolio with a few more shares then look no further than these three blue chip shares. I believe that they could provide share price gains on top of their solid dividends.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.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. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.