XERO FPO NZX (ASX: XRO), Bulletproof Group Ltd (ASX: BPF) and Somnomed Limited (ASX: SOM) are three growth shares I already own, but three I’d happily buy again this month.

Xero

Many of my Motley Fool colleagues and I have long been big fans of New Zealand-based cloud accounting software provider, Xero. Make no mistake, the NZ$2.7 billion technology company is not for every investor, especially those who’d consider themselves risk-averse. In fact, investors have chosen to avoid Xero shares because the company is still making an accounting loss.

In some cases, accounting losses can easily be mistaken for a lack of investment quality — I believe that is the case with Xero. Though few investors like to see accounting losses, Xero is growing strongly across most of its industry metrics. Coupling a premium product and a true two-sided network effect with uber sticky revenue, Xero is a long-term investor’s delight.

SomnoMed

SomnoMed is a specialist provider of diagnostic and treatment solutions for sleep apnoea. The $187 million company has competition from both sides in the industry, including from global biotechnology giants.

However, as a testament to the company and its product, competition from the more expensive services offered by incumbents hasn’t stopped SomnoMed going from strength to strength.

Although shares have rallied from around $2.50 to $3.30 in the past two months, SomnoMed appears decent value for the long-term focused investor.

Bulletproof

With a market capitalisation of $65 million, Bulletproof Group won’t be all investors’ cup of tea. Nonetheless, the junior software services business provides a holistic solution for companies seeking to take their stand-alone technology to the more convenient and efficient cloud environment.

Anyone who’s ever relied on technology for part or all of their business knows having a reliable IT team is paramount, especially when transitioning to newer, specialist systems.

Buy, Hold or Sell?

At today’s prices, my first choice for new investment dollars would be Xero followed by Bulletproof. Indeed, although each company has trumped the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) over the past year, I hold each company in my share portfolio because I think they’ll beat the market over the long term.

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Motley Fool Contributor Owen Raszkiewicz owns shares of Somnomed, Bulletproof, and Xero. 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.