Having a diversified portfolio is one of the first things any investor learns when it comes to the sharemarket.

This doesn’t necessarily mean investors need to be exposed to every single sector in the market but it is a good idea, in my opinion, to have exposure to a broad range of sectors that provides a good level of diversification.

I have outlined, below, five sectors that enjoy positive growth outlooks and five growth shares that stand out in these sectors that could deliver strong returns to shareholders.

TelecommunicationsTPG Telecom Ltd (ASX: TPM)

TPG’s relatively high price-to-earnings (P/E) ratio of around 30 may be a little bit too hard from some investors to stomach especially when considering it is nearly double that of its biggest competitor in Telstra Corporation Ltd (ASX: TLS). This, however, can be easily explained by the charts below:

Source: Company Presentation

Source: Company Presentation

Unlike Telstra, which has had virtually flat earnings growth for the last decade, TPG has proven it has the business model and strategic ambitions to consistently increase its earnings per share.

This may become more difficult in the future as the sector is becoming even more competitive. If rumours of a tie-up with Vodafone Australia ever come true, then this could give the company another leg up in the sector.

Information TechnologyiSentia Group Ltd (ASX: ISD)

iSentia is the leading provider of media monitoring and intelligence services in the Asia Pacific.

The company provides valuable data to some of the largest consumer brands in the world and its business model means many of its clients are often recurring subscribers.

The company recently made four acquisitions in South Korea, Thailand, Vietnam, and Hong Kong, with South Korea being a new market for the company. The acquisitions represent a sensible strategy of increasing iSentia’s Asia footprint and will also help to further increase its scale advantage over competitors.

FinancialsBT Investment Management Ltd (ASX: BTT)

BT has delivered exceptional earnings growth over the past couple of years , but its large exposure to UK investment markets means its share price has been weighed down over the last five months as a result of the uncertainty surrounding the “Brexit” vote.

While it would be wise for investors to stay on the sidelines until the result of the vote is known, I think there could be a significant share price increase if voters decide to stay within the European Union.

The shares are trading on a P/E ratio of around 18 with a dividend yield of around 4%.

HealthcareResMed Inc. (CHESS) (ASX: RMD)

Although competition in the sleep disorder markets has increased over the last few years, I believe the size of the target market globally is so large, that it can comfortably accommodate several large players.

Luckily for ResMed, it already has the reputation and market positioning that will allow it to capture its fair share of the market.

The shares are not overly expensive when compared to other companies in the healthcare sector and could really deliver great returns if the Australian dollar falls significantly from here.

Consumer Discretionary/ TourismMantra Group Ltd (ASX: MTR)

The tourism sector is one area that is expected to take up the slack as the economy shifts towards services and away from resources and mining.

As a leading provider of accommodation in Australia’s capital cities, Mantra is well placed to take advantage of this shift.

Recently, the share price has been negatively affected by concerns regarding the potential impact from industry disruptor, Airbnb, although I believe these concerns have been overstated and the location of Mantra’s properties means it is still likely to capture a healthy share of the overall market.

Did you notice that I didn't include the big four banks in my list of growth shares?

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Motley Fool contributor Christopher Georges owns shares of BT Investment Management Limited, iSentia Group Ltd, and MANTRA GRP FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.