Who else wants to diversify their portfolio?

There are many important things to consider when investing. One of the key considerations that is often forgotten about by the average investor is diversification.

Diversification can have a few different meanings, but I think of it as being diversified across industries and geographies. Being focused on just banks or just Australia could be a dangerous strategy if that sector has problems or Australia has a recession.

Here are three shares that could fit the bill and diversify your portfolio:

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

Domino’s had some alleged wage problems at its franchisees, but it looks like the worst of the news is over. The fall of the share price from the high $70s in 2016 to today’s $47 could be a good opportunity for a long-term buy.

I think Domino’s is a good way to diversify a portfolio because of how many countries it operates in. Not only does it deliver pizza in Australia, but it also feeds people in New Zealand, Japan, Belgium, France, the Netherlands and Germany.

Domino’s expects to boost its margins, store count and same store sales over the coming years, which should all be good contributors to earnings per share (EPS) growth.

Nanosonics Ltd. (ASX: NAN)

Nanosonics has a unique disinfectant device called Trophon. Nanosonics is rolling out the device in many countries to help reduce cross-contamination between patients and reduce the chance of healthcare acquired infections.

Many countries around the world continually update their health guidelines for ultrasound probe disinfectants, with some traditional systems falling behind in the ability to meet today’s requirements.

Nanosonics has a presence in the USA, Canada, the UK, Ireland, Germany, France, Belgium, Italy, Denmark, Russia, Singapore, Hong Kong, Australia and New Zealand.

The company managed to grow revenue by 58% in FY17 and there could be more good news on the way in FY18 as Trophon is installed in more locations.

Amaysim Australia Ltd (ASX: AYS)

Amaysim is Australia’s leading low-cost mobile provider. It has over a million subscribers, making it Australia’s fourth largest mobile service provider. Amaysim has also started selling broadband and energy thanks to its acquisitions of Australian Broadband Services and Click Energy Group.

I think offering a full home service of utilities is a clever move, allowing it to disrupt the big players.

In FY17 Amaysim grew statutory net revenue by 29%, statutory earnings before interest, tax, depreciation and amortisation (EBITDA) by 35% and the dividend by 10%.

Amaysim could produce plenty more growth in FY18 thanks to cross-selling opportunities and consumer disillusionment with the large telco and energy companies.

Foolish takeaway

I’d be happy to own shares of all three companies. At today’s prices I’d rather buy shares of Amaysim and perhaps Domino’s. I think Amaysim offers reliable earnings due to the nature of utility bills and good potential growth at its current price.

Finally, these top growth shares would also be good ways to diversify your portfolio.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. 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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