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3 top growth shares I would buy with $5,000

Due to my current risk profile, I’m a big fan of investing in quality growth shares.

Luckily for me there are a large number on the local market which I believe have long-term market-beating qualities.

Because of this, if I had $5,000 sitting in a bank account I would consider investing it in one of them.

Three of my favourites are listed below:

Afterpay Touch Group Ltd (ASX: APT)

I think that Afterpay Touch is one of the best growth shares on the local market. The payment solutions company has conquered the Australian market with its Afterpay service and now has its eyes on the gigantic U.S. market. However, with a little bit of U.S. success already built into its share price, its shares are certainly high up on the risk scale. Investors with a lower tolerance for risk may want to skip this one or hold out for an update when its releases its full-year results.

Aristocrat Leisure Limited (ASX: ALL)

My favourite growth share on the ASX is this gaming technology company. In May Aristocrat Leisure released its half-year results and revealed an impressive 24.4% increase in net profit after tax. One of the catalysts for this strong performance was a sizeable increase in the number of users of its digital games. Thanks to recent acquisitions and the growing popularity of its existing digital game portfolio, the company has 8.3 million users playing its games on a daily basis. I think the sizeable recurring revenues these users generate is highly attractive and makes the company a standout pick.

Cochlear Limited (ASX: COH)

Cochlear is a hearing solutions company that I believe can deliver above-average profit growth for the next decade thanks to ageing populations. As the number of people over the age of 65 increases significantly over the coming decades, I expect demand for hearing products will grow meaningfully. Because Cochlear is an industry leader and has an extensive global distribution network, I feel it is well-positioned to profit from the growing demand.

If you have another $5,000 to invest then you could do a lot worse than putting it in these top mid cap growth shares.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Cochlear Ltd. 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 Scott Phillips.

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