3 top growth shares I would buy in August

A new month is upon us and what better time to give your portfolio a bit of a refresh.

If you’re a fan of growth shares like I am, I would consider snapping up one of these three shares in August. Here’s why:

Aristocrat Leisure Limited (ASX: ALL)

Aristocrat Leisure is a gaming technology company on the rise. Earlier this year the company posted a stellar first-half result that smashed the market’s expectations. Although this has led to its shares storming higher, I don’t believe for a second that it is too late to get on board. Especially considering the performance of its Digital segment and the number of daily active users it now has. That number has risen to 8.3 million users, meaning every day the company is generating significant recurring revenues. This has supported the solid performance of its core pokie machine business which has been growing its market share thanks to the popularity of its games with users and venues.

CSL Limited (ASX: CSL)

Another top growth share to consider next month is this global biotech company. Like Aristocrat Leisure, its shares have been on a tear this year following the release of an impressive half-year result. While I do think that its shares are approaching fair value now, I wouldn’t let that put you off investing with a long-term view. Thanks to its pipeline of lucrative products, its robust core business, and strong influenza business, I believe CSL is capable of growing its earnings at an above-average rate for the foreseeable future.

Macquarie Telecom Group Ltd (ASX: MAQ)

Investors that follow Wall Street and the Nasdaq closely may have noticed that the current U.S. earnings season has seen a number of tech giants report impressive growth from their respective cloud businesses. I believe this bodes well for Macquarie Telecom and its fast-growing Cloud Services business. Demand has been growing at such a rate that the segment is now its biggest contributor to earnings. In the first-half of FY 2018 the segment grew its EBITDA by 38% to $13.4 million, meaning it accounted for 59.5% of total half-year EBITDA. Judging by the results of those tech giants in the United States, it could be an even biggest contributor to earnings in the second-half.

Finally, here are four more buy-rated shares to consider in August.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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 Scott Phillips.

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