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Here’s 3 ASX shares to quickly diversify your portfolio

Getting diversification right for your ASX portfolio is one of the best ways to deliver strong returns. Diversification can mean spreading your investments across industries and geographies.

It’s a good idea to expand your portfolio into companies that operate in different industries. If you invest like everyone else, then you’ll get similar results.

Here are three ASX shares that I think would help diversify a portfolio:

UBS IQ MSCI Asia APEX 50 Ethical ETF (ASX: UBP)

The Asian region is predicted to become the strongest region economically this century, which means the businesses based there are likely to become some of the world’s biggest.

It’s hard to say which ones will be the biggest ones, so why not buy a basket of 50 of the biggest Asian ones? That’s exactly what this ETF provides.

Some of its top holdings include Tencent, Taiwan Semiconductor, Samsung and Alibaba.

Whilst there are some tech-focused ETFs like BetaShares Asia Technology Tigers ETF (ASX: ASIA), other industries are likely to benefit from the economic growth too like banks or insurance.

The current trade war between China and USA could mean now is an opportune time to buy this ETF.

Reece Ltd (ASX: REH)

Whilst bathroom and plumbing supplies may be a key segment, it also provides civil engineering piping, irrigation and HVAC products. It has become more diversified over the past few years, which is a good thing.

It is also now expanding into the US with a major acquisition. It essentially buying a US version of Reece. This could be an excellent buy because the southern US states have good economies and offer more potential growth than Australia.

I prefer Reece as a way of getting exposure to the property rather than the banks.

Costa Group Holdings Ltd (ASX: CGC)

Costa is one of the largest food growers in Australia with its mushrooms, berries, tomatoes, citrus fruit and avocados.

The company is expecting underlying double-digit profit growth each year over the next few years, much better than the profit growth offered by supermarket business Woolworths Group Ltd (ASX: WOW).

Costa may be the best food-related business on the ASX right now in my opinion and the recent pull-back could present an attractive opportunity to buy into this growth share as it expands in Australia, China and North Africa.

Foolish takeaway

All of these shares are quite different to the typical ones found in the ASX 20, I think they’re good ways to diversify your risk and returns. At the current prices I’d go for Costa and then the Asian ETF.

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Motley Fool contributor Tristan Harrison owns shares of BetaShares Asia Technology Tigers ETF and COSTA GRP FPO. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia owns shares of BetaShares Asia Technology Tigers ETF. 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.