One area of the market that I think has some great long-term investment options is the mid cap space.
While not all of these companies will go on to become large caps, I believe there a number that have the potential to do so.
Three mid cap growth shares that I think have very bright futures are listed below:
Appen Ltd (ASX: APX)
The Appen share price has been on fire in 2019 and vastly outperformed the ASX 200 with a 25% gain. The good news is that I don't believe it is too late to snap up shares if you're prepared to hold onto them for the long-term. Thanks to the growing demand for its language technology and data services due to the machine learning and artificial intelligence boom, I believe it is well-positioned to continue growing earnings at an above-average rate for a long time to come.
Nanosonics Ltd (ASX: NAN)
Nanosonics is the infection control company behind the trophon EPR product. Trophon EPR is an automated system delivering effective, efficient, and safe high-level disinfection of ultrasound probes. Due to being regarded as the best in its class, I believe its strong unit growth is likely to continue over the long term. At the end of FY 2018 Nanosonics had grown its installed base by 25% year on year to 17,740 units. This is still well short of its global market opportunity estimated by management to be 120,000 units.
Webjet Limited (ASX: WEB)
Webjet is one of the world's leading online travel agents with a growing portfolio of businesses generating impressive bookings growth. Pleasingly, management expects its bookings growth to continue at many times the industry average over the medium term. I expect this to lead to further strong earnings growth, potentially making its shares great value at 21x estimated forward earnings.
