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Where I would invest my Fortescue dividends

Later today eligible shareholders of Fortescue Metals Group Limited (ASX: FMG) will be paid the iron ore producer’s generous 60 cents per share fully franked dividend.

Whilst some shareholders will use these funds as a source of income to live from, others are likely to reinvest them back into the share market.

Three shares that I would reinvest these funds into are listed below:

Aventus Group (ASX: AVN)

If you’re in search of even more dividends then Aventus Group could be a good option. It is a fully integrated owner, manager, and developer of large format retail centres with a portfolio of 20 sites across Australia. It has a diverse tenant base of 584 quality tenancies, with national retailers representing 86% of the total portfolio at the last count. I believe the strong demand for its properties, its high occupancy rate, and periodic rental increases means Aventus is well-placed to increase its distribution over the long-term. Its units currently provide a trailing 7% distribution yield which is paid in quarterly instalments.

Nanosonics Ltd (ASX: NAN)

If you’re a fan of growth shares then I think Nanosonics could be worth considering. It is a leading infection control specialist which has been growing at a rapid rate thanks to the strong demand for its industry-leading trophon EPR disinfection system for ultrasound probes. I think it is one of the best growth shares on the market due to its large market opportunity, high quality product, and high levels of recurring revenue. Furthermore, several new products are under development and could support further strong growth over the next decade.

OZ Minerals Limited (ASX: OZL)

If you’re looking for further exposure to the resources sector then it could be worth taking a look at the shares of OZ Minerals. The copper producer’s shares have fallen heavily over the last couple of months and appear to be trading at a very attractive level. That certainly is the view of analysts at Morgans who added OZ Minerals to their high conviction list this month. Morgans likes the company due to its robust cashflows from an established production base in copper. The broker also notes that copper has one of the best outlooks in the commodities suite, driven by the electrification of the developing world.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended AVENTUS RE UNIT and 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 Scott Phillips.