2 ASX growth shares I want to buy more of in FY20

I want to buy more of these 2 ASX growth shares in FY20.

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FY20 is nearly upon us, so I'm thinking about which ASX growth shares I'd like to buy more of in the upcoming year.

I'm trying to remain focused on only the best ideas for my portfolio. I don't want to reach for lesser quality ideas just because my favourite ideas are expensive. I'd rather wait until they are at a better value.

These are two of the growth shares I'm waiting for a better buy price to add to my position:

Altium Limited (ASX: ALU)

Altium is one of the world's leading electronic PCB software design businesses. It seems to be one of the best ways to profit from the 'internet of things' on the ASX with the way everything is becoming increasingly technological such as devices and transportation.

Altium has a number of big long-term goals. It wants to become the world's leading electronic PCB software business with a dominant market position by reaching 100,000 Altium Designer subscribers before 2025 and also wants to reach a revenue goal of $500 million by 2025.

With no debt on the balance sheet, a growing cash balance and rising profit margins, there's a lot to like about Altium. Except the valuation. It's priced at 48x FY20's estimated earnings. I think this is better value compared to other ASX tech shares, but no business is a buy at any price.

In the short-term I wouldn't want to buy any Altium shares above $30 for now, I'd much prefer to buy at under $25. But who knows if we will see that price in the medium-term?

MFF Capital Investments Ltd (ASX: MFF)

I think one of the leading ways to get exposure to the best growth businesses overseas is to do it through an exchange-traded fund (ETF) or listed investment company (LIC) like MFF Capital.

MFF Capital could be one of the best ways to get that exposure in my opinion. It has a high-quality portfolio with a concentration towards businesses that have plenty of growth potential like Visa, MasterCard, Alphabet (Google) and Facebook.

Another reason why I like this LIC is that it has a low management fee which is fixed, so it will become even cheaper in percentage terms as time goes on.

Over the last five years it has been the top-performing LIC, partially helped by its low fees. I think it could continue to be a top performer over the long-term. I just hope to buy it when US markets fall, or the discount to its pre-tax net tangible assets (NTA) widens to 10% or more.

Foolish takeaway

Both of these shares provide global underlying earnings, which I think is an important factor these days with the weak Australian economy. If I could only pick one share to buy today it would be MFF Capital, it is trading at a bit of a discount to its pre-tax assets and it has a wide investment universe.

Motley Fool contributor Tristan Harrison owns shares of Altium and Magellan Flagship Fund Ltd. The Motley Fool Australia owns shares of Altium. 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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