I'm a big fan of investing in growth shares, so feel quite fortunate to have such a large number of them to choose from on the local market.
Amongst the numerous high quality options available to investors, I think the three listed below are up there with the best of them right now.
Here's why I think growth investors ought to buy them:
Altium Limited (ASX: ALU)
There are very few shares on the local market which I think have as much long-term growth potential as this award-winning printed circuit board (PCB) design software provider. This is due to its leading position in a market exposed to the explosive Internet of Things (IoT). According to IDC, worldwide technology spending on IoT is expected to reach US$1.2 trillion in 2022. As the majority of IoT devices have PCBs inside them, this should lead to increasing demand for the company's software and drive strong profit growth.
Aristocrat Leisure Limited (ASX: ALL)
I think this gaming technology company would be a great long-term investment. Thanks to the strong demand for its pokie machines across the world and the growth of its Digital business, Aristocrat Leisure delivered a 17% increase in normalised NPATA in the first half of FY 2019. Pleasingly, this growth is expected to accelerate in the second half due to a number of key releases. Based on this level of growth and its positive long-term outlook thanks to its exposure to the rapidly growing social and mobile gaming market, I believe its shares are great value at 22x estimated full year earnings.
ResMed Inc. (ASX: RMD)
Another quality growth share to consider buying is this leading developer of sleep treatment products. I think its shares are a buy due its industry-leading products and its large market opportunity. In respect to the latter, management estimates that there are 1 billion people impacted by sleep apnoea worldwide, but the majority of these people are undiagnosed and potentially at risk of life-threatening conditions. If a greater proportion of these people are diagnosed over the coming years, then sales of its products could increase materially.
