If you're a fan of investing in growth shares then you're in luck because there a large number of them to choose from on the ASX.
Amongst the many quality options available to investors, I think the three listed below are up there with the best of them.
Here's why I think growth investors ought to consider buying them:
Altium Limited (ASX: ALU)
One of my favourite growth shares on the Australian share market is Altium. This is because I believe there are very few shares on the ASX which have as much long-term growth potential as this award-winning printed circuit board (PCB) design software provider. Especially given its leadership position in a market exposed to the Internet of Things (IoT). According to research by IDC, courtesy of Forbes, worldwide technology spending on IoT is expected to reach a massive US$1.2 trillion in 2022. As the majority of IoT devices have PCBs inside them, I expect this to lead to increasing demand for its software and drive strong profit growth.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Whilst it might be best to hold off buying Domino's shares until after its earnings release, I remain confident that the pizza chain operator could be a great buy and hold option due to its international expansion opportunities, especially in central Europe and Scandinavia. If the company delivers on its plans to almost double the size of its store network over the next seven years, it could lead to solid earnings growth and market-beating returns for patient investors over the long-term.
Xero Limited (ASX: XRO)
I think Xero would be a great option for growth investors. Although its shares have been on a tear over the last few years, I believe its growth story is only in its infancy. This is because of the opportunity its high quality software has to become the platform of choice for small and medium sized businesses across the globe. The key to this will be the company conquering the massive United States market. Progress has been slower than many would like, but it is worth remembering that this is a marathon and not a sprint.
