Today's market sell-off could be a good opportunity to buy shares at a discount.
Some of the best shares are down even further than the general ASX index, so I think some could be worth buying:
Altium Limited (ASX: ALU)
The Altium share price is down by 2.3% at the time of writing and it's down by 13% over the past month.
Altium is one of the best growth shares on the ASX in my opinion. It has continued to grow revenue and profit at a very healthy double digit rate, which leads to good compounding results.
The world is increasingly technological. Tesla, John Deere, Toyota, Google, Apple, Amazon and many other great businesses are clients of Altium. Many of these businesses are leaders in their industries.
Altium is targeting an even higher earnings before interest, tax , depreciation and amortisation (EBITDA) margin than what it reported in FY19, so profit could grow even faster than revenue over the next few years.
I think it's better to buy our best ideas at (a bit) cheaper prices rather than going down the quality curve. That's why I'm looking to buy more Altium shares at the right price.
Altium is valued at 46x FY20's estimated earnings.
Magellan Global Trust (ASX: MGG)
The Magellan Global Trust's share price is down by 1.9% after the global share market turmoil.
The team at Magellan Financial Group Ltd (ASX: MFG) do a good job of constructing the trust's portfolio to fall less than the market as a whole. Part of that strategy is having some cash for protection, which also gives the trust ammunition to buy shares at good value.
The Magellan Global Trust aims to own the highest quality businesses in the world like Microsoft, Alphabet, Facebook, Visa, MasterCard and LVMH.
It's trading at a 2% discount to its net asset value (NAV). It's always attractive to buy the best global shares at a discount.
Foolish takeaway
I think both of these businesses are high-quality with global underlying earnings. At the current prices I'd probably go for Altium because of how much it has fallen in recent weeks. I'd want to buy Magellan Global Trust at a cheaper price or a bigger discount than today because it's already one of my largest holdings.
