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Why these ASX 200 growth stocks have doubled in 2019

There’s no doubt that 2019 has been a wild ride for most of us with ASX 200 stocks in our portfolios. The S&P/ASX 200 Index (INDEXASX: XJO) had its best 6-month start to the year since 1991 as markets around the world heated up.

While things have cooled off in recent months amid corporate earnings and weaker economic growth statistics, there are some ASX 200 stocks that are rising above.

The hottest ASX 200 growth stocks in 2019

What do Fortescue Metals Group Ltd (ASX: FMG)Magellan Financial Group Ltd (ASX: MFG)Afterpay Touch Group Ltd (ASX: APT) and Nanosonics Ltd (ASX: NAN) all have in common?

Well for one, their shares prices have all rocketed more than 100% higher since the start of January. In other words, if you bought on 1 January, you would have theoretically doubled your investment in just 10 months.

So, why are these ASX 200 growth stocks rocketing higher this year, and should you be buying?

Nanosonics is leading the pack higher this year

Nanosonics has been a true outperformer on the ASX in 2019 as its share price has surged 143.88% higher.

That makes Nanosonics the top-performing ASX 200 growth stock this year.

Nanosonics shares have been propelled higher by strong half-year and full-year earnings results in 2019. The Aussie company reported a record operating profit before tax of $16.8 million in August, up 120% on FY18 numbers.

The infection management company has been keeping its new potential products under wraps as we enter 2020, but we could see further growth.

Afterpay has another strong year of growth

The Afterpay share price has proven the doubters wrong to surge higher so far this year. Afterpay shares were under pressure following a stellar run in 2018 but have rocketed 116.17% since the start of January.

A favourable result from a Senate inquiry and a successful expansion into the United States have boosted Afterpay shares. The company’s earnings continue to climb as it looks to mature its operations and deliver a profit.

Fortescue and Magellan shares are the quiet achievers

Fortescue shares have been a quiet achiever as the US–China trade war and Brexit concerns have boosted gold prices.

Investors around the world have flocked to gold assets as fears of a global recession continue to rise in 2019. Fortescue’s strong earnings and operational development have also been key to its share price fortunes this year.

Magellan has also been a consistent performer on the ASX for years and 2019 was no exception. The ASX 200 growth stock is up 111.72% for the year, following strong earnings and fund inflows throughout the year.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics Limited and Pro Medicus Ltd. 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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