The ASX share market is expected to drop today because of the coronavirus.
Sadly, the latest official numbers from China show more infections and more deaths. The S&P 500 fell almost 2% on Friday and it's expected that the ASX will follow by a similar amount today.
I'd want to buy these two ASX shares, though today may not be the lowest point:
Webjet Limited (ASX: WEB)
One of the shares most affected by sentiment about the coronavirus has been Webjet, its share price fell 18% last week and it could drop even further this week.
If global air travel was suddenly shut down then Webjet's earnings would certainly suffer. However, SARS was a problem for less than a year. The infections are only really affecting China right now, not the entire world.
With the travel restrictions in place it could mean that we've already seen the worst of the growth of the coronavirus.
FY20 was already going to be hit by Thomas Cook's collapse, so FY21 could show particularly strong growth in percentage terms.
Webjet is trading at 13x the current estimate for FY21's earnings.
Magellan Global Trust (ASX: MGG)
It's a good idea to own the best shares when the share market is going through a tough period because of an issue such as a recession or the coronavirus. The strongest businesses have the best chance to survive and thrive.
Magellan Global Trust's entire investment strategy is about investing in the best global shares that it can find such as Microsoft, Alphabet (Google), Visa, MasterCard and Facebook.
These large global businesses have some of the best prospects with long growth runways. Some of Magellan Global Trust's shares, such as Alibaba and LVMH, may be affected by more than the global share market but that gives them the potential for a stronger recovery when all of this fear about the coronavirus subsides.
Since inception in October 2017 the Magellan Global Trust's portfolio performance after fees and expenses has been 16.6% per annum, which is a very solid net performance.
Foolish takeaway
I think both of these shares are two ideas that could materially outperform the ASX over the next three to five years. At the current prices Webjet seems like more of a bargain, but shares could keep falling this week if the coronavirus keeps spreading.
