With the S&P/ASX 200 Index (ASX: XJO) down materially over the last couple of months, a number of popular growth shares have tumbled lower with it.
I think this has left many of them trading at very attractive levels which could lead to them generating big returns for investors over the long term.
Here’s why I think these ASX growth shares could make you rich:
a2 Milk Company Ltd (ASX: A2M)
The first growth share to consider buying is a2 Milk Company. It has been growing at a rapid rate over the last few years and has generated market-beating returns for investors. Pleasingly, I remain confident it has the ability to continue this strong growth for a long time to come. This is thanks to increasing demand for its infant formula products in China and the expansion of its fresh milk footprint in the United States and Canada.
Aristocrat Leisure Limited (ASX: ALL)
Another growth share to consider is Aristocrat Leisure. I think the recent pullback in the gaming technology company’s share price represents a buying opportunity for investors. I continue to believe Aristocrat Leisure could be a great long-term investment option due to the quality of its core pokie machine business and the very positive outlook of its digital business. The latter looks set to benefit greatly from the closure of casinos during the pandemic and the increasing popularity of mobile and social gaming.
Pushpay Holdings Ltd (ASX: PPH)
A final growth share to consider is Pushpay. It is a fast-growing payments company which provides donor management tools, finance tools, and a custom community app which are being used widely in the faith sector in the United States, Canada, Australia, and New Zealand. Demand for its solutions has been growing very strongly even during the coronavirus pandemic. This led to the company reporting a 31% jump operating revenue to US$56 million during the first half of FY 2020. I’m confident there will be more of the same over the coming years thanks to its large addressable market, leadership position, and recent acquisitions.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of A2 Milk. 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.