Have $5,000 burning a hole in your pocket? Buy these 3 ASX shares

Have $5,000 burning a hole in your pocket? Why not invest in these 3 ASX shares!

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Do you have $5,000 burning a hole in your pocket?

Well, the bank is a lousy place to put it these days. Since interest rates are at virtually zero, there's not much to be gained from a savings account or term deposit.

I think ASX shares are a far better alternative (if you don't envision you'll need the money for essential living of course).

Here are 3 investments I would choose. They're all very passive investment options too, so you don't need to spend too much time worrying about stock picking or whether 'now is a good time to invest'.

WAM Global Ltd (ASX: WGB)

WAM Global is a listed investment company (LIC) that has an investment team on the lookout for undervalued growth stocks around the world. Some of its current holdings include names like Nestle, Costco, Tencent and Microsoft.

It only launched in 2018 but has made a strong start in my view, outperforming the S&P/ASX 200 Index (ASX: XJO) since and quickly establishing a strong dividend, which was increased by 50% in January. In terms of a long-term ASX share for both dividends and growth, I think WAM Global is a potential big winner. As such, I think it would make a great investment in the current climate, especially since its share price is currently trading at a 15% discount to its underlying value at the end of March.

MFF Capital Investments Ltd (ASX: MFF)

MFF Capital is another LIC that focuses primarily on high-quality US shares. Its 2 largest holdings are the payment giants Visa and Mastercard, but it also has holdings in defensive companies like Coca-Cola. I love MFF as an investment because of management's consistently forward-looking outlook.

Fund manager Chris Mackay is a famous Warren Buffett disciple and has proven he knows how to make good long-term decisions. He rarely sells shares and loves to hold onto winners indefinitely. As such, I would be (and am) extremely comfortable with him in charge of my capital as a shareholder.

iShares Global 100 ETF (ASX: IOO)

This exchange-traded fund (ETF) is a little different, purely holding 100 of the largest companies in the world with few other qualifications. When I think about the companies best placed to weather this COVID-19 storm, I think size is a definite advantage, and so I think this ETF is a great option to consider today.

Its largest holdings are the ubiquitous tech giants Apple, Microsoft, Alphabet and Amazon.com, but it also has names like Samsung, McDonald's and Toyota in the mix. With such large companies with the best brands on the planet, I frankly don't think you can go wrong with this one.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Alphabet (A shares), Coca-Cola, Magellan Flagship Fund Ltd, Mastercard, McDonald's, Visa, and WAMGLOBAL FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Mastercard, and Visa. The Motley Fool Australia has recommended Alphabet (A shares) and Mastercard. 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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