ASX shares are starting to fall again. The S&P/ASX 200 Index (ASX: XJO) is down another 0.7% today after Friday's 5% drop.
There are plenty of ASX shares that are getting better value. But some shares are not quite there for me to personally want to buy them yet because I'm holding out for a cheaper price.
ASX shares I'd love to buy in May
Altium Limited (ASX: ALU)
The globe's leading electronic PCB software business has seen its share price drop by 22% since 17 February 2020. It has a good balance sheet with a (still-growing) solid cash pile and no debt. It has great management, growing profit margins and a growing range of compelling services for clients.
Altium is one of the lesser-affected ASX shares because it delivers its services digitally. Altium 365, the cloud offering, is perfect for this situation where people are working from home.
However, at a share price of $33 I don't think it's great short-term value. Around $30 would be a fair price to buy for the long-term and if the Altium share price were to get back to $25 (or under) I would be backing up the truck. I think it's one of the best ASX shares out there.
Magellan Global Trust (ASX: MGG)
This is a listed investment trust (LIT) which is invested in some of the best businesses listed outside of Australia. It tries to keep a high-quality portfolio. As long as you avoid the losers then a solid portfolio can perform strongly in all environments. Magellan Global Trust has been a strong performer since inception.
Many of the best shares aren't on the ASX. Some of its current top holdings include Alibaba, Alphabet, Atmos Energy, Microsoft, Tencent, Facebook, Visa, Mastercard, Reckitt Benckiser and Novartis.
At the end of March 2020 it had outperformed its benchmark, the MSCI World Net Total Return Index (AUD), after fees over six months, 12 months, two years and since inception by 2.9%, 2.4%, 2.8% per annum and 2.4% per annum respectively. It has comfortably outperformed over the longer-term.
Its focus on growing shares with strong business models like Microsoft, Alphabet and Alibaba should see it perform well for many years to come.
However, its portfolio has done well since the second half of March, so I'd want to wait for a cheaper price to maximise the purchase price. It'd still be a great long-term choice at today's price though.
Foolish takeaway
Both of these ASX shares are among the best quality options on the stock exchange. I'd like to buy more, at the right prices. They're not quite there yet.
