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3 top-notch ASX shares on my May watchlist

May has proved an interesting month so far on the S&P/ASX 200 Index (ASX: XJO). After the lows we saw in March, May has (thus far) continued the positive momentum we saw throughout April – with a few hiccups along the way (today being one of them).

So here are the 3 ASX shares that I’ve got on my May watchlist. I’m hoping for a great price to buy them this month, but we’ll have to wait and see if that eventuates!

BetaShares Nasdaq 100 ETF (ASX: NDQ)

This exchange-traded fund (ETF) from BetaShares tracks the 200 largest companies in the US Nasdaq exchange, which is known for its ‘tech-heavy’ composition. Its largest holdings are names like Microsoft,, Apple and Alphabet (Google), so you know you are getting quality here.

NDQ has rebounded strongly since the lows we saw in March, so I’m waiting for a dip for this one. Nonetheless, it’s a fund I would love to see in my portfolio this May. Most of the companies that are shaping and changing the world can be found within this ETF and so I think it’s a great long-term growth investment.

Afterpay Ltd (ASX: APT)

I’m still kicking myself that I missed out on loading up on Afterpay shares when the buy now, pay later pioneer was (ever so briefly) under $9 a share in March. Today, it stands at over $41 after we heard last week that Chinese giant, Tencent Holdings has acquired a 5% stake in Afterpay.

I’m not finding the current price too exciting, but I would love to buy into Afterpay if the price dips back down to anywhere near the levels we saw in March. I think this company is one of the most exciting growth stories on the ASX and I’m hoping to get a slice of it this May.

MFF Capital Investments Ltd (ASX: MFF)

MFF is a listed investment company (LIC) that focuses on the top companies in the US. I love that its top holdings are the payment giants Mastercard and Visa, 2 companies that are growing at breakneck speed. Other holdings include Wells Fargo and Microsoft. As such, I think this company is a great share to use for portfolio diversification and long-term capital growth.

I already have some MFF shares but would love to pick up some more if the price dips back down this month. March saw lows around $2.20 – a level I would love to see again for a buying opportunity in May.

Where to invest $1,000 right now

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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

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), Magellan Flagship Fund Ltd, Mastercard, and Visa. 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 owns shares of and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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