If you're a growth investor, then you might want to take a look at the growth shares listed below.
I believe each of these companies are well positioned to grow their earnings at an above-average rate for many years to come. Which could potentially lead to their shares outperforming the market over the long term.
Here's why I would invest $3,000 into these ASX growth shares once the dust settles on today's market selloff:
Aristocrat Leisure Limited (ASX: ALL)
The first growth share I would suggest you consider buying is Aristocrat Leisure. While the gaming technology company is best known for designing and manufacturing many of the poker machines you'll find in Crown Resorts Ltd (ASX: CWN) and countless casinos across the world, there is more to it than first meets the eye. Aristocrat Leisure also has a very lucrative digital business which is generating significant recurring revenues from its millions of daily active users. I believe this side of the business will be a key driver of growth over the next decade and expect it to become the biggest earner in the near future.
Cochlear Limited (ASX: COH)
Another growth share to consider buying is Cochlear. I'm a big fan of the hearing solutions company due to the quality of its products, its strong long term growth prospects, and its high level of investment in research and development. I believe the latter will help keep its technology at the front of the pack and underpin solid earnings growth over the next decade and beyond. Another positive is its sizeable current market opportunity. The company estimates that less than 10% of people who would benefit from an implantable hearing solution are treated.
IDP Education Ltd (ASX: IEL)
A third growth share to consider investing $3,000 into is IDP Education. It is a provider of international student placement services and English language testing services. Over the last few years IDP Education has been growing at a rapid rate. And while its near term growth will inevitably be impacted by the pandemic, I expect it to accelerate again once the crisis passes. This could make it well worth considering a patient and long-term focused investment in its shares.
