If you're wanting to add a few growth shares to your portfolio in July, then I think the two listed below would be great options.
Here's why I think they are among the best growth shares on the ASX:
a2 Milk Company Ltd (ASX: A2M)
I think a2 Milk Company shares could provide investors with outsized returns over the coming years. This is because I believe the infant formula and fresh milk company is capable of growing its earnings at a strong rate due to the growing popularity of its infant formula in China (and its modest market share in the key market) and the expansion of its fresh milk footprint in North America.
In addition to this, thanks to the high levels of free cash flow it is generating, a2 Milk Company is currently sitting on a mountain of cash. I believe it is likely to put this to work in the near future and could use it to accelerate its growth through value accretive acquisitions and/or new product launches.
Appen Ltd (ASX: APX)
Another growth share I think would be a great option is Appen. I'm a big fan of Appen due to its exposure to the rapidly growing machine learning and artificial intelligence (AI) markets. It provides high-quality, human annotated dataset development services to these markets. This is an integral part of the process and unsurprisingly means its services are in high demand.
Given the outlook for these markets, I'm confident this will remain the case for a long time to come and drive very strong earnings growth over the next decade. So, although the Appen share price is trading at a record high, I would still buy its shares if you're planning to make a long term investment.
