I'm a big fan of buy and hold investing and feel very fortunate to have such a large number of quality companies with positive long term outlooks at my disposal on the Australian share market.
Two top ASX shares that I think would be fantastic buy and hold investments are listed below. Here's why I would snap them up today:
Domino's Pizza Enterprises Ltd (ASX: DMP)
I think this pizza chain operator would be a great buy and hold investment option. Although the company has thousands of stores across Europe, the ANZ region, and Japan, it has no plans to stop its expansion any time soon.
Management intends to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. It is also targeting same store sales growth of 3% to 6% per annum over the same period. If it delivers on both these targets, it should lead to solid profit growth over the medium term.
Nanosonics Ltd (ASX: NAN)
Another quality buy and hold option for investors to consider is Nanosonics. At present the infection prevention specialist generates all its revenue from its trophon EPR disinfection system for ultrasound probes. While this product still has a long runway for growth, the company is intending to diversify its offering in the near future with several new product launches.
Not a lot is known about these secretive new products, other than they are targeting unmet needs and the first product has a similar market opportunity to the trophon EPR product. If these products are a success, then the company's earnings growth could be explosive over the 2020s. In light of this, I think there's a very strong chance that the Nanosonics share price will smash the market over the next decade.
