Are you interested in adding some growth shares to your portfolio? Then I think the three named below could be great options.
I feel all three are well-positioned to deliver above-average earnings growth over the next few years, which could lead to them generating strong returns for investors.
Here's why I would invest $3,000 across the three:
Bravura Solutions Ltd (ASX: BVS)
The first ASX growth share to consider investing some of these funds into is Bravura Solutions. It is a financial technology company responsible for the Sonata wealth management platform. This popular wealth management platform allows advisers to connect and engage with clients via computers, tablets, or smartphones. Demand for the platform has been growing very strongly in the past few years and has underpinned strong earnings growth. The good news is that demand shows no signs of slowing. And combined with recent acquisitions that have given Bravura access to new and lucrative markets, I believe this means it is well-positioned to grow its earnings at a solid rate over the coming years.
PolyNovo Ltd (ASX: PNV)
Another growth share to consider buying with these funds is PolyNovo. It is a medical device company which I think could be a great long term option due to its NovoSorb Biodegradable Temporising Matrix (BTM) product. This exciting product was developed at CSIRO and is used as a wound dressing to treat full-thickness wounds and burns. It currently has a sizeable $1.5 billion market opportunity, but management plans to extend its use into the hernia and breast treatment markets. If this is successful, it could be very lucrative for the company. It estimates that these markets would add an extra $6 billion to its addressable market.
Pushpay Holdings Ltd (ASX: PPH)
A third growth share that I would invest $1,000 of these funds into is Pushpay. This donor management platform provider has been benefiting greatly from the shift to a cashless society and the digitisation of the church. Adoption of its industry leading platform has been increasing rapidly in recent years, leading to Pushpay's revenue and operating earnings growing at an explosive rate. The good news is that Pushpay still has a very long runway for growth and is aiming to win a 50% share of the medium and large church market. If it achieves this, it will have captured a US$1 billion revenue opportunity. This compares to the US$127.5 million operating revenue it recorded in FY 2020.
