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3 sublime ASX growth shares to buy this month

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I think one of the best ways for investors to grow their wealth is to make long term investments in quality shares with strong business models and equally strong growth prospects.

Three growth shares that I think could provide outsized returns for investors are listed below. Here’s why I like them:

a2 Milk Company Ltd (ASX: A2M)

One of my favourite growth shares is this fresh milk and infant formula company. I think its shares could generate strong returns for investors over the next few years thanks largely to the increasing demand for its infant formula products in the massive China market. I expect this growing demand and its strong pricing power to underpin above-average earnings growth once the pandemic passes and trading conditions normalise.

Altium Limited (ASX: ALU)

I believe this leading printed circuit board (PCB) design software provider could be a great option for investors. It has been growing at a very strong rate over the last few years and looks well-positioned for more of the same in the coming years. This is thanks to its leading software and its exposure to the booming artificial intelligence and Internet of Things markets. Management certainly is confident in its growth trajectory and is targeting revenue of US$500 million by 2025-26. This will be a 150% increase on FY 2020’s revenue and I believe Altium is in a position to achieve it.

Cochlear Limited (ASX: COH)

A final growth share to consider buying is Cochlear. I think the global developer, manufacturer, and distributor of cochlear implantable devices for the hearing impaired has very strong long-term growth potential. This is thanks to its leading position in a market with high barriers to entry and increasingly positive tailwinds. In respect to the latter, I expect Cochlear to benefit from ageing populations across the globe. After all, hearing loss is a part of growing old. So a growing number of over 65s globally can only be a good thing for the company in my opinion.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

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

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended Cochlear Ltd. 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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