If you have room in your portfolio for a growth share or two, then you might want to take a look at the ones listed below.
Here’s why I think these ASX shares could be market beaters over the long term:
Appen Ltd (ASX: APX)
The first growth share to look at is Appen. It is the global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. Through its team of 1 million+ crowd-sourced workers, it collects and labels high volumes of image, text, speech, audio, and video data used to build and improve artificial intelligence models. Given the growing importance of artificial intelligence and machine learning and the company’s leadership position in its field, I believe it is perfectly positioned to continue growing its earnings at a strong rate over the 2020s.
BetaShares Asia Technology Tigers ETF (ASX: ASIA)
Another ASX growth share to consider buying is actually an exchange traded fund (ETF). But not just any old ETF, this one gives investors access to a group of the most promising technology companies in the Asian market. The BetaShares Asia Technology Tigers ETF is invested in a total of 50 of the largest technology and ecommerce companies that have their main area of business in Asia (excluding Japan). This means you’ll be buying a slice of tech giants such as Alibaba, Baidu, JD.com, and Tencent Holdings. According to BetaShares, due to its younger and tech-savvy population, Asia is surpassing the West in respect to technological adoption. In light of this, this area of the economy is anticipated to remain a growth sector for a long time to come.
NEXTDC Ltd (ASX: NXT)
A final growth share to consider buying is NEXTDC. It is one of the world’s leading data centre operators and a company I believe is perfectly positioned to capitalise on the cloud computing boom. Last year research firm Gartner predicted that 80% of all organisations will shift their workloads to third-party data centres by 2025. This compares to an estimated 10% that had already done so in 2019. I suspect that the pandemic might have even accelerated this shift, which could underpin very strong demand for its services over the coming years.
Where to invest $1,000 right now
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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
Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended BetaShares Asia Technology Tigers ETF. The Motley Fool Australia owns shares of Appen 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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