Multiple experts are already tipping that 2023 will be a vastly different year to 2022 for ASX shares.
This year, growth stocks have taken a beating as interest rates have risen sharply and inflation rages on. But next year the markets are looking forward to a reversal of that situation.
So one expert reckons now is an opportune time to buy some to hold for the long run.
"We are seeing a lot of value in local business, particularly [in] growth," Tribeca portfolio manager Jun Bei Liu told Switzer TV Investing.
"There's just a lot of them being left behind."
Here are three ASX growth shares that Liu likes at the moment:
Global expansion to drive growth
Domino's Pizza Enterprises Ltd (ASX: DMP) has already enjoyed a renaissance, with the share price rocketing 24.8% since 3 November.
Liu sees the pizza maker as an excellent long-term investment.
"You don't buy Domino's for next week's earnings. You buy it for five years, and things are going pretty well for them."
Despite the rally this month, the stock is still historically cheap as it is 46% lower than where it started the year.
The theme for the company is that it's not Australians that are going to start eating more pizzas.
"In Australia, it's pretty mature," Liu said.
"What Domino's has done is, globally, it's rolling out more territories."
The business is "just ramping up the pace" in Europe, as well as expanding in Taiwan and Japan.
"It's the global expansion that's going to drive growth."
This won't slow down in a recession
Some may perceive CSL Limited (ASX: CSL) as a defensive and "boring" stock, but it will certainly end up higher in a few years, according to Liu.
Even though the biotech stock has also rallied 7% over the past month, relative to other investments the price is still tempting to her.
"It still looks pretty good," said Liu.
"Even if we have a US recession or a global recession, it's not going to slow down. It will grow double digits for the next three years."
Pricing power and sticky clientele
Cloud accounting software maker Xero Limited (ASX: XRO) is facing much uncertainty with a new chief executive starting, and difficulties expanding in new markets.
That anxiety has shown up in the share price, which has dipped 11% over the past month. For the year to date, the Xero stock price has more than halved.
According to Liu, investors also bid the stock down due to concerns about the slowing global economy.
But Xero has already demonstrated to her that it has some resilience.
"This company just put through some massive price increases… and the customers are still there," Liu said.
"And this is a penetration story [via] market expansion. The UK is still going very well."
