I would invest $10,000 into these ASX 200 shares today

These are the ASX 200 shares I would happily invest my hard-earned money into today.

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If you're lucky enough to have $10,000 to invest in the share market this week, then I would seriously consider putting the funds into the three ASX 200 shares listed below.

That's because I believe the risk/reward on offer with all three shares is very attractive, and outsized returns could be on the cards over the next 12 months.

Here's why I would invest $10,000 into these ASX 200 shares:

Lovisa Holdings Ltd (ASX: LOV)

This fashion jewellery retailer's shares have fallen heavily from their 52-week high amid concerns over the impact of interest rate rises on consumer spending. While Lovisa's sales will inevitably take some form of hit, the company is likely to be less impacted than most retailers due to its low price points and younger target demographic. In addition, with Lovisa continuing to expand its store footprint globally, I agree with consensus estimates that its earnings can grow approximately 30% in FY 2024. As a result, I believe this ASX 200 share is good value at 24 times estimated FY 2024 earnings.

Qantas Airways Limited (ASX: QAN)

It certainly has been a tough few months for Qantas, its board, and its share price. But if you look beneath the controversy, I believe you will find an extremely compelling investment opportunity. The Flying Kangaroo's market capitalisation remains less than it was before the pandemic. That's despite the company's structural cost-out program and significantly improved earnings capacity. Another potential positive waiting in the wings is the return of its dividend. I suspect the ASX 200 share could bring it back this year or next.

ResMed Inc (ASX: RMD)

A final ASX 200 share that I would invest $10,000 into is ResMed. The emergence of wonder drugs like Ozempic as a weight loss treatment recently sent investors into a spin and this sleep treatment company's shares crashing deep into the red. While Ozempic and other glucagon-like peptide 1 (GLP-1) agonists could reduce ResMed's total addressable market in the future, I believe the sheer size of the market means it will have barely any noticeable impact on the company's growth. After all, ResMed estimates that ~1 billion people suffer from sleep apnoea globally. There's definitely room for both treatment options if you ask me. And ResMed doesn't come with any worrying side effects.

Motley Fool contributor James Mickleboro has positions in Lovisa and ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Lovisa. 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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