If you're looking to invest $5,000 in ASX shares with a long-term growth mindset, there are plenty of quality companies to choose from.
But which ones could be buys? Let's take a look at three that could be worth considering:
Cochlear Ltd (ASX: COH)
Cochlear could be an ASX share to buy and hold for growth investors. It is the global leader in implantable hearing solutions, serving an ageing population that increasingly requires medical hearing support.
With a strong global distribution network and decades of R&D investment, Cochlear is well placed to defend its leadership while expanding into new markets.
Speaking of R&D investment, last week the company announced the launch of the Cochlear Nucleus Nexa System. It is the world's first and only smart cochlear implant system. It notes that "similar to smartphones, the implant firmware can be updated to enable new features and access to future innovations."
This appears likely to cement its leadership position and drive further solid growth over the coming years. And while Cochlear may not be as high-octane as a tech startup, it offers consistent growth, strong margins, and a global moat — a great addition to any growth-oriented portfolio.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX share to consider for growth is Temple & Webster. It is Australia's leading online furniture and homewares retailer.
Unlike traditional players that rely on physical stores and heavy logistics, Temple & Webster runs an asset-light model that prioritises online scalability and fast fulfilment. Its brand is well known, its product range continues to expand, and it's winning as the furniture category shifts online. This is a trend that accelerated during COVID and continues to grow.
However, the company's slice of the overall furniture and homewares market is still only tiny. In fact, Temple & Webster's market share is estimated to be just ~2.9%, which suggests that there's plenty of room to grow.
Xero Ltd (ASX: XRO)
Finally, if you're looking for a proven ASX tech growth share with global ambitions, it is hard to ignore Xero.
It has become a household name in cloud-based accounting software for small and medium-sized businesses. Its platform is sticky, subscription-based, and rapidly expanding, especially across key markets like the UK and North America. At the last count, Xero had over 4.4 million subscribers — a far cry from the 100 million+ global SME market it is targeting.
So, with a long growth runway ahead and increasing operating leverage as it matures, Xero looks like a solid anchor in any long-term growth portfolio.
