October is almost here, which means investors may be thinking about where to put fresh money to work next month.
For me, some of the best opportunities on the ASX are shares with strong competitive positions and plenty of room to keep growing over the long term.
If I were building a shopping list for October, these five ASX shares would be near the top.
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ResMed Inc. (ASX: RMD)
ResMed is one of my favourite healthcare shares on the ASX.
The company is a global leader in devices and masks used to treat sleep apnoea, giving it exposure to a large healthcare market with recurring demand.
One thing I like is the repeat-purchase element of the business. Patients need replacement masks and other accessories over time, providing ResMed with an ongoing relationship beyond the initial device sale.
With a huge global market and a strong position in sleep and respiratory care, I think ResMed has plenty of room to keep compounding earnings over the long term.
Pro Medicus Ltd (ASX: PME)
Pro Medicus is another ASX share I would be happy to buy for the long term.
Its Visage imaging software has become an important part of the technology infrastructure used by major healthcare organisations, particularly in the United States.
What I like is the combination of a highly scalable software model and exposure to growing demand for medical imaging.
As hospitals generate more scans and look for faster, more efficient ways to manage them, I think Pro Medicus remains well placed to benefit.
The shares can command a high valuation, but the quality and growth potential of the business keep it on my buy list.
Life360 Inc (ASX: 360)
Life360 gives investors a very different type of growth opportunity.
The company operates a family location and safety platform used by millions of people around the world.
It has been growing rapidly for years, but I believe this can continue. Subscription growth, international expansion, and new services could all help Life360 become a much larger business.
There will probably be plenty of volatility along the way, but for investors with a long horizon, I think the growth runway remains attractive.
Xero Ltd (ASX: XRO)
Xero is another ASX technology share I would buy in October.
Its accounting software is deeply embedded in the day-to-day operations of small businesses, accountants, and bookkeepers.
But it is still only scratching at the surface of its large international opportunity.
As more small businesses move their financial processes online, I think the company can continue growing its customer base and generating more revenue from existing users with extra services.
WiseTech Global Ltd (ASX: WTC)
WiseTech is my final pick for October.
Its CargoWise platform helps freight forwarders and logistics companies manage complex global supply chains.
I like how deeply the software can become embedded in customer operations, which can make it difficult to replace and gives WiseTech a strong base for recurring growth.
The company also has a large international opportunity as logistics businesses continue investing in automation and more efficient supply chain management.
For me, that combination makes WiseTech one of the ASX technology shares I would be happy to buy for the long term.
Foolish takeaway
If I were putting new money into the ASX in October, these are the sorts of businesses I would want to own.
ResMed and Pro Medicus give me exposure to healthcare growth, while Life360, Xero, and WiseTech provide different ways to participate in the continued expansion of global technology businesses.
I would be comfortable buying all five with the intention of holding them for many years.
