Investing in ASX shares has been a profitable venture for most investors in 2023.

Since the opening bell on 3 January, the All Ordinaries Index (ASX: XAO) has gained 5%. And that figure doesn’t include any dividend payouts made by many of the larger ASX shares.

That’s certainly a solid return, as we’re only four months into the new year.

But there are a select number of stocks that will have left those 5% gains in the dust in 2023.

Below, we look at five ASX shares that would have more than doubled your money so far this year. All prices are noted as at Tuesday’s close.

ASX share leaps 142% in 2023

First up, we have ASX healthcare share Avita Medical Inc (ASX: AVH) which specialises in regenerative medicine.

The Avita share price closed up another 1.3% yesterday, bringing its year-to-date gains to 141%. At that price, the company has a market capitalisation of $581 million.

Avita shares trended higher right from 3 January. But shares really took off in the days following the release of the company’s fourth quarter and full 2022 calendar year results on 24 February.

Highlights included a 36% year-on-year increase in commercial revenues, which reached $34.1 million in 2022. And the ASX share managed to maintain the 82% gross profit margin it also posted in 2021.

The Avita share price is up 78% since reporting those results.

Gold stock shining brightly

Next up, we have Resolute Mining Ltd (ASX: RSG). The Resolute share price is up 134% in 2023.

The gold miner has been partly supported by a 5% increase in the price of bullion this year.

But the ASX share has widely outperformed its peers due to several other factors.

Among the releases piquing investor interest, the miner reported first five, then six, consecutive quarters of increased gold production in two quarterly updates released this year.

Resolute separately announced that its total ore reserves had increased to 4.6 million ounces of gold while its Mineral Resources increased to 11.2 million ounces of gold.

The sharp rise in its market cap saw Resolute admitted to the S&P/ASX 300 Index (ASX: XKO). That’s also likely to support its share price as more fund managers, limited to investing in larger stocks, will now be able to add the gold stock to their holdings.

Riding high on the travel rebound

The third ASX share that would have doubled your money so far in 2023 is Helloworld Travel Ltd (ASX: HLO).

Despite a sizeable slide on Tuesday, shares in the travel distribution company are up 124% since trading kicked off on 3 January.

The ASX share got a big boost towards the end of February on the back of its half-year results.

Investors bid up the Helloworld share price after the company reported a 209% year-on-year increase in total transaction volume (TTV). TTV for the six months came in at $1.2 billion.

Meanwhile, revenue from continuing operations leapt 151% to $73 million. And the travel stock returned to profit following a sizeable loss in the prior corresponding half year.

That strong performance has continued in 2023.

Last week, the travel company reported another big year-on-year lift in quarterly TTV, up 150% to $596.2 million. Revenue for the quarter increased 240% to $46.9 million.

And investors were obviously pleased when Helloworld lifted its full-year earnings before interest, tax, depreciation, and amortisation (EBITDA) guidance.

ASX share rockets 122% driven by takeover offer

When the closing bell rang on 27 March, the Liontown Resources Ltd (ASX: LTR) share price was up a very respectable 24% for the year.

Then things really took off for the ASX lithium share.

On 28 March, the Liontown share price gained a whopping 69%, with the stock now up 122% in 2023.

Investors snapped up shares in the lithium miner late in March after the company reported it had received a takeover offer from lithium heavyweight Albemarle (NYSE: ALB).

Liontown’s board rejected the $2.50 per share offer noting, “the opportunistic timing of Albemarle’s Indicative Proposal, coinciding with recent softness in companies exposed to the lithium sector and the pre-production status of the Kathleen Valley Project”.

And the board looks like they were onto something.

The ASX lithium stock closed yesterday trading for $2.72 per share.

Leading the charge!

Rounding off the list of ASX shares that could have more than doubled your money already in 2023, we have medical research technology company 4DMedical Ltd (ASX: 4DX).

The healthcare stock closed up another 21.47% yesterday after reporting it has commenced commercial scanning within the Veterans Health Administration in the United States.

Yesterday’s big lift brings the 2023 share price gains for 4DMedical to a stellar 190%. Or enough to turn a $5,000 investment into $14,500. And in just four months.

The other big move higher for the ASX share came on 5 April.

That’s when 4DMedical announced it had signed a five-year contract with the University of Miami in the US to deliver X-ray velocimetry lung ventilation analysis software ventilation reports.

This represents the first US hospital Software as a Service (SaaS) contract for the company.

The ASX share closed up 63% on the day of the announcement.

The post 5 top ASX shares that would have more than doubled your money in 2023 appeared first on The Motley Fool Australia.

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More reading

• Liontown share price climbs on response to takeover rumours
• This ASX gold stock is up a whopping 130% in 2023. Here’s why
• ASX lithium shares: Short-term pain for long-term gain?
• 2 ASX lithium shares this US institutional investor is buying up big (and one it’s selling)
• Making it rain: Could this signal a boom for ASX 200 lithium stocks?

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Avita Medical and Helloworld Travel. The Motley Fool Australia has positions in and has recommended Helloworld Travel. The Motley Fool Australia has recommended Avita Medical. 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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