One ASX share to double, one yielding 11% — ASX picks for April

If I were building a balanced ASX share portfolio today, I’d pair one elite growth compounder with one high-yield cash machine.

That combination gives you the best of both worlds: long-term capital growth and immediate passive income. For an investor thinking a decade ahead, that’s the kind of ASX share mix that can help build both wealth and retirement income.

Let’s take a closer look.

Pro Medicus Ltd (ASX: PME)

The growth pick is Pro Medicus. The $14 billion ASX share has lost 38% of its value in 2026. Even after its sharp sell-off earlier this year, this remains one of the highest-quality growth businesses on the ASX.

The radiology imaging software specialist recently delivered another strong half, with revenue and profit surging, and it continues to land long-duration US hospital contracts. In just the past two weeks, Pro Medicus has landed two significant US contracts and that’s starting to shift sentiment.

Importantly, the February result-driven plunge pushed the stock to a fresh 52-week low near $108, despite record earnings. That disconnect is exactly what makes the ASX healthcare share interesting.

This is a business with world-class margins, no debt, sticky healthcare clients, and a huge US expansion runway. Its Visage imaging platform is deeply embedded into hospital workflows, making switching incredibly difficult.

While the valuation still isn’t cheap, quality software leaders rarely are. In light of the recent weakness, most brokers see Pro Medicus as a strong buy, with the maximum average 12-month price target set at $275. That’s a potential 100% upside, at current price levels.

For patient investors, this looks like a rare chance to buy a premium ASX growth share well below its highs.

GQG Partners Inc. (ASX: GQG)

The funds management giant continues to stand out as one of the market’s most attractive dividend plays, currently offering a double-digit yield above 11% based on recent payouts. Morgans is expecting very generous dividend yields of 11% in FY 2026 and FY 2027.

What I like most is that GQG’s dividend isn’t just high for the sake of it. The ASX share throws off serious cash, boasts strong profit margins, and still trades on a relatively modest earnings multiple.

If global equity markets remain supportive and funds under management (FUM) continue to grow, investors could enjoy both juicy income and capital upside. On Monday GQG reported FUM of US$162.5 billion as at 31 March 2026. That included net outflows of US$8.6 billion for the quarter, a clear red flag for the market.

Despite the recent setback, Morgans recently upgraded the ASX share to a buy rating (from accumulate) and lifted its price target from $1.89 to $2.03. That implies around 19% upside from the current share price of $1.70 over the next 12 months.

The post One ASX share to double, one yielding 11% — ASX picks for April appeared first on The Motley Fool Australia.

More reading

• 5 ASX growth shares to buy and hold for 5 years
• 3 high-quality ASX shares to buy while they are cheap
• This dirt cheap ASX 200 tech stock could rise 70%
• Still down 40%, are Pro Medicus shares primed to break out?
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Marc Van Dinther has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Gqg Partners and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.