Are you looking to add some ASX growth shares to your portfolio next month? Well, you’re in luck! The Australian share market has a large number of quality growth shares to consider buying.
Four that I think would be great long term options are listed below. Here’s why I would buy them:
Altium Limited (ASX: ALU)
Altium is an electronic design software provider which has been growing at an exceptionally strong rate over the last few years. I expect this positive form to continue long into the future thanks to its exposure to the growing Internet of Things and Artificial Intelligence markets. These markets are underpinning the proliferation of electronic devices and driving increasingly strong demand for its Altium Designer software.
Aristocrat Leisure Limited (ASX: ALL)
Another ASX growth share to look at is this gaming technology company. Thanks to its industry-leading pokie machines and the huge potential of its digital and social gaming business, I think Aristocrat Leisure is a great share to buy. And while it is facing notable headwinds right now due to the closure of casinos because of the pandemic, I expect its growth to accelerate once trading conditions return to normal.
ELMO Software Ltd (ASX: ELO)
ELMO is a cloud-based human resources and payroll software company. It provides businesses with a unified platform to streamline processes such as employee administration, recruitment, and payroll. ELMO has been a strong performer in recent years, even during the pandemic, and looks well-placed to continue this trend over the next decade. It also has the option of putting its hefty cash balance to work with earnings accretive acquisitions. I think this makes it an ASX growth share to buy.
ResMed Inc. (ASX: RMD)
ResMed is a medical device company which has a focus on sleep treatment solutions. It is one of my favourite growth shares due to the quality of its products and its large market opportunity. Management estimates that there are 936 million people with sleep apnoea globally and 380 million people who suffer from chronic obstructive pulmonary disease (COPD). The vast majority of these people are undiagnosed. I believe this gives it a long runway for growth over the next decade and beyond.
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More reading
- 3 stellar ASX growth shares to buy right now
- How to become rich by investing $1,000 into ASX shares
- Buy and hold these fantastic ASX healthcare shares until at least 2030
- Where to invest $5,000 into ASX shares immediately
- Is the Altium share price in the buy zone?
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium and Elmo Software. The Motley Fool Australia has recommended Elmo Software and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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