3 cheap mid-cap shares for your growth portfolio

Growth is an important part of most portfolios and sometimes large cap stocks fail to deliver in that area. ASX top 10 stocks such as BHP Billiton Limited (ASX: BHP), Telstra Corporation Ltd (ASX: TLS) and Woolworths Limited (ASX: WOW) have all suffered share price declines of 18%, 19% and 10% respectively over the last 5 years.

With that in mind, mid cap stocks might be a good place to search for growth. Here are three cheap mid cap stocks you might want to consider for your growth portfolio:

• Bega Cheese Ltd (ASX: BGA) has enjoyed a fantastic run with its share price rising by 46% over the last year. There might still be more in the tank with the acquisition of Mondelez International's Australia and New Zealand grocery and cheese business which included top Vegemite and peanut butter brands. Whilst legal disputes exist with US giant Kraft, Bega Cheese is still attractively priced with a PE ratio of 10.
• Healthscope Ltd (ASX: HSO) appears to have favourable long-term prospects. There is likely to be demand for private healthcare due to an ageing population and the government's support for private health operators. Healthscope continues to pursue growth through brownfield hospital expansion projects and it has a strong balance sheet with freehold ownership of 30 of its hospital. Healthscope is currently trading at 19x FY18's estimated earnings with an unfranked dividend yield of 3.59%.
• St Barbara Ltd (ASX: SBM) has seen its share price rise by 40% over the last year. The gold miner is currently trading at a PE ratio of 10 and has a monster return on equity of 34%. Norway's central bank, Norges Bank, recently decided to jump onto the gravy train and is a substantial shareholder in St Barbara. The bank acquired a 5.2% stake in the gold miner.

If these mid cap stocks aren't for you, try this wonder share that shows no sign of stopping.