There aren't many ASX shares I believe that every investor should own.
But I do think that it's important to go for growth with your portfolio unless you know you're going to pass away within the next few years.
Over the long-term it's the businesses that are re-investing their profit at a high rate of return that will create the biggest amount of wealth for shareholders.
These are two ASX shares that I think could be worth a place in every portfolio:
Altium Limited (ASX: ALU)
I think investing in Altium shares is the best way to get diversification to the idea of a world that is becoming more technologically advanced every year.
Altium provides electronic PCB design software for engineers to create the products, services and machines of the future. Just a few of its major clients include Apple, John Deere, Cochlear Limited (ASX: COH), Amazon, Google, Disney, NASA, Space X and Tesla.
The software business aims to be the clear world number one over the next decade, which should lead to significant revenue growth. A bonus is that it's generating higher profit margins every year. Increasingly profitable businesses are the ones you should want.
If Altium can keep growing its profit by 20% a year for many years it will very likely be a market beater and provide a growing stream of dividends.
It's trading at 45x FY19's estimated earnings.
BetaShares Asia Technology Tigers ETF (ASX: ASIA)
The growth of Asia is a world-changing shift in dynamics which has already had huge effects. Where the initial beneficiaries were resource producers like BHP Group Ltd (ASX: BHP) there is now a much larger group of Asian businesses which are profiting from the growing wealth of Asian citizens.
Ecommerce, semiconductors, social media, gaming and smartphones are all industries represented in the top holdings of this Asian technology exchange-traded fund (ETF). The businesses I'm referring to are: Tencent, Alibaba, Samsung, Taiwan Semiconductor Manufacturing and Baidu.
The risks may be higher with this ETF compared to a typical Western ETF focused on tech shares, but the valuation takes that into account. According to BetaShares this index has a price/earnings ratio of just under 16.
Foolish takeaway
Both of these shares have excellent growth prospects and could create pleasing wealth for your portfolio. I'm inclined to go for the Asian tech ETF at the moment because Altium is trading quite expensively.
