If you're wanting to add some blue chip ASX shares to your portfolio, then you're in luck.
The ASX 50 index is home to a good number of blue chips that I believe have the potential to generate strong returns for investors in FY 2021 and beyond.
Two blue chip ASX 50 shares that I would buy are listed below. Here's why I like them:
Cochlear Limited (ASX: COH)
The first blue chip ASX 50 share to consider buying is Cochlear. I think the global leader in implantable hearing devices could be a fantastic long-term investment option. This is due to its exposure to the ageing populations tailwind. Because hearing tends to fade as people get older, I expect demand for hearing products to increase strongly over the next couple of decades.
And given the industry's high barriers to entry and its material investment in research and development, I believe it well-placed to capture this growing demand. Overall, I suspect that this could lead to the Cochlear share price outperforming the ASX 50 over the next decade.
Goodman Group (ASX: GMG)
Another blue chip ASX 50 share to consider buying is Goodman Group. It is an integrated commercial and industrial property group that owns, develops, and manages industrial real estate in 17 countries. Among its portfolio you'll find warehouses, large scale logistics facilities, and business and office parks.
The main attraction to the company for me are its warehouses and logistics facilities. I believe these have put Goodman Group in strong position for growth over the next decade thanks to their exposure to the structural tailwinds of the ecommerce market. These assets have long term relationships with the likes of Amazon, DHL, and Walmart. In respect to the former, last month the company strengthened its relationship with Amazon. The ecommerce giant signed a 20-year lease for a distribution centre in Western Sydney owned by its joint venture with Brickworks Limited (ASX: BKW).
