ASX growth shares typically don't pay huge dividends, however they tend to produce strong share price growth over the longer term. This is because a large proportion of company profits are normally re-invested back in to the company to support long-term growth initiatives.
Here we look are two ASX 200 growth shares, both of which I believe would make solid additions to your ASX share porfolio.
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2 ASX 200 growth shares to buy and hold
CSL Limted (ASX: CSL)
CSL has evolved over the past few decades to become a global market leader in blood plasma research and disease treatment. It currently has a market capitalisation of $123.55 billion and now now reaches more than 60 countries outside of its home base in Australia.
CSL is playing an important role during the coronavirus pandemic. It has entered into a new agreement to accelerate the development of a COVID-19 vaccine candidate.
The CSL share price has risen very strongly over the past decade, however it has lost some ground in recent months. Since mid-February, the CSL share price has fallen from $341 to now be trading at $273.48. This, in my mind, offers investors a reasonably good share buying opportunity.
I remain optimistic about CSL's long-term future. I believe that a strong new product development pipeline will lead to above average share price growth over the next five years for CSL.
Blackmores Limited (ASX: BKL)
Blackmores develops and sells a broad range of healthcare products including vitamins, minerals and herbal and nutritional supplements. Its market reach now extends throughout retailers in Australia, New Zealand and Asia.
Blackmores' success over the past decade has been underpinned by a very strong brand. The company invests significantly in research, development and marketing to grow its brand image.
The Blackmores share price has not performed strongly over the past 12 months, and the company's recent financial performance has been below market expectations. Blackmores' operations in China, in particular, have underperformed. However, I believe that Blackmores' new Asian expansion strategy is placing the company back on the right track for future growth. The company in injecting more funds into its South East Asian business, which is now growing strongly.
Foolish takeaway
CSL and Blackmores are both ASX 200 growth shares that are in my buy zone right now. With both now trading at share prices well below their pre-COVID-19 levels, I believe this offers investors a reasonably good buying opportunity.
Of the two, CSL would be my top pick right now, due to stronger recent financial performance and a more solid track record over the past 3 years.
