Exploring ASX Growth Shares in May
With May now underway, it’s an opportune time to reassess the landscape of ASX growth shares. The past few months have been challenging for certain segments of the market, with many high-quality growth stocks experiencing a decline as investors express concerns about valuations, interest rates, and the potential impact of artificial intelligence.
However, such an environment can also present opportunities for investors who are willing to take a longer-term view. If you had $10,000 to invest across ASX growth shares this month, here are three names that could be worth considering.
Pro Medicus Ltd (ASX: PME)
Starting with Pro Medicus, this healthcare technology company provides medical imaging software to hospitals, radiology groups, and healthcare networks. In my opinion, it stands out as one of the highest-quality growth shares on the ASX.
What I find particularly appealing is the nature of its product. Medical imaging is mission-critical, and hospitals and radiologists require fast, reliable, and secure systems to manage large volumes of imaging data. Once a platform is deeply embedded, switching is not something that customers are likely to do lightly.
This gives Pro Medicus a strong competitive position. Additionally, the global opportunity is significant. The company has already secured major contracts in the US, but I believe it is still early in its international growth story. The US healthcare market is vast, and Pro Medicus has only captured a small portion of what could be available over the long term.
For me, this is the kind of business I would be happy to own for many years, even if the valuation can be demanding at times. I would consider investing around $3,500 into this one.
Hub24 Ltd (ASX: HUB)
Next, I would look at Hub24. This company operates an investment and wealth management platform used by financial advisers and their clients. While it may not sound as exciting as some technology names, I believe the growth story is very strong.
Australia’s wealth management industry is undergoing changes, with advisers increasingly moving toward modern platforms that offer better functionality, flexibility, and efficiency. Hub24 has emerged as one of the clear winners from this shift.
What I like about the business is the way scale can improve the economics over time. As more funds move onto the platform, revenue can rise without costs needing to grow at the same pace. That creates operating leverage, which can support stronger earnings growth over time.
I also think Hub24 benefits from being embedded in adviser workflows. Once advisers build their processes around a platform, it can become sticky. For me, that makes Hub24 a strong structural growth story rather than just a cyclical winner.
I would consider investing around $4,000 here.
SiteMinder Ltd (ASX: SDR)
The final ASX growth share I would include is SiteMinder. This company provides software for hotels, helping them manage bookings, distribution, and revenue across multiple channels.
The travel industry continues to recover and evolve, and hotels increasingly need digital tools to compete. Managing rooms across online travel agents, direct bookings, and different markets is complex. SiteMinder helps simplify that process.
What appeals to me is the size of the global opportunity. The hotel industry is highly fragmented, and many accommodation providers are still upgrading their systems. That gives SiteMinder a long runway if it can keep winning customers and expanding revenue per property.
It is also a business with recurring revenue characteristics, which I generally like in ASX growth shares. There are risks, especially around competition and execution, but I think the long-term opportunity is attractive.
I would consider putting around $2,500 into SiteMinder.
Foolish Takeaway
If I were investing $10,000 across ASX growth shares in May, I would want a mix of quality, structural growth, and long-term optionality. That is why I would consider splitting it across Pro Medicus, Hub24, and SiteMinder.
Each business is exposed to a different part of the economy—healthcare technology, wealth platforms, and hotel software. That gives the portfolio some useful diversification while still keeping the focus on growth.
