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2 exciting ASX tech shares to buy and hold for a decade

Here’s why I think Altium Limited (ASX:ALU) and this ASX tech share would be great buy and hold options for Australian investors…
The post 2 exciting ASX tech shares to buy and hold for a decade appeared first on Motley Fool Australia. –

buy and hold

I think that one of the best ways to generate wealth is to invest with a long-term view.

After all, over the last 30 years the Australian share market has generated an average return of 8.76% per annum according to research by Fidelity.

This means that a single $20,000 investment would now have grown to be worth almost $250,000 if it earned the market return over the last three decades. I believe this demonstrates the power of investing with a long term view.

With that in mind, here are two top ASX shares that I think would be great buy and hold investments:

Altium Limited (ASX: ALU)

I think that Altium is one of the best buy and hold options on the Australian share market. This is because I believe the electronic design software company is well-positioned to grow its earnings at an above-average rate for a long time to come thanks to its platform’s exposure to the Internet of Things and AI booms.

But Altium certainly isn’t a one trick pony. In addition to its design software, the company has a number of other growing businesses such as Nexus and Octopart. The latter business in particular appears underappreciated by the market. Octopart is a search engine for electronic and industrial parts which aggregates parts from distributors and manufacturers online. This makes them easy to search for and purchase. It has a large market opportunity and could be a key contributor to its revenue growth over the 2020s.

Nearmap Ltd (ASX: NEA)

Another ASX tech share to consider buying is this aerial imagery technology and location data company. Nearmap has been growing at a very quick rate over the last few years thanks to the increasing demand for its services in both Australia and North America. And while its performance in FY 2020 was a touch underwhelming because of a large customer churn event (not competition related), I’m confident that this was just a one-off and out of Nearmap’s control.

Looking ahead, given the launch of several new products and potential expansions into new markets, I believe the company is well-placed for strong growth over the next decade. This could make it a great buy and hold investment option for investors.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 2 exciting ASX tech shares to buy and hold for a decade appeared first on Motley Fool Australia.

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