Growth stocks are ideal assets for investors who seek wealth long-term wealth growth. Depending on your financial goals, growth stocks can be crucial instruments that can help you achieve your investment objectives by offering you substantial returns on your investments through capital gains.
Provided you can find the right growth stocks to invest in for the long run, you can become a much wealthier investor in a matter of decades. Many investors seek growth stocks to speed up their wealth growth and retire early, while others use their returns from growth stocks for medium-term financial goals, like funding their big-ticket purchases.
If you are interested in investing in growth stocks, the Canadian stock market boasts plenty of assets that you can have on your radar. Today, I will discuss two such stocks that you could consider for your portfolio.
Brookfield Renewable Partners
The growing renewable energy industry is slated to gradually phase out fossil fuels in the coming decades and Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP) is one of the companies at the forefront of the green revolution. Brookfield Renewable Partners has been in the industry since 2000. It owns and operates a portfolio of renewable energy assets that can generate more than 21,000 MW of power.
Its renewable energy assets are diversified across different types of assets, and its facilities are spread across Europe, Asia, North America, and South America. Renewable energy stocks have been steadily rising for a few years and the rapid growth in 2020 has benefited Brookfield Renewable Partners stock. The $12.86 billion market capitalization stock is trading for $46.71 per share at writing, and it boasts a juicy 3.14% dividend yield.
Between the capital gains and dividend income, you could become a much wealthier investor by buying and holding Brookfield Renewable Partners stock for a long time.
Topicus.com
Topicus.com (TSXV:TOI) is a relatively new entrant to the stock market, but it is by no means a company that you should take lightly. Until February 2021, Topicus.com was a subsidiary of Constellation Software. Many of the company’s board members hold executive positions at its former parent company, ensuring that substantially experienced people are heading the newborn entity.
Topicus.com stock is trading for $89.85 per share at writing. The $3.59 billion market capitalization stock might be much smaller than its former parent company, but it shows signs of being as successful as a younger Constellation Software stock.
Topicus.com operates in a fragmented tech sector in Europe, and it enjoys the advantage of facing a lot less pressure from venture capital firms in the market. It means that Topicus.com can get much better prices for its acquisition deals. If the management at the new company makes decisions that drive its growth, as they did for the former parent company, Topicus.com investors could enjoy massive returns on their investments in a few years.
Foolish takeaway
Whether you want to retire early or save funds for a major purchase, in the long run, finding the right growth stocks can be instrumental in helping you achieve your investment goals. Brookfield Renewable Partners stock and Topicus.com stock could provide you with substantial wealth growth to help you become a much wealthier investor provided you remain invested for a long time.
