2 growth portfolios gunning for 9%+ p.a. (shh… you can download them!) – Vishal Teckchandani

What does it take to build a growth portfolio with 9%+ p.a. return potential?

That’s the challenge we put to two of Australia’s most experienced investment professionals – Ben Clark of TMS Private Wealth and Adam Dawes of Shaw and Partners.

We asked them: If you were limited to just 10 investments — ones you understand, can stay on top of, and that combine conviction with global diversification — what would you choose?

The result is two distinct strategies blending individual stocks, ETFs, and active managers.

In their own words, Ben and Adam explain how they approached the challenge, the traits they look for in growth opportunities, and how they think about building portfolios that can go the distance.

The full portfolios — including all holdings and expected return forecasts — are available to download below.

Before we begin…

This exercise is not about providing ready-made portfolio solutions. It’s about showcasing how experienced investors approach the challenge of constructing a growth sleeve within a broader, diversified portfolio. These portfolios are not personal financial advice, and they are not recommendations. 

The holdings and return assumptions in the downloadable Excel sheets are based on each expert’s analysis and valuation methods. These are forward-looking estimates — and like all forecasts, they are assumptions that may not eventuate. 

With that out of the way, let’s get to the good stuff!

Ben Clark (TMS private wealth): Ben’s Global Growth Fortress

We keep it pretty simple, we look for businesses we think are highly likely to grow their earnings over time and have a view that over the longer term the share price will follow the earnings trajectory.

This portfolio includes a much lower number of investments than I’d typically hold for a client, but I’ve tried to combine some of our core holdings – businesses where I feel there’s greater consistency in their returns.

One point I’d make is that this shouldn’t be confused with chasing hyper-scaling stocks, we’re just as interested in businesses with consistent mid to high single-digit earnings growth. It’s then trying to buy the business at the right multiple versus its outlook.

Income plays a part in achieving the target return. Around 2% will be received by the investor, and I expect that stream to grow in the high single digits on an annualised basis. Over rolling five-year cycles, I’d be confident this portfolio can exceed 7% per annum in net capital growth – though I would note that several of the stocks are currently trading on elevated valuations.

The overarching theme is that if you’re a growth investor, you should have significant exposure to U.S. equities. The S&P 500 has delivered a 12.4% annualised return over the past 35 years, significantly outperforming the ASX.

That’s why I’ve included the iShares Global 100 ETF (ASX: IOO), which is heavily weighted toward U.S. mega-tech, and Berkshire Hathaway (NYSE: BRK.B), which gives us diversified exposure to the U.S. economy beyond the tech sector.

But a protracted bear market is the key risk to achieving the 9% goal in the medium term. That’s why I’ve selected direct holdings with very strong balance sheets — companies that could withstand a crisis without needing to raise capital and dilute future returns, whilst able to take advantage of any market downturn.

I’ve also allocated 10% of the portfolio to alternatives, selecting managers that offer access to private markets. Even within the growth sleeve of a portfolio, I believe it’s important to diversify return sources and consider correlations; not all growth should come from the same place (equities).

📥 Download Ben’s Global Growth Fortress here

Adam Dawes (Shaw and Partners): Adam’s High-Octane Outperformers

For me, growth investing is about identifying companies that can deliver above-average earnings growth over time. It’s not just about growing revenue, it’s about reinvesting profits to drive long-term, compounding returns for shareholders.

We apply a disciplined, forward-looking framework to define what makes a true growth opportunity:

• Strong revenue and earnings growth: We look for consistent, double-digit growth in both top-line revenue and scalable earnings — typically driven by structural trends or market leadership.

• High return on invested capital (ROIC): Capital-light business models are a major plus. We favour companies that can deploy capital efficiently and generate strong incremental returns.

• Large total addressable market (TAM): Room to grow is critical. That might come from market expansion, product innovation, or global reach — but the runway must be there.

• Sustainable competitive advantage: We’re not chasing momentum. We want companies with real moats — whether that’s intellectual property, brand strength, network effects, or technology leadership.

• Founder or aligned management: Growth requires vision and discipline. We place a premium on insider ownership and strategic patience from leadership teams.

• Reinvestment over dividends: We’re comfortable sacrificing near-term income for long-term upside. True growth companies often reinvest their earnings rather than pay them out.

You’ll see those principles reflected across the portfolio including in picks like Aristocrat Leisure (ASX: ALL), NEXTDC (ASX: NXT), and in international markets via the Hyperion Global Growth Companies Fund – Active ETF (ASX: HYGG).

These are businesses backed by powerful megatrends and structural tailwinds, with the potential to outperform materially over the long run.

📥 Download Adam’s High-Octane Outperformers here

Editor’s Note: Two Roads to Growth

These portfolios prove there’s more than one way to pursue growth.

Ben’s Global Growth Fortress leans on large and mega-cap companies renowned for their ability to compound earnings over time. What stood out, however, was that not all return sources came from equities. The inclusion of alternatives like private equity and credit was a thoughtful addition – highlighting the value of growth assets with different market correlations.

Adam’s High-Octane Outperformers takes a bolder route, tilting toward thematics, technology, and smaller-cap names. I was intrigued to see BHP and Paladin in the mix, but given they’re unloved right now, even cyclical sectors can offer long-term upside if they’re (hopefully) bought at the right price.

Both portfolios target 9%+ annual returns, but take distinctly different paths to get there, and that’s the beauty of growth investing.

A big thank you to Ben and Adam for sharing their insights, and to my colleague Carl Capolingua for building the return models and incorporating franking data.

over to you!

If you found this exercise valuable and would like to see more expert-built strategies in future or more data points, let us know, we’d love to hear your feedback.

And if you have or planning to build your own 10-best-ideas portfolio, we’d love to hear about it in the comments below!