I'm always on the lookout for ASX shares I believe could outperform the broader market and produce strong returns.

We can't precisely predict which businesses will do well, but we can have a good guess if the valuation is attractive and/or the share is growing revenue rapidly. Only a certain number of investments will deliver a return of over 100% in the next five years.

Investors can tap into several different trends, such as e-commerce, artificial intelligence (AI), digitalisation, and more. The first investment we'll look at below uses multiple technologies to deliver strong growth, and I think it can keep growing for a long time to come.

Temple & Webster Group Ltd (ASX: TPW)

Temple & Webster sells more than 200,000 products on its platform. It focuses on homewares and furniture but also seeks to grow in the home improvement segment, which includes bathrooms, plumbing, flooring, curtains and blinds, and so on.

Key reasons why I think this business can double in five years are its rapidly growing revenue and expectations of rising profit margins.

In FY24, the business delivered $498 million of revenue, which represented a 26% year-over-year growth. It plans to reach $1 billion in sales somewhere between FY26 and FY28 — meaning its FY24 revenue is expected to double in less than four years. The market is already expecting a lot of growth from the company, but I think its profitability could impress.

The ASX share's revenue is growing thanks to an increasing level of online penetration of the furniture and homewares category. Another tailwind is that certain age groups (millennials and Generation Z) are reaching key spending ages.

Temple & Webster notes that as it grows, its core customer proposition is improving the breadth and depth of its range, pricing, data and personalisation, content, service, and delivery experience.

The company suggests its unit economics will continue to improve as it scales, partly due to fixed costs being spread across more sales. AI is also helping increase margins as it handles more customer interactions and boosts customer conversion.

Temple & Webster is one of the largest ASX growth shares in my portfolio, and I hope it can double in the next five years.

VanEck Morningstar Wide Moat ETF (ASX: MOAT)

I'm very optimistic about what this exchange-traded fund (ETF) can achieve. If an investment grows by an average of 15% per year, then it will double in five years. And in the last five years, the MOAT ETF has returned an average of 15.1%.

Past performance is not necessarily a reliable indicator of future performance, but because of its investment process, I believe this fund is capable of delivering a similarly strong performance.

I'm calling this fund an ASX share because it's listed on the ASX and we can buy it just like a normal listed Australian company.

It actually invests in US shares that the Morningstar analyst team believes have an economic moat, or competitive advantages, that allow them to make strong profits. Examples of competitive advantages include cost advantages, brand power, intellectual property, regulatory licenses and so on.

The MOAT ETF only invests in companies where analysts believe the company's competitive advantages will almost definitely last 10 years and are more likely than not to endure for 20 years.

A key part of the picture for me is that the MOAT ETF only invests in these great businesses when they're trading at a price that analysts think is cheaper than what they're worth.

So, the portfolio only owns great, good-value businesses, which could enable strong investment performance despite the overall US share market's relatively high valuation today.