There's big money to go be made these days. You just need to know where to find the right stocks. 

Roku (NASDAQ:ROKU), Royal Caribbean (NYSE:RCL), and Target (NYSE:TGT) are three entirely different companies with strong catalysts to beat the market at this point. If you have $5,000 to invest in August they are worth considering for your portfolio.

A happy man celebrating with both fists up in the air.

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Roku

We're spending a lot of time streaming video in our living room these days, and in a few days we'll see how much of that we're doing through leading platform Roku. The streaming pioneer reports second-quarter results after Wednesday's market close, and there's no reason to think that its audience isn't widening. 

Roku streaming dongles continue to be among the market's best sellers, and its operating system continues to be the factory-installed platform of choice for a growing number of smart TV manufacturers.  Roku's audience clocked in at 39.8 million active users at the end of March, 37% more than the homes streaming through its hub a year earlier. Roku's platform is growing even faster -- up 73% in that time -- as a result of increased usage and better monetization. 

Roku isn't perfect. Its inability to broker distribution for some newer services is taking some of the earlier shine off its status as the agnostic catch-all hub of the streaming world. However, with a huge audience that is growing in both numbers and engagement it's hard to bet against Roku as it rolls up to the earnings stage later this week. 

Royal Caribbean

These are challenging times for the cruise line industry. We're now closing in on five months of sailing interruptions, and we're still a couple of months -- at least -- from a resumption of paid passenger cruises. If you're going to roll the casino dice on the industry you may as well go with the class act in this space, and that best bet by most accounts is Royal Caribbean.

Royal Caribbean isn't the largest player in this market, but it's historically the one cranking out the strongest profit margins in this niche. It may not top last year's peak revenue levels until 2023, and it will probably take even longer to return to its earlier profit and payout levels. However, given the strong possibility of a shakeout among some of weaker players Royal Caribbean is the safest bet to still be sailing when the industry and inevitably the economy bounces back into fancy. 

Royal Caribbean is a contrarian play here. It lacks the favorable momentum that Roku has in its corner. However, with the stock trading 64% below its January highs it doesn't need to get things exactly right for it to beat the market at this point.  

Target

Roku and Royal Caribbean are high-risk, high-reward plays. Target sits at the other end of the spectrum. The cheap chic retailer is an all-weather winner. Even during the pandemic that tripped up most brick-and-mortar chains, Target has been coasting. Comps rose 10.8% for its latest fiscal quarter ending in early May, driving by a 12.5% surge in the average transaction. Strong digital sales have helped fuel Target's growth, but even its physical store-level comps remain positive. 

There's also a modest yield of 2.2% here, and Target boosted its payout rate back in June. Target's not going to double overnight as an investment, but it has proved itself as a steady producer in good times and particularly bad as penny pinchers appreciate its stylish bent on value. 

Roku, Royal Caribbean, and Target are three very different shades of growth stocks. One thing that they all have in common is that they are three investments worth considering if you're looking to put $5,000 to work this month.