Are you really a growth investor?

It's a question worth asking. Fast-moving tech stocks have taken a beating lately, and now there's a a slew of bargains for those with the guts to buy.

No surprises there. Market panics occur daily. Just ask investors who hold shares of Blue Coat Systems (Nasdaq: BCSI), which fell nearly 5% Tuesday on no news whatever. Sheesh.

That's why all-star investors bet on growth over the very long term. They know:

How we do it
Of course, not all growth stocks will do. Our weekly hunt is for the next great multibagger. But unlike David Gardner and his team at Motley Fool Rule Breakers, who in their research scour everything from financial statements to trade magazines to clinical reports, we'll rely on our Motley Fool CAPS investor-intelligence database.

Specifically, we're looking for stocks that have earned a five-star rating in CAPS and that are expected to grow their earnings at least 20% annually over the next five years. Five-star stocks are those that the community, on the whole, believes will outperform the S&P 500.

Let's have the list
Now, with that preamble behind us, here are five more top growth stocks:

Company

No. of CAPS Ratings

Percent Bulls

5-Year Growth Estimate

VASCO Data Security (Nasdaq: VDSI)

1,549

97.9%

34.7%

AXT (Nasdaq: AXTI)

185

96.2%

28.0%

Alvarion (Nasdaq: ALVR)

489

97.1%

25.2%

Middleby (Nasdaq: MIDD)

2,200

97.4%

22.0%

Atheros Communications (Nasdaq: ATHR)

1,188

98.7%

21.2%

Sources: Motley Fool CAPS, Yahoo! Finance. At the time of writing, AXT was a 5-star stock in CAPS.

Bear in mind that this is not a list of recommendations. Instead, I offer these stocks as candidates for further research.

And there's a lot to work with on today's list, isn't there? VASCO, which specializes in digital security for banks, could be dramatically undervalued if Foolish colleague Anders Bylund is correct. (He usually is.)

And what of oven maker Middleby? For years this stock has been an outperformer for Motley Fool Hidden Gems subscribers and yet, with a 0.95 PEG ratio, still trades at a bit of a discount to its expected growth.

WiMAX to the max
Still, as much as I like both of these companies, neither is a rebel in the business sense of the word. They offer nothing truly disruptive. Not so with Israeli WiMAX specialist Alvarion, a stock I own.

My reason for buying it is simple: Alvarion is a first-mover overseas, where long-distance wireless delivery of data -- WiMAX enables connections over tens of miles rather than hundreds of feet, as its older, feebler cousin, Wi-Fi, does -- can be critical.

Why? Developing nations often lack wired infrastructure. And the cost to develop it can be many times more than a comparable wireless solution. WiMAX -- in Africa, India, and other poor regions -- often is that "solution."

Here's how CAPS investor MoneyJungle1 explained it earlier this month:

[T]hey are getting lots of contracts in the 3rd world emerging markets where it's not worthwhile for the big dogs to go. They are creating lots of small steady revenue streams that are adding up. ... A big contract in the 1st world could kick this stock up to the big leagues. Also may have ... a big company willing to buy rather than develop WiMAX technology.

Alvarion, in that spirit, is the sort of investment a venture capitalist would make. Not at all cheap by the numbers (the stock trades for more than 100 times trailing earnings), Alvarion seeks to solve a well-known problem -- connectivity in developing nations -- with an economically viable innovation: WiMAX. Billions in new value could be unleashed as a result.

But that's my take. What's yours? Would you buy Alvarion at today's prices? Let us know by signing up for CAPS today. It's 100% free to participate.

See you back here next week with five more top growth stocks. Fool on!

Fool contributor Tim Beyers is ranked 15,095 out of more than 84,000 participants in CAPS. Atheros and Middleby are Hidden Gems picks. VASCO is a Stock Advisor selection. Try any of these market-beating services free for 30 days. There's no obligation to subscribe.

Tim owned shares of Alvarion at the time of publication. Read Tim's portfolio and his latest blog commentary. The Motley Fool's disclosure policy is your portfolio's competitive advantage.