Are you really a growth investor?

It's worth asking. Fast-moving tech stocks have taken a beating recently, leading to 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 Motley Fool Rule Breakers recommendation Harris & Harris (NASDAQ:TINY), which yesterday fell nearly 3% on no news whatsoever. Sheesh.

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

  1. Businesses that make investors billions always begin as growth stocks.
  2. The best of them feature massive and identifiable competitive advantages.
  3. Growth as a strategy has the capacity to deliver 20% or greater annual returns for decades at a time.

How we do it
Of course, not all growth stocks will do. Our weekly hunt seeks the next great multibagger. But unlike David Gardner and his team at Rule Breakers, who scour everything from financial statements to trade magazines to clinical reports in their research, we're going to 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 which are expected to grow their earnings by 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

CAPS Rating (5 max)

Percent Bulls

5-Year Growth Estimate

Focus Media (NASDAQ:FMCN)

****

97.4%

31.6%

Ceragon Networks (NASDAQ:CRNT)

*****

98.2%

23.8%

Infosys Technologies (NASDAQ:INFY)

*****

97.5%

21.5%

Atwood Oceanics (NYSE:ATW)

*****

98.9%

21.3%

China Petroleum (NYSE:SNP)

*****

96.3%

20.7%

Sources: Motley Fool CAPS, Yahoo! Finance.

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

We've some great companies to work with. Infosys is the top supplier of Indian tech talent to firms here, and its stock appears to be on sale. Atwood Oceanics is one of David Gardner's better picks for Stock Advisor over the past year, and China Petroleum is a mover.

Focus for top returns
My favorite candidate today, though, is a Rule Breakers pick that fellow Fool Brian Pacampara says is poised to pop: Focus Media.

I think he's right. Focus is to Chinese consumers what Google (NASDAQ:GOOG) is to web searchers: a distributor of ad inventory. "It is China's leading digital ad platform, bringing a network of LED and LCD screens, posters, billboards ... to millions of sets of eyes in more than 90 cities," Foolish colleague Rick Munarriz wrote in recommending Focus Media to Rule Breakers subscribers.

Yet Mr. Market doesn't seem to care; shares of Focus Media are down more than 18% since Rick's recommendation. That's crazy. Focus trades for just 11 times forward earnings, producing what I consider an outrageously low 0.50 PEG ratio.

I'm not the only one who thinks so. In mid-July, executives announced a plan to repurchase $100 million worth of Focus Media stock. You only do that when the shares are cheap -- unless, of course, you're aiming to anger shareholders. I suspect that founder and executive chairman Jason Nanchun Jiang is smarter than that.

But I'm more interested to know what you think. Would you buy Focus Media 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!