There are plenty of ASX shares that have gone through significant pain in recent times. But it’s worth noting when something has fallen heavily, it could present an excellent buying opportunity.

I like the look of investments that are delivering underlying growth of their businesses while their share prices are a lot cheaper.

In my opinion, investing $5,000 into the following ASX shares could lead to that amount growing to $15,000. That would represent growth of 200%.

Australian Ethical Investment Ltd (ASX: AEF)

This ASX share has dropped by 78% since November 2021 when it was trading at around $14.70. It’s currently $3.21 per share. The share price would only need to recover to around $9.60 to deliver that sort of capital growth.

The business is focused on providing people with investment options in businesses that are trying to provide a more sustainable, low-carbon future.

Despite the difficult operating conditions with volatile markets, the business is seeing growth in its funds under management (FUM). It also recently took on $1.93 billion of FUM from Christian Super members, boosting its scale.

It’s expanding in a number of different ways, such as increasing its presence in the financial adviser channel and working on its product development pipeline.

This ASX share can benefit from regular superannuation contributions into the funds. The company is targeting revenue of more than $100 million and the business is expecting operating leverage to emerge.

Fund managers can be very scalable in that the same-size investment team can manage $7 billion almost as easily as $6 billion. This means profit margins can rise as the ASX share grows.

Betashares Asia Technology Tigers ETF (ASX: ASIA)

This is an exchange-traded fund (ETF) that gives investors exospore to the largest 50 Asian technology companies outside of Japan. Since June 2021, the ETF unit price has fallen by more than 40%.

It has been a difficult period for Asian businesses, with uncertainties in China, higher interest rates, and global inflation impacts.

But this lower price for the overall group of businesses could mean it’s a good time to invest in names like Samsung, Tencent, Taiwan Semiconductor Manufacturing, Alibaba, PDD, and Infosys.

Over the past ten years, the index that this ETF tracks has returned an average of 15% per annum. But, of course, past performance is not a reliable indicator of future performance

I think, generally, technology shares are very promising. Certainly, the large technology businesses in Asia could perform well in the long term as the Asian economy continues to digitalise.