One of the best ways to build lasting wealth is by investing in growing companies and holding onto those shares for many years. While it's difficult to know how a stock will perform in any given year, identifying companies with great long-term prospects that are also showing improving financial results in the near term can boost your odds of finding timely buys.

Three Motley Fool contributors were recently asked to select three stocks that they think could outperform the major indexes this year. Here's why they chose e.l.f. Beauty (NYSE: ELF), Revolve Group (NYSE: RVLV), and Sweetgreen (NYSE: SG).

John Ballard (e.l.f. Beauty): Shares of this cosmetics brand have exploded, climbing 500% over the last three years. E.l.f. Beauty reported accelerating sales growth last year, driven by an effective distribution strategy with major retailers like . But the shares recently dipped, which makes this a great time to buy, as the company is in the early stages of expanding globally.

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Source Fool.com