The FTSEespecially FTSE100has a reputation as one of the highest-dividend stocks in the world. However, this does not mean that FTSE-listed shares cannot deliver world-class growth.

In fact, Schroder UK Mid Cap fund manager Jean Roche says you’re more likely to find multibaggers – stocks that rise 100% or more – on the UK stock market than in the US. She also has data to support this claim.

Which stocks dominate in the UK?

Mega comeback

Over the last 12 months, the period covering the last two weeks of 2023, the FTSE All Share Index has increased by 7%. However, some stocks outperformed significantly, with gains of more than 100%. Some of these stocks are widely known, but others may be less familiar to investors.

A quick glance shows that growth has come from a wide range of companies, including financial services providers such as CMC Markets, banks such as Metro, engineering giants such as Rolls-Royce, and retailers such as Curry’s.

The combined return of these 10 stocks over the last 12 months was 131%. This means that £1,000 invested a year ago would be worth £2,310 today plus any dividends received during that period.

Finding the next large winner

Finding the next large winner is easier said than done. Among the UK shares investors can consider IAGthat offers both forceful dynamics and attractive fundamentals.

However, over the next few years, investors will likely be more likely to find the next U.S. multibagger. This is thanks to current trends in artificial intelligence (AI) and the hype around quantum computing.

One of the stocks benefiting from the AI ​​revolution is Celestics (NYSE:CLS). The company’s success is due to the high demand for its cloud and communication infrastructure products, which are key to the development of artificial intelligence. In the most recently reported quarter, Celestica’s Connectivity & Cloud Solutions segment recorded 42% year-over-year revenue growth, underscoring its strategic position in the artificial intelligence market.

The company’s price-to-earnings-to-growth (PEG) ratio of 0.92 suggests that it may be undervalued relative to its growth potential. This is an attractive PEG ratio by historical standards, but it is incredibly inexpensive compared to the current broader market. This is especially true for companies dealing with artificial intelligence.

However, investors should consider risk factors, including customer concentration. Just 10 customers account for two-thirds of sales. Additionally, geopolitical tensions could impact semiconductor supply chains, and Celestica needs chips to make its products.

Despite these challenges, Celestica’s forceful financial performance and strategic position in the artificial intelligence sector make it an attractive investment option for growth-minded investors. I recently added to this stock and it is now the largest holding in my portfolio. My first stock investment increased by 280%.