Prices are always changing on the ASX share market, giving investors the opportunity to buy great businesses if they become beaten-up ASX shares.

Just because something has dropped doesn't automatically mean they're going to recover back to its peak the next week. But, being able to take advantage of a lower price when the business is regularly growing is appealing.

When it seems like the company is going to be much higher in five years, a temporary sell-off is attractive.

Below are two ASX shares that are growing, but the share prices are down more than 20%.

Guzman Y Gomez Ltd (ASX: GYG)

GYG is one of the largest food businesses in Australia, with more than 200 locations across the country. It also has 20 locations in Singapore, four in Japan and six in the US.

The business is growing at a pleasing pace. In the first quarter of FY25, total network sales grew 23.6% to $289.5 million, with pleasing double-digit growth in each of its geographic markets.

It's growing in a couple of different ways.

First, the number of its restaurants is growing rapidly. At the end of the FY25 third quarter, its restaurant total grew by 14.75% year-over-year to 241, with the Australian total rising 14% to 211.

The beaten-up ASX share's other core growth avenue is delivering comparable sales growth, meaning existing restaurants achieve year-over-year revenue growth. Its lunch, afternoon and dinner comparable sales are currently growing at a high single-digit rate. The breakfast and after 9pm sales have grown by around 20% year over year in the past 12 months.

The Guzman Y Gomez share price has fallen 35% from 19 February 2025, making it much cheaper today.

I think GYG could be a much larger and more profitable business in three to five years, making the current sell-off appealing.

Pinnacle Investment Management Group Ltd (ASX: PNI)

This beaten-up ASX share helps some of the best fund managers start and grow their own funds management businesses.

Pinnacle provides a number of services so that the fund manager can focus on investing. Some of those value-add things it provides includes seed funds under management (FUM) and working capital, distribution and client services, middle office and fund administration, compliance, finance, legal, technology and other business infrastructure.

It has significant minority stakes in a number of fund managers including Hyperion, Plato, Palisade, Resolution Capital, Solaris, Antipodes, Firetrail, Metrics, Coolabah, Aikya, Five V and Pacific Asset Management.

Pleasingly, these fund managers generally have a long-term track record of outperformance. Pinnacle has also been diversifying its portfolio across different asset classes (global shares, US structured capital and private equity) and geographic markets (such as the US, the UK and Canada).

The business is leveraged to rising share markets, so if there can be a pleasing performance from here for asset markets (particularly stocks) then this beaten-up ASX share could be primed to succeed.  

If the business continues to deliver FUM net inflows, then it's poised to deliver a strong performance, in my opinion. In the first half of FY25, Pinnacle's affiliates experienced net inflows of $6.7 billion, which is a strong organic growth tailwind.

While it has recovered a lot of the lost ground from the April sell-off, it's still down 23% from February 2025. I think it's a very appealing business.