Some S&P/ASX 200 Index (ASX: XJO) shares are capable of providing a wonderful combination of strong businesses and growth. The fund manager Wilson Asset Management (WAM) has named two stocks that are exciting.

The stocks that WAM highlighted were from the portfolio of listed investment company (LIC) WAM Capital Ltd (ASX: WAM), which is focused on finding "the most compelling undervalued growth opportunities in the Australian market."

WAM Capital is one of the largest LICs on the ASX and it's very happy to look across the ASX share market for opportunities. Let's take at two of the ASX 200 shares that WAM highlighted.

ALS Ltd (ASX: ALQ)

WAM described ALS as a global leader in testing inspection, certification and verification services in the commodities and life sciences sectors.

The fund manager pointed out that the company delivered a robust FY26 first quarter update at a recent investor day, reaffirming its guidance of between 5% to 7% of organic revenue growth and profit margin expansion.

WAM noted that strengthening commodity markets and increased miner financing activity are "key tailwinds".

For the fund manager, a key takeaway from the event was the "strategic focus on higher-growth markets, while reinforcing its competitive edge in core segments where it holds dominant market share.

The investment team also pointed out that digitisation and artificial intelligence (AI) were highlighted as medium-term drivers of an uplift of profit margins.

WAM then explained why it's bullish on the ASX 200 share:

ALS is well positioned to leverage a strong balance sheet and execute earnings-accretive acquisitions. We remain constructive on the outlook and see potential upside to consensus earnings, with valuation appearing undemanding at this stage of the cycle.

Hub24 Ltd (ASX: HUB)

WAM said that Hub24 operates a financials services and wealth technology platform delivering integrated investment, super and adviser portals.

Excitingly, the Hub24 share price rose 20% in July, as the below chart shows. The fund manager attributed that rise to strong financial performance and strategic developments, reflecting investor confidence in its growth prospects.

In the FY25 fourth quarter market update, Hub24 reported record annual platform net inflows of $19.8 billion, a 25% year-over-year increase. That growth was driven by net inflows of $5.3 billion in the fourth quarter, including $1.2 billion from EQT Holdings Ltd (ASX: EQT).

The inflows from EQT represent the final tranche of funds migrated as part of a strategic partnership between the two companies.

Excluding those migrations, net inflows for the quarter were a record $4.1 billion, up 33% year-over-year.

Additionally, the company's total funds under administration (FUA) reached $136.4 billion as of 30 June 2025, being a 30% increase from the previous year.