The Australian stock market is experiencing significant growth, with the S&P/ASX 200 Index reaching a record high at the end of January 2024. With the possibility of interest rate cuts on the horizon, now may be an opportune time for ASX shareholders to expand their portfolios and for novice investors to enter the market.

Our team of writers at The Motley Fool has identified the top ASX shares to consider adding to your investment portfolio this month. Here are the 7 best ASX shares for February 2024, listed from smallest to largest market capitalizations:

• Accent Group Ltd (ASX: AX1), $1.14 billion
• Elders Ltd (ASX: ELD), $1.41 billion
• L1 Long Short Fund Ltd (ASX: LSF), $1.81 billion
• Vanguard Australian Property Securities Index ETF (ASX: VAP), $2.73 billion
• Neuren Pharmaceuticals Ltd (ASX: NEU), $3.01 billion
• Domino’s Pizza Enterprises Ltd (ASX: DMP), $3.56 billion
• Netwealth Group Ltd (ASX: NWL), $4.11 billion

Accent Group Ltd, a distributor and seller of shoe brands in Australia, has been highlighted by one of our writers. Despite a decline in share price, the company’s long-term prospects appear promising, especially with its growing store network and digital retail sales. With a valuation of less than 13x FY26’s estimated earnings and a potential grossed-up dividend yield of 10%, Accent presents an attractive investment opportunity.