3 ASX shares I'd buy and hold for the next 10 years

If I were building an ASX share portfolio for the next 10 years, I would focus on companies with strong competitive advantages and plenty of opportunities to grow.

After all, I believe some of the best investment returns come from owning quality businesses and giving them time to compound their earnings.

With that in mind, here are three ASX shares I would happily buy and hold until 2036.

ResMed Inc. (ASX: RMD)

The first ASX share I would consider is ResMed.

ResMed has spent decades improving the treatment of sleep apnoea, building a business that extends well beyond simply selling medical devices.

Its ongoing investment in product development has made treatment more comfortable and convenient for patients, while its software helps healthcare providers monitor how effectively that treatment is working.

I believe this focus on innovation has been instrumental in establishing ResMed's market-leading position, and there is still considerable room for growth.

After all, an estimated 1 billion people around the world suffer from sleep apnoea, with the vast majority undiagnosed.

With its financial strength, established market position, and commitment to innovation, I think ResMed has an excellent chance of becoming a significantly larger business over the next decade.

TechnologyOne Ltd (ASX: TNE)

Another ASX share I would buy and hold for a decade is TechnologyOne.

The enterprise software provider supplies essential systems to universities, councils, government organisations, and businesses.

Once customers adopt its software, switching to a competitor can be expensive and disruptive, helping TechnologyOne retain customers and generate recurring revenue.

And with organisations continuing to move their operations to the cloud, I believe there is plenty more growth to come.

At the end of March, TechnologyOne reported annual recurring revenue of $598 million. Management is now targeting more than $1 billion by FY 2030.

In light of this, I think TechnologyOne has the potential to continue growing strongly well beyond that target.

Wesfarmers Ltd (ASX: WES)

A final ASX share I would be happy to own for the next decade is Wesfarmers.

One of the reasons I have so much confidence in this company is its ability to adapt to changing consumer habits while continuing to grow its businesses.

Kmart is a good example. It has established itself as a destination for affordable everyday products, which has helped it win customers and grow its market share.

Meanwhile, Bunnings continues to strengthen its position in the home improvement market, with opportunities to grow sales among both DIY customers and professional tradespeople.

And with its healthcare division expanding, Wesfarmers is developing another business that could make a meaningful contribution to earnings in the years ahead.

Overall, I believe Wesfarmers has the financial strength, experience, and growth opportunities to keep delivering for shareholders well beyond 2036.

The post 3 ASX shares I'd buy and hold for the next 10 years appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in ResMed and Technology One. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed and Wesfarmers. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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