3 roaring ASX shares to hold for the next 20 years

Analysts at Macquarie believe these market-beaters can continue to deliver.

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I'm a firm believer that buy and hold investing with ASX shares is the best way to grow your wealth.

However, you can't just buy any old share. If you're planning to make a long-term investment, you need to invest in the crème de la crème. After all, the cream always rises to the top.

So, which roaring ASX shares could be great long-term investments? Let's take a look at three shares that Macquarie rates as buys:

Goodman Group (ASX: GMG)

This integrated property company's shares have been strong performers over the last decade. During this time, they have delivered an average total return of 22% per annum. This is more than twice the average market return.

While returns of that level are far from guaranteed in the future, Goodman certainly is well-positioned to give it a shot. This is thanks to its focus on owning, developing, and managing high-quality, sustainable properties that are close to consumers and provide essential infrastructure for the digital economy.

Macquarie is very positive on its outlook and recently put an outperform rating and $34.84 price target on its shares.

Aristocrat Leisure Limited (ASX: ALL)

Another ASX share that Macquarie rates very highly is Aristocrat Leisure. Over the last decade, it has delivered a mouth-watering average total return of 24% per annum.

Aristocrat Leisure is an entertainment and content creation company powered by technology to deliver world-leading mobile and casino games which entertain millions of players across the globe every day.

It has three operating units: Aristocrat Gaming (poker machines), Pixel United (digital games), and Anaxi (real money gaming). All three businesses have significant long-term growth potential, which is expected to underpin solid and sustainable earnings growth long into the future.

Macquarie currently has an outperform rating and $48.50 on its shares.

Pro Medicus Limited (ASX: PME)

Finally, Macquarie sees value in this health imaging technology company's shares despite its incredible run over the last 12 months. The ASX share is up 58% since this time last year, which means it has now delivered a staggering average total return of 62% per annum over the last decade.

In case you're not familiar with the company, it is a leading provider of radiology information systems (RIS), Picture Archiving and Communication Systems (PACS), and advanced visualization solutions across the globe.

Its hugely popular Visage Imaging platform is regarded as the best in its class and has been underpinning rapid earnings growth in recent years. Macquarie believes this growth can continue and its forecasting earnings per share growth of approximately 30% in both FY 2024 and FY 2025.

Its analysts have an outperform rating and $120.00 price target on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group, Macquarie Group, and Pro Medicus. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Goodman Group and Pro Medicus. 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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