Every now and then, I like to run a simple thought experiment.
If I invested $10,000 today and was not allowed to sell, check, or tweak the portfolio for the next decade, which ASX shares would I feel comfortable locking away?
It is an unforgiving test. It removes the ability to react. No trimming positions. No rotating into the latest trend. No panic selling.
Only businesses strong enough to justify long-term trust make the cut.
Here are three ASX shares that pass that test for me.
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Sigma Healthcare Ltd (ASX: SIG)
Sigma makes the list because of the essential nature of what it does.
Following its merger with Chemist Warehouse, this ASX share now sits at the centre of a large pharmacy distribution and retail network. Medicines and pharmacy services are not discretionary purchases. Demand tends to be steady regardless of economic conditions.
What gives me confidence over a 10-year period is scale. A nationwide distribution footprint, established supplier relationships, and strong retail brands create a business that is embedded in Australia's healthcare system.
The healthcare sector will evolve, but access to medicines and pharmacy services will remain critical. That makes Sigma the kind of stock I would feel comfortable owning through multiple cycles.
Goodman Group (ASX: GMG)
Goodman passes the decade test for a different reason.
Its assets sit at the centre of structural shifts in the global economy. Logistics facilities support ecommerce. Data centres underpin cloud computing and artificial intelligence (AI). These are not short-lived trends.
Goodman's development-led model allows it to partner with institutional capital while recycling funds into new projects. That creates a growth engine tied to infrastructure demand rather than short-term retail cycles.
Over 10 years, I would back well-located, well-managed industrial and data infrastructure to remain relevant.
TechnologyOne Ltd (ASX: TNE)
TechnologyOne is a bold call in the current environment with investors panicking about AI disruption.
But enterprise software is deeply embedded across government, education, and large organisations. These customers rarely switch systems lightly, let alone let AI run wild on their computers.
If I had to ignore my portfolio for 10 years, I would want exposure to businesses that customers rely on every single day. I think TechnologyOne ticks this box.
Why this test matters
Most investors underestimate how powerful long holding periods can be.
The more often we intervene, the more likely we are to interrupt compounding. By asking which ASX shares we would hold without touching, we naturally filter for quality, durability, and structural growth.
The exercise also forces discipline. It reduces the temptation to chase momentum and refocuses attention on businesses with staying power.
Foolish takeaway
We cannot actually lock our portfolios away for 10 years. Markets move. Circumstances change.
But asking which ASX shares we would feel comfortable owning for a decade is revealing. It highlights businesses with durable demand, strong competitive positions, and management teams capable of navigating change.
For me, Sigma Healthcare, Goodman Group, and TechnologyOne are the kinds of ASX shares that could pass that test.
