Long-term investing is not about chasing short-term trends.
Instead, it is about finding businesses that can grow consistently over many years, supported by strong competitive positions and large opportunities ahead of them.
These are the types of companies that can compound earnings and deliver meaningful returns over time.
Here are three ASX growth shares that could fit that description.
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Megaport Ltd (ASX: MP1)
The first ASX share that I would buy and hold for the next decade is Megaport.
Megaport operates a global platform that allows businesses to connect to cloud services and data centres on demand. As more companies shift their operations to the cloud, the need for flexible and scalable connectivity continues to grow.
What arguably makes Megaport's story more compelling today is its expansion beyond networking. The recent acquisition of Latitude brings high-performance compute capabilities into the platform, allowing customers to deploy both connectivity and compute infrastructure on demand. This positions the company at the centre of how modern workloads, including AI, are built and scaled.
While the company has faced challenges in the past, it now appears to be entering a more mature phase focused on profitability and execution. If it delivers on this broader infrastructure vision, Megaport could benefit from the continued growth of cloud and AI-driven demand globally.
REA Group Ltd (ASX: REA)
Another ASX growth share that I would buy and hold is REA Group.
REA Group has built a dominant position in Australia's online property listings market through realestate.com.au. Its platform benefits from strong network effects, where more listings attract more buyers, which in turn attracts more agents.
This creates pricing power. Agents are willing to pay for premium listings and advertising products because of the platform's reach and effectiveness.
Over time, the company has been able to increase its revenue per listing, even during periods of softer property activity. Combined with its expansion into adjacent services, this could support continued growth over the long term.
TechnologyOne Ltd (ASX: TNE)
A third ASX growth share that I would buy and hold is TechnologyOne.
TechnologyOne provides enterprise software solutions and has successfully transitioned to a software-as-a-service model. This shift has created a more predictable and recurring revenue base, which is highly valuable for long-term investors.
The company is also expanding internationally, particularly in the UK, where it sees significant growth opportunities across government and enterprise sectors.
With high customer retention, strong margins, and a disciplined approach to growth, TechnologyOne has the characteristics of a business that can continue compounding earnings over many years.
