Markets never move in a straight line.
Some years are driven by optimism, falling interest rates, and strong earnings growth. Other years are shaped by inflation, geopolitical shocks, weaker consumer spending, and nervous investors.
That is why I think it helps to own ASX 200 shares that can handle different conditions.
The three ASX 200 shares in this article are not guaranteed to outperform every year. But I think they have the kind of quality, resilience, and long-term relevance that makes them worth buying and holding through the cycle.
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Wesfarmers Ltd (ASX: WES)
Wesfarmers is one of the first ASX 200 shares I would consider for an all-weather portfolio.
The company owns a collection of businesses that touch everyday life, including Bunnings, Kmart, Officeworks, Priceline, and industrial operations.
What I like about Wesfarmers is that it gives investors a rare mix of defensive earnings and long-term growth options.
Bunnings is the standout. It has a powerful position in home improvement, strong brand trust, and a store network that would be very hard to replicate. Even when the economy slows, Australians still need to repair, maintain, and improve their homes.
Kmart is another important part of the story. Its value-focused model can actually become more relevant when households are under pressure. That gives Wesfarmers a useful offset in tougher consumer environments.
I also like the group's capital allocation record. Wesfarmers has shown over many years that it is willing to invest where it sees opportunity and exit areas that do not meet its standards.
That discipline is a big reason I would be happy to hold the stock through different market cycles.
ResMed Inc. (ASX: RMD)
ResMed is another ASX 200 share I think investors can buy with a long-term mindset.
The company is a global leader in sleep apnoea treatment and respiratory care. That gives it exposure to a large healthcare market with strong structural demand.
For me, the appeal is simple. Sleep apnoea remains underdiagnosed, but awareness continues to grow. As more people are tested and treated, ResMed has a chance to sell more devices, masks, software, and connected care solutions.
I also like the fact that healthcare demand is not purely tied to the economic cycle. People do not stop needing treatment because markets are weak or consumer confidence is low.
Of course, ResMed still has risks. Competition, pricing pressure, currency movements, and changing technology can all affect performance. The GLP-1 weight loss drug debate has also created periods of uncertainty for the share price.
But I think the long-term case remains attractive. In fact, if better awareness of obesity and sleep-related health issues leads to more diagnosis, ResMed could still benefit over time.
That makes it the kind of global healthcare business I would be willing to hold through volatility.
Transurban Group (ASX: TCL)
Transurban is a very different type of ASX 200 share, but that is why I like it in this mix.
The company owns and operates toll roads across Australia and North America. These are infrastructure assets that can produce relatively defensive cash flows over long periods.
Road traffic can move around with economic conditions, but major urban toll roads tend to remain important parts of daily life. People still need to commute, move goods, visit family, and travel around large cities.
I also like the inflation-linked nature of many toll road arrangements. In an environment where costs and prices are rising, that can help support revenue growth.
Transurban is not a risk-free income stock. Debt levels, interest rates, regulation, traffic volumes, and project costs all need watching. But I think its assets are high quality and difficult to replace.
For investors wanting a steadier holding alongside growth names, I think Transurban can play an important role.
Foolish takeaway
I do not think an all-weather portfolio needs to be boring.
Wesfarmers gives exposure to high-quality retail and disciplined capital allocation. ResMed adds global healthcare growth. Transurban brings infrastructure income and defensive characteristics.
Each business faces risks, and none will rise every year. But I think all three have qualities that can remain valuable across different market environments.
For investors looking beyond the next market wobble, these are three ASX 200 shares I would be happy to buy and hold for years.
