Starting an ASX share portfolio from scratch can feel like a big decision.
I think the best approach is to start with businesses that can provide the portfolio with a strong foundation. That means looking for companies with scale, staying power, sensible growth options, and the ability to remain relevant through different market conditions.
If I were starting again today, these are five ASX 200 shares I would want on my watchlist.
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BHP Group Ltd (ASX: BHP)
BHP is the kind of share I think can give a new portfolio exposure to some of the world's most important raw materials.
Iron ore still provides major cash flow, but I think the more interesting long-term angle is how the business is being shaped around future-facing commodities. Copper, in particular, could become even more important as electricity grids, data centres, renewable energy, electric vehicles, and industrial systems require more metal.
The Jansen potash project also gives BHP another long-term growth option tied to food production and farming productivity.
BHP will always be cyclical. Commodity prices can change quickly. But I think its scale, asset quality, and capital strength make it one of the better resource shares to own over many years.
Commonwealth Bank of Australia (ASX: CBA)
Commonwealth Bank is the bank share I would start with.
CBA has a premium valuation, so I would never pretend it is the cheapest bank on the ASX. But I think it has earned its position as the highest-quality major bank.
The bank has a huge role in Australian financial life. Its customer relationships run through home loans, deposits, business banking, everyday payments, apps, merchant services, and financial tools.
That breadth is valuable because banking is becoming more digital and more data-driven. CBA's advantage is not just that it has many customers. It is that many of those customers interact with the bank constantly.
For a new portfolio, I think that combination of scale, profitability, digital strength, and franked dividends is hard to ignore.
Hub24 Ltd (ASX: HUB)
Hub24 is the platform business I would include.
Australia has a large and growing pool of wealth, and I think the way that money is managed will keep changing. Advisers need efficient systems, clients want better transparency, and investment portfolios are becoming more tailored.
Hub24 sits inside that shift. Its platform helps advisers manage portfolios, reporting, administration, and managed accounts. That may sound technical, but the value is simple: it can save time, reduce friction, and make advice businesses easier to run.
The company is exposed to market movements, and competition is strong. But I like businesses that become part of their customers' daily workflow. Hub24 has that quality.
Pro Medicus Ltd (ASX: PME)
Pro Medicus is the highest-valuation stock in this group, but I still think it deserves a place.
The company provides medical imaging software through its Visage platform. Hospitals and radiology groups need systems that can handle large imaging files, support fast diagnosis, and integrate into complex clinical environments.
I like that Pro Medicus sells into a market where quality and reliability matter enormously. This is not software for a casual task. It is used in healthcare settings where speed, accuracy, and usability can make a real difference.
The risk is valuation. Expectations are high, and any disappointment could hurt the share price. But if I were starting from scratch, I would want at least one exceptional global software business in the portfolio. And with its shares down heavily from their highs, the risk/reward looks more favourable today.
Wesfarmers Ltd (ASX: WES)
Wesfarmers is the blue-chip share I would buy.
What I like about Wesfarmers is the culture. The company has a long history of buying, building, improving, and sometimes exiting businesses when better opportunities appear elsewhere.
That discipline is valuable. Wesfarmers is not only about one retail brand or one store network. It is about management's ability to reinvest capital, improve operations, and stay close to what customers want. Its balance sheet strength also gives it room to act when opportunities appear.
The share price can look expensive at times. But I think Wesfarmers has the type of operating discipline and long-term mindset that can help a portfolio compound steadily.
Foolish Takeaway
If I were starting an ASX 200 portfolio from scratch, I would want a mix of different strengths.
BHP brings resources exposure, CBA adds banking quality, Hub24 offers wealth platform growth, Pro Medicus provides global healthcare software, and Wesfarmers brings retail discipline and capital allocation.
No five shares can cover everything. But I think this group would give a new investor a strong starting point, with exposure to businesses that can keep adapting and creating value over time.
