The 5 ASX shares I'd hold for the next 20 years, including one left-field pick

I'm looking well beyond the next few years with these five shares, and there's one unexpected business I'd be prepared to back.

20 years is a long time to hold an ASX share, and a lot can change along the way.

But I believe some ASX shares have what it takes to keep growing and rewarding investors over that period.

With that in mind, I've picked out five shares that I would be happy to buy today and hold until 2046.

Most are businesses I have plenty of confidence in, but my final pick might come as a surprise.

Its shares have struggled this year, but I think it could prove to be a rewarding long-term investment.

Here's what's on my list and why.

Man with a surprised expression on his face as he looks at his computer screen.

Image source: Getty Images

Macquarie Group Ltd (ASX: MQG)

My first choice is Macquarie Group, which I think is one of the best financial services businesses on the ASX.

What I like about Macquarie is how it has developed multiple revenue streams across banking, asset management, commodities, and investment banking.

This gives the group exposure to different markets and opportunities around the world.

Its banking operations have continued to grow, while its global asset management business provides exposure to areas such as infrastructure, renewable energy, real estate, and private credit.

Macquarie also has considerable experience operating through difficult economic conditions.

Over a 20-year period, I would expect several recessions, market downturns, and periods of uncertainty. Having a business with a long history of managing risks and allocating capital carefully is something I value.

Of course, Macquarie's earnings can fluctuate significantly depending on market conditions and investment activity.

However, I believe its global reach, financial strength, and ability to keep developing its businesses give it an excellent chance of being considerably larger in 2046.

For these reasons, Macquarie would be an easy inclusion in my long-term portfolio.

What about the other four?

While Macquarie is a relatively straightforward choice, the remaining four offer exposure to some of the biggest growth opportunities I see over the coming decades.

They include businesses positioned to benefit from healthcare demand, Australia's growing wealth, and medical innovation.

But my final selection is perhaps the most interesting of the five. It operates in an industry where fortunes can change quickly, and its shares have fallen approximately 35% this year.

Despite that, I believe its competitive position could make it a rewarding investment for patient shareholders.

Here's why these four ASX shares would make my list along with Macquarie.

Motley Fool contributor Grace Alvino has positions in Hub24. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group and Telix Pharmaceuticals. The Motley Fool Australia has recommended Hub24, Macquarie Group, and Telix Pharmaceuticals. 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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