It's hard to find high-quality ASX shares to buy and hold forever.
Even when we do find them, having the patience and discipline to invest for the long-term can be hard.
Here are 3 ASX shares that I would like to buy and hold as part of a diversified portfolio.
3 ASX shares to buy and hold forever
If I'm buying and holding S&P/ASX 200 Index (ASX: XJO) shares for the long-term then I don't want anything too speculative.
Ideally, I'd like to have a mix of strong dividend shares and growth. On top of that, diversification across industries would be ideal.
Now, with all of that said, is it possible to find that mix?
I'd start by purchasing a strong ASX blue-chip share like Commonwealth Bank of Australia (ASX: CBA).
Commonwealth Bank shares are down 7.8% this year but that isn't really the most important factor. If I'm buying and holding forever, today's or tomorrow's share price won't make a huge difference.
CommBank has historically paid (and raised) dividends like clockwork. I also think to a large extent the economic fortunes of the big banks are tied to that of the country.
To me, that says that the ASX bank share is worth buying for the long-term and weathering the various economic and business cycles.
On top of a foundation share like CommBank, I'd also like a bit of defensive exposure. Rather than invest in ASX gold shares, I like industries with non-cyclical earnings.
That means ASX Consumer Discretionary shares are worth a look.
Coles Group Ltd (ASX: COL) shares have rocketed 22.37% higher this year but I think they're a good buy for pure supermarket exposure.
Aussies have flocked to supermarkets and caused sales to surge in 2020. Clearly, that's very pandemic-specific, but the Coles share price could still be a good buy.
Supermarkets provide food and other daily essentials. That means even when times are tough, they provide solid earnings and potentially a more stable dividend than other ASX shares.
Finally, a bit of long-term growth would be a good idea. That means a strong tech share like Nextdc Ltd (ASX: NXT) could be in the buy zone.
The Nextdc share price has already surged 339.44% in 5 years but given the important role that data security and off-site management could play in the future, I think that growth trajectory could continue.
NextDC has a clearly-defined growth strategy and has successfully executed it thus far. Despite strong recent gains, I think NextDC has real potential as part of a new frontier of Aussie innovation and data security.
Therefore, a small allocation to NextDC shares may help portfolio diversification.
Foolish takeaway
In the end, portfolio construction is neither an art nor a science.
There is a lot of discretion involved, and the optimal portfolio will vary greatly depending on your individual finances, beliefs and investment objectives.
I still think diversification is vital for strong risk-adjusted returns over many decades. How that is achieved is ultimately up to the investor and where they think the best market buys are right now.
