In 2036, you will be glad you bought these ASX shares today

I’m a big fan of buy and hold investing and believe it is one of the best ways to grow wealth.

But which ASX shares could be worth buying and holding for the long term? Let’s take a look at three that I think could be wealth generators over the next decade. They are as follows:

Lovisa Holdings Ltd (ASX: LOV)

Lovisa is a great example of how powerful a simple concept can become when executed well. What began as a fast-fashion jewellery retailer in Australia has evolved into a global roll-out machine, with over a thousand stores now operating across the world.

The real attraction here is its scalability. Lovisa’s store economics have proven repeatable across geographies, allowing it to expand aggressively while still generating strong returns on capital. Unlike many retailers, it carries limited fashion risk due to its low price point and fast inventory turnover, which keeps customers coming back regularly.

If Lovisa can continue executing its international expansion strategy over the next decade, today’s footprint could look very small in hindsight.

Telix Pharmaceuticals Ltd (ASX: TLX)

Another ASX share that could be a top option for buy and hold investors is Telix Pharmaceuticals.

It offers exposure to a completely different growth driver. That is the global healthcare and diagnostics market. Telix specialises in radiopharmaceuticals, which are used to detect and treat cancer with far greater precision than traditional methods.

What makes Telix attractive is that it has already crossed an important threshold. It has moved beyond being a purely speculative biotech and into a commercial phase, with approved products generating growing revenue, while a broader pipeline continues to advance.

Unfortunately, it has not been plain sailing this year, with the US FDA knocking back applications. However, management appears confident it will be able to gain approval next year after responding to the regulator’s concerns.

In light of this, with demand for cancer diagnostics and targeted therapies is only expected to grow, now could be an opportune time to buy Telix shares while they are trading down near their 52-week low.

Temple & Webster Group Ltd (ASX: TPW)

Finally, Temple & Webster is a classic long-term digital disruption story. It operates in a category that has been slow to move online, giving it a significant opportunity to keep taking market share as consumer behaviour evolves.

Unlike traditional furniture retailers, Temple & Webster benefits from a capital-light, online-only model. This gives it flexibility and operating leverage as volumes grow.

And with online penetration in the Australian furniture market still much lower than in other Western markets, the next 10 years could be very fruitful for Temple & Webster and materially change the scale of the business.

The post In 2036, you will be glad you bought these ASX shares today appeared first on The Motley Fool Australia.

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• 2 ASX 200 shares down 30% or more that could be a new years buy

Motley Fool contributor James Mickleboro has positions in Lovisa and Temple & Webster Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa, Telix Pharmaceuticals, and Temple & Webster Group. The Motley Fool Australia has recommended Lovisa, Telix Pharmaceuticals, and Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.