Staying invested over the long term is possibly the best method of generating wealth for the average investor.

By re-investing dividends and buying shares during periods of weakness, investors give themselves an excellent opportunity for compounding to work its magic.

With that in mind, here are five shares that I think are good candidates for a ‘buy, hold and re-invest’ type strategy:

Capilano Honey Ltd (ASX: CZZ)

The demand for honey has never been stronger and there is little to suggest that this trend will reverse anytime soon. In fact, Capilano is taking the opportunity to target new export markets and develop new products aimed at a wider range of consumers. Importantly, the shares are reasonably priced, trading at 16.8x last year’s earnings.

iSentia Group Ltd (ASX: ISD)

iSentia has proven to be a fairly volatile share over the past six months, although the company continues to tick all the right boxes in my opinion. It has a dominant market position in the Asia-Pacific region and has a clear strategy to accelerate earnings growth over the next three years. With social and digital media set to grow exponentially over the coming years, I think iSentia is well positioned to exceed market expectations.

Bellamy’s Australia Ltd (ASX: BAL)

Bellamy’s has delivered exceptionally strong earnings growth since listing in 2014, and while the future level of growth is expected to moderate as the company grows larger, I think the infant formula company will have significant opportunities for expansion moving forward. Importantly, Bellamy’s offers a differentiated and trusted product which is in high demand from parents both domestically and abroad. The shares have also had a nice pull-back recently and now trade on a far more reasonable earnings multiple.

Transurban Group (ASX: TCL)

The caveat to buying Transurban is making sure to pay a reasonable price. Investors are currently rotating out of the shares as a result of rising bond yields, although I believe a fall below $9 per share would present an attractive long term investment. Investors can be confident of receiving a growing stream of dividends each year and sleep soundly knowing that the company owns one of the highest quality toll-road portfolios in the world.

CSL Limited (ASX: CSL)

When it comes to high quality healthcare shares, it’s hard to go past biotech giant CSL. The company has been a genuine wealth creator over a number of decades, and perhaps more importantly, has a pipeline of new treatments that should elevate its profits to another level. The market has recently fallen out of love with the shares, which is great news for prospective buyers.

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Motley Fool contributor Christopher Georges owns shares of Capilano Honey Limited and iSentia Group Ltd. The Motley Fool Australia owns shares of Bellamy's Australia. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.