Some ASX 200 shares come up again and again in investor portfolios, and for good reason.
BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), and CSL Ltd (ASX: CSL) have each built dominant positions in their respective industries over many years.
They've also all had very different share price journeys recently. That raises a simple question. Are they still worth buying today?
Here's how I'm thinking about each of them right now.
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BHP shares
I still see BHP as an ASX 200 share to buy, particularly for investors who want exposure to global commodities.
What stands out to me most at the moment is its growing exposure to copper. This is now a major earnings driver for the business, and I think that matters. Copper demand is widely expected to increase over time as electrification, renewable energy, and infrastructure investment continue to scale globally.
That doesn't mean the path will be smooth. Commodity prices can be volatile, and BHP's earnings will always be tied to that cycle. But I think having exposure to a commodity with strong long-term demand tailwinds is a positive.
There's also the Jansen potash project to consider. Potash is linked to global food production, which is another long-term structural trend. It adds a different layer of diversification beyond iron ore and copper.
On top of that, BHP continues to generate strong cash flow and pay dividends, which can help balance returns during weaker periods for commodity prices.
For me, it remains a high-quality way to gain exposure to resources, with a tilt toward future-facing commodities.
CBA shares
I think Commonwealth Bank is one of the highest-quality ASX 200 shares.
The bank has built an incredibly strong position in Australia, supported by its scale, brand, and deep customer relationships. That kind of dominance is difficult for competitors to replicate.
What I like most is the consistency. Through different economic cycles, Commonwealth Bank has continued to generate strong profits and deliver reliable dividends. That track record is a big part of why the market assigns it a premium valuation.
The company's long-term investment in technology is another factor. It has helped the bank stay ahead in digital banking, which I think reinforces its competitive advantage.
The main consideration for me is valuation. Commonwealth Bank often trades at a premium to peers, and that can limit upside if expectations are already high.
Because of that, I would label CBA shares as a buy if you aren't already heavily exposed to banks. But in terms of quality, I think it's hard to look past.
CSL shares
CSL has probably been the most challenging of the three over the past year.
The share price has fallen sharply, reflecting softer results, impairments, and broader uncertainty around the business. It's been a difficult period, especially for a company that has long been seen as one of the ASX's premier names.
There's also been a lot going on behind the scenes. The company has changed CEO abruptly and is in the middle of a transformation program aimed at simplifying operations and improving efficiency. These kinds of changes can take time and often create short-term disruption.
Even so, I don't think the long-term story has disappeared.
CSL remains a global biotechnology leader with a portfolio of critical therapies, strong research capabilities, and a long history of innovation. It continues to generate significant revenue from products that treat serious diseases, and demand for those therapies isn't going away.
Encouragingly, management has maintained its full-year guidance, suggesting expectations for a stronger second half as growth improves in key areas.
I think this is one where patience matters. The turnaround may not happen overnight, but if execution improves, the current weakness could prove to be an opportunity over the long term. As a result, I would buy CSL shares at current levels.
Foolish takeaway
All three of these ASX 200 shares have different strengths, and I think they can each play a role in a diversified portfolio.
BHP offers exposure to commodities with long-term demand drivers like copper. Commonwealth Bank provides consistency and income, supported by a dominant market position. CSL brings global healthcare exposure, even if the near-term outlook remains uncertain.
None of them are immune to volatility, and each comes with its own risks. But taken together, I think they highlight the kind of quality businesses that can compound value over time.
