Though ABF’s (LSE:ABF, Financial) shares have also lagged this year, we think it still represents exceptional value. ABF is part food, with products like Ovaltine and Twinings Tea; and part retail, with Primark, a leading fashion retailer with approximately 400 stores in 12 countries. While most retail stocks like Macy’s have experienced huge share price recoveries, ABF’s shares have lagged. Perhaps the challenge has been many investors want more of a pure play company, and not a part-food, part-apparel retailer; but over time we think others will recognize the exceptional value the shares represent.
From the Yacktman Fund (Trades, Portfolio)'s third-quarter 2021 letter.