Associated British Foods PLC (LSE:ABF, Financial) lagged during the year, with the stock falling to levels that we felt were dramatically disconnected from its underlying value. ABF is a conglomerate which has businesses ranging from ingredient production of baker’s yeast and sugar to food brands like Ovaltine outside of the U.S., Twinings Tea in the U.K., and fast fashion apparel with its Primark retail chain. The company has a net cash balance sheet and owns significant real estate to support its retail operations.
From the Yacktman Fund (Trades, Portfolio)'s fourth-quarter 2022 commentary.
