Ahold Delhaize
ADDutch-Belgian grocery with a large and persistently underrated US business in Stop & Shop and Food Lion.
Euronext AmsterdamGrocery & general retail
Thin margins, enormous volume, and a physical network no online entrant has managed to rebuild cheaply.
In short
Bellwether Holdings holds three listed retailers: Ahold Delhaize, Carrefour and Hornbach Holding. The group is held for the property, the distribution network and the private-label margin rather than for headline sales, on the view that a built-out store estate is far harder to replicate than a website.
Holdings
Carrefour
CAEuropean hypermarket scale, with meaningful exposure to Brazil and Spain.
Euronext ParisHornbach Holding
HBHGerman DIY and building materials — a category that holds up when people improve rather than move.
Xetra| Holding | Ticker | Venue | Latest price | 52-week high | 52-week low |
|---|---|---|---|---|---|
| Ahold Delhaize | AD | Euronext Amsterdam | … | … | … |
| Carrefour | CA | Euronext Paris | … | … | … |
| Hornbach Holding | HBH | Xetra | … | … | … |
Prices are delayed and indicative, last refreshed on load. They are shown for identification only and are not a valuation of the company's position.
Why this group is held
Retail is held for the real estate, the logistics and the private-label margin rather than for the till receipts.
Frequently asked questions
Which retailers does Bellwether Holdings own?
Three: Ahold Delhaize on Euronext Amsterdam, Carrefour on Euronext Paris, and Hornbach Holding on Xetra.
Why hold retail when margins are so thin?
The margin on the till receipt is not the asset. The store estate, the distribution network and the private-label range are, and all three are expensive and slow for a competitor to reproduce.
What is the case for Ahold Delhaize specifically?
Its United States business — Stop & Shop, Food Lion, Giant and Hannaford — is large and consistently valued as though it were a European grocer. Bellwether regards that as a persistent mispricing rather than a short-term one.
Why include a DIY retailer?
Hornbach sells building materials and DIY, a category that performs when people improve their homes instead of moving. That gives it a different cycle from food retail, so the two do not rise and fall together.