What have a clothes retailer, a US hedge fund and the maker of Mr Kipling cakes got in common? They’re all UK shares whose prices have stealthily risen by at least 200% in the past half a decade!

Here, I’ll look at why these stocks have skyrocketed and assess whether there’s any value left in them.

Up 201%

The first stock that has trebled in value is Frasers Group (LSE: FRAS).

This is Mike Ashley’s retail empire, which re-entered the FTSE 100 in late 2022. The firm owns a host of high street brands, notably Sports Direct and House of Fraser.

Revenue has grown from £3.7bn in 2019 to an expected £5.7bn in FY24 (which ended in April). Profits have grown at an even faster clip.

One thing to note is that the group has diversified away from its roots in discount sports clothing. In 2017, it fully acquired luxury chain Flannels and, as of late May, also had a £305m stake in Hugo Boss.

This push into more luxury segments, whether through acquisitions or stake-building, is likely to continue. Acquiring stakes can create synergies, enabling cross-selling among the various companies within the holding firm.

However, this also exposes it to sudden downturns in the luxury market, as its Matches takeover then administration filing showed. This could be a drag on group sales moving forward.

Nevertheless, the stock looks attractively priced to me, trading on a forward price-to-earnings (P/E) multiple of just 9.1 for FY25.

Up 215%

Next up is Pershing Square Holdings (LSE: PSH), also in the FTSE 100. The stock is up 215% in five years.

This investment trust is a way for ordinary investors to gain exposure to the investing strategies of skilled US hedge fund manager Bill Ackman.

Over the past five years, he and his team have generated a 31% annualised return. That’s roughly double that of the S&P 500!

One risk here is that Ackman runs an incredibly concentrated portfolio of eight to 12 stocks. These include very large positions in Chipotle Mexican Grill, Universal Music Group, and YouTube parent Alphabet. If something goes wrong at any of those, performance could suffer.

Despite this risk, I’m happy with the 42% return (excluding dividends) generated since I invested last year. With the shares trading at a 22.8% discount to the fund’s investments, I believe there is still value here.

Up 384%!

Last but certainly not least, we have Premier Foods (LSE: PFD). The FTSE 250 company produces some of the nation’s best-loved food, including Mr Kipling cakes, Angel Delight and Bisto gravy.

A quick glance at the firm’s growth tells us why investors have been so bullish on the stock. Revenue has advanced from £824m in 2019 to £1.13bn in FY24 (which ended in March). The firm has swung from a loss to a net profit of £113m over the same period while net debt is down.

Despite its meteoric rise, the stock still looks decent value on a forward P/E ratio of 12. There’s a small dividend too.

Looking ahead, one thing that could upset the apple cart is a return of food inflation. This could cause shoppers to trade down from the firm’s mid-range and premium brands.

Nevertheless, international growth is very strong today. The stock might be one to consider for investors.