Applied Fundamental Research, LLC

Key Holdings

The portfolio is dominated by five core positions, with the top holding, IAC Inc. (Technology), comprising 29.47% of the total value ($15.27 million). This represents a slight reduction in stake (-4.1%) but remains the manager's primary bet. The second largest holding is Gaming and Leisure Properties Inc. (GLPI), a Financial Services REIT accounting for 19.40% ($10.05 million). The remaining three positions are evenly weighted, with Nomad Foods Ltd. (18.73%), FIGS Inc. (16.46%), and N-ABLE Inc. (15.94%) filling out the portfolio. Notably, FIGS and N-ABLE are held in significant share quantities (1.27 million and 1.06 million shares, respectively), suggesting a focus on smaller-to-mid-cap companies where the fund can accumulate substantial ownership stakes.

Sector Allocation

The sector allocation reveals a distinct tilt towards Technology, which commands 45.4% of the portfolio ($23.53 million), driven primarily by IAC and N-ABLE. Financial Services follows with 19.4% ($10.05M), allocated solely to GLPI. The portfolio also maintains meaningful exposure to Consumer Cyclical sectors via FIGS (16.46%) and the "Unknown" sector (classified here as Nomad Foods), which accounts for 18.73%. This mix suggests a barbell strategy that balances growth-oriented tech assets with defensive real estate (GLPI) and consumer staples (Nomad Foods), though the heavy concentration in Tech indicates an underlying preference for growth and scalability.