DOSSIER · 13F-HR · Q1 2026

Applied Fundamental Research, LLC

$76M in tracked AUM across 10 positions as of Q1 2026.

AF
CIK 0001849776 · last filed Mar 31, 2026
Total AUM
$76M
as of Q1 2026
Holdings
10
positions
Whale Score
65
65
tracked
Activity
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Applied Fundamental Research, LLC SEC 13F Filing
Portfolio Overview

Applied Fundamental Research, LLC manages a highly concentrated portfolio totaling approximately $51.82 million as of the report date September 30, 2025. The fund experienced a significant reduction in assets under management (AUM), with the total portfolio value declining by 54.1% from $112.83 million in the previous quarter. The portfolio currently consists of only five holdings, indicating a co...

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.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
IAC
IAC INC
$12M305K16.1%
02
DY
DYCOM INDS INC
$12M35K15.6%
03
ALGN
ALIGN TECHNOLOGY INC
$11M61K13.9%
04
UFPT
UFP TECHNOLOGIES INC
$10M53K13.5%
05
HEI/A
HEICO CORP
$8M40K11.1%
06
FIGS
FIGS INC
$8M516K10.0%
07
NABL
N-ABLE INC
$6M1.2M7.7%
08
UHAL/B
U HAUL HOLDING COMPANY
$5M119K7.0%
09
GLPI
GAMING & LEISURE P
$2M46K2.7%
10
G6564A105
NOMAD FOODS LTD
$2M185K2.3%

Filing history

2026Q1Mar 31
$76M 24.7%
10 positionsView →
2025Q4Dec 31
$101M 94.3%
10 positionsView →
2025Q3Sep 30
$52M 54.1%
5 positionsView →
2025Q2Jun 30
$113M 5.4%
11 positionsLocked
2025Q1Mar 31
$119M 6.7%
12 positionsLocked
2024Q4Dec 31
$128M 15.6%
12 positionsLocked
2024Q3Sep 30
$151M 11.4%
12 positionsLocked
2024Q2Jun 30
$136M 1.9%
13 positionsLocked
2024Q1Mar 31
$139M 0.0%
11 positionsLocked
2023Q4Dec 31
$139M 0.7%
11 positionsLocked
2023Q3Sep 30
$138M 13.7%
12 positionsLocked
2023Q2Jun 30
$159M 14.9%
11 positionsLocked
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