Applied Fundamental Research, LLC
Long book
$75.8M
Q1 2026
Positions
10
Top-10 weight
100%
concentration
Last quarter
+15.1%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsApplied Fundamental Research, LLC is a concentrated fundamental stock-picker, running a $75.8M US long book across 10 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: PEOPLE INC, DYCOM INDUSTRIES INC, ALIGN TECHNOLOGY INC, UFP TECHNOLOGIES INC, HEICO CORP-CLASS A.
Over the last 9 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.6%
Q2 2024
+14.7%
Q3 2024
-15.5%
Q4 2024
-4.6%
Q1 2025
+7.0%
Q2 2025
-3.7%
Q3 2025
+12.5%
Q4 2025
-3.6%
Q1 2026
+15.1%
Sector allocation
Healthcare 28%
Industrials 27%
Technology 24%
Other 10%
Services media 7%
Consumer staples 2%
Long book by quarter
What does Applied Fundamental own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PPLI PEOPLE INC | Technology | 305.1K | $12.2M | 16.1% | -31.9% |
| DY DYCOM INDUSTRIES INC | Industrials | 35.0K | $11.8M | 15.6% | Held |
| ALGN ALIGN TECHNOLOGY INC | Healthcare | 61.3K | $10.5M | 13.9% | +5.0% |
| UFPT UFP TECHNOLOGIES INC | Healthcare | 52.8K | $10.2M | 13.5% | Held |
| HEI/A HEICO CORP-CLASS A | Industrials | 39.9K | $8.4M | 11.1% | +41.9% |
| FIGS FIGS INC-CLASS A | Other | 515.6K | $7.6M | 10.0% | -41.1% |
| NABL N-ABLE INC | Technology | 1.2M | $5.8M | 7.7% | -0.7% |
| UHAL/B U-HAUL HOLDING CO-NON VOTING | Services media | 119.0K | $5.3M | 7.0% | -43.9% |
| NOMD NOMAD FOODS LTD | Consumer staples | 185.1K | $1.8M | 2.3% | -64.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 10 | $75.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 10 | $100.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 30, 2025 | 10 | $102.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 28, 2025 | 11 | $112.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 12 | $119.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 12 | $127.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 12 | $151.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 13 | $136.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 2, 2024 | 11 | $135.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 30, 2024 | 11 | $135.0M | SEC ↗ |
Similar funds
Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP