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Applied Fundamental Research, LLC

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13F filer, CIK 1849776, CAMBRIDGE, MA

Applied Fundamental Research, LLC reported $119,307,802 across 12 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-04-30. Its ten largest share positions make up 97.91% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001849776-25-000003

Period
2025-03-31
Reported value
$119M
Holdings
12
Top 10 weight
97.91%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UHAL-Badded+64,116$3.79M
DYadded+24,495$3.73M
ANGInew+55,128$850K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MTCHexited-135,273-$4.42M
JBIreduced-443,920-$3.2M
FIGSreduced-672,699-$3.09M
HSIIreduced-4,784-$205K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001849776-25-000003, largest first. % of portfolio is the value over $119,307,802, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 371,359 shares; 2024Q4: 416,194 shares; 2025Q1: 416,194 shares 416,194$19.1M16.03%0Timeline
NOMDNOMAD FOODS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,919 shares; 2024Q4: 927,791 shares; 2025Q1: 927,791 shares 927,791$18.2M15.28%0Timeline
GLPIGAMING & LEISURE PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 328,710 shares; 2024Q4: 326,713 shares; 2025Q1: 326,713 shares 326,713$16.6M13.94%0Timeline
HSIIHEIDRICK & STRUGGLES INTL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 436,398 shares; 2024Q4: 291,791 shares; 2025Q1: 287,007 shares 287,007$12.3M10.3%-4,784Timeline
DYDYCOM INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,327 shares; 2024Q4: 51,031 shares; 2025Q1: 75,526 shares 75,526$11.5M9.64%+24,495Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,083 shares; 2025Q1: 194,199 shares 194,199$11.5M9.63%+64,116Timeline
UFPTUFP TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,974 shares; 2024Q4: 44,841 shares; 2025Q1: 44,841 shares 44,841$9.04M7.58%0Timeline
FIGSFIGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,648,281 shares; 2024Q4: 2,486,948 shares; 2025Q1: 1,814,249 shares 1,814,249$8.33M6.98%-672,699Timeline
NABLN-ABLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 815,634 shares; 2024Q4: 1,083,033 shares; 2025Q1: 1,083,033 shares 1,083,033$7.68M6.44%0Timeline
JBIJANUS INTERNATIONAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 787,717 shares; 2024Q4: 790,594 shares; 2025Q1: 346,674 shares 346,674$2.5M2.09%-443,920Timeline
UHALU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,300 shares; 2024Q4: 25,087 shares; 2025Q1: 25,087 shares 25,087$1.64M1.37%0Timeline
ANGIANGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 55,128 shares 55,128$850K0.71%newTimeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MTCHMATCH GROUP INC NEW135,273$4.42Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001849776-25-000003 base2025-04-30acceptance time not in the bulk data set