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Applied Fundamental Research, LLC

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13F filer, CIK 1849776, CAMBRIDGE, MA

Applied Fundamental Research, LLC reported $112,829,850 across 11 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-28. Its ten largest share positions make up 97.8% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001849776-25-000004

Period
2025-06-30
Reported value
$113M
Holdings
11
Top 10 weight
97.8%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ALGNnew+31,292$5.92M
PPLIadded+51,347$1.92M

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
HSIIreduced-110,019-$5.03M
GLPIreduced-92,116-$4.3M
DYreduced-7,780-$1.9M
UHALexited-25,087-$1.64M
UFPTreduced-5,402-$1.32M

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, Q2 2025

Share positions as resolved from 13F-HR 0001849776-25-000004, largest first. % of portfolio is the value over $112,829,850, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 371,359 shares; 2024Q4: 416,194 shares; 2025Q1: 416,194 shares; 2025Q2: 467,541 shares 467,541$17.5M15.47%+51,347Timeline
DYDYCOM INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,327 shares; 2024Q4: 51,031 shares; 2025Q1: 75,526 shares; 2025Q2: 67,746 shares 67,746$16.6M14.67%-7,780Timeline
NOMDNOMAD FOODS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,919 shares; 2024Q4: 927,791 shares; 2025Q1: 927,791 shares; 2025Q2: 881,092 shares 881,092$15M13.27%-46,699Timeline
GLPIGAMING & LEISURE PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 328,710 shares; 2024Q4: 326,713 shares; 2025Q1: 326,713 shares; 2025Q2: 234,597 shares 234,597$11M9.71%-92,116Timeline
UFPTUFP TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,974 shares; 2024Q4: 44,841 shares; 2025Q1: 44,841 shares; 2025Q2: 39,439 shares 39,439$9.63M8.53%-5,402Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,083 shares; 2025Q1: 194,199 shares; 2025Q2: 170,824 shares 170,824$9.29M8.23%-23,375Timeline
FIGSFIGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,648,281 shares; 2024Q4: 2,486,948 shares; 2025Q1: 1,814,249 shares; 2025Q2: 1,592,780 shares 1,592,780$8.98M7.96%-221,469Timeline
NABLN-ABLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 815,634 shares; 2024Q4: 1,083,033 shares; 2025Q1: 1,083,033 shares; 2025Q2: 1,048,374 shares 1,048,374$8.49M7.53%-34,659Timeline
HSIIHEIDRICK & STRUGGLES INTL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 436,398 shares; 2024Q4: 291,791 shares; 2025Q1: 287,007 shares; 2025Q2: 176,988 shares 176,988$8.1M7.18%-110,019Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 31,292 shares 31,292$5.92M5.25%newTimeline
JBIJANUS INTERNATIONAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 787,717 shares; 2024Q4: 790,594 shares; 2025Q1: 346,674 shares; 2025Q2: 304,542 shares 304,542$2.48M2.2%-42,132Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
UHALU HAUL HOLDING COMPANY25,087$1.64Mshares
ANGIANGI INC55,128$850Kshares

How Q2 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 0001849776-25-000004 base2025-07-28acceptance time not in the bulk data set