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Applied Fundamental Research, LLC

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13F filer, CIK 1849776, CAMBRIDGE, MA

Applied Fundamental Research, LLC reported $102,920,019 across 10 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-30.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001849776-25-000008

Period
2025-09-30
Reported value
$103M
Holdings
10
Top 10 weight
100%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ALGNadded+24,602$3.08M
UFPTadded+9,314$1.86M
UHAL-Badded+24,046$1.22M
NABLadded+10,775$84K

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
DYreduced-13,728-$4.01M
JBIexited-304,542-$2.48M
FIGSreduced-317,962-$2.13M
NOMDreduced-143,076-$1.88M
GLPIreduced-18,904-$881K

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, Q3 2025

Share positions as resolved from 13F-HR 0001849776-25-000008, largest first. % of portfolio is the value over $102,920,019, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
DYDYCOM INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,327 shares; 2024Q4: 51,031 shares; 2025Q1: 75,526 shares; 2025Q2: 67,746 shares; 2025Q3: 54,018 shares 54,018$15.8M15.31%-13,728Timeline
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 371,359 shares; 2024Q4: 416,194 shares; 2025Q1: 416,194 shares; 2025Q2: 467,541 shares; 2025Q3: 448,254 shares 448,254$15.3M14.84%-19,287Timeline
GLPIGAMING & LEISURE PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 328,710 shares; 2024Q4: 326,713 shares; 2025Q1: 326,713 shares; 2025Q2: 234,597 shares; 2025Q3: 215,693 shares 215,693$10.1M9.77%-18,904Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,083 shares; 2025Q1: 194,199 shares; 2025Q2: 170,824 shares; 2025Q3: 194,870 shares 194,870$9.92M9.64%+24,046Timeline
UFPTUFP TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,974 shares; 2024Q4: 44,841 shares; 2025Q1: 44,841 shares; 2025Q2: 39,439 shares; 2025Q3: 48,753 shares 48,753$9.73M9.46%+9,314Timeline
NOMDNOMAD FOODS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,919 shares; 2024Q4: 927,791 shares; 2025Q1: 927,791 shares; 2025Q2: 881,092 shares; 2025Q3: 738,016 shares 738,016$9.7M9.43%-143,076Timeline
HSIIHEIDRICK & STRUGGLES INTL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 436,398 shares; 2024Q4: 291,791 shares; 2025Q1: 287,007 shares; 2025Q2: 176,988 shares; 2025Q3: 174,612 shares 174,612$8.69M8.44%-2,376Timeline
FIGSFIGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,274,818 shares 1,274,818$8.53M8.29%-317,962Timeline
NABLN-ABLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,059,149 shares 1,059,149$8.26M8.03%+10,775Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 31,292 shares; 2025Q3: 55,894 shares 55,894$7M6.8%+24,602Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
JBIJANUS INTERNATIONAL GROUP IN304,542$2.48Mshares

How Q3 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 0001849776-25-000008 base2025-10-30acceptance time not in the bulk data set