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Applied Fundamental Research, LLC

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13F filer, CIK 1849776, CAMBRIDGE, MA

Applied Fundamental Research, LLC reported $100,684,387 across 10 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-01-28.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001849776-26-000001

Period
2025-12-31
Reported value
$101M
Holdings
10
Top 10 weight
100%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HEI-Anew+28,134$7.1M
NABLadded+193,680$1.45M
UFPTadded+4,035$896K
UHAL-Badded+17,156$802K
ALGNadded+2,525$394K

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
HSIIexited-174,612-$8.69M
DYreduced-19,046-$6.44M
FIGSreduced-398,999-$4.53M
NOMDreduced-213,716-$2.67M
GLPIreduced-45,486-$2.03M

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, Q4 2025

Share positions as resolved from 13F-HR 0001849776-26-000001, largest first. % of portfolio is the value over $100,684,387, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 371,359 shares; 2024Q4: 416,194 shares; 2025Q1: 416,194 shares; 2025Q2: 467,541 shares; 2025Q3: 448,254 shares; 2025Q4: 448,254 shares 448,254$17.5M17.41%0Timeline
DYDYCOM INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,327 shares; 2024Q4: 51,031 shares; 2025Q1: 75,526 shares; 2025Q2: 67,746 shares; 2025Q3: 54,018 shares; 2025Q4: 34,972 shares 34,972$11.8M11.74%-19,046Timeline
UFPTUFP TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,974 shares; 2024Q4: 44,841 shares; 2025Q1: 44,841 shares; 2025Q2: 39,439 shares; 2025Q3: 48,753 shares; 2025Q4: 52,788 shares 52,788$11.7M11.64%+4,035Timeline
FIGSFIGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 875,819 shares 875,819$9.95M9.88%-398,999Timeline
UHAL-BU HAUL HOLDING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,083 shares; 2025Q1: 194,199 shares; 2025Q2: 170,824 shares; 2025Q3: 194,870 shares; 2025Q4: 212,026 shares 212,026$9.91M9.84%+17,156Timeline
NABLN-ABLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,252,829 shares 1,252,829$9.37M9.31%+193,680Timeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 31,292 shares; 2025Q3: 55,894 shares; 2025Q4: 58,419 shares 58,419$9.12M9.06%+2,525Timeline
GLPIGAMING & LEISURE PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 328,710 shares; 2024Q4: 326,713 shares; 2025Q1: 326,713 shares; 2025Q2: 234,597 shares; 2025Q3: 215,693 shares; 2025Q4: 170,207 shares 170,207$7.61M7.55%-45,486Timeline
HEI-AHEICO CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 28,134 shares 28,134$7.1M7.05%newTimeline
NOMDNOMAD FOODS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,919 shares; 2024Q4: 927,791 shares; 2025Q1: 927,791 shares; 2025Q2: 881,092 shares; 2025Q3: 738,016 shares; 2025Q4: 524,300 shares 524,300$6.56M6.51%-213,716Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
HSIIHEIDRICK & STRUGGLES INTL IN174,612$8.69Mshares

How Q4 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 0001849776-26-000001 base2026-01-28acceptance time not in the bulk data set