Applied Fundamental Research, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Applied Fundamental Research, LLC reported 10 stock positions worth $84.5 million. Its top holding was Dycom Industries (DY) at 22.7% of the portfolio, followed by Ufp Technologies (UFPT, 15.8%) and Heico Class A (HEI.A, 15.2%). Compared with Q1 2026, it opened 2 new positions, sold out of 2, added to 3 and reduced 4. The biggest buy was Dycom Industries (DY, shares +8%) and the biggest sale People (PPLI, shares −39%).

Most Recent 13F
Q2 2026
Location
CAMBRIDGE, MA
CIK
0001849776
Portfolio Value
$84.5M (Q2 2026)
SEC Filing
0001849776-26-000007 ↗ filed Aug 13, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $135.0M Q1 2024 Q2 2024: $136.0M Q2 2024 Q3 2024: $151.4M Q3 2024 Q4 2024: $127.8M Q4 2024 Q1 2025: $119.3M Q1 2025 Q2 2025: $112.8M Q2 2025 Q3 2025: $102.9M Q3 2025 Q4 2025: $100.7M Q4 2025 Q1 2026: $75.8M Q1 2026 Q2 2026: $84.5M $84.5M Q2 2026

Holdings 10 stocks · $84.5M
DY Dycom Industries Inc. 22.68% 37,923 $19.2M Add +8.4%
UFPT Ufp Technologies Inc. 15.84% 50,498 $13.4M Reduce -4.3%
HEI.A Heico Corp. Class A 15.24% 49,958 $12.9M Add +25.1%
ALGN Align Technology Inc. 11.55% 57,903 $9.8M Reduce -5.6%
PPLI People Inc. 10.09% 184,734 $8.5M Reduce -39.5%
FIGS Figs Inc. Class A 8.44% 697,247 $7.1M Add +35.2%
UHAL.B U-Haul Holding Co.-Non Voting 8.13% 119,045 $6.9M No change
BFAM Bright Horizons Family Solut 5.06% 60,370 $4.3M New
NABL N-Able Inc. 2.51% 577,464 $2.1M Reduce -53.6%
IGV iShares Expanded Tech-Softwa 0.46% 4,294 $389K New

Portfolio Sells Q1 2026 → Q2 2026
PPLI People Inc. Reduce -39.5% 10.09% −6.03
NABL N-Able Inc. Reduce -53.6% 2.51% −5.16
GLPI Gaming and Leisure Propertie Sold out 0.00% −2.70
NOMD Nomad Foods Ltd. Sold out 0.00% −2.35
ALGN Align Technology Inc. Reduce -5.6% 11.55% −2.32
UFPT Ufp Technologies Inc. Reduce -4.3% 15.84% +2.35

Portfolio Buys Q1 2026 → Q2 2026
DY Dycom Industries Inc. Add +8.4% 22.68% +7.05
BFAM Bright Horizons Family Solut New 5.06% +5.06
HEI.A Heico Corp. Class A Add +25.1% 15.24% +4.12
IGV iShares Expanded Tech-Softwa New 0.46% +0.46
FIGS Figs Inc. Class A Add +35.2% 8.44% −1.61

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$84.5MDY, UFPT, HEI.A, ALGN, PPLI
Q1 2026 10$75.8MPPLI, DY, ALGN, UFPT, HEI.A
Q4 2025 10$100.7MPPLI, DY, UFPT, FIGS, UHAL.B
Q3 2025 10$102.9MDY, PPLI, GLPI, UHAL.B, UFPT
Q2 2025 11$112.8MPPLI, DY, NOMD, GLPI, UFPT
Q1 2025 12$119.3MPPLI, NOMD, GLPI, HSII, DY
Q4 2024 12$127.8MPPLI, GLPI, NOMD, FIGS, HSII
Q3 2024 12$151.4MPPLI, FIGS, NOMD, HSII, GLPI
Q2 2024 13$136.0MPPLI, UFPT, NOMD, GLPI, HSII
Q1 2024Amended 11$135.0MPPLI, UFPT, NOMD, HSII, GLPI