Applied Fundamental Research, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Applied Fundamental Research, LLC reported 13 stock positions worth $136.0 million. Its top holding was People (PPLI) at 13.1% of the portfolio, followed by Ufp Technologies (UFPT, 11.4%) and Nomad Foods (NOMD, 11.0%). Compared with Q1 2024, it opened 2 new positions, added to 3 and reduced 6. The biggest buy was a new position in Janus International (JBI) and the biggest sale Match (MTCH, shares −29%).

Most Recent 13F
Q2 2026
Location
CAMBRIDGE, MA
CIK
0001849776
Portfolio Value
$136.0M (Q2 2024)
SEC Filing
0001849776-24-000006 ↗ filed Aug 14, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $135.0M Q1 2024 Q2 2024: $136.0M $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 Q2 2026

Holdings 13 stocks · $136.0M
PPLI People Inc. filed as IAC INC 13.13% 380,977 $17.8M Reduce -2.5%
UFPT Ufp Technologies Inc. 11.42% 58,825 $15.5M Reduce -11.5%
NOMD Nomad Foods Ltd. 10.99% 906,605 $14.9M Add +7.5%
GLPI Gaming and Leisure Propertie 10.86% 326,587 $14.8M Add +4.7%
HSII Heidrick & Struggles Intl 10.24% 440,670 $13.9M No change
PETQ Petiq Inc. 10.13% 624,076 $13.8M Reduce -1.5%
FIGS Figs Inc. Class A 9.78% 2,495,381 $13.3M No change
JBI Janus International Group Inc. 7.58% 815,612 $10.3M New
DY Dycom Industries Inc. 6.77% 54,555 $9.2M Reduce -36.0%
MTCH Match Group Inc. 4.56% 203,911 $6.2M Reduce -28.6%
UHAL U-Haul Holding Co. 2.78% 61,300 $3.8M Add +12.9%
NABL N-Able Inc. 1.70% 151,436 $2.3M New
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.08% 18,652 $110K Reduce -86.8%

Portfolio Sells Q1 2024 → Q2 2024
MTCH Match Group Inc. Reduce -28.6% 4.56% −3.12
PPLI People Inc. Reduce -2.5% 13.13% −2.30
DY Dycom Industries Inc. Reduce -36.0% 6.77% −2.29
TTEC Ttec Holdings Inc. Reduce -86.8% 0.08% −1.00
UFPT Ufp Technologies Inc. Reduce -11.5% 11.42% −1.00
PETQ Petiq Inc. Reduce -1.5% 10.13% +1.55

Portfolio Buys Q1 2024 → Q2 2024
JBI Janus International Group Inc. New 7.58% +7.58
NABL N-Able Inc. New 1.70% +1.70
GLPI Gaming and Leisure Propertie Add +4.7% 10.86% +0.22
UHAL U-Haul Holding Co. Add +12.9% 2.78% +0.07
NOMD Nomad Foods Ltd. Add +7.5% 10.99% −1.23

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