Applied Fundamental Research, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Applied Fundamental Research, LLC reported 12 stock positions worth $127.8 million. Its top holding was People (PPLI) at 14.0% of the portfolio, followed by Gaming and Leisure Propertie (GLPI, 12.3%) and Nomad Foods (NOMD, 12.2%). Compared with Q3 2024, it opened 1 new position, sold out of 1, added to 4 and reduced 7. The biggest buy was a new position in U-Haul Holding Co.-Non Voting (UHAL.B) and the biggest sale an exit from Petiq (PETQ).
- Most Recent 13F
- Q2 2026
- Location
- CAMBRIDGE, MA
- CIK
- 0001849776
- Portfolio Value
- $127.8M (Q4 2024)
- SEC Filing
- 0001849776-25-000001 ↗ filed Feb 10, 2025
Holdings Value
Holdings 12 stocks · $127.8M
| PPLI People Inc. filed as IAC INC | 14.04% | 416,194 | $18.0M | Add +12.1% |
| GLPI Gaming and Leisure Propertie | 12.31% | 326,713 | $15.7M | Reduce -0.6% |
| NOMD Nomad Foods Ltd. | 12.18% | 927,791 | $15.6M | Add +2.5% |
| FIGS Figs Inc. Class A | 12.04% | 2,486,948 | $15.4M | Reduce -6.1% |
| HSII Heidrick & Struggles Intl | 10.11% | 291,791 | $12.9M | Reduce -33.1% |
| UFPT Ufp Technologies Inc. | 8.58% | 44,841 | $11.0M | Reduce -8.4% |
| NABL N-Able Inc. | 7.91% | 1,083,033 | $10.1M | Add +32.8% |
| DY Dycom Industries Inc. | 6.95% | 51,031 | $8.9M | Reduce -0.6% |
| UHAL.B U-Haul Holding Co.-Non Voting | 6.52% | 130,083 | $8.3M | New |
| JBI Janus International Group Inc. | 4.55% | 790,594 | $5.8M | Add +0.4% |
| MTCH Match Group Inc. | 3.46% | 135,273 | $4.4M | Reduce -20.9% |
| UHAL U-Haul Holding Co. | 1.36% | 25,087 | $1.7M | Reduce -59.1% |
Portfolio Sells Q3 2024 → Q4 2024
| PETQ Petiq Inc. | Sold out | 0.00% | −4.45 |
| UHAL U-Haul Holding Co. | Reduce -59.1% | 1.36% | −1.78 |
| UFPT Ufp Technologies Inc. | Reduce -8.4% | 8.58% | −1.67 |
| HSII Heidrick & Struggles Intl | Reduce -33.1% | 10.11% | −1.09 |
| MTCH Match Group Inc. | Reduce -20.9% | 3.46% | −0.81 |
| FIGS Figs Inc. Class A | Reduce -6.1% | 12.04% | +0.08 |
| DY Dycom Industries Inc. | Reduce -0.6% | 6.95% | +0.27 |
| GLPI Gaming and Leisure Propertie | Reduce -0.6% | 12.31% | +1.14 |
Portfolio Buys Q3 2024 → Q4 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $84.5M | DY, UFPT, HEI.A, ALGN, PPLI |
| Q1 2026 | 10 | $75.8M | PPLI, DY, ALGN, UFPT, HEI.A |
| Q4 2025 | 10 | $100.7M | PPLI, DY, UFPT, FIGS, UHAL.B |
| Q3 2025 | 10 | $102.9M | DY, PPLI, GLPI, UHAL.B, UFPT |
| Q2 2025 | 11 | $112.8M | PPLI, DY, NOMD, GLPI, UFPT |
| Q1 2025 | 12 | $119.3M | PPLI, NOMD, GLPI, HSII, DY |
| Q4 2024 | 12 | $127.8M | PPLI, GLPI, NOMD, FIGS, HSII |
| Q3 2024 | 12 | $151.4M | PPLI, FIGS, NOMD, HSII, GLPI |
| Q2 2024 | 13 | $136.0M | PPLI, UFPT, NOMD, GLPI, HSII |
| Q1 2024Amended | 11 | $135.0M | PPLI, UFPT, NOMD, HSII, GLPI |