Applied Fundamental Research, LLC

Name: Applied Fundamental Research, LLC 13F holdings, Q1 2025
Creator: Applied Fundamental Research, LLC
Published: 2025-04-30

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Applied Fundamental Research, LLC reported 12 stock positions worth $119.3 million. Its top holding was People (PPLI) at 16.0% of the portfolio, followed by Nomad Foods (NOMD, 15.3%) and Gaming and Leisure Propertie (GLPI, 13.9%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 2 and reduced 3. The biggest buy was U-Haul Holding Co.-Non Voting (UHAL.B, shares +49%) and the biggest sale Figs Class A (FIGS, shares −27%).

Most Recent 13F: Q2 2026
Location: CAMBRIDGE, MA
CIK: 0001849776
Portfolio Value: $119.3M (Q1 2025)
SEC Filing: 0001849776-25-000003 ↗ filed Apr 30, 2025

Holdings Value

Holdings 12 stocks · $119.3M


PPLI People Inc. filed as IAC INC	16.03%	416,194	$19.1M	No change
NOMD Nomad Foods Ltd.	15.28%	927,791	$18.2M	No change
GLPI Gaming and Leisure Propertie	13.94%	326,713	$16.6M	No change
HSII Heidrick & Struggles Intl	10.30%	287,007	$12.3M	Reduce -1.6%
DY Dycom Industries Inc.	9.64%	75,526	$11.5M	Add +48.0%
UHAL.B U-Haul Holding Co.-Non Voting	9.63%	194,199	$11.5M	Add +49.3%
UFPT Ufp Technologies Inc.	7.58%	44,841	$9.0M	No change
FIGS Figs Inc. Class A	6.98%	1,814,249	$8.3M	Reduce -27.1%
NABL N-Able Inc.	6.44%	1,083,033	$7.7M	No change
JBI Janus International Group Inc.	2.09%	346,674	$2.5M	Reduce -56.1%
UHAL U-Haul Holding Co.	1.37%	25,087	$1.6M	No change
ANGI Angi Inc.	0.71%	55,128	$850K	New

Portfolio Sells Q4 2024 → Q1 2025


FIGS Figs Inc. Class A	Reduce -27.1%	6.98%	−5.06
MTCH Match Group Inc.	Sold out	0.00%	−3.46
JBI Janus International Group Inc.	Reduce -56.1%	2.09%	−2.45
HSII Heidrick & Struggles Intl	Reduce -1.6%	10.30%	+0.19

Portfolio Buys Q4 2024 → Q1 2025


UHAL.B U-Haul Holding Co.-Non Voting	Add +49.3%	9.63%	+3.12
DY Dycom Industries Inc.	Add +48.0%	9.64%	+2.70
ANGI Angi Inc.	New	0.71%	+0.71

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