Applied Fundamental Research, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Applied Fundamental Research, LLC reported 11 stock positions worth $112.8 million. Its top holding was People (PPLI) at 15.5% of the portfolio, followed by Dycom Industries (DY, 14.7%) and Nomad Foods (NOMD, 13.3%). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 1 and reduced 9. The biggest buy was a new position in Align Technology (ALGN) and the biggest sale Gaming and Leisure Propertie (GLPI, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- CAMBRIDGE, MA
- CIK
- 0001849776
- Portfolio Value
- $112.8M (Q2 2025)
- SEC Filing
- 0001849776-25-000004 ↗ filed Jul 28, 2025
Holdings Value
Holdings 11 stocks · $112.8M
| PPLI People Inc. filed as IAC INC | 15.47% | 467,541 | $17.5M | Add +12.3% |
| DY Dycom Industries Inc. | 14.67% | 67,746 | $16.6M | Reduce -10.3% |
| NOMD Nomad Foods Ltd. | 13.27% | 881,092 | $15.0M | Reduce -5.0% |
| GLPI Gaming and Leisure Propertie | 9.71% | 234,597 | $11.0M | Reduce -28.2% |
| UFPT Ufp Technologies Inc. | 8.53% | 39,439 | $9.6M | Reduce -12.1% |
| UHAL.B U-Haul Holding Co.-Non Voting | 8.23% | 170,824 | $9.3M | Reduce -12.0% |
| FIGS Figs Inc. Class A | 7.96% | 1,592,780 | $9.0M | Reduce -12.2% |
| NABL N-Able Inc. | 7.53% | 1,048,374 | $8.5M | Reduce -3.2% |
| HSII Heidrick & Struggles Intl | 7.18% | 176,988 | $8.1M | Reduce -38.3% |
| ALGN Align Technology Inc. | 5.25% | 31,292 | $5.9M | New |
| JBI Janus International Group Inc. | 2.20% | 304,542 | $2.5M | Reduce -12.2% |
Portfolio Sells Q1 2025 → Q2 2025
| GLPI Gaming and Leisure Propertie | Reduce -28.2% | 9.71% | −4.23 |
| HSII Heidrick & Struggles Intl | Reduce -38.3% | 7.18% | −3.13 |
| NOMD Nomad Foods Ltd. | Reduce -5.0% | 13.27% | −2.01 |
| UHAL.B U-Haul Holding Co.-Non Voting | Reduce -12.0% | 8.23% | −1.40 |
| UHAL U-Haul Holding Co. | Sold out | 0.00% | −1.37 |
| ANGI Angi Inc. | Sold out | 0.00% | −0.71 |
| JBI Janus International Group Inc. | Reduce -12.2% | 2.20% | +0.10 |
| UFPT Ufp Technologies Inc. | Reduce -12.1% | 8.53% | +0.95 |
| FIGS Figs Inc. Class A | Reduce -12.2% | 7.96% | +0.98 |
| NABL N-Able Inc. | Reduce -3.2% | 7.53% | +1.09 |
| DY Dycom Industries Inc. | Reduce -10.3% | 14.67% | +5.03 |
Portfolio Buys Q1 2025 → Q2 2025
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 |