Applied Fundamental Research, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Applied Fundamental Research, LLC reported 10 stock positions worth $102.9 million. Its top holding was Dycom Industries (DY) at 15.3% of the portfolio, followed by People (PPLI, 14.8%) and Gaming and Leisure Propertie (GLPI, 9.8%). Compared with Q2 2025, it sold out of 1, added to 4 and reduced 6. The biggest buy was Align Technology (ALGN, shares +79%) and the biggest sale Nomad Foods (NOMD, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- CAMBRIDGE, MA
- CIK
- 0001849776
- Portfolio Value
- $102.9M (Q3 2025)
- SEC Filing
- 0001849776-25-000008 ↗ filed Oct 30, 2025
Holdings Value
Holdings 10 stocks · $102.9M
| DY Dycom Industries Inc. | 15.31% | 54,018 | $15.8M | Reduce -20.3% |
| PPLI People Inc. filed as IAC INC | 14.84% | 448,254 | $15.3M | Reduce -4.1% |
| GLPI Gaming and Leisure Propertie | 9.77% | 215,693 | $10.1M | Reduce -8.1% |
| UHAL.B U-Haul Holding Co.-Non Voting | 9.64% | 194,870 | $9.9M | Add +14.1% |
| UFPT Ufp Technologies Inc. | 9.46% | 48,753 | $9.7M | Add +23.6% |
| NOMD Nomad Foods Ltd. | 9.43% | 738,016 | $9.7M | Reduce -16.2% |
| HSII Heidrick & Struggles Intl | 8.44% | 174,612 | $8.7M | Reduce -1.3% |
| FIGS Figs Inc. Class A | 8.29% | 1,274,818 | $8.5M | Reduce -20.0% |
| NABL N-Able Inc. | 8.03% | 1,059,149 | $8.3M | Add +1.0% |
| ALGN Align Technology Inc. | 6.80% | 55,894 | $7.0M | Add +78.6% |
Portfolio Sells Q2 2025 → Q3 2025
| NOMD Nomad Foods Ltd. | Reduce -16.2% | 9.43% | −3.84 |
| JBI Janus International Group Inc. | Sold out | 0.00% | −2.20 |
| PPLI People Inc. | Reduce -4.1% | 14.84% | −0.63 |
| GLPI Gaming and Leisure Propertie | Reduce -8.1% | 9.77% | +0.06 |
| FIGS Figs Inc. Class A | Reduce -20.0% | 8.29% | +0.32 |
| DY Dycom Industries Inc. | Reduce -20.3% | 15.31% | +0.64 |
| HSII Heidrick & Struggles Intl | Reduce -1.3% | 8.44% | +1.27 |
Portfolio Buys Q2 2025 → Q3 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 |