Applied Fundamental Research, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Applied Fundamental Research, LLC reported 10 stock positions worth $100.7 million. Its top holding was People (PPLI) at 17.4% of the portfolio, followed by Dycom Industries (DY, 11.7%) and Ufp Technologies (UFPT, 11.6%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 4 and reduced 4. The biggest buy was a new position in Heico Class A (HEI.A) and the biggest sale an exit from Heidrick & Struggles Intl (HSII).
- Most Recent 13F
- Q2 2026
- Location
- CAMBRIDGE, MA
- CIK
- 0001849776
- Portfolio Value
- $100.7M (Q4 2025)
- SEC Filing
- 0001849776-26-000001 ↗ filed Jan 28, 2026
Holdings Value
Holdings 10 stocks · $100.7M
| PPLI People Inc. filed as IAC INC | 17.41% | 448,254 | $17.5M | No change |
| DY Dycom Industries Inc. | 11.74% | 34,972 | $11.8M | Reduce -35.3% |
| UFPT Ufp Technologies Inc. | 11.64% | 52,788 | $11.7M | Add +8.3% |
| FIGS Figs Inc. Class A | 9.88% | 875,819 | $9.9M | Reduce -31.3% |
| UHAL.B U-Haul Holding Co.-Non Voting | 9.84% | 212,026 | $9.9M | Add +8.8% |
| NABL N-Able Inc. | 9.31% | 1,252,829 | $9.4M | Add +18.3% |
| ALGN Align Technology Inc. | 9.06% | 58,419 | $9.1M | Add +4.5% |
| GLPI Gaming and Leisure Propertie | 7.55% | 170,207 | $7.6M | Reduce -21.1% |
| HEI.A Heico Corp. Class A | 7.05% | 28,134 | $7.1M | New |
| NOMD Nomad Foods Ltd. | 6.51% | 524,300 | $6.6M | Reduce -29.0% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 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 |