Applied Fundamental Research, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Applied Fundamental Research, LLC reported 10 stock positions worth $75.8 million. Its top holding was People (PPLI) at 16.1% of the portfolio, followed by Dycom Industries (DY, 15.6%) and Align Technology (ALGN, 13.9%). Compared with Q4 2025, it added to 2 and reduced 6. The biggest buy was Align Technology (ALGN, shares +5%) and the biggest sale Gaming and Leisure Propertie (GLPI, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- CAMBRIDGE, MA
- CIK
- 0001849776
- Portfolio Value
- $75.8M (Q1 2026)
- SEC Filing
- 0001849776-26-000005 ↗ filed May 13, 2026
Holdings Value
Holdings 10 stocks · $75.8M
| PPLI People Inc. filed as IAC INC | 16.12% | 305,099 | $12.2M | Reduce -31.9% |
| DY Dycom Industries Inc. | 15.64% | 34,972 | $11.8M | No change |
| ALGN Align Technology Inc. | 13.87% | 61,312 | $10.5M | Add +5.0% |
| UFPT Ufp Technologies Inc. | 13.49% | 52,788 | $10.2M | No change |
| HEI.A Heico Corp. Class A | 11.12% | 39,921 | $8.4M | Add +41.9% |
| FIGS Figs Inc. Class A | 10.05% | 515,569 | $7.6M | Reduce -41.1% |
| NABL N-Able Inc. | 7.66% | 1,243,671 | $5.8M | Reduce -0.7% |
| UHAL.B U-Haul Holding Co.-Non Voting | 7.02% | 119,045 | $5.3M | Reduce -43.9% |
| GLPI Gaming and Leisure Propertie | 2.70% | 46,034 | $2.0M | Reduce -73.0% |
| NOMD Nomad Foods Ltd. | 2.35% | 185,121 | $1.8M | Reduce -64.7% |
Portfolio Sells Q4 2025 → Q1 2026
| GLPI Gaming and Leisure Propertie | Reduce -73.0% | 2.70% | −4.86 |
| NOMD Nomad Foods Ltd. | Reduce -64.7% | 2.35% | −4.17 |
| UHAL.B U-Haul Holding Co.-Non Voting | Reduce -43.9% | 7.02% | −2.83 |
| NABL N-Able Inc. | Reduce -0.7% | 7.66% | −1.64 |
| PPLI People Inc. | Reduce -31.9% | 16.12% | −1.29 |
| FIGS Figs Inc. Class A | Reduce -41.1% | 10.05% | +0.17 |
Portfolio Buys Q4 2025 → Q1 2026
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 |