Applied Fundamental Research, LLC

CIK 1849776 · View on SEC EDGAR ↗

Portfolio value QoQ: +11.5% 13F does not disclose cash

Top 10 holdings weight100.00%

Top 25 holdings weight100.00%

Positions above 1%9

Effective number of positions7.1

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 13.23% Est. buys $10,607,267 · sells $13,004,680

Median holding: 5.0 quarters Tracked Q1 2025–Q2 2026 · 62.5% still held

New positions2

Increased3

Decreased4

Closed2

Portfolio value $84.5M #8,434 of 9,337 by 13F value · top 90.3%

Positions 10

As of June 30, 2026 Data as of Q2 2026

Sector breakdown

Industrials 37.9%

Health Care 27.4%

Consumer Discretionary 13.5%

Communication Services 10.1%

Technology 2.5%

Other/Unmapped 8.6%

Full portfolio 10 positions

					Streak
DY Dycom Industries, Inc. Common Stock	$19,173,490	22.68%	37,923	$7,324,277	Up ×1
UFPT UFP Technologies, Inc. - Common Stock	$13,388,535	15.84%	50,498	$3,168,778	Down ×1
HEI-A (filed as HEIA) HEICO Corporation Class A	$12,884,668	15.24%	49,958	$4,457,744	Up ×2
ALGN Align Technology, Inc. - Common Stock	$9,765,920	11.55%	57,903	$-744,796	Down ×1
IAC IAC Inc. - Common Stock	$8,527,321	10.09%	184,734	$-3,685,792	Down ×2
FIGS FIGS, Inc. Class A Common Stock	$7,132,837	8.44%	697,247	$-482,071	Up ×1
UHALB CUSIP: 023586506	$6,868,897	8.13%	119,045	$1,551,157
BFAM Bright Horizons Family Solutions Inc. Common Stock	$4,279,026	5.06%	60,370		Up ×1
NABL N-able, Inc. Common Stock	$2,119,293	2.51%	577,464	$-3,688,651	Down ×2
IGV iShares Expanded Tech-Software Sector ETF	$389,036	0.46%	4,294		Up ×1
No matches

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
BFAM	$4,279,026	60,370	5.06%
IGV	$389,036	4,294	0.46%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
DY	Bought more	+3K	+$7.3M
HEI-A (filed as HEIA)	Bought more	+10K	+$4.5M
NABL	Trimmed	-666K	-$3.7M
IAC	Trimmed	-120K	-$3.7M
UFPT	Trimmed	-2K	+$3.2M
UHALB	Price move only	+0	+$1.6M
ALGN	Trimmed	-3K	-$745K
FIGS	Bought more	+182K	-$482K

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

Security	Quarter	Shares before	Value before	Price since exit
HSII	Dec. 31, 2025	174,612	$8,690,429	No longer tracked
JBI	Sept. 30, 2025	304,542	$2,478,972	-56.0%
GLPI	June 30, 2026	46,034	$2,042,529	-14.9%
NOMD	June 30, 2026	185,121	$1,779,013	-2.4%
UHAL	June 30, 2025	25,087	$1,639,676	0.9%
ANGI	June 30, 2025	55,128	$849,522	-60.3%