Applied Fundamental Research, LLC

Momentum followerSector-focusedQuality / disciplined sizing

Total reported value

$75.8M

Reporting period: 2026-03-31 · Number of holdings: 10

Applied Fundamental Research, LLC disclosed 10 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $75.8M and a quarterly turnover rate of 34.4%.

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Personality snowflake

Concentration: 48.95
Portfolio Stability: 34.45
Momentum/Contrarian: 100
Sector conviction: 90.45
Diversification: 20
Sizing Uniformity: 95.01

Recent moves

Trim GLPI
-73.0%　-$5.6M
Add ALGN
+5.0%　$1.4M
Trim NOMD
-64.7%　-$4.8M
Add HEI-A
+41.9%　$1.3M
Add DY
0.0%　$32.2K
Trim UHAL-B
-43.9%　-$4.6M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	PPLI	People INC	Stock-Comm Services	16.12%	-1.29%	-31.94%
2	DY	Dycom Industries INC	Stock-Industrials	15.64%	+3.90%	—
3	ALGN	Align Technology INC	Stock-Healthcare	13.87%	+4.81%	+4.95%
4	UFPT	Ufp Technologies INC	Stock-Other	13.49%	+1.85%	—
5	HEI-A	Heico Corp-class A	Stock-Other	11.12%	+4.07%	+41.90%
6	FIGS	Figs Inc-class A	Stock-Other	10.05%	+0.17%	-41.13%
7	NABL	N-able INC	Stock-Other	7.66%	-1.65%	-0.73%
8	UHAL-B	U-haul Holding Co-non Voting	Stock-Other	7.02%	-2.82%	-43.85%
9	GLPI	Gaming And Leisure Propertie	Stock-Real Estate	2.70%	-4.85%	-72.95%
10	NOMD	Nomad Foods Limited	Stock-Other	2.35%	-4.16%	-64.69%

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	10	$75.8M	34	1PPLI 2DY 3ALGN Top holdings2026-03-31 1.PPLI 2.DY 3.ALGN 4.UFPT 5.HEI-A 6.FIGS 7.NABL 8.UHAL-B 9.GLPI 10.NOMD
2025-12-31	10	$100.7M	34	1PPLI 2DY 3UFPT Top holdings2025-12-31 1.PPLI 2.DY 3.UFPT 4.FIGS 5.UHAL-B 6.NABL 7.ALGN 8.GLPI 9.HEI-A 10.NOMD
2025-09-30	10	$102.9M	39	1DY 2PPLI 3GLPI Top holdings2025-09-30 1.DY 2.PPLI 3.GLPI 4.UHAL-B 5.UFPT 6.NOMD 7.HSI 8.FIGS 9.NABL 10.ALGN
2025-06-30	11	$112.8M	0	1PPLI 2DY 3NOMD Top holdings2025-06-30 1.PPLI 2.DY 3.NOMD 4.GLPI 5.UFPT 6.UHAL-B 7.FIGS 8.NABL 9.HSI 10.ALGN
2025-03-31	12	$119.3M	100	1PPLI 2NOMD 3GLPI Top holdings2025-03-31 1.PPLI 2.NOMD 3.GLPI 4.HSI 5.DY 6.UHAL-B 7.UFPT 8.FIGS 9.NABL 10.JBI
2024-12-31	12	$127.8M	0	1PPLI 2GLPI 3NOMD Top holdings2024-12-31 1.PPLI 2.GLPI 3.NOMD 4.FIGS 5.HSI 6.UFPT 7.NABL 8.DY 9.UHAL-B 10.JBI
2024-09-30	12	$151.4M	0	1PPLI 2FIGS 3NOMD Top holdings2024-09-30 1.PPLI 2.FIGS 3.NOMD 4.HSI 5.GLPI 6.UFPT 7.NABL 8.DY 9.JBI 10.PETQEUR
2024-06-30	13	$136.0M	0	1PPLI 2UFPT 3NOMD Top holdings2024-06-30 1.PPLI 2.UFPT 3.NOMD 4.GLPI 5.HSI 6.PETQEUR 7.FIGS 8.JBI 9.DY 10.MTCH
2024-03-31	11	$135.0M	0	1PPLI 2UFPT 3NOMD Top holdings2024-03-31 1.PPLI 2.UFPT 3.NOMD 4.HSI 5.GLPI 6.FIGS 7.DY 8.PETQEUR 9.MTCH 10.UHAL
2023-12-31	11	$138.6M	0	1PPLI 2GLPI 3FIGS Top holdings2023-12-31 1.PPLI 2.GLPI 3.FIGS 4.DY 5.HSI 6.NOMD 7.PETQEUR 8.UFPT 9.MTCH 10.TTEC
2023-09-30	12	$137.6M	0	1PPLI 2PETQEUR 3GLPI Top holdings2023-09-30 1.PPLI 2.PETQEUR 3.GLPI 4.TTEC 5.FIGS 6.NOMD 7.HSI 8.DY 9.MTCH 10.UFPT
2023-06-30	11	$159.5M	0	1PPLI 2PETQEUR 3DY Top holdings2023-06-30 1.PPLI 2.PETQEUR 3.DY 4.TTEC 5.GLPI 6.FIGS 7.UFPT 8.NOMD 9.MTCH 10.HSI
2023-03-31	11	$138.8M	0	1PPLI 2PETQEUR 3NOMD Top holdings2023-03-31 1.PPLI 2.PETQEUR 3.NOMD 4.GLPI 5.HSI 6.UFPT 7.TTEC 8.DY 9.FIGS 10.MTCH
2022-12-31	12	$138.9M	0	1UFPT 2PPLI 3PETQEUR Top holdings2022-12-31 1.UFPT 2.PPLI 3.PETQEUR 4.GLPI 5.HSI 6.NOMD 7.TTEC 8.DY 9.FIGS 10.MTCH
2022-09-30	10	$123.3M	0	1UFPT 2PPLI 3HSI Top holdings2022-09-30 1.UFPT 2.PPLI 3.HSI 4.GLPI 5.TTEC 6.DY 7.PETQEUR 8.NOMD 9.MTCH 10.UHAL
2022-06-30	10	$179.3M	0	1UFPT 2PPLI 3HSI Top holdings2022-06-30 1.UFPT 2.PPLI 3.HSI 4.GLPI 5.TTEC 6.PETQEUR 7.NOMD 8.DY 9.MTCH 10.UHAL
2022-03-31	11	$222.1M	0	1PPLI 2UFPT 3PETQEUR Top holdings2022-03-31 1.PPLI 2.UFPT 3.PETQEUR 4.HSI 5.TTEC 6.DY 7.NOMD 8.MTCH 9.GLPI 10.IVZ
2021-12-31	11	$208.1M	0	1PPLI 2DY 3UFPT Top holdings2021-12-31 1.PPLI 2.DY 3.UFPT 4.NOMD 5.HSI 6.TTEC 7.PETQEUR 8.GLPI 9.IVZ 10.UHAL
2021-09-30	11	$187.3M	0	1PPLI 2DY 3UFPT Top holdings2021-09-30 1.PPLI 2.DY 3.UFPT 4.NOMD 5.HSI 6.IVZ 7.PETQEUR 8.GLPI 9.UHAL 10.MTCH
2021-06-30	11	$148.9M	100	1PPLI 2DY 3UFPT Top holdings2021-06-30 1.PPLI 2.DY 3.UFPT 4.NOMD 5.GLPI 6.HSI 7.IVZ 8.MTCH 9.UHAL 10.VMEO*
2021-03-31	11	$118.5M	15	1DY244891N3NOMD Top holdings2021-03-31 1.DY 2.44891N 3.NOMD 4.IVZ 5.UFPT 6.HSI 7.GLPI 8.MTCH 9.UHAL 10.GEG
2020-12-31	11	$104.9M	—	144891N2DY 3NOMD Top holdings2020-12-31 1.44891N 2.DY 3.NOMD 4.UFPT 5.HSI 6.IVZ 7.GLPI 8.MTCH 9.UHAL 10.GEG

Holding changes this quarter

Applied Fundamental Research, LLC's most significant position changes for 2026-03-31: Trim: Gaming And Leisure Propertie (GLPI) — shares -72.95%; Add: Align Technology INC (ALGN) — shares +4.95%; Trim: Nomad Foods Limited (NOMD) — shares -64.69%; Add: Heico Corp-class A (HEI-A) — shares +41.90%; Trim: U-haul Holding Co-non Voting (UHAL-B) — shares -43.85%.

Position changes disclosed by Applied Fundamental Research, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	ALGN	Align Technology INC	+4.8%	+4.95%	Add
2	HEI-A	Heico Corp-class A	+4.1%	+41.90%	Add
3	DY	Dycom Industries INC	+3.9%	—	Unchanged
4	UFPT	Ufp Technologies INC	+1.9%	—	Unchanged
5	FIGS	Figs Inc-class A	+0.2%	-41.13%	Trim
6	PPLI	People INC	-1.3%	-31.94%	Trim
7	NABL	N-able INC	-1.7%	-0.73%	Trim
8	UHAL-B	U-haul Holding Co-non Voting	-2.8%	-43.85%	Trim
9	NOMD	Nomad Foods Limited	-4.2%	-64.69%	Trim
10	GLPI	Gaming And Leisure Propertie	-4.9%	-72.95%	Trim

FAQ

What is Applied Fundamental Research, LLC and what type of investor is it?

Applied Fundamental Research, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $75.8M, spread across 10 disclosed positions.

What are Applied Fundamental Research, LLC's largest equity positions?

Based on the latest 13F filing, Applied Fundamental Research, LLC's top holdings by market value are: 1. People INC (PPLI) — $12.2M (16.1%) 2. Dycom Industries INC (DY) — $11.8M (15.6%) 3. Align Technology INC (ALGN) — $10.5M (13.9%) 4. Ufp Technologies INC (UFPT) — $10.2M (13.5%) 5. Heico Corp-class A (HEI-A) — $8.4M (11.1%)

What changes did Applied Fundamental Research, LLC make in its most recent portfolio filing?

In the latest reported quarter, Applied Fundamental Research, LLC made 8 notable position adjustments: 0 new positions were initiated, 2 existing holdings were added to, 6 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Gaming And Leisure Propertie (GLPI) — shares -72.95%; Add: Align Technology INC (ALGN) — shares +4.95%; Trim: Nomad Foods Limited (NOMD) — shares -64.69%; Add: Heico Corp-class A (HEI-A) — shares +41.90%; Trim: U-haul Holding Co-non Voting (UHAL-B) — shares -43.85%

What sectors does Applied Fundamental Research, LLC focus on?

Applied Fundamental Research, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Communication Services: 33.4% • Industrials: 32.4% • Health Care: 28.7% • Real Estate: 5.6%