Applied Fundamental Research, LLC
Applied Fundamental Research, LLC reported 10 US-listed holdings worth $84.5 million in its 13F for the quarter ended 30 June 2026, filed 13 August 2026. Its largest: Dycom Industries Inc. (22.7%), UFP Technologies Inc. (15.8%) and Heico Corp. New (15.2%). Against the quarter before, it opened 2 positions, added to 3, trimmed 4 and sold out of 2.
The 10 largest of its 10 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +4.8% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 2
- Bright Horizons Family Solutions Inc. BFAM$4.3 million
- iShares Trust IGV$389,036
Added to 3
- Heico Corp. New HEIA+10,037 shares · +25%
- Figs Inc. FIGS+181,678 shares · +35%
- Dycom Industries Inc. DY+2,951 shares · +8%
Trimmed 4
- People Inc. PPLI-120,365 shares · -39%
- N-able, Inc. NABL-666,207 shares · -54%
- UFP Technologies Inc. UFPT-2,290 shares · -4%
- Align Technology Inc. ALGN-3,409 shares · -6%
Sold out of 2
- Gaming & Leisure Properties, Inc. GLPI$2.0 million last quarter
- Nomad Foods Limited NOMD$1.8 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Dycom Industries Inc. DY | 37.9K | $19.2 million | 22.68% | +3.0K |
| UFP Technologies Inc. UFPT | 50.5K | $13.4 million | 15.84% | -2.3K |
| Heico Corp. New HEIA | 50.0K | $12.9 million | 15.24% | +10.0K |
| Align Technology Inc. ALGN | 57.9K | $9.8 million | 11.55% | -3.4K |
| People Inc. PPLI | 184.7K | $8.5 million | 10.09% | -120.4K |
| Figs Inc. FIGS | 697.2K | $7.1 million | 8.44% | +181.7K |
| U Haul Holding Company UHALB | 119.0K | $6.9 million | 8.13% | no change |
| Bright Horizons Family Solutions Inc. BFAM | 60.4K | $4.3 million | 5.06% | new |
| N-able, Inc. NABL | 577.5K | $2.1 million | 2.51% | -666.2K |
| iShares Trust IGV | 4.3K | $389,036 | 0.46% | new |