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AFR

Applied Fundamental Research Portfolio holdings

AUM $75.8M
1-Year Est. Return 19.46%
This Fund
S&P 500
This Quarter Est. Return
-2.5%
1 Year Est. Return
+19.46%
3 Year Est. Return
+38.05%
5 Year Est. Return
+6.08%
10 Year Est. Return
–
AUM
$75.8M
AUM Growth
-$24.9M
Cap. Flow
-$20.7M
Cap. Flow %
-27.37%
Top 10 Hldgs %
100%
Holding
10
New
–
Increased
2
Reduced
6
Closed
–

Top Buys

Rank Stock Value
1
HEI.A icon
HEICO Corp Class A
HEI.A
+$2.9M
2
ALGN icon
Align Technology
ALGN
+$507K

Top Sells

Rank Stock Value
1
GLPI icon
Gaming and Leisure Properties
GLPI
+$5.76M
2
PPLI
People Inc
PPLI
+$5.43M
3
FIGS icon
FIGS
FIGS
+$4.62M
4
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$4.4M
5
NOMD icon
Nomad Foods
NOMD
+$3.89M

Sector Composition

Rank Sector Weight
1 Industrials 33.77%
2 Healthcare 27.36%
3 Communication Services 16.12%
4 Consumer Discretionary 10.05%
5 Technology 7.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PPLI
1
People Inc
PPLI
$3.31B
$12.2M 16.12%
305,099
-143,155
-32% -$5.43M
DY icon
2
Dycom Industries
DY
$12.2B
$11.8M 15.64%
34,972
– –
ALGN icon
3
Align Technology
ALGN
$12.7B
$10.5M 13.87%
61,312
+2,893
+5% +$507K
UFPT icon
4
UFP Technologies
UFPT
$1.87B
$10.2M 13.49%
52,788
– –
HEI.A icon
5
HEICO Corp Class A
HEI.A
$34.9B
$8.43M 11.12%
39,921
+11,787
+42% +$2.9M
FIGS icon
6
FIGS
FIGS
$1.72B
$7.61M 10.05%
515,569
-360,250
-41% -$4.62M
NABL icon
7
N-able
NABL
$899M
$5.81M 7.66%
1,243,671
-9,158
-0.7% -$51.2K
UHAL.B icon
8
U-Haul Holding Co Series N
UHAL.B
$12.2B
$5.32M 7.02%
119,045
-92,981
-44% -$4.4M
GLPI icon
9
Gaming and Leisure Properties
GLPI
$12.8B
$2.04M 2.7%
46,034
-124,173
-73% -$5.76M
NOMD icon
10
Nomad Foods
NOMD
$1.61B
$1.78M 2.35%
185,121
-339,179
-65% -$3.89M

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Applied Fundamental Research's Q1 2026 Portfolio in Review

As of Q1 2026, Applied Fundamental Research held 10 positions worth $75.8M, down 25% from $101M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Applied Fundamental Research withdrew a net $20.7M in Q1 2026, reducing 6 holdings. Its largest reduction was Gaming and Leisure Properties, cutting an estimated $5.76M.

By sector, the portfolio is most concentrated in Industrials at 34% of assets, up from 29% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Applied Fundamental Research added an estimated $2.9M to HEICO Corp Class A.

  • Applied Fundamental Research added most to HEICO Corp Class A in Q1 2026, an estimated $2.9M increase.
  • Applied Fundamental Research's biggest Q1 2026 reduction was Gaming and Leisure Properties, cutting an estimated $5.76M.
  • Applied Fundamental Research's ten largest holdings make up 100% of its $75.8M portfolio in Q1 2026.
  • Applied Fundamental Research opened 0 new positions and closed 0 in Q1 2026.
  • Applied Fundamental Research's portfolio value fell 25% quarter-over-quarter to $75.8M.

Based on Applied Fundamental Research's 13F filing for Q1 2026, filed 13 May 2026.