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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
-3.14%
1 Year Est. Return
+19.46%
3 Year Est. Return
+38.05%
5 Year Est. Return
+6.08%
10 Year Est. Return
–
AUM
$103M
AUM Growth
-$9.91M
Cap. Flow
-$4.88M
Cap. Flow %
-4.74%
Top 10 Hldgs %
100%
Holding
11
New
–
Increased
4
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
ALGN icon
Align Technology
ALGN
+$3.85M
2
UFPT icon
UFP Technologies
UFPT
+$2.05M
3
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$1.28M
4
NABL icon
N-able
NABL
+$86.4K

Top Sells

Rank Stock Value
1
DY icon
Dycom Industries
DY
+$3.6M
2
JBI icon
Janus International
JBI
+$2.48M
3
NOMD icon
Nomad Foods
NOMD
+$2.24M
4
FIGS icon
FIGS
FIGS
+$2.1M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$891K

Sector Composition

Rank Sector Weight
1 Industrials 33.39%
2 Healthcare 16.26%
3 Communication Services 14.84%
4 Real Estate 9.77%
5 Consumer Staples 9.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DY icon
1
Dycom Industries
DY
$12.2B
$15.8M 15.31%
54,018
-13,728
-20% -$3.6M
PPLI
2
People Inc
PPLI
$3.31B
$15.3M 14.84%
448,254
-19,287
-4% -$720K
GLPI icon
3
Gaming and Leisure Properties
GLPI
$12.8B
$10.1M 9.77%
215,693
-18,904
-8% -$891K
UHAL.B icon
4
U-Haul Holding Co Series N
UHAL.B
$12.2B
$9.92M 9.64%
194,870
+24,046
+14% +$1.28M
UFPT icon
5
UFP Technologies
UFPT
$1.87B
$9.73M 9.46%
48,753
+9,314
+24% +$2.05M
NOMD icon
6
Nomad Foods
NOMD
$1.61B
$9.7M 9.43%
738,016
-143,076
-16% -$2.24M
HSII
7
DELISTED
Heidrick & Struggles
HSII
$8.69M 8.44%
174,612
-2,376
-1% -$115K
FIGS icon
8
FIGS
FIGS
$1.72B
$8.53M 8.29%
1,274,818
-317,962
-20% -$2.1M
NABL icon
9
N-able
NABL
$899M
$8.26M 8.03%
1,059,149
+10,775
+1% +$86.4K
ALGN icon
10
Align Technology
ALGN
$12.7B
$7M 6.8%
55,894
+24,602
+79% +$3.85M
JBI icon
11
Janus International
JBI
$737M
– –
-304,542
Closed -$2.48M

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PBT
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OC
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LC
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Applied Fundamental Research's Q3 2025 Portfolio in Review

As of Q3 2025, Applied Fundamental Research held 11 positions worth $103M, down 8.8% from $113M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Applied Fundamental Research withdrew a net $4.88M in Q3 2025, closing 1 position and reducing 6 holdings. Its most notable exit was Janus International, an estimated $2.48M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 33% of assets, up from 32% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Applied Fundamental Research added an estimated $3.85M to Align Technology.

  • Applied Fundamental Research added most to Align Technology in Q3 2025, an estimated $3.85M increase.
  • Applied Fundamental Research's biggest Q3 2025 reduction was Dycom Industries, cutting an estimated $3.6M.
  • Applied Fundamental Research fully exited Janus International in Q3 2025, selling an estimated $2.48M.
  • Applied Fundamental Research's ten largest holdings make up 100% of its $103M portfolio in Q3 2025.
  • Applied Fundamental Research opened 0 new positions and closed 1 in Q3 2025.
  • Applied Fundamental Research's portfolio value fell 8.8% quarter-over-quarter to $103M.

Based on Applied Fundamental Research's 13F filing for Q3 2025, filed 30 Oct 2025.