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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
+13.01%
1 Year Est. Return
+19.46%
3 Year Est. Return
+38.05%
5 Year Est. Return
+6.08%
10 Year Est. Return
–
AUM
$101M
AUM Growth
-$2.24M
Cap. Flow
-$12.6M
Cap. Flow %
-12.48%
Top 10 Hldgs %
100%
Holding
11
New
1
Increased
4
Reduced
4
Closed
1

Top Buys

Rank Stock Value
1
HEI.A icon
HEICO Corp Class A
HEI.A
+$6.95M
2
NABL icon
N-able
NABL
+$1.48M
3
UFPT icon
UFP Technologies
UFPT
+$865K
4
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$835K
5
ALGN icon
Align Technology
ALGN
+$362K

Top Sells

Rank Stock Value
1
HSII
Heidrick & Struggles
HSII
+$8.69M
2
DY icon
Dycom Industries
DY
+$6M
3
FIGS icon
FIGS
FIGS
+$3.74M
4
NOMD icon
Nomad Foods
NOMD
+$2.61M
5
GLPI icon
Gaming and Leisure Properties
GLPI
+$2.02M

Sector Composition

Rank Sector Weight
1 Industrials 28.63%
2 Healthcare 20.7%
3 Communication Services 17.41%
4 Consumer Discretionary 9.88%
5 Technology 9.31%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PPLI
1
People Inc
PPLI
$3.31B
$17.5M 17.41%
448,254
– –
DY icon
2
Dycom Industries
DY
$12.2B
$11.8M 11.74%
34,972
-19,046
-35% -$6M
UFPT icon
3
UFP Technologies
UFPT
$1.87B
$11.7M 11.64%
52,788
+4,035
+8% +$865K
FIGS icon
4
FIGS
FIGS
$1.72B
$9.95M 9.88%
875,819
-398,999
-31% -$3.74M
UHAL.B icon
5
U-Haul Holding Co Series N
UHAL.B
$12.2B
$9.91M 9.84%
212,026
+17,156
+9% +$835K
NABL icon
6
N-able
NABL
$899M
$9.37M 9.31%
1,252,829
+193,680
+18% +$1.48M
ALGN icon
7
Align Technology
ALGN
$12.7B
$9.12M 9.06%
58,419
+2,525
+5% +$362K
GLPI icon
8
Gaming and Leisure Properties
GLPI
$12.8B
$7.61M 7.55%
170,207
-45,486
-21% -$2.02M
HEI.A icon
9
HEICO Corp Class A
HEI.A
$34.9B
$7.1M 7.05%
+28,134
New +$6.95M
NOMD icon
10
Nomad Foods
NOMD
$1.61B
$6.56M 6.51%
524,300
-213,716
-29% -$2.61M
HSII
11
DELISTED
Heidrick & Struggles
HSII
– –
-174,612
Closed -$8.69M

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Applied Fundamental Research's Q4 2025 Portfolio in Review

As of Q4 2025, Applied Fundamental Research held 11 positions worth $101M, down 2.2% from $103M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Applied Fundamental Research withdrew a net $12.6M in Q4 2025, closing 1 position and reducing 4 holdings. Its most notable exit was Heidrick & Struggles, an estimated $8.69M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 29% of assets, down from 33% a quarter earlier, followed by Healthcare and Communication Services.

Against the trend, Applied Fundamental Research opened a new position in HEICO Corp Class A worth $7.1M.

  • Applied Fundamental Research's largest Q4 2025 buy was HEICO Corp Class A: 28,134 shares worth $7.1M.
  • Applied Fundamental Research added most to N-able in Q4 2025, an estimated $1.48M increase.
  • Applied Fundamental Research's biggest Q4 2025 reduction was Dycom Industries, cutting an estimated $6M.
  • Applied Fundamental Research fully exited Heidrick & Struggles in Q4 2025, selling an estimated $8.69M.
  • Applied Fundamental Research's ten largest holdings make up 100% of its $101M portfolio in Q4 2025.
  • Applied Fundamental Research opened 1 new position and closed 1 in Q4 2025.
  • Applied Fundamental Research's portfolio value fell 2.2% quarter-over-quarter to $101M.

Based on Applied Fundamental Research's 13F filing for Q4 2025, filed 28 Jan 2026.