Applied Fundamental Research, LLC Long-Term Concentrated

CIK: 0001849776 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 28, 2026

Total Value ($000): $100,684 (100.0% shares, 0.0% debt)

Holdings (10)

New Positions (1)

HEI/A HEICO CORP 7.1%

Value ($000) $7,102 Shares 28,134 Est. Cost $246.96 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HEI/A	HEICO CORP	28,134	$7,102	7.1%	$246.96	0.0%	NEW CL A	422806208

Increased Positions (4)

ALGN ALIGN TECHNOLOGY INC 9.1%

Value ($000) $9,122 (+30.3%) Shares 58,419 (+4.5%) Est. Cost $166.78 Unrealized -14.1%

UFPT UFP TECHNOLOGIES INC 11.6%

Value ($000) $11,721 (+20.4%) Shares 52,788 (+8.3%) Est. Cost $95.07 Unrealized +125.4%

NABL N-ABLE INC 9.3%

Value ($000) $9,371 (+13.4%) Shares 1,252,829 (+18.3%) Est. Cost $11.97 Unrealized -36.2%

UHAL/B U HAUL HOLDING COMPANY 9.8%

Value ($000) $9,910 (-0.1%) Shares 212,026 (+8.8%) Est. Cost $62.11 Unrealized -21.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALGN	ALIGN TECHNOLOGY INC	58,419 (+4.5%)	$9,122 (+30.3%)	9.1%	$166.78	-14.1%	COM	016255101
UFPT	UFP TECHNOLOGIES INC	52,788 (+8.3%)	$11,721 (+20.4%)	11.6%	$95.07	+125.4%	COM	902673102
NABL	N-ABLE INC	1,252,829 (+18.3%)	$9,371 (+13.4%)	9.3%	$11.97	-36.2%	COMMON STOCK	62878D100
UHAL/B	U HAUL HOLDING COMPANY	212,026 (+8.8%)	$9,910 (-0.1%)	9.8%	$62.11	-21.6%	COM SER N	023586506

Exited Positions (1)

— HEIDRICK & STRUGGLES INTL IN 8.6%

Value ($000) $8,690 Shares 174,612 Est. Cost $33.60 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	HEIDRICK & STRUGGLES INTL IN	174,612	$8,690	8.6%	$33.60	—	—	422819102

Decreased Positions (4)

DY DYCOM INDS INC 11.7%

Value ($000) $11,817 (-25.0%) Shares 34,972 (-35.3%) Est. Cost $105.71 Unrealized +198.3%

NOMD NOMAD FOODS LTD 6.5%

Value ($000) $6,559 (-32.4%) Shares 524,300 (-29.0%) Est. Cost $23.82 Unrealized -48.7%

GLPI GAMING & LEISURE PPTYS INC 7.6%

Value ($000) $7,607 (-24.3%) Shares 170,207 (-21.1%) Est. Cost $44.48 Unrealized —

FIGS FIGS INC 9.9%

Value ($000) $9,949 (+16.7%) Shares 875,819 (-31.3%) Est. Cost $6.75 Unrealized +38.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DY	DYCOM INDS INC	34,972 (-35.3%)	$11,817 (-25.0%)	11.7%	$105.71	+198.3%	COM	267475101
NOMD	NOMAD FOODS LTD	524,300 (-29.0%)	$6,559 (-32.4%)	6.5%	$23.82	-48.7%	USD ORD SHS	G6564A105
GLPI	GAMING & LEISURE PPTYS INC	170,207 (-21.1%)	$7,607 (-24.3%)	7.6%	$44.48	—	COM	36467J108
FIGS	FIGS INC	875,819 (-31.3%)	$9,949 (+16.7%)	9.9%	$6.75	+38.8%	CL A	30260D103

Unchanged Positions (1)

IAC IAC INC 17.4%

Value ($000) $17,527 Shares 448,254 Est. Cost $83.51 Unrealized -58.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAC	IAC INC	448,254	$17,527	17.4%	$83.51	-58.1%	COM NEW	44891N208