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Applied Fundamental Research, LLC
Applied Fundamental Research, LLC (AFR) is a privately held investment management firm headquartered in Cambridge, Massachusetts. Founded in January 2013 by Theodore H. Wagenknecht and Kevin F. Curran, AFR is a SEC-registered investment adviser focused on North American small- and mid-cap companies. As of the end of 2024, it manages approximately $150 million in assets and primarily serves institutional and qualified investors through two private investment partnerships. The firm employs fewer than 25 staff and is recognized for its rigorous fundamental diligence and value-driven approach.
Investment Strategy
AFR employs an opportunistic value investment strategy that combines deep fundamental analysis with diligent risk management to identify undervalued equity opportunities, primarily within North American small- and mid-cap companies. The firm uses both long and short equity and credit positions, constructing concentrated portfolios of 10 to 20 public companies. AFR emphasizes capital preservation, disciplined due diligence, ethical practices, and long-term partnering with investors to compound returns transparently.
Latest 13F Filing Activity
Applied Fundamental Research, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 11 equity positions with a total 13F market value of $113M. The fund increased holdings in Align Technology Inc., Dycom Inds Inc., N-able Inc. among other positions. Applied Fundamental Research, LLC reduced exposure to Gaming & Leisure PPTYS Inc., Heidrick & Struggles Intl in, Nomad Foods LTD among others.
Top Holdings
Equity Positions (11)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I IAC | IAC INC | 15.47% | $17.5M | 467,541 | $90.49 | $37.34 | -$1.7M |
D DY | DYCOM INDS INC | 14.67% | $16.6M | 67,746 | $101.08 | $244.39 | +$5.1M |
N NOMD | NOMAD FOODS LTD | 13.27% | $15.0M | 881,092 | $23.89 | $16.99 | -$3.3M |
G GLPI | GAMING & LEISURE PPTYS INC | 9.71% | $11.0M | 234,597 | $45.10 | $46.68 | -$5.7M |
U UFPT | UFP TECHNOLOGIES INC | 8.53% | $9.6M | 39,439 | $55.49 | $244.16 | +$584.5K |
Industry Allocation
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