Applied Fundamental Research, LLC
CIK
1849776
Location
CAMBRIDGE, MA
Portfolio Value
Micro
$12,213,112
Diversification
Moderately concentrated
Filing Date
Global Rank
#6,200
/ 8,232
▼ 229
Top Industry
Internet Content & Information
19.7%
3Y Alpha vs SPY
-20.6%
Period ended 2 months ago
Filed May 13, 2026 · 31d
22 quarters · since Dec 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+0.9%
SPY
+76.5%
Annualised alpha
-20.6%
Max drawdown
−29.6%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
8 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
19.7%
−1.3 pts
Top 5
84.5%
+12.3 pts
Top 10
100.0%
0.0 pts
HHI
1,568
Moderately concentrated+204
Portfolio Trend
22 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 33.4% | $20,730,472 |
| Communication Services | 19.7% | $12,213,112 |
| Industrials | 19.1% | $11,849,213 |
| Consumer Cyclical | 12.3% | $7,614,954 |
| Technology | 9.4% | $5,807,943 |
| Real Estate | 3.3% | $2,042,528 |
| Consumer Defensive | 2.9% | $1,779,012 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
1 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ALGN | Align Technology Inc | +2,893 | 61,312 | $10,510,716 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
5 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| FIGS | FIGS, Inc. | −360,250 | 515,569 | $7,614,954 | |
| NOMD | Nomad Foods Ltd | −339,179 | 185,121 | $1,779,012 | |
| IAC | IAC Inc. | −143,155 | 305,099 | $12,213,112 | |
| GLPI | Gaming & Leisure Properties, Inc. | −124,173 | 46,034 | $2,042,528 | |
| NABL | N-able, Inc. | −9,158 | 1,243,671 | $5,807,943 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarterNo qualifying positions this quarter.
Sold Out
Positions the filer fully exitedNo qualifying positions this quarter.
1 positions ·
$12,213,112 total
· Communication Services only
· as of Mar 31, 2026
All sectors
Communication Services
Consumer Cyclical
Consumer Defensive
Healthcare
Industrials
Real Estate
Technology
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| IAC |
IAC Inc.
Communication Services
|
Reduced | 305,099 | $12,213,112 | 100.00% |