Applied Fundamental Research, LLC — 13F Holdings & Portfolio
CIK 1849776 · latest 13F-HR filed 2026-08-13
Applied Fundamental Research, LLC manages $84.5M in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are DY (22.68%), UFPT (15.84%), HEI.A (15.24%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 2 new positions and exited 2; 4 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-13
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Apr 6, 2026.
CAMBRIDGE, MA 02138
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| CURRAN, KEVIN, FRANCIS Control | MEMBER since May 2013 | 25–50% | Individual |
| WAGENKNECHT, THEODORE, H. Control | MANAGER, MEMBER since Jan 2013 | 50–75% | Individual |
| WAGENKNECHT, THEODORE, H. Control | CCO since May 2024 | 50–75% | Individual |
Ownership & leadership changes · 2 filings with changes since Mar 30, 2021
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedDaneva-Brown, Denitsa, Georgieva · CCO AND DIRECTOR OF FINANCE · Less than 5% · control person · listed since Jun 2020
- ChangedWAGENKNECHT, THEODORE, H. · title MANAGER, MEMBER → CCO / MANAGER, MEMBER
- No longer listedBREAZZANO, DAVID, JOHN · MANAGER AND PRESIDENT · 25–50% · indirect via DDJ CAPITAL MANAGEMENT, LLC · control person · listed since Mar 1996
- No longer listedDDJ CAPITAL MANAGEMENT LLC · MEMBER · 10–25% · listed since May 2013
- AddedDaneva-Brown, Denitsa, Georgieva · CCO AND DIRECTOR OF FINANCE · Less than 5% · control person
- ChangedWAGENKNECHT, THEODORE, H. · title MANAGER, MEMBER, CCO → MANAGER, MEMBER
- ListedBREAZZANO, DAVID, JOHN · MANAGER AND PRESIDENT · 25–50% · indirect via DDJ CAPITAL MANAGEMENT, LLC · control person
- ListedCURRAN, KEVIN, FRANCIS · MEMBER · 25–50% · control person
- ListedDDJ CAPITAL MANAGEMENT LLC · MEMBER · 10–25%
- ListedWAGENKNECHT, THEODORE, H. · MANAGER, MEMBER, CCO · 50–75% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- DYCOM INDS INC$7.3M +61.8%
- HEICO CORP$4.5M +52.9%
- UFP TECHNOLOGIES INC$3.2M +31.0%
- U HAUL HOLDING COMPANY$1.6M +29.2%
Top Trims
- N-ABLE INC-$3.7M -63.5%
- PEOPLE INC-$3.7M -30.2%
- ALIGN TECHNOLOGY INC-$744.8K -7.1%
- FIGS INC-$482.1K -6.3%
Applied Fundamental Research, LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | DYCOM INDS INC | DY | 267475101 | $19.2M | 22.68% | 37,923 | SH |
| 2 | UFP TECHNOLOGIES INC | UFPT | 902673102 | $13.4M | 15.84% | 50,498 | SH |
| 3 | HEICO CORP | HEI.A | 422806208 | $12.9M | 15.24% | 49,958 | SH |
| 4 | ALIGN TECHNOLOGY INC | ALGN | 016255101 | $9.8M | 11.55% | 57,903 | SH |
| 5 | PEOPLE INC | PPLI | 44891N208 | $8.5M | 10.09% | 184,734 | SH |
| 6 | FIGS INC | FIGS | 30260D103 | $7.1M | 8.44% | 697,247 | SH |
| 7 | U HAUL HOLDING COMPANY | UHAL.B | 023586506 | $6.9M | 8.13% | 119,045 | SH |
| 8 | BRIGHT HORIZONS FAM SOL IN D | BFAM | 109194100 | $4.3M | 5.06% | 60,370 | SH |
| 9 | N-ABLE INC | NABL | 62878D100 | $2.1M | 2.51% | 577,464 | SH |
| 10 | ISHARES TR | IGV | 464287515 | $389.0K | 0.46% | 4,294 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-13 | $84.5M | 10 | 0001849776-26-000007 |
| 2026-03-31 | 2026-05-13 | $75.8M | 10 | 0001849776-26-000005 |
| 2025-12-31 | 2026-01-28 | $100.7M | 10 | 0001849776-26-000001 |
| 2025-09-30 | 2025-10-30 | $102.9M | 10 | 0001849776-25-000008 |
CAMBRIDGE, MA 02138