Investment adviser · CRD 167645

APPLIED FUNDAMENTAL RESEARCH, LLC

Investment adviser filing (IA)

CAMBRIDGE, MA, United States · Form ADV filed Apr 6, 2026

Regulatory AUM
$143M
Form ADV · Item 5.F
Client accounts
7
Accounts, not individual clients
Employees
5
Reported in this filing
Advisory professionals
3
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
Pooled investment vehicles2$111,105,33377.8%
CharitiesFewer than 5$27,727,14419.4%
Corporations & businessesFewer than 5$3,953,2652.8%
Other investment advisersFewer than 5$75,7320.1%
Filing source

Form ADV 2091800 · Apr 6, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

2 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

AFR CONCENTRATED VALUE, LPHedge Fund · Last reported Apr 6, 2026$98.6MGross asset value

Form D fundraising filings

AFR Concentrated Value, L.P.

Fund administrator STP INVESTMENT SERVICES OCEANPORT, New Jersey, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor ASHLAND PARTNERS & COMPANY LLP CENTRAL POINT, Oregon, United States
Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No
Prime broker JONESTRADING THOUSAND OAKS, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

ASHLAND PARTNERS & COMPANY LLP
PCAOB 3783

GOLDMAN SACHS & CO. LLC
SEC 8-129

JONESTRADING
CRD 6888 · SEC 8-26089

Fund details & source
Fund ID
805-5836809009
Reported beneficial owners
30
Minimum commitment
$500K
Form D file number
021-222503

Form ADV 2091800 · Apr 6, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

AFR VALUE PARTNERS, L.P.Hedge Fund · Last reported Apr 6, 2026$12.5MGross asset value

Form D fundraising filings

AFR Value Partners, L.P.

Fund administrator STP INVESTMENT SERVICES OCEANPORT, New Jersey, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor ASHLAND PARTNERS & COMPANY LLP CENTRAL POINT, Oregon, United States
Custodian GOLDMAN SACHS & CO. LLC NEW YORK, New York, United States Related to adviser: No
Prime broker JONESTRADING THOUSAND OAKS, California, United States
Provider details
Annual audit
Yes
Prime brokers
Yes
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

ASHLAND PARTNERS & COMPANY LLP
PCAOB 3783

GOLDMAN SACHS & CO. LLC
SEC 8-129

JONESTRADING
CRD 6888 · SEC 8-26089

Fund details & source
Fund ID
805-3935397268
Reported beneficial owners
7
Minimum commitment
$500K
Form D file number
021-146093

Form ADV 2091800 · Apr 6, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Apr 6, 2026. View historical filings

Reported services

Individual portfolio management · Pooled investment vehicle management · Business portfolio management

Compensation

Percentage of assets · Performance-based

Principal office

10 ARROW STREET
CAMBRIDGE, MA, 02138, United States

CRD 167645

Filing source

Form ADV 2091800 · Apr 6, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.