Applied Fundamental Research, LLC

Applied Fundamental Research, LLC (AFR) is a Registered Investment Adviser based in Cambridge, MA, established in January 2013 and commenced its present investment advisory business in May 2013. Founded by Theodore H. Wagenknecht and Kevin F. Curran, AFR primarily acts as an investment adviser to two private investment partnerships, AFR Value Partners, L.P., and AFR Concentrated Value, L.P. AFR specializes in investing in North American small- and mid-cap companies using a mix of long and short equity and credit positions. The firm's investment objective is to generate risk-adjusted returns over the long term with an emphasis on capital preservation. AFR employs an opportunistic value investment strategy combined with fundamental due diligence to identify undervalued equity securities. The minimum initial investment for both partnerships is $500,000, with discretion over managing the investments granted to AFR. AFR charges a fixed quarterly management fee of 0.3125% for its services. The firm does not participate in wrap fee programs and manages assets totaling $149,964,496 as of December 31, 2024. AFR does not provide tailored advisory services beyond its investment strategies and does not accept compensation for the sale of securities or investment products. The firm's investment philosophy focuses on risk management, fundamental analysis, and value investing across various asset classes and sectors.