Applied Fundamental Research, LLC

Applied Fundamental Research, LLC primarily acts as investment adviser to two private investment partnerships, AFR Value Partners, L.P. and AFR Concentrated Value, L.P., and also provides advisory services for separately managed accounts and sub‑advisory arrangements. The firm additionally offers non‑discretionary investment advice to other independent investment advisers and third‑party platforms.

AFR employs an opportunistic value investment approach grounded in rigorous fundamental due diligence, focusing on North American small‑ and mid‑cap companies across equities and credit. AFR Value Partners uses a mix of long and short equity and credit positions with an emphasis on capital preservation, while AFR Concentrated Value is positioned as primarily long‑only in liquid equities and may hold cash when opportunities are not compelling.

Distinctive features include the firm’s provision of advice to other investment advisers and third‑party platforms, as well as its potential to serve charitable and corporate clients—client types that are less common among managers that principally operate pooled vehicles. The firm operates with a small investment team overseeing roughly $143 million in assets and supplements its fund management with sub‑advisory, separately managed account work and capital‑raising arrangements for its funds.