{ "crd_number": 167645, "slug": "applied-fundamental-research-llc-cambridge-ma-167645", "primary_business_name": "APPLIED FUNDAMENTAL RESEARCH, LLC", "legal_name": "APPLIED FUNDAMENTAL RESEARCH, LLC", "dbas": [], "city": "Cambridge", "state": "MA", "country": "United States", "cbsa_code": "14460", "metro": { "cbsa_code": "14460", "common_name": "Boston", "msa_name": "Boston-Cambridge-Newton, MA-NH", "path": "/advisors/ma/boston" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2021-04-29", "years_registered": 5, "period": "2026-10-01", "filing_date": "2026-04-06", "carried_forward": false, "raum_total": 142861474.0, "raum_discretionary": 142785742.0, "raum_non_discretionary": 75732.0, "raum_band": "100m_500m", "raum_band_label": "$100 million to $500 million", "total_employees": 5, "advisory_employees": 3, "client_count_bucket": "fewer_than_5_in_some_types", "clients_by_type": { "charitable": { "raum": 27727144.0, "count": 3, "fewer_than_5": true }, "other_investment_advisers": { "raum": 75732.0, "count": 1, "fewer_than_5": true }, "pooled_investment_vehicles": { "raum": 111105333.0, "count": 2 }, "corporations_other_businesses": { "raum": 3953265.0, "count": 3, "fewer_than_5": true } }, "compensation_types": [ "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_individuals", "portfolio_management_pooled_vehicles" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "MA" ], "websites": [ "https://appliedfr.com", "https://linkedin.com/company/applied-fundamental-research-llc" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/167645", "city_as_filed": "CAMBRIDGE", "url": "https://advisorcensus.com/firm/applied-fundamental-research-llc-cambridge-ma-167645", "display_name": "Applied Fundamental Research, LLC", "summary": "Applied Fundamental Research, LLC is an SEC-registered investment advisory firm in Cambridge, MA, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated April 6, 2026.", "citation": "AdvisorCensus. Applied Fundamental Research, LLC (CRD 167645): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees" ], "advisory_activity_labels": [ "Portfolio management for individuals and/or small businesses", "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients" ], "quick_answers": [ { "q": "How is Applied Fundamental Research, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Applied Fundamental Research, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure." }, { "q": "Where is Applied Fundamental Research, LLC located?", "a": "Applied Fundamental Research, LLC's principal office is in Cambridge, MA, according to its Form ADV." }, { "q": "Is Applied Fundamental Research, LLC registered with the SEC or a state?", "a": "Applied Fundamental Research, LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 167645." }, { "q": "How much does Applied Fundamental Research, LLC manage?", "a": "Applied Fundamental Research, LLC reports $142,861,474 in regulatory assets under management in its Form ADV filing dated April 6, 2026 (100% discretionary)." }, { "q": "How have Applied Fundamental Research, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Applied Fundamental Research, LLC: Regulatory assets under management: $135,250,719 in the October 2021 data and $142,861,474 in the October 2026 data, up 6%. Total employees: 3 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Applied Fundamental Research, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: charitable organizations (3); corporations or other businesses not listed above (3); pooled investment vehicles (other than investment companies and business development companies) (2)." }, { "q": "Which custodians does Applied Fundamental Research, LLC use?", "a": "Applied Fundamental Research, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon Asset Servicing, J.P. Morgan Securities LLC and National Financial Services LLC as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Applied Fundamental Research, LLC report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/167645" }, { "q": "What changed in Applied Fundamental Research, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 4 to 3." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 135250719.0, "total_employees": 3, "filing_date": "2021-03-30" }, { "period": "2022-10-01", "regulatory_assets_under_management": 240867393.0, "total_employees": 5, "filing_date": "2022-03-30" }, { "period": "2023-10-01", "regulatory_assets_under_management": 168129096.0, "total_employees": 6, "filing_date": "2023-03-30" }, { "period": "2024-10-01", "regulatory_assets_under_management": 163408197.0, "total_employees": 6, "filing_date": "2024-05-31" }, { "period": "2025-10-01", "regulatory_assets_under_management": 149964495.0, "total_employees": 6, "filing_date": "2025-03-26" }, { "period": "2026-10-01", "regulatory_assets_under_management": 142861474.0, "total_employees": 5, "filing_date": "2026-04-06" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 4 to 3." ] } ], "fees_from_brochure": null, "custodians": [ { "name": "BNY Mellon Asset Servicing", "name_as_filed": "BNY MELLON ASSET SERVICING", "affiliated": false }, { "name": "J.P. Morgan Securities LLC", "name_as_filed": "J.P. MORGAN SECURITIES LLC", "affiliated": false }, { "name": "National Financial Services LLC", "name_as_filed": "NATIONAL FINANCIAL SERVICES LLC", "affiliated": false } ], "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.", "markdown_url": "https://advisorcensus.com/firm/applied-fundamental-research-llc-cambridge-ma-167645.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 2, "fewer_than_5": false, "raum": 111105333.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 3, "fewer_than_5": true, "raum": 27727144.0 }, { "type": "other_investment_advisers", "label": "Other investment advisers", "count": 1, "fewer_than_5": true, "raum": 75732.0 }, { "type": "corporations_other_businesses", "label": "Corporations or other businesses not listed above", "count": 3, "fewer_than_5": true, "raum": 3953265.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/167645", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }