Applied Fundamental Research, Llc
- Regulatory AUM
- $143M
- Discretionary
- $143M
- Clients
- 9
- Avg AUM / client
- $15.9M
- Accounts
- 7
- Employees
- 5
AUM over time
Reported AUM from Form ADV filings, plotted by filing date · as of Apr 06, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 2 | $111M | 77.8% |
| Charitable organizations | 3 | $27.7M | 19.4% |
| Other investment advisers | 1 | $75.7K | 0.05% |
| Corporations and other businesses | 3 | $4.0M | 2.77% |
Private funds (2)
Reported in Form ADV Section 7.B.(1), filing of May 2024 · $110M combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Afr Concentrated Value, Lp | Hedge Fund | Delaware | $95.9M | 37 |
| Afr Value Partners, L.P. | Hedge Fund | Delaware | $13.8M | 7 |
People (2)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Theodore H. Wagenknecht | Manager, Member | CFA | Jan 2013 (14y) | 50% – 75% |
| Kevin Francis Curran | Member | CFA | May 2013 (13y) | 25% – 50% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (2, $110M gross assets)
| Fund | Type | Gross assets | Min. investment | Owners |
|---|---|---|---|---|
| Afr Concentrated Value, Lp | Hedge Fund | $95.9M | $500K | 37 |
| Afr Value Partners, L.P. | Hedge Fund | $13.8M | $500K | 7 |
From Form ADV Section 7.B private fund reporting.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 04/06/2026 | 1.43 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- Bmo Harris Bank N.A. $32.5M (13% of AUM) Mar 2022
- BNY Mellon $17.5M (12% of AUM) Apr 2026
- National Financial Services (Fidelity) $10.2M (7% of AUM) Apr 2026
- J.P. Morgan $4.0M (3% of AUM) Apr 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Apr 06, 2026.
View current Form ADV (SEC/IAPD) ↗