Applied Fundamental Research (AFR) is a privately held investment management firm based in Cambridge, Massachusetts. We manage concentrated portfolios of small or mid-cap businesses. As value investors first and foremost, we exist to compound capital on behalf of high net worth individuals and families, endowments and foundations, and institutional partners in a risk aversive manner. AFR utilizes a defined research methodology to identify, analyze and value fundamentally mispriced equity opportunities. At the core of our process is our proprietary research engine, comprising both qualitative and quantitative elements, which establishes the intrinsic value of a business and the margin of safety offered to the various securities within its capital structure.