DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
A•••••• F••••••••• R•••••••• L••
Latest filing Apr 6, 2026
First filing on the tape Mar 30, 2021 · 8 filings
SEC status approved since Apr 29, 2021
RAUM
$143M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
2
registered through the firm on IAPD
RAUM per advisor
$71.4M
derived; firm RAUM over IAPD count
Employees
5
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
2
reported on Schedule D
History
8 filings and snapshots on the tape
RAUM$143M as of Apr 6, 2026
Mar 30, 2022$241M then
HNW client RAUM: no history
State-registered IARs (5.B.3)2 as of Apr 6, 2026
Mar 30, 20222 then
Employees (5.A)5 as of Apr 6, 2026
Mar 30, 20225 then
Private funds2 as of Apr 6, 2026
Mar 30, 20222 then
RAUM -4.7% over the last fiscal year-5.3% a year over threeIARs 2 to 2
Practice profile
derived from the filing of Apr 6, 2026; every figure names its basis
- RAUM per advisor
- $71.4MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $20.4MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 19%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 2.5derivedItem 5.A over advisors
- Advisors per office
- 2.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -4.7%derivedbetween the last two annual amendments
- Advisor growth, one year
- +0.0%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for individuals, portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$111M78%
- Charitable organizations$27.7M19%
- Corporations and businesses$4.0M2.8%
- Other investment advisers$75,7320.1%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- 3reported
- Accounts
- 7reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- noreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.78 institutional_share=0.19 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
2 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| T••••••• H• W•••••••••Chartered Financial Analyst | Cambridge, Ma | Feb 2, 2016 | 13 y | 0 |
| K•••• F•••••• C•••••Chartered Financial Analyst | New York, Ny | Aug 30, 2017 | 13 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount0 left over 36 months
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
2 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| A•• C••••••••• V••••• L• | Hedge Fund | $95.9M | 37 | Mar 30, 2021 |
| A•• V•••• P•••••••• L••• | Hedge Fund | $13.8M | 7 | Mar 28, 2012 |
Owners and control persons
Schedule A and B, latest filing
- C•••••• K••••• F•••••• · Membercontrolsince 05/2013 · owns 25% to 50%
- W••••••••• T•••••••• H• · Manager, Membercontrolsince 01/2013 · owns 50% to 75%
Related persons
Schedule D 7.A
- A•• C• G•• L••pooled vehicle sponsorn
- A•• V• G•• L••pooled vehicle sponsorn
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Cambridge, Ma · principal | 2 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- high institutional concentrationStatic outlier · filing Apr 6, 2026institutional share of RAUM of 19% against a peer median of 0% (1568 comparable advisers, 98.0th percentile, 6.5 robust deviations)peers: asset managers, $100M to $500M (1,568) · 98% percentile
What changed
consecutive filings, newest first
- Accounts · 10 to 7Mar 26, 2025 to Mar 27, 2026
- Advisory employees · 4 to 3Mar 26, 2025 to Mar 27, 2026
- Employees · 6 to 5Mar 26, 2025 to Mar 27, 2026
- Discretionary RAUM · $150M to $143MMar 26, 2025 to Mar 27, 2026
- Non-discretionary RAUM · $73,539 to $75,732Mar 26, 2025 to Mar 27, 2026
- Pooled vehicle RAUM · $104M to $111MMar 26, 2025 to Mar 27, 2026
- RAUM · $150M to $143MMar 26, 2025 to Mar 27, 2026
- Accounts · 11 to 10May 31, 2024 to Mar 26, 2025
- Charity clients · unset to 3.0May 31, 2024 to Mar 26, 2025
- Corporate clients · unset to 3.0May 31, 2024 to Mar 26, 2025
- Financial planning clients · unset to May 31, 2024 to Mar 26, 2025
- Discretionary RAUM · $161M to $150MMay 31, 2024 to Mar 26, 2025
- Non-discretionary RAUM · $2.5M to $73,539May 31, 2024 to Mar 26, 2025
- Pooled vehicle RAUM · $110M to $104MMay 31, 2024 to Mar 26, 2025
- RAUM · $163M to $150MMay 31, 2024 to Mar 26, 2025
- Discretionary RAUM · $163M to $161MMar 30, 2023 to Mar 30, 2024
- Non-discretionary RAUM · $4.7M to $2.5MMar 30, 2023 to Mar 30, 2024
- Pooled vehicle RAUM · $105M to $110MMar 30, 2023 to Mar 30, 2024
- RAUM · $168M to $163MMar 30, 2023 to Mar 30, 2024
- Charity clients · 5.0 to unsetMar 30, 2022 to Mar 30, 2023
- Employees · 5 to 6Mar 30, 2022 to Mar 30, 2023
- Discretionary RAUM · $228M to $163MMar 30, 2022 to Mar 30, 2023
- Non-discretionary RAUM · $13.0M to $4.7MMar 30, 2022 to Mar 30, 2023
- Pooled vehicle RAUM · $124M to $105MMar 30, 2022 to Mar 30, 2023
- RAUM · $241M to $168MMar 30, 2022 to Mar 30, 2023
- Accounts · 7 to 11Mar 30, 2021 to Mar 30, 2022
- Advisory employees · 2 to 4Mar 30, 2021 to Mar 30, 2022
- Charity clients · unset to 5.0Mar 30, 2021 to Mar 30, 2022
- Employees · 3 to 5Mar 30, 2021 to Mar 30, 2022
- Discretionary RAUM · $135M to $228MMar 30, 2021 to Mar 30, 2022
- Non-discretionary RAUM · $0 to $13.0MMar 30, 2021 to Mar 30, 2022
- Pooled vehicle RAUM · $81.4M to $124MMar 30, 2021 to Mar 30, 2022
- RAUM · $135M to $241MMar 30, 2021 to Mar 30, 2022
Signals
5 dated events
- G•••••••• D•••••• D••••••••• (Cco And Director Of Finance) no longer on Schedule A of A•••••• F••••••••• R•••••••• L•• (listed 2024-03-30, absent 2024-05-31)May 31, 2024 · Control person left · inference
- John David Breazzano (Manager And President) no longer on Schedule A of A•••••• F••••••••• R•••••••• L•• (listed 2021-03-30, absent 2022-03-30)Mar 30, 2022 · Control person left · inference
- A•••••• F••••••••• R•••••••• L•• reported RAUM $240.9M, up 78% from $135.3M (2021-03-30 to 2022-03-30)Mar 30, 2022 · RAUM change · derived
- G•••••••• D•••••• D••••••••• (Cco And Director Of Finance) appeared on Schedule A of A•••••• F••••••••• R•••••••• L••Mar 30, 2022 · Control person joined · fact
- A•••••• F••••••••• R•••••••• L•• filed its initial SEC registration (Form ADV)Mar 30, 2021 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/applied-fundamental-research-llcreportedpublic record, Form ADV, Sep 19, 2026
- Website
- A••••••FR.COMreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 617-360-7176reportedpublic record, Form ADV, Apr 6, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- $71.4Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026