Form ADV Part 2A, Item 4 A. Firm Overview Applied Fundamental Research, LLC (“AFR” or the “Firm”) is a Delaware limited liability company which commenced its present investment advisory business in May 2013. The Firm was organized in Delaware on January 7, 2013 and qualified to do business in Massachusetts on April 11, 2013. It was founded by Theodore H. Wagenknecht and Kevin F. Curran, who oversee the portfolio management and investment research functions. The Firm is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). Theodore H. Wagenknecht is the Firm’s principal owner, and it’s Portfolio Manager. B. Advisory Services AFR primarily acts as investment adviser to two private investment partnerships, AFR Value Partners, L.P. (“AFR VP”) and AFR Concentrated Value, L.P. (“AFR CV”), together “the Funds”, pursuant to the terms of investment management agreements between AFR and both of the Funds. AFR VP invests mainly in North American small- and mid-cap companies using a mix of long and short equity and credit positions. The investment objective of AFR VP is to generate attractive risk-adjusted returns, after fees and expenses, over the long term with a particular emphasis on capital preservation. AFR VP employs an opportunistic value investment strategy combined with rigorous fundamental due-diligence to identify and analyze businesses whose securities or obligations are priced at a substantial discount to the Investment Manager’s estimates of their intrinsic value. AFR VP will invest when AFR believes that securities hold a compelling combination of margin of safety and potential return when compared to the risk associated with an investment and will hold cash when opportunities are not compelling on an absolute, risk-adjusted basis. AFR CV invests mainly in North American small- and mid-cap companies using a mix of long and potentially short equity positions. AFR CV’s primary objective is to compound investor capital over the long-term by investing according to a defined, research-intensive investment process that seeks to identify and profit from fundamentally

undervalued equity securities that offer the potential for attractive returns. AFR CV will seek to generate returns by taking advantage of inconsistent and inefficient pricing in the securities markets. AFR CV intends to invest long-only primarily in liquid equity securities. The Funds have no investment restrictions other than any requirements imposed by law applicable to their investments. Any future investment restrictions will be reflected in each Fund’s limited partnership agreement, private placement memorandum and/or investment management agreement, and material restrictions reported in this Brochure. AFR provides investment advice directly to each of the Funds and not individually to their limited partners or investors. AFR may also provide advisory services in connection with separately managed accounts, which may include accounts for which AFR acts as sub-advisor under another investment advisor. Such services are provided pursuant to investment management agreements with each separately managed account holder and, in the case of a sub-advisory relationship, with the primary investment advisor. AFR’s advisory services to these separately managed accounts are generally in connection with the same types of investments and strategies that apply to the Funds. AFR may also provide investment advice to other independent investment advisors or third-party platforms who may employ this advice in the management of their clients' investments. Assets managed through this type of structure are non-discretionary to AFR and AFR has no trading or management authority with respect to such assets. C. Tailored Advisory Services AFR does not provide advisory services tailored to the individual needs of clients, beyond generally investing according to the strategies set forth above. D. Wrap Fee Programs AFR does not participate in any wrap fee program. E. Assets Under Management As of February 28, 2023 the following assets are managed by AFR: Discretionary Basis $159,460,663 Non-Discretionary Basis $ 4,706,082 Total Assets under Management $164,166,745