Latest libfm/fm-file and pcmanfm/1.0.2 from git.
When I clicked 'Applications' on the side pane only 'Run program' showed up.
I'm using Xfce now so I have desktop directories that start with xfce-xxxxx.directory or normal ones that are just xxxxx.directory (which I use with IceWM and is probably what pmanfm used to show).
With master branches of libfm/pcmanfm Applications tab work fine.
Then after it showed only one item I moved back to home folder and clicked back again in Applications item in side pane then menu-cache segfaulted.
I'll try reproducing it again.