APPLX aims for undervalued equity, focusing on intrinsic value and company fundamentals. The portfolio includes a mix of U.S. and foreign stocks, ADRs/GDRs, of all market caps, and may have significant holdings in the adviser's top picks. It also incorporates ESG considerations, avoids certain companies, and may invest in fixed income, derivatives, commodities, and precious metals. The fund is non-diversified, potentially increasing risk and return potential due to larger investments in fewer issuers.