APPLX focuses on undervalued equities, employing a thorough valuation approach to discern intrinsic value versus market price. It places importance on strong fundamentals, competitive positioning, financial health, and good management. The fund considers ESG factors and is inclined towards shareholder-friendly companies, potentially concentrating in a few select investments. It covers various capitalizations, including global markets, and may utilize derivatives and invest in fixed income, commodities, and real estate.