ASLV is actively managed and aims for long-term capital appreciation by primarily investing in equity securities of 30 to 50 large-cap US companies, specifically those within the Russell 1000 Index's market capitalization range. It may allocate up to 20% of assets to equity securities of foreign issuers, including ADRs. The fund employs fundamental research to screen for companies that are considered undervalued and have the potential for above-average capital appreciation with below-average risk. It seeks investments with favorable reward-to-risk ratios, a durable asset base, strong balance sheets, and sustainable cash flows. The portfolio may include companies that are out of favor or undergoing reorganization. Holdings are regularly reviewed, and positions may be sold when a stock approaches its price target, downside risks increase, fundamentals deteriorate, or a more attractive investment opportunity arises.