AS OF 03-31-2020


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  23.0%
Clear Media Ltd. (100 HK)  21.9%
Revlon Inc. (REV)  16.2%
AMC Entertainment Holdings (AMC)   4.9%
KT Corp. (KT)   4.8%
Village Roadshow Ltd. (VRL AU)   4.6%
CMIC Holdings (2309 JP)   4.6%
ABS-CBN Corp. (ABSP PM)   4.2%
International Game Technology PLC (IGT)   3.4%
American Equity Investment Life Holding (AEL)   2.5%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $583 mil.
Mkt. Cap. (median) $328 mil.
EV / EBITDA 4.9x
Price / FCF 7.4x
FCF yield 13.5%


Country Exposure


Note: The top ten holdings and portfolio characteristics shown above are based on a representative account. The representative account is an actual, separately managed portfolio representative of the firm’s investment strategy. The information shown is not intended nor should it be construed to be a recommendation to buy or sell an individual security.