AS OF 09-30-2019


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  24.2%
Revlon Inc. (REV)  19.5%
AMC Entertainment Holdings (AMC)   8.1%
Clear Media Ltd. (100 HK)   7.4%
International Game Technology PLC (IGT)   5.6%
KT Corp. (KT)   5.0%
Village Roadshow Ltd. (VRL AU)   4.8%
CMIC Holdings (2309 JP)   3.8%
First Pacific Co. (142 HK)   3.4%
ABS-CBN Corp. (ABSP PM)   3.2%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $1.1 bil.
Mkt. Cap. (median) $428 mil.
EV / EBITDA 5.8x
Price / FCF 9.6x
FCF yield 10.4%


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.