AS OF 06-30-2019


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  26.1%
Revlon Inc. (REV)  13.0%
Clear Media Ltd. (100 HK)   8.2%
AMC Entertainment Holdings (AMC)   6.7%
KT Corp. (KT)   5.1%
International Game Technology PLC (IGT)   4.8%
Village Roadshow Ltd. (VRL AU)   4.6%
CMIC Holdings (2309 JP)   4.2%
First Pacific Co. (142 HK)   3.4%
Intralot SA (INLOT GA)   3.3%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $3.8 bil.
Mkt. Cap. (median) $762 mil.
EV / EBITDA 5.9x
Price / FCF 9.8x
FCF yield 10.2%


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.