AS OF 03-31-2019


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  21.1%
Clear Media Ltd. (100 HK)  13.4%
Revlon Inc. (REV)  11.6%
AMC Entertainment Holdings (AMC)   9.4%
Jardine Strategic (JS SP)   5.4%
Village Roadshow Ltd. (VRL AU)   4.8%
KT Corp. (KT)   4.5%
Intralot SA (INLOT GA)   3.4%
International Game Technology PLC (IGT)   3.2%
ABS-CBN Corp. (ABSP PM)   2.8%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $4.4 bil.
Mkt. Cap. (median) $816 mil.
EV / EBITDA 6.1x
Price / FCF 10.2x
FCF yield  9.8%


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.