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 | |
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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.