AS OF 06-30-2020


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  27.5%
Village Roadshow Ltd. (VRL AU)  15.9%
Revlon Inc. (REV)  12.0%
Greatview Asceptic (468 HK)   8.4%
Cineplex (CGX CN)   6.5%
AMC Entertainment Holdings (AMC)   5.4%
ABS-CBN Corp. (ABSP PM)   4.5%
International Game Technology PLC (IGT)   4.2%
CMIC Holdings (2309 JP)   3.7%
American Equity Investment Life Holding (AEL)   2.7%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $778 mil.
Mkt. Cap. (median) $414 mil.
EV / EBITDA 5.1x
Price / FCF 7.0x
FCF yield 14.4%


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.