AS OF 09-30-2018


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  18.3%
Revlon Inc. (REV)  16.6%
AMC Entertainment Holdings (AMC)  14.9%
Jardine Strategic (JS SP)    4.8%
KT Corp. (KT)   4.5%
Clear Media Ltd. (100 HK)   4.4%
International Game Technology PLC (IGT)   4.1%
Intralot SA (INLOT GA)   4.0%
HC2 Holdings (HCHC)   3.3%
CMIC Holdings Ltd. (2309 JP)   3.3%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $4.8 bil.
Mkt. Cap. (median) $855 mil.
EV / EBITDA 6.9x
Price / FCF 9.4x
FCF yield 10.6%


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.