AS OF 12-31-2018


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  19.8%
Revlon Inc. (REV)  15.9%
Clear Media Ltd. (100 HK)  12.1%
AMC Entertainment Holdings (AMC)   8.1%
Jardine Strategic (JS SP)   5.4%
KT Corp. (KT)   5.3%
Village Roadshow Ltd. (VRL AU)   4.0%
International Game Technology PLC (IGT)   3.7%
CMIC Holdings Ltd. (2309 JP)   3.1%
Intralot SA (INLOT GA)   3.0%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $4.0 bil.
Mkt. Cap. (median) $722 mil.
EV / EBITDA 6.3x
Price / FCF 9.2x
FCF yield 10.9%


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.