AS OF 12-31-2019


Top 10 Holdings (excluding cash)
Aimia Inc. (AIM CN)  24.9%
Revlon Inc. (REV)  17.8%
Clear Media Ltd. (100 HK)  11.7%
Village Roadshow Ltd. (VRL AU)   8.7%
International Game Technology PLC (IGT)   5.5%
AMC Entertainment Holdings (AMC)   5.2%
KT Corp. (KT)   4.8%
CMIC Holdings (2309 JP)   3.8%
Intralot SA (INLOT GA)   2.8%
ABS-CBN Corp. (ABSP PM)   2.7%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $1.1 bil.
Mkt. Cap. (median) $557 mil.
EV / EBITDA 6.1x
Price / FCF 10.1x
FCF yield 9.9%


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.