AS OF 03-31-2018

Top 10 Holdings (excluding cash)
Revlon Inc. (REV) 15.7%
AMC Entertainment Holdings (AMC) 11.2%
Aimia Inc. (AIM CN)   7.7%
Intralot SA (INLOT GA)    7.6%
Jardine Strategic (JS SP)   5.6%
Clear Media Ltd. (100 HK)   4.9%
International Game Technology PLC (IGT)   4.8%
CMIC Holdings Ltd. (2309 JP)   4.7%
KT Corp. (KT)   4.6%
Sberbank (SBER LI)   4.6%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $8.0 bil.
Mkt. Cap. (median) $896 mil.
EV / EBITDA 6.6x
Price / FCF 10.0x
FCF yield 10.0%


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.