AS OF 03-31-2020
| Top 10 Holdings (excluding cash) | |
| Aimia Inc. (AIM CN) | 23.0% |
| Clear Media Ltd. (100 HK) | 21.9% |
| Revlon Inc. (REV) | 16.2% |
| AMC Entertainment Holdings (AMC) | 4.9% |
| KT Corp. (KT) | 4.8% |
| Village Roadshow Ltd. (VRL AU) | 4.6% |
| CMIC Holdings (2309 JP) | 4.6% |
| ABS-CBN Corp. (ABSP PM) | 4.2% |
| International Game Technology PLC (IGT) | 3.4% |
| American Equity Investment Life Holding (AEL) | 2.5% |
| Portfolio Characteristics | |
| Mkt. Cap. (wtd. avg.) | $583 mil. |
| Mkt. Cap. (median) | $328 mil. |
| EV / EBITDA | 4.9x |
| Price / FCF | 7.4x |
| FCF yield | 13.5% |
| Country Exposure | |
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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.