AS OF 03-31-2017

Top 10 Holdings (excluding cash)
Revlon Inc. (REV) 14.0%
International Game Technology PLC (IGT)   9.0%
Clear Media (100 HK)   6.2%
Jardine Strategic (JS SP)   6.2%
Intralot SA (INLOT GA)    5.9%
First Pacific Corp. (142 HK)   5.5%
Rallye SA (RAL FP)   5.5%
KT Corp. (KT)   5.2%
AMC Entertainment Holdings (AMC)   5.2%
ABS-CBN Corp (ABS PM)   5.1%


Portfolio Characteristics
Mkt. Cap. (wtd. avg.) $9.5 bil.
Mkt. Cap. (median) $1.5 bil.
EV / EBITDA 6.7x
Price / FCF 10.6x
FCF yield 9.5%


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.