AS OF 06-30-2020
| Top 10 Holdings (excluding cash) | |
| Aimia Inc. (AIM CN) | 27.5% |
| Village Roadshow Ltd. (VRL AU) | 15.9% |
| Revlon Inc. (REV) | 12.0% |
| Greatview Asceptic (468 HK) | 8.4% |
| Cineplex (CGX CN) | 6.5% |
| AMC Entertainment Holdings (AMC) | 5.4% |
| ABS-CBN Corp. (ABSP PM) | 4.5% |
| International Game Technology PLC (IGT) | 4.2% |
| CMIC Holdings (2309 JP) | 3.7% |
| American Equity Investment Life Holding (AEL) | 2.7% |
| Portfolio Characteristics | |
| Mkt. Cap. (wtd. avg.) | $778 mil. |
| Mkt. Cap. (median) | $414 mil. |
| EV / EBITDA | 5.1x |
| Price / FCF | 7.0x |
| FCF yield | 14.4% |
| 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.