AS OF 03-31-2021
| Top 10 Holdings (excluding cash) |
| Aimia Inc. (AIM CN) |
30.8% |
| AMA Group Ltd. (AMA AU) |
15.0% |
| Revlon Inc. (REV) |
11.5% |
| Cineplex (CGX CN) |
10.8% |
| Greatview Asceptic (468 HK) |
9.3% |
| International Game Technology PLC (IGT) |
9.0% |
| American Equity Investment Life Holding (AEL) |
2.9% |
| ABS-CBN Corp. (ABSP PM) |
2.8% |
| Newmark Group (NMRK) |
2.3% |
| Bayer AG (BAYRY) |
2.2% |
| Portfolio Characteristics |
| Mkt. Cap. (wtd. avg.) |
$2,542 mil. |
| Mkt. Cap. (median) |
$662 mil. |
| EV / EBITDA |
6.1x |
| Price / FCF |
10.6x |
| FCF yield |
9.4% |
| 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.
