Another interesting small-cap holding is Asian Pay Television Trust (APTT). APTT (SGX:S7OU, Financial) is a Singapore business trust that has a controlling interest in Taiwan Broadcast-ing Company, which is one of three major cable-TV operators in Taiwan. As a trust, the company is obligated to distribute essentially all its free cash flow to investors as
income. We view the underlying business in Taiwan as stable and highly cash genera-tive, with reasonable growth prospects over time. We have had constructive meetings with managers of both the trust in Singapore and the operating company in Taipei, and we think management is sensible.
From First Eagle Investors' Income Opportunities in Asia PM's Perspective.
