1. Monthly Recap January 31, 2016
Pursuing Superior Risk-Adjusted Returns
Contact: Raymond C. Stewart
rcs@conqueststrategies.com
646-450-8712
Conquest Business Cycle Investing (“BCI”) – MidCap Portfolio
Monthly Report – period ending January 31, 2016
For the period ended 01/31/2016, the Conquest Business Cycle Investing (“BCI”) – MidCap
Portfolio1
was set back 4.71% compared to a 4.96% retreat for its benchmark, the S&P 500
Composite Index2
and a 6.55% decline for the Russell Mid-Cap Index during the month of
January 2016.
1
The BCI MidCap Portfolio is a model portfolio only. Performance is in conformity with industry presentation standards. The data reflects
past performance. The principle value of an investment will fluctuate. Past performance may not be indicative of future investment
results. Performance changes over time and currently may be significantly different than stated.
2
S&P 500 Composite with dividends reinvested
From inception in July 2010 through the end of January 2016, the BCI MidCap Portfolio has
advanced 216%, compared to a 120% gain for the S&P 500 Composite and 106% for the Russell
Mid-Cap Index during the same period.
In July 2010, we began trading our theoretical paper portfolio of the BCI MidCap strategy with an
assumed starting investment of $25 million. At the end of January 2016, total AUM had
appreciated to $87 million, net of any dividends accrued; there were 44 positions in the portfolio,
including cash.
BCI Stock Statistics (01/31/16)
Portfolio Relative to S&P 500 Portfolio Relative to S&P 500
Forward P/E Ratio 12.40 0.75 5-Yr Proj EPS Growth% 11.03 1.16
P/B Ratio 2.47 1.03 Dividend Yield % 1.54 0.74
ROA 7.11 0.98 Average Market Cap $mil 10,267 0.15
ROE 19.06 0.93
Source: Morningstar data
The following two pages contain an explanation of our strategy, a detailed breakout highlighting
some of our holdings and our sector weightings as of the close of the month in reference.

2. Monthly Recap January 31, 2016
Snapshot Overview of Conquest BCI Strategy
Our Strategy
 Mid-cap equity investing employing fundamental based, bottom-up stock selection of companies in
industries or sectors most likely to benefit from the current stage of the business cycle
Investment Objective
 To deliver above average market returns over a business cycle with a level of volatility only slightly
greater than that of the S&P 500 Index
Investment Philosophy
 We believe that there is the potential to generate superior risk-adjusted returns by investing in
undervalued companies in industries or sectors most likely to benefit from the current stage of the
business cycle.
 We believe that there is greater opportunity to uncover and profit from pricing inefficiencies
among lesser followed midcap stocks than large cap stocks.
Our Role Within An Investor’s Total Portfolio
 To add total return to market-like returns of core equity allocation
 To buffer downside risk in broader core equity market allocations
Where We See Opportunity
While traditional buy and hold strategies may be ineffective in the current market, there are ways to take
advantage of where we are in the business cycle. Phases of the business cycle are believed to be a primary
factor affecting stock prices. Being at the “right place at the right time,” industry and sector-wise —
coupled with proper stock selection, based on strong or improving fundamentals — are critical
ingredients for successful investing over a business cycle.
Manager Bio
Raymond Stewart is Senior Managing Director of Conquest Strategies, LLC. He is also the President and
Chief Investment Officer of RASARA Strategies, Inc., which he founded in 1992. He has been in the
investment business for over 30 years.
Raymond began his career at Salomon Brothers, Inc. in 1979 as a part time employee responsible for
developing banking industry statistical databases at the firm while attending graduate school. Upon
obtaining his MBA degree from the Columbia University Graduate School of Business in 1980, he
accepted a full-time position at Salomon Brothers as a securities research analyst, specializing in banking
industry companies. Instrumental in refining and adding coverage to the research department’s banking
industry product line, Raymond was a pioneer in applying new valuation techniques to bank stocks. In
1983, he helped form WRM Equity Management, Inc., believed to be the first institutional investment
management firm focusing exclusively on investments bank equity securities. His views on bank stock
investing have appeared in Dow Jones Newswire, Institutional Investor, Barron’s, Business Week, Black
Enterprise Magazine, Investment Advisor, The Wall Street Transcript, Financial Planning, the Japanese
business publication Gendai Monthly and on Bloomberg TV.
Raymond holds a B.S. degree from Cornell University, where he majored in Economics and Public
Policy. He is an avid martial arts enthusiast, currently ranked GoDan (5th degree black belt) in Kendo, the
art of Japanese Fencing.

3. Monthly Recap January 31, 2016
Recap for the period ending January 31, 2016
Top 5 Gainers (01/31/16)
Name Ticker Price $ Market Value $ 1 Mo. Return %
ProShares Short Russell 2000 RWM 67.54 - 16.45
ProShares Short S&P 500 SH 21.90 219,000 12.14
Public Service Enterprise Group PEG 41.30 2,065,000 6.75
Aqua America Inc WTR 31.53 1,576,500 5.81
Utilities Select Sector SPDR XLU 2,271,000 5.38
Top 5 Losers (01/31/16)
Name Ticker Price $ Market Value $ 1 Mo. Return %
Raymond James Financial Inc RJF 43.81 2,847,650 -24.43
Tesoro Corp TSO 87.25 698,000 -17.20
ARRIS International PLC ARRS 25.47 2,292,300 -16.68
Tiffany & Co TIF 63.84 638,400 -16.32
Affiliated Managers Group Inc AMG 134.19 2,683,800 -16.01
Capital Gains/Loss $ (Top 10)
Name Ticker Amount $
ProShares Short S&P 500 SH 79,900
ProShares Short Russell 2000 RWM 490,200
Sector Weightings (01/31/16)
BCI S&P 500
Cash 9.12%
Basic Materials 4.06% 2.48%
Consumer Cyclicals 8.27% 11.13%
Financial Services & Real Estate 13.31% 16.89%
Energy 6.55% 6.62%
Industrials 14.90% 10.69%
Technology 21.78% 18.62%
Consumer Defensive 8.59% 10.57%
Utilities 6.82% 7.66%
Healthcare 4.63% 15.24%
Cash Equitization 1.73%
Hedging Activity 0.25%
Source: Conquest Strategies, Morningstar data