Farringdon European Opportunities is a concentrated long-only fund that solely invests in European companies. The portfolio consists of companies that may be growing or declining; capital-intensive or capital-light; making stellar returns or sub-par returns; have good management teams or poor. We are style-agnostic when it comes to characteristics such as these. What matters is that the price paid is attractive given the riskiness of the stream of future cash flows we expect will be generated by these businesses. It is our firm belief that valuation is the most critical determinant of future returns. This often means that we invest in companies where pessimism is at its highest and the price at its lowest.