Lansdowne Princay Fund Ltd was down 1.24% in the first quarter, even after grabbing a 3.15% return in March. During the same time, the European stock market fell 8%. The fund explains why it is bullish on the French bank Credit Agricole and bearish on business solutions company Capita plc in U.K. Lansdowne Princay fund managers spent most of the quarterly letter explaining why they have kept a large gross and net long exposure. The fund has a bias towards cyclical stocks and believes that the current fundamentals of economy, low rates, low oil prices and a favorable forex market makes the case...