Bateleur Capital, is a boutique investment house that was founded in 2004, and started out as a manager of two successful hedge fund strategies. In 2010, following the success of their hedge fund strategies, the firm launched a long only flexible fund, followed by the launch of an equity fund in 2012. Bateleur is a shining example of a boutique investment house. The team have solid track records, they guard their independence fiercely and are acutely focussed on the investment management aspect of their business. The Bateleur Flexible Prescient Fund, managed by founder and portfolio manager Kevin Williams holds a material exposure to JSE listed companies with offshore property portfolios that have a predominant exposure to Europe. The following extract from their 2015 Q3 report provides a fascinating insight into their views on this investment theme.