Through in-house development projects, financing of small-cap real estate developers, and secondary investments in index funds – the firm generates gains from a diversified but concentrated array of investment pathways. It is an investment focus guided by foresight and experience. An artist is paid not for his labor but for his vision. The same can be said about asset management. Apart from capitalization strength, it is the depth of intellectual capital that gives Toltec Capital an operational advantage. Value creation is a function of how well the human capital manages the financial capital and the intellectual capital. Our enduring success as a private equity firm has resulted from an investment focus that incorporates diversification with concentration.