Artko Capital 1Q 2019 Partner Letter

For the first calendar quarter of 2019, an average partnership interest in Artko Capital LP returned 10.3% net of fees. At the same time, an investment in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—was up 14.6%, 13.1%, and 13.7%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter came from contributions from the near doubling of Joint Chiropractic as well as Skyline Champion, while the rest of the portfolio remained flat to modestly up for the quarter.