Artko Capital 1Q 2020 Partner Letter

For the first calendar quarter of 2020, an average partnership interest in Artko Capital LP was down 37.4% net of fees. At the same time, investments in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—were down 30.6%, 32.0%, and 19.6% respectively. Our detailed results and related footnotes are available in the table at the end of this letter. Our results this quarter came from broad portfolio declines from Recro Pharma, Spartan Motors, Viad, Altria and US Ecology warrants while a near doubling in our Sharps Compliance holding contributed to improving the overall performance.