Artko Capital 3Q 2019 Partner Letter

For the third calendar quarter of 2019, an average partnership interest in Artko Capital LP returned 7.9% 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 2.4%, 5.5%, and up 1.7% respectively. For the first 9 months of calendar 2019, an average partnership interest in Artko Capital LP returned 36.9% net of fees, while investments in the aforementioned market indexes were up 14.2%, 7.9%, and 20.0% 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 contributions from Ecology & Environment, Command Center (Hire Quest), NRC Group Warrants, Repro Pharma, Spartan Motors, and Sharps Compliance while a modest pullback in Research Solutions detracted from the overall performance.