Artko Capital LP 2Q 2020 Partner Letter

For the second calendar quarter of 2020, an average partnership interest in Artko Capital LP was down 11.4% net of fees. At the same time, investments in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—were up 25.4%, 30.5%, and 20.5% respectively. Our detailed results, related footnotes and subsequent events are available at the end of this letter. Our results this quarter came from mild portfolio declines in Recro Pharma, Gaia and Research Solutions while our Shyft Group holding (formerly Spartan Motors) contributed to improving the overall performance.