Artko Capital 2021 Annual Partner Letter

For the fourth calendar quarter of 2021, an average partnership interest in Artko Capital LP was down 3.4% 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 2.1%, down 2.7%, and up 8.6%, respectively. For the calendar year of 2021, an average partnership interest in Artko Capital LP was up 19.4% net of fees. At the same time, investments in the aforementioned market indexes were up 14.8%, 19.3%, and 28.7%, respectively. Our detailed results and related footnotes are available in the table at the end of this letter. Our results this year came from HireQuest, Acorn Energy, Northern Technologies, The Shyft Group, and our hedges, while a pullback in Gaia detracted from the overall performance. We share our outlook and full portfolio review for 2021 in the letter below.