Artko Capital 3Q 2021 Partner Letter

For the third calendar quarter of 2021, an average partnership interest in Artko Capital LP was down 6.1% 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 4.4%, 5.0%, and up 0.6% respectively. Our detailed results and related footnotes are available in the table at the end of this letter. Our results this quarter came from Northern Technologies, Research Solutions and Potbelly, offset by modest detractions from Gaia, Acorn Energy, and our hedges.