Artko Capital LP 1Q 2017 Partner Letter

For the 3rd fiscal and 1st calendar quarter of 2017, a partnership interest in Artko Capital LP was down 3.5% net of fees. At the same time, an investment in the most comparable market indexes Russell 2000, Russell Microcap, and the S&P 500 – gained 2.5%, 0.4%, and 6.1%, respectively. For the nine months of our fiscal 2017, an interest in Artko Capital LP returned 18.6% net of fees, while investments in the most comparable aforementioned market indexes were up 21.6%, 22.9%, and up 14.4%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter were impacted by a loss on our position in Kodak warrants and general portfolio volatility, and we will focus the letter on our process and discussing how we got there.