Artko Capital 1Q 2021 Partner Letter

For the first calendar quarter of 2021, an average partnership interest in Artko Capital LP returned 30.9% net of fees. At the same time, investments in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—were up 12.7%, 23.9%, and 6.2% respectively. Our detailed results and related footnotes are available in the table at the end of this letter. Our results this quarter came from Shyft Group, HireQuest, as well as modest contributions from US Ecology warrants and Northern Technologies.