Artko Capital 2Q 2019 Partner Letter

For the second calendar quarter of 2019, an average partnership interest in Artko Capital LP returned 15.1% net of fees. At the same time, an investment in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—were up 2.1%, 0.9%, and 4.3%, respectively. For the first 6 months of calendar 2019, an average partnership interest in Artko Capital LP returned 26.9% net of fees, while investments in the aforementioned market indexes were up 17.0%, 14.2%, and 18.3%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter came from broad portfolio contributions from Joint Chiropractic, Skyline Champion, NRC Group Warrants, USA Technologies, Repro Pharma, Spartan Motors, and Research Solutions while continued pullbacks in Gaia have detracted from the overall performance.