Artko Capital 4Q 2019 Partner Letter

For the fourth calendar quarter of 2019, an average partnership interest in Artko Capital LP returned 17.6% 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 9.9%, 13.5%, and 9.1% respectively. For the calendar year 2019, an average partnership interest in Artko Capital LP returned 61.0% net of fees, while investments in the aforementioned market indexes were up 25.5%, 22.4%, and 31.5% respectively. Our detailed 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 Recro Pharma, Spartan Motors, Gaia, Altria and Research Solutions while a modest pullback in US Ecology warrants and Tesla puts detracted from the overall performance.