Artko Capital 4Q 2020 Partner Letter

For the fourth calendar quarter of 2020, an average partnership interest in Artko Capital LP returned 17.2% 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 31.4%, 31.4%, and 12.2% respectively. For the twelve months of calendar 2020, an average partnership interest in Artko Capital LP was down 20.7% net of fees, while investments in the aforementioned market indexes were up 20.0%, 21.0%, and 18.4% 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.