Artko Capital LP
January 19, 2018
Investing in small/micro cap companies and special situations within a concentrated portfolio

Artko Capital 4Q17 Partner Letter

For the fourth calendar quarter of 2017, a partnership interest in Artko Capital LP returned 4.1% net of fees. At the same time, an investment in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—gained 3.3%, 1.8%, and 6.6%, respectively. For the 12 months of calendar 2017, an interest in Artko Capital LP returned 11.0% net of fees, while investments in the most comparable aforementioned market indexes were up 14.7%, 13.2%, and 21.8%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter came from significant contributions from Spartan Motors, Leaf Group, Full House Resorts and Moneygram puts, while pullbacks in Hudson Technologies and US Geothermal and hedging detracted from the overall performance.

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