Investing in small/micro cap companies and special situations within a concentrated portfolio
Artko Capital LP 3Q 2017 Partner Letter
Dear Partner,
For the third calendar quarter of 2017, a partnership interest in Artko Capital LP returned 1.9% 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 5.7%, 6.7%, and 4.5%, respectively. For the first nine months of calendar 2017, an interest in Artko Capital LP returned 6.6% net of fees, while investments in the most comparable aforementioned market indexes were up 10.9%, 11.6%, and 14.2%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter were somewhat muted due to our increasing use of hedging and moving to a larger cash position offset by strong performances by Spartan Motors and Viad.
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