ECOM - Artko Capital Q1 2021 Partner Letter

• Artko Capital - Investing in small/micro cap companies and special situations within a concentrated portfolio.
• For Q1'21, an average partnership interest in Artko Capital LP returned 30.9% 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 12.7%, 23.9%, and 6.2% respectively.
• Our results this quarter came from Shyft Group, HireQuest, as well as modest contributions from US Ecology warrants and Northern Technologies.
• We are patiently adding to a microcap insurance company with a potential event driven special situation in the near future. We look forward to updating you on the name and thesis once we have built up a full position.

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