HQI - Artko Capital Q2 2021 Partner Letter

• Artko Capital - Investing in small/micro cap companies and special situations within a concentrated portfolio.
• For Q2 2021, an average partnership interest in Artko Capital LP returned 0.5% 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 4.3%, 4.1%, and 8.6% respectively.
• Our results this quarter came from Northern Technologies, Research Solutions and Potbelly, offset by modest detractions from Gaia, Acorn Energy, and our hedges.
• All valuable experience, but one that limited our vision for potential returns; whilethere are certainly Amazons and Googles of the world that can offer returns in the 1000s of percent tothe patient investor, those are few and far between.

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