RSSS - Artko Capital Q3 2020 Partner Letter

• Artko Capital - Investing in small/micro cap companies and special situations within a concentrated portfolio.
• For the third calendar quarter of 2020, an average partnership interest in Artko Capital LP returned 22.0% 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 4.9%, 3.7%, and 8.9% respectively.
• Our results this quarter came from a near tripling in Flotek as well as modest contributions from Gaia and HireQuest.
• The biggest impediment to reaching our goals sooner is the continued underperformance, and likely the perception of continuing to underperform, of “value oriented” stocks.

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