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Artko Capital Q2 2020 Partner Letter
Summary
- Artko Capital - Investing in small/micro cap companies and special situations within a concentrated portfolio.
- For the second calendar quarter of 2020, an average partnership interest in Artko Capital LP was down 11.4% net of fees.
- Our results this quarter came from mild portfolio declines in Recro Pharma, Gaia and Research Solutions while our Shyft Group holding contributed to improving the overall performance.
- We have 9 companies in our Core Portfolio with a median market cap of $80mm and median enterprise values close $65mm with over 70% of the portfolio expecting to have positive growth in 2020 creating operating leverage inflection points that we expect will result in a substantial re-rating of our portfolio in the near future that we have already begun to see in the 3rd quarter of 2020.
Select quarterly fund letters.