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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Feb 29, 2024
Artko Capital returned 6.9% in Q4 2023 and 1.6% for the full year, underperforming broader indices as small-cap markets remained in stagnant pools despite Federal Reserve liquidity releases. The manager maintains a concentrated portfolio of seven companies representing 98% of assets, with median market cap of $182mm and strong balance sheets averaging 13% net cash. Key performers included Potbelly doubling and Currency Exchange International up 11%, while Polished.com warrants cost 400 basis points. The manager has taken activist positions in three companies representing 60% of the portfolio - CURN, RSSS, and ACFN - working to unlock value through capital allocation improvements and strategic initiatives. With inflation likely to remain above 2% targets and rates elevated until mid-2025, the manager expects continued challenging conditions for small-caps. The strategy combines patience with selective activism, avoiding momentum chasing while focusing on fundamentally strong companies trading below intrinsic value. Portfolio statistics show attractive valuations with median 6x EV/EBITDA and 40% expected EBITDA growth.
Small and micro-cap companies remain fundamentally undervalued despite solid operational performance, with concentrated activist approach needed to unlock value in current market environment where traditional liquidity flows bypass smaller companies.
Manager expects stable economic and interest rate environment to remain elusive for at least another year, with boats continuing to swirl in stagnant waters. Anticipates inflation will be difficult to bring down to 2% target without denting economy. Plans to assess strategic direction by mid-2025 partnership anniversary.
High Conviction Bullish
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