Here’s Why Artko Capital Sold Northern Technologies (NTIC)
Artko Capital, an investment management company, recently released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, an average partnership interest in the fund increased by 6.9% net of fees. However, investments in comparable indexes like Russell 2000, Russell Microcap, and the S&P 500 were up 14.0%, 16.1%, and 11.7% in the fourth quarter. For the full year, the fund was up 1.6% net of fees while comparable market indexes were up 16.9%, 9.3%, and 26.3% respectively. For more information on the fund’s top picks in 2023, please check its top five holdings.
Artko Capital featured stocks like Northern Technologies International Corporation (NASDAQ:NTIC) in its Q4 2023 investor letter. Headquartered in Circle Pines, Minnesota, Northern Technologies International Corporation (NASDAQ:NTIC) engages in the business of rust and corrosion management solutions. On March 5, 2024, Northern Technologies International Corporation (NASDAQ:NTIC) stock closed at $13.92 per share. One-month return of Northern Technologies International Corporation (NASDAQ:NTIC) was 10.21%, and its shares gained 9.35% of their value over the last 52 weeks. Northern Technologies International Corporation (NASDAQ:NTIC) has a market capitalization of $131.232 million.
Artko Capital stated the following regarding Northern Technologies International Corporation (NASDAQ:NTIC) in its fourth quarter 2023 investor letter:
"We sold our position in Northern Technologies International Corporation (NASDAQ:NTIC) in the 4th quarter at an average price above $11.00, after almost three years and a 30.0% total return, including dividends. Despite being fans of NTIC, its story, and its management team, we decided to explore opportunities in the market to deploy microcap-focused capital on companies with multiples of upside, such as our newest addition discussed below, Maui Land & Pineapple Company. We will continue to monitor NTIC closely and, if the cyclical and microcap doldrums persist, we may get an opportunity to get back in at below $9.00 again."
A plastic container being filled with a liquid that is protected by a rust inhibitor.
Northern Technologies International Corporation (NASDAQ:NTIC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Northern Technologies International Corporation (NASDAQ:NTIC) was held by 4 hedge fund portfolios, up from 3 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
