Latest Shareholder Letters at StockholderLetter.com

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CMTL, ARKR, HEI

ROAD, FICO, CBT

COR, KLIC, NGVC, HP, DIS

NDSN, LQDT, JCI

JJSF, CRNC, IIIN

EMBC, CFFN, SKLZ, J, BDX

ALDF.U, ADGM, IZEA

VLGEA, CCRN, FDS

RAVE, OSIS, NTNX, GALT, ALOT

CCEL, TLRY, EXTR, TPL, ETD, COTY

KLAC, AVNW, AMCR

XTNT, TWIN, KMT

MRCY, KRNY, OWLT, AIT

GEN, TTWO, IPAR, INSG

SMLR, GSIT, CSWI, BOOT

SENEA, OESX, KEQU

KIRK, ALVR, MOD

JAZZ, ADTN, HAE

RENT, OVID, LPSN, EDUC, CHPT

SMA, INV, ENGN, NCNO, GIII, CNFR, BJ

UWHR, ZM, TRIP, OLLI, MRVL, HGBL, GTLB, TJX, BBY

BKV, CBNA, LGVN, PLYM, MURA, ABL, ELVN, FTRE, REFI, ST, INTT, BRN, VITL, VERX, UCTT, TARS, SPRO, SIGA, RXRX, RDNT, RCKY, PTLO, PROK, PENN, PBYI, MXCT, MSTR, ETSY, EHTH, DNUT, CTKB, CLOV, CLMT, BRLT, ATXS, APLT, ADVM, ABSI, AAOI, AADI, WRBY, VSCO, TGT, PX, PFSI, ORC, NGS, MTDR, IONQ, FNF, FIS, CTOS, CTO, CPNG, BLND, AWI, ARMP, AON, AGX, AC

WBTN, FBLG, KVYO, ZUMZ, WFRD, WDAY, WBD, VYGR, VTYX, VIRT, VERI, ULTA, SMSI, QLYS, PHAT, PDLB, PBHC, PBBK, PACB, MKTX, MGRC, LMB, LIND, KROS, GDRX, GBIO, FGBI, CTSO, COCO, CHMG, CFLT, CARG, BRP, BJRI, BCYC, BBLG, ASMB, APPN, APLS, ANNX, ALRM, AIP, ABCB, WAL, TWI, SPR, SMHI, REZI, NBR, MLNK, MAC, LC, JOBY, HPP, HLIO, GRMN, GIC, FSLY, EME, CURV, BKE, AMWL

SFD, PALT, WLDN, TALO, THM, TMUS, TMC, MRVI, CWST, CTSH, CMPO, BUSE, BEAM, OOMA, MFA, IRM, GOLF, GCI, EVRI, ESI, DEI, DEA

UG, SOFI, SHBI, RBKB, PVBC, HMST, FVCB, DYN, DTIL, DBX, BAND, ADMA, SMP, OLP, NPK, MLM, LXP, LTC, IT, GKOS, FBRT, EQR, BRCC, ALTG

GEHC, STEL, CECO, CKX, WSBF, UAL, TMDX, TCX, TBBK, SHC, QCRH, PCB, NRC, MSEX, LINC, HSTM, GIFI, FCAP, EQIX, EQ, DRVN, CYTK, COOP, CATY, CAKE, BLFY, ARHS, ANIP, AMRN, ACHC, WCC, VOYA, UNM, TNET, RGA, PR, PCG, NWN, MTZ, MHO, LNC, KODK, HL, HIG, FL, EIG, DY, DV, CCO, CAL, BXC

TEM, STHO, KNF, WSR, TDUP, SHOO, SBCF, SBAC, ROST, PPBI, MXL, MVBF, INO, HYPR, HTBK, FSBW, FIVN, DORM, DCOM, BRY, BGNE, XOM, VHI, SFBS, RSG, PEB, NHI, NC, MCD, MAS, ITGR, HD, GPK, FIX, FBK, EEX, AMJ, ADT

ATMU, FI, DTI, ACIC, UCBI, SSNT, OPCH, MEDP, MANH, KIDS, JBLU, DIOD, DAIO, BIGC, AMGN, AAON, XPO, WTM, TWO, SITC, RYN, PSTL, PPL, OGS, NREF, MTX, L, KRG, FR, FLS, DFIN, CRL, CLF, CDE, BHC, BFH, AVB, ARE, AMT, AIG

GEV, VLTO, SRE, NHC, ZEUS, ZBRA, WERN, VCTR, USLM, TER, SWKS, SPSC, QRTEA, PEP, MPB, MORN, LBRDA, KLXE, KHC, IDXX, IAS, HURN, HTLD, FTDR, ESCA, DMAC, CNXN, BATRA, ANDE, AMD, ALRS, ACT, WOW, WLK, UTL, UE, TFX, SKT, PSA, PRO, ORI, NTST, NSC, NSA, NBHC, MUR, MMC, MGM, MD, LCII, KOP, KEY, IVZ, HRI, HIW, HE, HBB, GD, FRT, ESS, EOG, EFX, D, CSV, CLW, CLVT, CBU, AVTR, ATR, AMTB

ISBA, ZIMV, UBCP, STRL, SKYW, LPLA, CSX, CEVA, BPRN, BPOP, AVTE, ACGL, WTRG, SPGI, SCL, LAZ, HY, HXL, EXPD, ESNT, CVNA, CPT, CPK, CLDT, CF, BH, AKR, AEE, ADM

INDV, PRMB, ZION, VCEL, SYBT, QSI, LSCC, LECO, FFIN, DHC, CME, BOKF, VVX, PARR, OXY, OVV, NGVT, MGY, HLLY, GEO, DOV, DK, DAR, CTRA, CNX, CMS, CHD, CC, AXL, ARR

SWX, TIPT, THFF, SAIA, MRTN, INAB, EWBC, DGICA, VICI, UPS, TFC, MTD, MPC, MOH, GL, GBCI, FHN, DRH, CMA, AVNS, ASPN

RVTY, SLAB, NWE, FHB, VMI, TMST, SNV, RNST, RES, PK, PFS, PEAK, NEU, MSCI, MPX, LEVI, JNJ, JBGS, GGG, R, CIO, BRX, AME

SWK, SEB, RMBS, NWBI, IBCP, FNLC, CFFI, CCNE, AGNC, SAH, MAN, LHX, KEX, HUM, HOMB, GWW, CTRE, BA, AVY

WTBA, BLMN, TXT, MTB, MKL, MATX, FUL

CRH, LMNR, LKFN, BBCP, BK, AOS

SBUX, ROAD, FLNC, ASYS, NGVC, NFG, CBT

KLIC, CASH, UTI

SR, TSBK, PSMT, VVV, MWA, HRL, EPAC

WBA, PLXS, EMR, DHI

CNVS, TTOO, LNN

VTRS, PTPI, OSIS, NSSC, INNV, FLXS, FLWS, EGAN, AFRM, LRN

TBN, KFFB, ATGE

RLGT, LGL, CCEL, WDC, AVNW

VIAV, TLRY, LMFA, EXTR, ETD, EAT

KLAC, TPL, AMCR

LION, TTC, BNED

SNEX, SBUX, OTLK, FLNC, FFIV, ENTA, KEYS

TEL, RMR, IIIV, BV

PLXS, CENT, ROK, EPAC, BZH, ARMK

TSBK, SMPL, UGI, HRL

STAI, PTON, NSSC, FLXS, AFRM, LRN, AMC

BGC, ELMD, SOND, PPSI

KE, FOX, ADP, AX

TSLA, JRVR, JBSS

NEOG, AOUT, CRS

SOTK, VSAT, PLUS, NTCT, NATH, DECK

SLNH, PSTV, JAGX

PTN, DXLG, CMCO, BKYI, UVV

GRND, MCK, BF.A

TTGT, QRHC, PESI

OMER, WOOF, CRAI

COYA, FRST, GES, GCO, DELL

RBRK, SRFM, NVDA, HQY, FWRD, DOMO, APOG, PATH, CNM, BOX

VRNT, PLAY, OKTA, ALGT, KMX

FHTX, ADUS, VEEV, MED, DBI

LAC, LB, HUT, KITT, SOWG, ZOM, MPTI, LGL, EP, APT, XGN, TRUP, TRMB, TRIP, SUPN, SAMG, RPAY, RMNI, PTCT, PRPO, PRAA, OFS, NTLA, MPWR, METC, LNW, LIVN, LAB, IOVA, HOFT, HLIT, FULC, FRPT, FBRX, ESQ, EBAY, DXPE, CHCI, AVDX, ATNI, ARDX, AMSF, AHCO, GBLI, FG, DOUG, CIA, CAT, BXMT, BFLY, AMS, ACHR

CAVA, NGNE, TKO, MBLY, WKC, REX, NLCP, UHG, ZIVO, SLND, SYF, MYO, WLFC, VRDN, VERV, UPWK, TRDA, TBLA, STGW, SLDB, SIBN, SELF, SBRA, SBGI, SANA, ROP, ROOT, PLTK, PEPG, OSBC, OB, NOVT, MYFW, MNST, LCUT, KZR, KRT, INOD, IDCC, HOOD, GOOG, GO, GCMG, FGEN, FCFS, ELYM, ECPG, DUOL, CUE, CRBU, CLBK, CHK, CDNA, CARE, BOLT, BIIB, BFC, AXSM, AMEH, AMBA, ALHC, AGIO, ACAD, XPOF, WSO, WRB, VRT, UWMC, UHT, TWLO, SF, RVLV, OSCR, NYCB, NXDT, LYV, KW, KOS, KAR, JBI, IR, HRTG, HIMS, FSK, FDP, FCX, EVC, EGY, DOCN, CMG, CARS, BBWI, ARLO, APO, AMPX

UPBD, LUNR, VRNS, TITN, NPCE, MTEX, LZ, LXRX, KOD, HWBK, HBIO, GPRO, FSEA, COLM, APP, SLG, QBTS, OHI, HASI, GM, CVI, CRK, CMTG, AXTA, ALIT

FVR, INGM, ELME, AUMN, TCBX, TCBK, PRCH, MNSB, META, KURA, HYFM, HNST, FFIC, FFBC, FATE, ESPR, DNLI, CWCO, CG, CBAN, BMBL, ACVA, WK, WEX, VAL, SLGN, SEMR, SEE, RYAN, RBLX, MRC, MPW, MCB, LOW, LOCL, GTES, EE, DBRG, CHGG, ALL, ABR

ERNA, SIRI, SEIC, RMTI, RAPT, NUWE, NFBK, KELYA, FISI, CPRX, CELH, BZFD, ATLC, ATHA, AMPH, ZBH, REXR, OKE, GHLD, CODI, CCRD

EFSI, ARDT, KVUE, TEVA, TDS, MHH, LODE, GSAT, CVM, CIX, XRX, XRAY, SGA, OCFC, NBIX, HSIC, HON, GTX, GDEN, CSTL, CDW, CBFV, CAPR, BANR, ATRO, AMZN, ZTS, WAT, USNA, SPNT, RITM, PINS, ONTO, MG, MCW, JILL, INGR, GNK, CVX, BXP, ARIS

ECG, SILA, NATL, TYGO, IMCR, T, INUV, CVR, WNEB, WEYS, VRSK, VLY, TXRH, SWTX, RGLD, RGEN, PRVA, PBPB, NCSM, MGEE, MDLZ, MBWM, MBCN, LAMR, KTOS, INSM, HAS, GWRS, FSLR, ENSG, ENPH, EDSA, CVCY, AFCG, YUM, WCN, TRV, TPC, SLVM, SCHW, SAM, RHP, OTIS, OMI, NXRT, NUS, NR, NOW, NOC, MS, MHK, MAA, LUV, LOB, LH, HAYW, EQH, ENVA, DDS, CVS, CUBE, CSR, CRI, CBRE, BLK, BHE, BG, BDN, BALY, AWR, APH, APG, AFG, ADC

ANRO, TEX, SUI, TMP, WSFS, UBSI, TRST, TILE, SPTN, SAFT, PPTA, PFIS, PATK, MMSI, MKSI, FULT, FRPH, FORR, FNWD, EBTC, BSVN, ASPS, AKAM, WTS, WNC, WM, VTR, SPG, SJW, RIG, PRI, PNM, ORN, OI, OGE, NEE, M, JOE, JBT, IP, HLX, EXR, EPRT, EHC, DINO, CLB, CB, BRSP, AORT, AHT, ACA

ADCT, HG, TDC, ZI, TW, TSCO, TRS, THRM, SBSI, SATS, POOL, NWL, NMIH, MAR, IRDM, INTC, INGN, INDB, GSBC, GILD, FUSB, EVRG, EOSE, EBC, DXCM, CHEF, WEC, VAC, UDR, TYL, TROX, TR, THG, PM, PKG, PFH, OSK, ORA, OMC, MSI, MLI, LPX, LMT, FOA, FNB, EPR, DTM, CW, COF, AWK, AVNT, ATI, ALK

SSD, VSEC, ORGN, LTBR, ITRI, CTBI, COMM, COKE, ALNY, VMC, UIS, UBER, TREX, RLJ, RBA, PIPR, PGR, NUE, NPO, HUBB, FPI, ECL, CE, CCK, BRO, BFS, AJG, AGCO, ACU, ABBV

TLN, STAG, WYNN, PCAR, MOFG, LIFE, GABC, WWW, WMB, WFC, VST, UMH, SHO, RRX, NRG, MMI, KIM, CRC, BWXT, BWA, BSX, AGO, AES, AA

CSBB, TDY, WSBC, WABC, UVSP, RRBI, RBCAA, RAND, OPK, LFUS, KFRC, JBHT, ISRG, GLDD, ENTG, CZNC, CGNX, CBSH, AVPT, ARCB, AEIS, WD, SON, PHM, OC, NEM, MYE, KREF, KN, HCA, GS, GATX, FMC, ETN, EIX, DUK, DPZ, DCO, DBD, DAN, CR, CI, BOH, BKH, AXP, ABT, BRK.A

NBBK, REYN, MRNA, HWC, EML, SNA, MEC, HNI, HLF, GRBK, AROC, AN

ANEB, TCBI, MYRG, IBKR, HBAN, TPH, SHW, PPG, NINE, LBRT, KTB

PNFP, OTTR, FMAO, RF, PNC, DOW

CNXC, MKC, CIEN

DLHC, BLBD, ARWR

COR, SNEX, LESL, DIS

TEL, NDSN, LQDT, REVG, ACM

SGH, ROK, FC, DLB, ATO

MOG.A, AZTA, BRBR

SMPL, MSM, AYI, ARMK

CPBI, PCTY, MSFT, LPSN, AZPN

PALT, TOMZ, PBFS, WOLF, SKLZ

ARAY, COHR, CLX

PYCR, KE, FOX, BLUE, COTY

HURC, DLHC, AMAT

AMTM, MOG.A, WAFD, SGH, PSMT, AZTA, VVV, MWA, FC

SR, FOR, DLB, BRBR

NDRA, CSCO, CPSS, ODC, AZO

PCTY, INNV, FLWS

WSBK, CNVS, HFBL, PFGC

SNDK, RLGT, LITE, CLX

SYY, JKHY, AMRK, COHR, BR, ATGE

MTRX, LTRX, LRCX, HRB

TECH, SMBC, GCBC, PH

TAYD, LMFA, CACI

AIRE, GENC, QTRX, CRDO

EDBL, DTST, KFY

OZ, ROIV, RFIL, FRHC

RBC, PED, TRNS, LOGI, NKE, BKSY

CFFEU, LEDS, GHM

RSVR, CVLT, CRWS, SJM, RAMP, PBH

FLEX, EA, CRVL, CPRI

LSF, DBVT, BRZE, KR, EHAB, AEO

LAKE, FIVE, SEAS, DKS

CLS, WAY, KRRO, NCLH, CTGO, XMTR, VMEO, VCYT, VANI, UNIT, UFPT, SPOK, SNFCA, SNCR, RYTM, RUN, REGN, PDSB, PDFS, PCRX, OFLX, NVAX, NAUT, MRSN, MFIC, JAMF, INZY, IBRX, GOGO, GLPI, FINW, EYE, ERAS, CZWI, CMPX, CHX, CCCC, BHF, BBGI, BAER, ATEC, ARVN, ARQT, ANSS, ALLO, AKBA, ADPT, ABCL, WSM, VRE, TLYS, SNDA, PMT, PJT, OMF, MX, MET, HCI, GROV, GNRC, FUBO, EVR, DNA, ASIX, ARI

EU, RAPP, FLUT, GUTS, MBC, ALAB, IRON, GPCR, TDW, XENE, WEST, SSTI, SMTC, SMCI, SGRY, SAGE, OSW, OLED, NTRA, MRKR, MRCC, LVLU, LOPE, LCID, GPRE, FOLD, FA, DCGO, DARE, CLAR, CACC, BPMC, BIRD, BATRA, AURA, AROW, ARKO, AMLX, ACRS, YELP, WMT, UP, TT, TOST, SHAK, QS, PCOR, OPAD, OLO, NVST, MSB, HGTY, GVA, GME, GDDY, FIGS, DVA, CRM, CDRE, BKTI, ASGN, AMRC, AKA, AHH

ARQ, WW, UPLD, TSHA, PYPL, PNRG, ODFL, NKTX, KNSA, IBOC, HLMN, EXPO, EXPE, CLDX, BBSI, ASO, ALXO, ACIW, VTOL, RDW, LADR, GXO, GPMT, FTV, FCN, BY, BW, AJX, ACEL

LIF, SUNS, Z, SPWH, PASG, EXEL, CRSP, AXON, WTI, PEN, MOS, MODG, JNPR, HWM, CWT, CLH, BRT, ARES, ANET, AGM

TWFG, SVCO, PKST, EG, VRSN, TTEC, STKL, SRRK, PLMR, PBFS, OBT, LSBK, LAUR, HTIA, FSTR, ECBK, DLTH, CVLG, BSY, BRKR, BELFA, AMAL, YUMC, XPRO, WELL, WBS, VPG, USPH, TMHC, RHI, PWR, PRA, MLR, LYB, JLL, GPJA, GDOT, FPH, EGP, CVEO, AMBC, ACR, AAT

OS, ARDT, PHIN, BCAL, TDOC, XEL, VRRM, UFCS, TRUE, TNDM, TH, TASK, STRS, SFM, QDEL, PMTS, PKOH, ONB, NRIM, NEO, MNTK, ISTR, HTBI, GERN, FWRG, FNWB, FIBK, FCCO, CVBF, COFS, CLNN, CLNE, CCCS, BYND, BSRR, BOTJ, ASRT, APEI, VNO, USFD, TMO, TGNA, SMBK, SKX, PINE, NUVB, MTH, JXN, ITT, HR, GPS, GNL, FLO, FBP, ECVT, DX, DG, CR, CNMD, CABO, AMJ, ALX, AIZ

BUR, ULS, STT, SPXC, FSP, CBOE, WTFC, WING, WEN, TENB, SSNC, PCH, OPI, ON, NSIT, MAT, KRYS, ICUI, HST, HBCP, GNTX, FXNC, DENN, COLB, CDLX, BVFL, BTMD, BANF, AUBN, WAB, W, VRTS, UHS, TRN, TRC, RS, RMAX, PGRE, PAYC, NNI, NLY, MO, MDU, LVS, KNX, KNTK, INVH, FE, ESRT, EAF, CBZ, BURL, AXS, AIN, ACRE

CDP, FBIN, SHPH, BHRB, ULH, STBA, SHYF, ROCK, POWI, ORLY, NKSH, IRBT, BKR, ADTN, ACNB, XHR, WU, SAFE, RDN, NNN, NL, NI, MSA, MCY, LUMN, KRO, ICE, GNTY, GMRE, FAF, CXW, COUR, COP, CMI, BROS, BHB, AP, ALE

CURB, SKWD, ALNT, SVC, SIGI, REG, DALN, CPSI, CCOI, WY, URI, SCI, PLNT, O, MTW, MMM, MCS, KMPB, KAI, GHC, EW, ED, DHR, CNO, CL, CCS, BMY, BIO, BGS, AVA, AUB, AMH, ALSN

SOLV, STWD, YORW, SWIM, PLPC, NCMI, LNTH, HFWA, HCKT, ERIE, ATOM, YETI, X, WST, TRU, TRNO, PRIM, PRGO, PLOW, ONL, MTW, MTG, MATV, JHG, IRT, HII, ES, EMN, EBS, EAI, CTVA, CNS, CNA, CFR, BYD, BNL, BCO, BCC, AMP, ALLY

CON, VRNA, HBNC, HALO, FMNB, FMBH, FCNCA, CPIX, WTTR, VLO, NIC, MUSA, INSP, IFF, HGV, ELS, CSL, C, AMN, AL

HHH, OBK, STLD, SABR, CHTR, CHDN, CCBG, AEP, ZWS, UTZ, THS, ROL, PEG, JELD, HCC, GTY, GE, FLR, FCF, EQBK, CWEN, CHCT, CDAY, ALG

TFIN, PRK, STRA, SHEN, GT, CIVB, BWB, RTX, KMB, IBM, CFG, BAC, APTV

CTRI, TXN, WHR, USB, SEM, POR, OPY, NEP, MCO, IDA, CNP, ATEN

TBI, CVGW, LEN, GPC, DOW, CUK, CCL

FITB, PNW, CARR

FFIV, ENTA, CTXR, KEYS, GFF, FICO

EMBC, CFFN, UGI, BDX

VLGEA, RAVE, KTCC, BPTH

FLYX, TEAM, MTN

PPSI, CSCO, ASPI

MBBC, HFBL, CPSS

SYY, LITE, JKHY, AMRK

CDIO, MTRX, LRCX, HRB, AX

STRT, SIEB, SGMA, GCBC, PH

TECH, TAYD, MRCY

TWIN, KRNY, FIZZ, CACI

KALV, RPM, CULP

AOUT, FDX, BNED

Other recent materials mailed to stockholders:

Advertising
Aerospace & Defense
Agricultural Chemicals
Agriculture & Farm Products
Air Services Other
Airlines
Apparel Stores
Application Software
Asset Management
Auto Dealerships
Auto Manufacturers
Auto Parts
Banking & Savings
Beverages & Wineries
Biotechnology
Business Services & Equipment
Chemicals
Cigarettes & Tobacco
Communications Services
Computer Peripherals
Computers
Construction
Construction Materials & Machinery
Consumer Goods
Consumer Services
Credit Services & Lending
Defense
Department Stores
Diagnostics
Drugs & Pharmaceuticals
Education & Training Services
Electric Utilities
Electronic Equipment & Products
Electronics Stores
Entertainment
Food & Beverage
Gas Utilities
General Contractors & Builders
Grocery & Drug Stores
Home Furnishing Stores
Home Furnishings & Furniture
Home Improvement Stores
Hospital & Medical Practitioners
Hotels, Lodging, Restaurants & Travel
Industrial Machinery & Equipment
Information Technology Services
Insurance Brokers
Investment Brokerages
Investment Companies & Venture Capital
Life & Health Insurance
Manufacturing
Medical Instruments & Supplies
Metals & Mining
Metals Fabrication & Products
Miscellaneous
Non-Precious Metals & Non-Metallic Mining
Office Supplies
Oil & Gas Equipment & Services
Oil & Gas Exploration & Production
Oil & Gas Refining & Marketing
Packaging & Containers
Paper & Forest Products
Precious Metals
Publishing & Printing
REITs
Railroads
Real Estate
Rental, Leasing, & Royalty
Rubber & Plastics
Semiconductors
Shipping
Specialty Chemicals
Specialty Retail
Sporting Goods & Activities
Television & Radio
Textiles & Apparel
Trucking
Waste Management
Water Utilities

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