Latest Shareholder Letters at StockholderLetter.com

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EMBC, CFFN, UGI, BDX

VLGEA, RAVE, KTCC, BPTH

FLYX, TEAM, MTN

PPSI, CSCO, ASPI

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

SOTK, NTCT, HLNE, BKSY

CMCT, AMWD, DOUG

SCPX, MASI, EXP

LGVN, FWRD, FEAM, BOX

LSF, SCWX, BRKR, KR, BBWI

THM, TCX, NCNO, KIRK, GIII, ALGT

WDAY, KTOS, DTST, DLTR

REX, ZM, TRIP, OLLI, NXST, HBCP, FIVE, PD, GES, DKS

CAVA, PKST, WT, STEL, OPRX, KITT, CFFEU, KRRO, ABL, ARQ, OMER, NCLH, WYY, ISDR, EP, APT, XOS, XMTR, XFOR, XELA, VITL, VIRT, VANI, UFPT, TUSK, TSLA, TRDA, TNGX, THRY, SUPN, STGW, SSTI, SRRK, SPOK, SDIG, SAMG, RXT, RUN, RMNI, RCKY, PRPO, PMTS, PDSB, PDFS, PACB, OCUL, NVEE, NVAX, NTLA, MVIS, MPWR, MFIC, METC, LPTX, KALA, ITCI, IBRX, HLIT, GRTS, GREE, GLPI, FINW, EXPE, CVCY, CMPX, CLAR, CHCI, BAER, ATNI, ARDX, ALOT, ALGS, ABCL, WTI, VRE, VLD, TGT, SEAS, QS, PJT, MX, LYV, HCI, GNRC, FREY, EQC, DNA, CTO, CRK, CRBG, CIA, CDRE, CAT, BSM, BLND, BKD, AWI, ARMP, APG, AON, AMS, ACHR

TKO, RUM, IE, WFRD, SPWH, SEAT, SAGE, RMBL, RKLB, QLYS, PRCH, PMVP, OVID, OFS, MKTX, LZ, LNW, HGBL, GBIO, FOLD, EVER, DNUT, CHMG, CFLT, AMLX, AMEH, WAL, UP, TWI, PX, PEN, OPAD, MSB, MOS, MLNK, GRMN, GM, GCI, FSLY, FIGS, EME, AXTA, ASGN, ANET, AMC, AKA

WLDN, TDS, ZUMZ, WLFC, WBD, VRNS, SGMO, RPD, PTVE, PNRG, PETQ, PBBK, OSBC, LAUR, JAMF, HWBK, GO, FULC, FNWB, DIOD, CWST, CTSO, BMBL, BEAM, ASO, ARKO, SLG, PMT, PFSI, MAC, IRM, GOLF, FCN, ESI, DOCN, DEI, CHGG, CARS, BIG, ARR, ARES, AHH

Z, TRMB, TBNK, SHBI, PVBC, LMAT, FRPH, CLNN, BBGI, ARVN, WSM, SMP, NPK, LTC, KRG, IT, GNK, GKOS, EQR, EE, BXP

SVT, WSBF, VBFC, UNIT, TTEC, TENB, SHC, SGA, PLMR, OCFC, LSBK, LPRO, HTBK, HSTM, GIFI, FIBK, FCAP, ESPR, EQ, DVAX, COOP, COFS, CBAN, CATY, BTMD, ATSG, AMAL, YUMC, XOM, VOYA, UNM, SKX, SEE, RMAX, RITM, RGA, RBLX, OMC, NXRT, NWN, NREF, NABL, LNC, JWN, IBP, FL, EIG, EEX, EBS, DY, CC, CAL, AMJ

SUM, CKX, VRRM, VCSA, TWOU, TRUE, TBBK, STRS, SPFI, SOFI, ROST, RGLD, RBB, PCB, NEO, NCSM, MGNX, MBWM, FWRG, FFNW, DORM, CYTK, CMPS, BZFD, AAON, SFBS, NVST, MCD, MAA, LYB, KNTK, ITGR, HWM, GPK, FIX, FBP, FBK, ECVT, CNMD, APH, AMJ, ADT, AAP

FI, SLND, STT, VERA, TER, SVC, SHYF, OPCH, NOVT, MEDP, IAS, HBIO, HAS, EGBN, EBTC, DAIO, CHX, BIGC, BECN, BANF, AUBN, VST, TWO, SMRT, RS, PSX, PPL, ORN, OGS, NOC, MRC, L, INVH, INGR, HLX, EXR, DFIN, CLF, BFH, ARE, AIN

KNF, VLTO, ZIMV, ZI, ZEUS, ZBRA, WNEB, ULH, TER, PZZA, PRTA, POWI, ORLY, MPB, HTLD, FXNC, FTDR, FNWD, ESCA, CNXN, BPRN, AXON, WLK, W, UTL, URI, TYL, RYAM, PSTL, PLD, OII, NSA, NBHC, MTH, MMC, MDU, HRI, HIW, HE, FNB, ESNT, CSV, CRL, CLW, CCO, CBU, B, AVTR, AMTB, ALSN

TDC, TSCO, STRL, SKYW, LXRX, DRMA, DHC, CFB, ATRO, YETI, VLO, RNR, RIG, MTW, IEX, GLT, GHC, EXPD, EW, CVNA, CPK, AWK, AUB, AKR, AEE, ACA

GTE, VCEL, UBCP, PECO, GABC, FUSB, CTBI, CDNS, BOKF, VAC, TRU, OXY, OVV, MUR, MOH, MGY, LAZ, IFF, HXL, HLLY, EMN, DOV, DAR, CRC, CNX, CMS, BCC, AXL

SWX, TIPT, THFF, SAIA, LECO, HBNC, ENTG, UPS, RYAN, PARR, MYE, GRBK, ELS, DBRG, BRCC, AVNS, AL, ABBV

RVTY, ADCT, WSBC, CCBG, WST, RRX, RNST, PEAK, MSCI, JNJ, JBGS, GTY, GGG, FLR, DCO, CIO, AN

SWK, SEB, RMBS, NWBI, ISRG, IBCP, FNLC, FLIC, CCNE, CBSH, AGNC, NYT, NINE, LHX, KREF, KEX, KBH, HUM, CTRE, BMI

USB, PSN, NEP, MTB, CARR, AMN

LKFN, ASTE, LEN, BK, AOS

GENC, SBUX, NOTV, NGVC

TEL, RMR, CASH, HP

PLXS, VVV, UGI, J, FOR, DHI, CTLT

VWE, VLGEA, TSP, FLWS, FDS, AZO

RLGT, GALT, EGIO, EAT

SMBC, PPSI, LMFA, AVNW, AOSL

TECH, AROW, MDT

SGMA, KOSS, FBRX, AVAV, CULP

LADX, VSAT, PDCO, ECBK, DAKT, NKE

PLUS, LOGI, HLNE, DECK

TRNS, GNLX, BOOT

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

IPAR, CGC, BVFL

IHT, PSTV, FTHM, AIRT, VGR

NXT, ALGM, UHAL

SHPH, ORMP, AMSC, SKY, EBF, BF.A

JAZZ, GNLX, EA, DXC, BHIL

NUWE, INFN, HQY, GCO, DELL, AEO

SCVL, NVDA, HCP, BRZE, CNM

UWHR, WISH, SMSI, OKTA, BFIN, APOG, PATH, MOV, KMX, BJ, AC

IRON, MXCT, IOVA, FARO, SMAR, HLIO

SILA, KA, NGNE, MBLY, WKC, SHIM, GLXZ, REFI, TDW, SQ, ZOM, MYO, LEU, INTT, XGN, XENE, WHLM, VRDN, VIRX, VERV, UPLD, TRUP, TMUS, TARS, SLDB, SILK, SIGA, SELF, SEER, SBRA, SBGI, SANA, RYTM, ROP, RDNT, PROK, PLUG, PLTK, PEPG, PDLB, PBYI, OFLX, OB, NAUT, MYFW, MRSN, MRKR, MNST, LOPE, LIVN, LASR, KZR, KRT, INZY, INAB, IKT, IKNA, IGMS, ICFI, HOOD, GOOG, FCFS, FATE, ESGR, EHTH, ECPG, ECBK, DBVT, CUE, CNFR, CLBK, CHK, CARG, CARE, BOLT, BMEA, BIIB, BGNE, AXSM, ATEC, ARQT, APLS, AMSF, ALHC, AKRO, AHCO, AGIO, ADPT, ACAD, AAOI, AADI, WSO, WRB, VZIO, VRT, TWLO, SNDA, SJW, RVLV, RKT, PLTR, OPFI, OMF, NYCB, MTDR, MLR, MET, KW, KAR, JBI, IR, HIMS, GXO, GTES, FUBO, FNF, FIS, FDP, FCX, EVR, EVH, EVC, EGY, DVA, CTOS, CNNE, BFLY, ATIP, ASIX, ARLO, ARI, APO, AMWL, AMBC, ACR

UPBD, ST, UPWK, TPST, TBLA, SYRS, STOK, SERA, RXRX, PTLO, PENN, PBHC, LVLU, LMB, KOD, KNSA, IDCC, HLMN, GPRO, CTSH, COCO, CABA, APVO, APP, ALRM, AIP, ACET, ABSI, ABCB, WEX, VEEV, UHT, TOST, SES, REZI, QBTS, PEB, OHI, JNPR, CURV, CIVI, AP, AMRC

ELME, SOWG, BCAL, ENGN, TSHA, TMC, THRD, META, KURA, INGN, FFIC, FFBC, EXEL, ESQ, DNLI, CWCO, CMPO, CLST, CG, CAKE, BHF, XPOF, SMHI, SEMR, LOW, ABR

BIAF, LODE, UG, SMTI, SEIC, QTRX, ODFL, NXPI, KELYA, EVLV, CHRS, BLFY, BCYC, ATLC, ADMA, USPH, O, MLM, M, CLH

HHH, CECO, KVUE, GSAT, XRAY, VRSN, USAP, TH, SPTN, SHOO, RIGL, NFBK, NBIX, IVAC, IRTC, HSIC, HNST, GDEN, DCOM, CSTL, CPRX, CEVA, CDW, BYND, BWEN, BRY, ANSS, AMZN, AMGN, ZTS, TMHC, NC, MHO, MCW, DV, CVX, CODI, BXC, ASPN, AMT, ADM

TYGO, TEX, NHC, WEYS, VRSK, VLY, TXRH, TDUP, TCBC, SWTX, SRCL, SFM, RAPT, QCRH, PFIS, PBPB, MGEE, MDLZ, LUNG, LIFE, LAMR, HST, FVCB, ENSG, EDSA, DYN, DLTH, CBNK, CBFV, ANIP, YUM, UMH, TFX, SLVM, SCHW, SAFE, OTIS, ONTO, OI, MTX, MS, MHK, LOB, KODK, HIG, GROV, DNOW, DG, DEA, DDS, DD, CVS, CUBE, BW, BURL, BHLB, BG, BALY, BA, AWR, ALLY, AAT

DTI, ALNT, TMP, CVR, XOMA, WERN, VCNX, UFCS, UBSI, SAFT, QDEL, MMSI, ISTR, ICUI, HON, FORR, EOSE, DBX, BKR, ACT, ACNB, XPO, WU, WM, VVI, VTR, USFD, TRV, NNN, KOP, ITT, FLS, EPRT, EHC, EAF, CLDT, BFS, ALL, AIG

CDP, FTRE, AUMN, VCTR, USLM, TRS, SWKS, STLD, POOL, PCT, PCH, LPLA, GSBC, GPRE, GILD, FSLR, EVRG, BSVN, ARHS, ANDE, AKAM, ACGL, WEC, TRC, THG, SAM, RLJ, PRMW, PM, PIPR, PFH, PAYC, OSK, ORI, MUSA, MSI, MSA, MLI, MD, LVS, LEG, JBT, HY, HPP, GHLD, FOA, ESS, ESRT, EOG, ENVA, DX, DTM, DRH, DO, CXW, COUR, CALX, BMY, AVB, ATI, ARIS, ALK

SRE, MSBI, LNSR, CSX, COMM, COKE, CCOI, AMD, ALRS, VMI, VMC, UBER, TREX, TR, SPH, RBA, PSA, PGR, NPO, MCY, KIM, HUBB, GRC, CPT, CLVT, CCK, CBZ, BRO, AGCO, ACU

VTS, STAG, WYNN, VRNA, SEVN, SATS, REG, PCAR, MOFG, ILPT, EWBC, AEP, WWW, WMB, VVX, SHO, NSC, KMPB, CTRA, COF, BSX, AVA, AGO

WABC, UVSP, SABR, RBCAA, MRTN, MRNA, LNTH, KFRC, HALO, FMBH, FMAO, FCNCA, DGICA, CGNX, ARCB, AEIS, X, WD, WBS, SON, SNDR, SAH, PFS, NRG, LMT, KN, HCA, GS, GL, GATX, FPI, FMC, ETN, EIX, ECL, DPZ, DFS, CWEN, CTVA, CNP, CI, BWA, BOH, BKH, AXP, AMP, ABT, BRK.A

FSUN, TXN, REYN, HWC, EML, SPR, MTD, HLF, DBD, CDAY, AROC, AME

CVM, TCBI, OPK, MYRG, HBAN, GT, WHR, TXT, TPH, PPG, PEG, OC, MAN, LBRT, KTB, CR, CF

BLMN, SEM, RF, IDA

GLDD, FITB, CVGW, FUL

RLI, CUK, CCL, ALV

COR, HURC, DLHC, KEYS, GFF, ACM

NDSN, LQDT, ESOA, NFG, MWA, JCI

NRT, PTC, JJSF, IIIN

CFFN, NJR, BDX, AYI

POST, EPAC, ASH

CNVS, XELA, PANW, INNV

PCTY, CPSS, AFRM

CSCO, FERG, CPB

SYY, WDC, MTRX, JKHY, AMRK, CLX

LRCX, CAH, BR, AX

CCEL, STKL, PAHC, MBUU, KRNY, CRS

SWBI, SCHL, KFY, FDX

TTWO, QMCO, NTCT, NICK

CRMT, AXGN, AIRT

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

PWFL, SCHL, BBLG

RBC, VSAT, ROIV, NATH, LOGI, CPRI

GSIT, CRMT, BOOT

GETR, MNRO, OWLT

QRVO, OESX, DXLG, SJM, RAMP

GRND, RSVR, FLEX

XTNT, ISPC, CMCO, EHAB

NOBH, WOOF, CRAI, HTH

PTN, JAGX, EDUC, AZZ

MGRX, MDB, ZUO, SIG, CRM

PLAY, PHIO, MRVL, MED

HOFT, FHTX, AMBA, VSCO, NGS, DBI, CXM

SRFM, PRAA, NKSH, GTLB, DOMO, CDNA, CCCC, BJRI, YEXT, TLYS, GME, BBY, AGX

LTRPA, NLCP, GPCR, HG, SYF, TELL, WEST, VYGR, VTYX, VCYT, TCBX, SNCR, SGRY, RPRX, REGN, RDFN, QRTEA, OSW, OLED, NKTX, MRVI, LIND, LCUT, LBRDA, INDI, GTHX, GOGO, GDRX, GCMG, FA, EBAY, DUOL, DTIL, DSGN, DCGO, CTKB, CRBU, COIN, CLDX, CACC, BRP, BPMC, BIRD, BATRA, AURA, AROW, APPN, ANNX, AKBA, ACRS, YELP, WRBY, WMT, UWMC, TT, TJX, SHAK, SF, PCOR, OSCR, ORC, OLO, NBR, KOS, JOBY, IONQ, HRTG, HGTY, GVA, GDDY, EDR, DNB, CMTG, BXMT, AMPX, ALTG

MBC, SLRN, TFFP, SVV, TITN, PLYA, PCRX, PARA, ONB, NPCE, MTEX, MNTK, IBOC, FSEA, EXPO, ETSY, DXCM, DAVE, BRLT, BFC, BBSI, ATXS, ARKO, ALXO, ACIW, VTOL, RDW, PNM, OLP, OCN, NXDT, MFA, MCB, LADR, INST, GPMT, FTV, BY, BRT

CART, TALO, TTGT, PKOH, OPOF, MYGN, MAT, KROS, HYFM, FGBI, COLM, ASMB, ACVA, WK, VAL, SLGN, MPW, MODG, HAYW, FBRT, EPR, CWT, CVI, CCRD, AGM

EG, NBBK, LICY, IMCR, MHH, CMT, UAL, TWKS, STKL, SSNC, SBAC, RCM, PHAT, OBT, MVBF, MSTR, MNSB, MANH, ITIC, GTX, FSTR, FISI, EQIX, CVLG, CDLX, BUSE, BSY, AMPH, WELL, WCC, WAT, TPC, RYN, RHI, PWR, NUS, NOTE, MCS, LXU, JLL, JILL, IPG, GPJA, EGP, CVEO, CBRE, BHE, ADC

TDOC, XEL, VMEO, TNDM, TASK, STER, SBCF, RPID, PYPL, PASG, NRIM, HTLF, FCCO, CRSP, CCCS, BSRR, BANR, BAND, ATRI, ATHA, AFCG, ACHC, WNC, VPG, VNO, USM, TRN, TMO, SPNT, SMBK, SBOW, RSG, PR, PINE, OKE, NRGV, JXN, HR, FLO, EQH, CSR, CABO, AMK, ALX

GEHC, WSR, T, STT, SRI, SPXC, FSP, CBOE, XRX, WW, WTFC, WING, WEN, UCBI, THRM, SPSC, SBT, RRGB, RAIL, PRVA, PPTA, OPI, ON, NSIT, MXL, MBCN, IART, GNTX, DMAC, DENN, CLNE, APEI, WTM, WCN, WAB, VRTS, UHS, UDR, SKT, RHP, RDN, PRO, PGRE, PCG, NR, NOW, NNI, NLY, NHI, MTZ, MO, MG, LCII, KNX, JOE, IP, HL, CRI, CDE, BLK, BHC, BGS, BDN, AXS, AIZ, AFG, ACRE

SKWD, NATL, SUI, VSEC, TRST, TILE, STBA, ROCK, RGEN, RAND, PPBI, PATK, LNT, JBLU, IRDM, HCKT, HA, GLYC, FULT, EBC, CVBF, CCRN, CAPR, BELFA, ALNY, XHR, WTS, OGE, NTST, NL, NI, NEE, MAS, KRO, ICE, HD, GNTY, GMRE, FAF, COP, CMI, CEIX, CB, BROS, BHB, ALL, AINC, AHT, AE

ATMU, PHIN, WSFS, SOHO, SIGI, SBSI, NWL, NRIX, MKSI, MAR, IDXX, GERN, FLGT, DRVN, DALN, CPSI, COLB, BPOP, ADTN, ZBH, WY, WTTR, WOW, USNA, URI, TROX, SPG, SCI, PRI, ORA, OMI, MMM, LPX, KAI, GPS, ED, DHR, CNO, CLB, CL, CCS, BRSP, BIO, AVNT, ATEN, ALE

FBIN, STWD, NG, WHLR, SWIM, SSBK, SHLS, ROIC, PLPC, PEP, ORGN, HURN, HFWA, ERIE, CPIX, ZWS, UIS, UE, TRNO, PRIM, PRGO, PLOW, PHM, ONL, NUE, MTG, MMI, MGM, KEY, K, JHG, IVR, GEO, GD, FRT, ES, EFX, EAI, DUK, DK, D, CW, CNS, CNA, CHD, BYD, BNL, ATR, AJG

CSBB, ITRI, FMNB, AVPT, WTRG, SPGI, INSP, HNI, HII, HGV, CSL, C, BH, AA

OBK, TFIN, TDY, SYBT, SHEN, RRBI, LMNR, LFUS, JBHT, FHB, FFIN, CIVB, CHTR, CHDN, VICI, UTZ, TKR, THS, ROL, RES, MPX, MPC, MATV, LEVI, JELD, HCC, GWW, GE, FCF, EQBK, DAN, CHCT, BWXT, AES

STRA, PNFP, BWB, ATOM, TMST, TGNA, TFC, SNA, RTX, NGVT, NEU, NEM, KMB, IBM, FHN, CMA, BAC, AVY, APTV, ALEX

SLAB, NWE, IBKR, SHW, POR, PK, MKL, MEC, MCO

TBI, ADBE, HOMB, GPC, DOW

OTLK, CNXC, CIEN

FLNC, FFIV, ENTA, EMKR, CTXR, CBT

WMG, TTEK, BV, AZEK

MOG.A, SGH, PSMT, EMBC, FC

SR, SBH, MSM, ACN

WBA, SMCI, EMR, APD

EPM, PTON, OSIS, FLXS, MTN, LRN

TFFP, NWS, HFBL

LSAK, KTCC, ARAY, ETD, COHR, AMC

MRCY, LFVN, KLAC, ADP, HRB, COTY

TWIN, SMLR, LPSN, FEIM, CACI, AIT

SACC, DTST, CAG

SOTK, PMD, NATH

WRLD, IPAR, GSIT, CPRX

Other recent materials mailed to stockholders:

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