# EMERALD ADVISERS, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1015083. Source: https://holderbook.com/funds/1015083-emerald-advisers-llc/

- Reported value: $4.2B
- Positions: 237
- Weight of the ten largest: 17.4%
- Filed: 2026-08-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TRAVERE THERAPEUTICS INC | [TVTX](https://holderbook.com/stocks/TVTX/) | $90.9M | 1,600,886 | 2.1% | 13 |
| CARDINAL INFRASTRUCTURE GROU | [CDNL](https://holderbook.com/stocks/CDNL/) | $79.9M | 847,969 | 1.9% | 3 |
| MERCURY SYS INC | [MRCY](https://holderbook.com/stocks/MRCY/) | $78.1M | 638,682 | 1.8% | 5 |
| AAR CORP | [AIR](https://holderbook.com/stocks/AIR/) | $74.6M | 521,919 | 1.8% | 13 |
| VSE CORP | [VSEC](https://holderbook.com/stocks/VSEC/) | $73.8M | 323,152 | 1.7% | 6 |
| KULICKE & SOFFA INDS INC | [KLIC](https://holderbook.com/stocks/KLIC/) | $73.8M | 551,535 | 1.7% | 11 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $71.3M | 89,296 | 1.7% | 4 |
| CECO ENVIRONMENTAL CORP | [CECO](https://holderbook.com/stocks/CECO/) | $66.9M | 736,784 | 1.6% | 4 |
| CORCEPT THERAPEUTICS INC | [CORT](https://holderbook.com/stocks/CORT/) | $65.1M | 748,325 | 1.5% | 6 |
| LIVANOVA PLC | [LIVN](https://holderbook.com/stocks/LIVN/) | $64.7M | 787,101 | 1.5% | 14 |
| SEMTECH CORP | [SMTC](https://holderbook.com/stocks/SMTC/) | $63.6M | 393,030 | 1.5% | 4 |
| INTERDIGITAL INC | [IDCC](https://holderbook.com/stocks/IDCC/) | $63.3M | 223,517 | 1.5% | 10 |
| ESCO TECHNOLOGIES INC | [ESE](https://holderbook.com/stocks/ESE/) | $62.9M | 179,798 | 1.5% | 5 |
| AXCELIS TECHNOLOGIES INC | [ACLS](https://holderbook.com/stocks/ACLS/) | $62.6M | 330,469 | 1.5% | 2 |
| PDF SOLUTIONS INC | [PDFS](https://holderbook.com/stocks/PDFS/) | $62.6M | 884,294 | 1.5% | 17 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $62.5M | 207,712 | 1.5% | 2 |
| COHU INC | [COHU](https://holderbook.com/stocks/COHU/) | $62.4M | 843,627 | 1.5% | 2 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $62.0M | 1,603,319 | 1.5% | 5 |
| ALLEGIANT TRAVEL CO | [ALGT](https://holderbook.com/stocks/ALGT/) | $55.9M | 475,112 | 1.3% | 7 |
| LEGENCE CORP | [LGN](https://holderbook.com/stocks/LGN/) | $55.7M | 653,788 | 1.3% | 1 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $54.8M | 468,295 | 1.3% | 5 |
| GUARDANT HEALTH INC | [GH](https://holderbook.com/stocks/GH/) | $54.6M | 364,022 | 1.3% | 6 |
| MODINE MFG CO | [MOD](https://holderbook.com/stocks/MOD/) | $54.1M | 202,754 | 1.3% | 9 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $52.2M | 536,162 | 1.2% | 14 |
| SOLARIS ENERGY INFRAS INC | [SEI](https://holderbook.com/stocks/SEI/) | $51.5M | 640,616 | 1.2% | 7 |
| NLIGHT INC | [LASR](https://holderbook.com/stocks/LASR/) | $51.3M | 736,848 | 1.2% | 5 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $50.4M | 567,430 | 1.2% | 8 |
| UMB FINL CORP | [UMBF](https://holderbook.com/stocks/UMBF/) | $49.4M | 345,687 | 1.2% | 8 |
| BOOT BARN HLDGS INC | [BOOT](https://holderbook.com/stocks/BOOT/) | $49.3M | 300,226 | 1.2% | 7 |
| RUSH STREET INTERACTIVE INC | [RSI](https://holderbook.com/stocks/RSI/) | $48.8M | 1,639,592 | 1.1% | 7 |
| SENSIENT TECHNOLOGIES CORP | [SXT](https://holderbook.com/stocks/SXT/) | $48.7M | 394,927 | 1.1% | 1 |
| BILLIONTOONE INC | [BLLN](https://holderbook.com/stocks/BLLN/) | $45.1M | 375,858 | 1.1% | 3 |
| AGILYSYS INC | [AGYS](https://holderbook.com/stocks/AGYS/) | $44.7M | 427,845 | 1.1% | 13 |
| ASTRONICS CORP | [ATRO](https://holderbook.com/stocks/ATRO/) | $41.8M | 513,984 | 1.0% | 3 |
| TTM TECHNOLOGIES INC | [TTMI](https://holderbook.com/stocks/TTMI/) | $41.4M | 221,627 | 1.0% | 8 |
| COMPASS INC | [COMP](https://holderbook.com/stocks/COMP/) | $40.6M | 3,296,616 | 1.0% | 4 |
| FRESHPET INC | [FRPT](https://holderbook.com/stocks/FRPT/) | $39.8M | 673,730 | 0.9% | 31 |
| LIFE TIME GROUP HOLDINGS INC | [LTH](https://holderbook.com/stocks/LTH/) | $39.7M | 971,490 | 0.9% | 6 |
| FIRST ADVANTAGE CORP NEW | [FA](https://holderbook.com/stocks/FA/) | $39.5M | 2,188,875 | 0.9% | 21 |
| TEREX CORP NEW | [TEX](https://holderbook.com/stocks/TEX/) | $39.5M | 545,046 | 0.9% | 1 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $39.0M | 457,956 | 0.9% | 2 |
| IPG PHOTONICS CORP | [IPGP](https://holderbook.com/stocks/IPGP/) | $38.3M | 326,701 | 0.9% | 4 |
| NATIONAL VISION HLDGS INC | [EYE](https://holderbook.com/stocks/EYE/) | $38.1M | 2,006,691 | 0.9% | 26 |
| DIODES INC | [DIOD](https://holderbook.com/stocks/DIOD/) | $37.8M | 345,473 | 0.9% | 2 |
| HERC HLDGS INC | [HRI](https://holderbook.com/stocks/HRI/) | $37.4M | 261,155 | 0.9% | 1 |
| SYNAPTICS INC | [SYNA](https://holderbook.com/stocks/SYNA/) | $37.1M | 298,552 | 0.9% | 3 |
| MAXLINEAR INC | [MXL](https://holderbook.com/stocks/MXL/) | $35.9M | 280,350 | 0.8% | 1 |
| VERADERMICS INC | [MANE](https://holderbook.com/stocks/MANE/) | $35.5M | 288,370 | 0.8% | 2 |
| VARONIS SYS INC | [VRNS](https://holderbook.com/stocks/VRNS/) | $35.3M | 841,193 | 0.8% | 31 |
| PALVELLA THERAPEUTICS INC NE | [PVLA](https://holderbook.com/stocks/PVLA/) | $35.1M | 229,486 | 0.8% | 2 |
| TETRA TECHNOLOGIES INC DEL | [TTI](https://holderbook.com/stocks/TTI/) | $35.0M | 3,093,379 | 0.8% | 22 |
| AMERICAN SUPERCONDUCTOR CORP | [AMSC](https://holderbook.com/stocks/AMSC/) | $35.0M | 843,956 | 0.8% | 7 |
| MOELIS & CO | [MC](https://holderbook.com/stocks/MC/) | $34.8M | 531,883 | 0.8% | 31 |
| KRATOS DEFENSE & SEC SOLUTIO | [KTOS](https://holderbook.com/stocks/KTOS/) | $34.8M | 697,181 | 0.8% | 31 |
| OLLIES BARGAIN OUTLET HLDGS | [OLLI](https://holderbook.com/stocks/OLLI/) | $34.2M | 444,778 | 0.8% | 12 |
| RAMBUS INC DEL | [RMBS](https://holderbook.com/stocks/RMBS/) | $33.5M | 252,693 | 0.8% | 14 |
| TREVI THERAPEUTICS INC | [TRVI](https://holderbook.com/stocks/TRVI/) | $33.5M | 1,797,611 | 0.8% | 3 |
| ONTO INNOVATION INC | [ONTO](https://holderbook.com/stocks/ONTO/) | $33.2M | 87,619 | 0.8% | 5 |
| IMAX CORP | [IMAX](https://holderbook.com/stocks/IMAX/) | $33.0M | 827,965 | 0.8% | 4 |
| TRANSMEDICS GROUP INC | [TMDX](https://holderbook.com/stocks/TMDX/) | $32.6M | 490,491 | 0.8% | 29 |
| RXO INC | [RXO](https://holderbook.com/stocks/RXO/) | $32.4M | 1,174,517 | 0.8% | 13 |
| PALOMAR HLDGS INC | [PLMR](https://holderbook.com/stocks/PLMR/) | $31.4M | 248,267 | 0.7% | 28 |
| APPLIED OPTOELECTRONICS INC | [AAOI](https://holderbook.com/stocks/AAOI/) | $31.3M | 211,574 | 0.7% | 10 |
| BJS RESTAURANTS INC | [BJRI](https://holderbook.com/stocks/BJRI/) | $31.2M | 513,574 | 0.7% | 22 |
| BANCORP INC DEL | [TBBK](https://holderbook.com/stocks/TBBK/) | $29.9M | 478,025 | 0.7% | 7 |
| HINGE HEALTH INC | [HNGE](https://holderbook.com/stocks/HNGE/) | $29.8M | 358,655 | 0.7% | 2 |
| AEROVIRONMENT INC | [AVAV](https://holderbook.com/stocks/AVAV/) | $29.1M | 176,383 | 0.7% | 15 |
| COMMVAULT SYS INC | [CVLT](https://holderbook.com/stocks/CVLT/) | $28.1M | 198,459 | 0.7% | 8 |
| MATERION CORP | [MTRN](https://holderbook.com/stocks/MTRN/) | $27.6M | 92,808 | 0.6% | 1 |
| D-WAVE QUANTUM INC | [QBTS](https://holderbook.com/stocks/QBTS/) | $27.5M | 1,147,775 | 0.6% | 5 |
| ARLO TECHNOLOGIES INC | [ARLO](https://holderbook.com/stocks/ARLO/) | $27.3M | 2,021,645 | 0.6% | 9 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $27.2M | 390,158 | 0.6% | 4 |
| CUSTOMERS BANCORP INC | [CUBI](https://holderbook.com/stocks/CUBI/) | $26.5M | 334,660 | 0.6% | 4 |
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $25.5M | 104,237 | 0.6% | 5 |
| BOBS DISC FURNITURE INC | [BOBS](https://holderbook.com/stocks/BOBS/) | $25.4M | 1,607,068 | 0.6% | 2 |
| PIPER SANDLER COMPANIES | [PIPR](https://holderbook.com/stocks/PIPR/) | $25.3M | 350,159 | 0.6% | 2 |
| IMPINJ INC | [PI](https://holderbook.com/stocks/PI/) | $25.3M | 176,780 | 0.6% | 13 |
| NPK INTERNATIONAL INC | [NPKI](https://holderbook.com/stocks/NPKI/) | $25.0M | 1,573,597 | 0.6% | 1 |
| HAPPEN INC | [HAPN](https://holderbook.com/stocks/HAPN/) | $24.8M | 1,193,757 | 0.6% | 4 |
| EVOLV TECHNOLOGIES HLDNGS IN | [EVLV](https://holderbook.com/stocks/EVLV/) | $24.5M | 4,227,336 | 0.6% | 4 |
| MIRION TECHNOLOGIES INC | [MIR](https://holderbook.com/stocks/MIR/) | $24.5M | 1,364,780 | 0.6% | 7 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $24.2M | 247,805 | 0.6% | 1 |
| ONESPAWORLD HOLDINGS LIMITED | [OSW](https://holderbook.com/stocks/OSW/) | $24.1M | 852,158 | 0.6% | 11 |
| RADNET INC | [RDNT](https://holderbook.com/stocks/RDNT/) | $22.8M | 370,489 | 0.5% | 12 |
| POWER INTEGRATIONS INC | [POWI](https://holderbook.com/stocks/POWI/) | $22.1M | 264,342 | 0.5% | 2 |
| SKYWARD SPECIALTY INS GROUP | [SKWD](https://holderbook.com/stocks/SKWD/) | $21.8M | 373,762 | 0.5% | 14 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $21.7M | 653,964 | 0.5% | 3 |
| AMBIQ MICRO INC | [AMBQ](https://holderbook.com/stocks/AMBQ/) | $21.5M | 243,664 | 0.5% | 1 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $21.1M | 608,509 | 0.5% | 1 |
| ARHAUS INC | [ARHS](https://holderbook.com/stocks/ARHS/) | $20.0M | 2,375,058 | 0.5% | 19 |
| FIRST WATCH RESTAURANT GROUP | [FWRG](https://holderbook.com/stocks/FWRG/) | $19.7M | 1,526,759 | 0.5% | 5 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $19.4M | 3,148,439 | 0.5% | 7 |
| EXCELERATE ENERGY INC | [EE](https://holderbook.com/stocks/EE/) | $18.4M | 485,260 | 0.4% | 5 |
| ALPHATEC HLDGS INC | [ATEC](https://holderbook.com/stocks/ATEC/) | $18.2M | 2,104,451 | 0.4% | 11 |
| ALAMAR BIOSCIENCES INC | [ALMR](https://holderbook.com/stocks/ALMR/) | $17.5M | 647,183 | 0.4% | 1 |
| COASTAL FINL CORP WA | [CCB](https://holderbook.com/stocks/CCB/) | $16.8M | 216,333 | 0.4% | 7 |
| VISTEON CORP | [VC](https://holderbook.com/stocks/VC/) | $16.1M | 162,419 | 0.4% | 4 |
| EVERQUOTE INC | [EVER](https://holderbook.com/stocks/EVER/) | $15.5M | 651,922 | 0.4% | 6 |
| Q2 HLDGS INC | [QTWO](https://holderbook.com/stocks/QTWO/) | $15.3M | 318,823 | 0.4% | 11 |
| LIGHTPATH TECHNOLOGIES INC | [LPTH](https://holderbook.com/stocks/LPTH/) | $15.3M | 937,258 | 0.4% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +38.4% | +14.8% | +23.5% | 99% |
| Q1 2026 | -0.7% | -4.6% | +3.9% | 100% |
| Q4 2025 | +6.3% | +2.4% | +3.9% | 99% |
| Q3 2025 | +17.1% | +7.8% | +9.3% | 100% |
| Q2 2025 | +21.8% | +10.5% | +11.4% | 100% |
| Q1 2025 | -12.1% | -4.6% | -7.5% | 100% |
| Q4 2024 | +2.4% | +2.1% | +0.2% | 99% |
| Q3 2024 | +6.2% | +5.4% | +0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.2B | 237 |
| Q1 2026 | $3.2B | 248 |
| Q4 2025 | $3.2B | 246 |
| Q3 2025 | $3.1B | 257 |
| Q2 2025 | $2.7B | 248 |
| Q1 2025 | $2.2B | 243 |
| Q4 2024 | $2.6B | 254 |
| Q3 2024 | $2.6B | 248 |
| Q2 2024 | $2.4B | 247 |
| Q1 2024 | $2.5B | 243 |
| Q4 2023 | $2.3B | 242 |
| Q3 2023 | $2.1B | 232 |