# EMERALD MUTUAL FUND ADVISERS TRUST

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1352895. Source: https://holderbook.com/funds/1352895-emerald-mutual-fund-advisers-trust/

- Reported value: $2.8B
- Positions: 197
- Weight of the ten largest: 18.5%
- 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 |
|---|---|---|---|---|---|
| RBB FD INC | [LFSC](https://holderbook.com/stocks/LFSC/) | $90.3M | 1,997,035 | 3.2% | 7 |
| TRAVERE THERAPEUTICS INC | [TVTX](https://holderbook.com/stocks/TVTX/) | $58.6M | 1,032,024 | 2.1% | 13 |
| CARDINAL INFRASTRUCTURE GROU | [CDNL](https://holderbook.com/stocks/CDNL/) | $51.7M | 549,297 | 1.8% | 3 |
| MERCURY SYS INC | [MRCY](https://holderbook.com/stocks/MRCY/) | $50.4M | 412,354 | 1.8% | 5 |
| AAR CORP | [AIR](https://holderbook.com/stocks/AIR/) | $48.2M | 337,416 | 1.7% | 15 |
| VSE CORP | [VSEC](https://holderbook.com/stocks/VSEC/) | $47.9M | 209,628 | 1.7% | 6 |
| KULICKE & SOFFA INDS INC | [KLIC](https://holderbook.com/stocks/KLIC/) | $46.7M | 349,295 | 1.6% | 12 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $46.4M | 58,115 | 1.6% | 4 |
| CECO ENVIRONMENTAL CORP | [CECO](https://holderbook.com/stocks/CECO/) | $42.8M | 471,220 | 1.5% | 4 |
| INTERDIGITAL INC | [IDCC](https://holderbook.com/stocks/IDCC/) | $42.0M | 148,255 | 1.5% | 10 |
| SEMTECH CORP | [SMTC](https://holderbook.com/stocks/SMTC/) | $41.7M | 257,359 | 1.5% | 4 |
| AXCELIS TECHNOLOGIES INC | [ACLS](https://holderbook.com/stocks/ACLS/) | $41.6M | 219,443 | 1.5% | 2 |
| ESCO TECHNOLOGIES INC | [ESE](https://holderbook.com/stocks/ESE/) | $40.8M | 116,457 | 1.4% | 5 |
| GUARDANT HEALTH INC | [GH](https://holderbook.com/stocks/GH/) | $40.7M | 271,380 | 1.4% | 6 |
| LIVANOVA PLC | [LIVN](https://holderbook.com/stocks/LIVN/) | $40.5M | 492,868 | 1.4% | 14 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $40.5M | 134,746 | 1.4% | 2 |
| CORCEPT THERAPEUTICS INC | [CORT](https://holderbook.com/stocks/CORT/) | $40.4M | 464,902 | 1.4% | 6 |
| PDF SOLUTIONS INC | [PDFS](https://holderbook.com/stocks/PDFS/) | $40.1M | 566,429 | 1.4% | 17 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $39.9M | 1,031,378 | 1.4% | 5 |
| COHU INC | [COHU](https://holderbook.com/stocks/COHU/) | $39.4M | 533,619 | 1.4% | 2 |
| ALLEGIANT TRAVEL CO | [ALGT](https://holderbook.com/stocks/ALGT/) | $36.9M | 313,661 | 1.3% | 7 |
| LEGENCE CORP | [LGN](https://holderbook.com/stocks/LGN/) | $36.3M | 425,628 | 1.3% | 1 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $35.7M | 366,712 | 1.3% | 21 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $35.6M | 401,271 | 1.3% | 8 |
| MODINE MFG CO | [MOD](https://holderbook.com/stocks/MOD/) | $35.0M | 131,187 | 1.2% | 9 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $33.9M | 289,372 | 1.2% | 5 |
| UMB FINL CORP | [UMBF](https://holderbook.com/stocks/UMBF/) | $33.6M | 235,696 | 1.2% | 8 |
| SOLARIS ENERGY INFRAS INC | [SEI](https://holderbook.com/stocks/SEI/) | $32.6M | 405,313 | 1.1% | 7 |
| BOOT BARN HLDGS INC | [BOOT](https://holderbook.com/stocks/BOOT/) | $32.4M | 197,079 | 1.1% | 7 |
| NLIGHT INC | [LASR](https://holderbook.com/stocks/LASR/) | $31.2M | 448,422 | 1.1% | 4 |
| RUSH STREET INTERACTIVE INC | [RSI](https://holderbook.com/stocks/RSI/) | $30.0M | 1,007,943 | 1.1% | 7 |
| AGILYSYS INC | [AGYS](https://holderbook.com/stocks/AGYS/) | $29.0M | 277,666 | 1.0% | 13 |
| SENSIENT TECHNOLOGIES CORP | [SXT](https://holderbook.com/stocks/SXT/) | $29.0M | 235,343 | 1.0% | 1 |
| COMPASS INC | [COMP](https://holderbook.com/stocks/COMP/) | $27.0M | 2,185,814 | 0.9% | 8 |
| ASTRONICS CORP | [ATRO](https://holderbook.com/stocks/ATRO/) | $26.6M | 327,295 | 0.9% | 3 |
| TTM TECHNOLOGIES INC | [TTMI](https://holderbook.com/stocks/TTMI/) | $26.6M | 142,120 | 0.9% | 8 |
| FRESHPET INC | [FRPT](https://holderbook.com/stocks/FRPT/) | $26.4M | 446,119 | 0.9% | 31 |
| LIFE TIME GROUP HOLDINGS INC | [LTH](https://holderbook.com/stocks/LTH/) | $25.8M | 632,840 | 0.9% | 6 |
| VERADERMICS INC | [MANE](https://holderbook.com/stocks/MANE/) | $25.8M | 209,924 | 0.9% | 2 |
| TEREX CORP NEW | [TEX](https://holderbook.com/stocks/TEX/) | $25.8M | 356,029 | 0.9% | 1 |
| FIRST ADVANTAGE CORP NEW | [FA](https://holderbook.com/stocks/FA/) | $25.7M | 1,425,858 | 0.9% | 21 |
| IPG PHOTONICS CORP | [IPGP](https://holderbook.com/stocks/IPGP/) | $24.7M | 210,791 | 0.9% | 4 |
| NATIONAL VISION HLDGS INC | [EYE](https://holderbook.com/stocks/EYE/) | $24.7M | 1,298,228 | 0.9% | 26 |
| BILLIONTOONE INC | [BLLN](https://holderbook.com/stocks/BLLN/) | $24.5M | 203,990 | 0.9% | 3 |
| DIODES INC | [DIOD](https://holderbook.com/stocks/DIOD/) | $24.2M | 221,380 | 0.9% | 2 |
| HERC HLDGS INC | [HRI](https://holderbook.com/stocks/HRI/) | $24.2M | 168,972 | 0.9% | 1 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $23.8M | 279,769 | 0.8% | 2 |
| MAXLINEAR INC | [MXL](https://holderbook.com/stocks/MXL/) | $23.4M | 182,695 | 0.8% | 1 |
| VARONIS SYS INC | [VRNS](https://holderbook.com/stocks/VRNS/) | $23.3M | 555,882 | 0.8% | 31 |
| TREVI THERAPEUTICS INC | [TRVI](https://holderbook.com/stocks/TRVI/) | $22.6M | 1,210,965 | 0.8% | 3 |
| MOELIS & CO | [MC](https://holderbook.com/stocks/MC/) | $22.4M | 342,465 | 0.8% | 31 |
| AMERICAN SUPERCONDUCTOR CORP | [AMSC](https://holderbook.com/stocks/AMSC/) | $22.4M | 538,955 | 0.8% | 7 |
| OLLIES BARGAIN OUTLET HLDGS | [OLLI](https://holderbook.com/stocks/OLLI/) | $22.3M | 290,675 | 0.8% | 12 |
| TETRA TECHNOLOGIES INC DEL | [TTI](https://holderbook.com/stocks/TTI/) | $22.3M | 1,970,377 | 0.8% | 22 |
| KRATOS DEFENSE & SEC SOLUTIO | [KTOS](https://holderbook.com/stocks/KTOS/) | $22.1M | 443,152 | 0.8% | 31 |
| SYNAPTICS INC | [SYNA](https://holderbook.com/stocks/SYNA/) | $22.1M | 177,551 | 0.8% | 3 |
| ONTO INNOVATION INC | [ONTO](https://holderbook.com/stocks/ONTO/) | $21.9M | 57,893 | 0.8% | 5 |
| RXO INC | [RXO](https://holderbook.com/stocks/RXO/) | $21.0M | 761,015 | 0.7% | 2 |
| IMAX CORP | [IMAX](https://holderbook.com/stocks/IMAX/) | $21.0M | 525,986 | 0.7% | 4 |
| PALOMAR HLDGS INC | [PLMR](https://holderbook.com/stocks/PLMR/) | $20.7M | 163,622 | 0.7% | 28 |
| BANCORP INC DEL | [TBBK](https://holderbook.com/stocks/TBBK/) | $20.6M | 328,845 | 0.7% | 31 |
| APPLIED OPTOELECTRONICS INC | [AAOI](https://holderbook.com/stocks/AAOI/) | $20.3M | 136,959 | 0.7% | 10 |
| TRANSMEDICS GROUP INC | [TMDX](https://holderbook.com/stocks/TMDX/) | $20.1M | 302,074 | 0.7% | 29 |
| PALVELLA THERAPEUTICS INC NE | [PVLA](https://holderbook.com/stocks/PVLA/) | $19.8M | 129,847 | 0.7% | 2 |
| BJS RESTAURANTS INC | [BJRI](https://holderbook.com/stocks/BJRI/) | $19.6M | 322,573 | 0.7% | 22 |
| CUSTOMERS BANCORP INC | [CUBI](https://holderbook.com/stocks/CUBI/) | $19.0M | 240,511 | 0.7% | 4 |
| HINGE HEALTH INC | [HNGE](https://holderbook.com/stocks/HNGE/) | $18.9M | 228,197 | 0.7% | 2 |
| AEROVIRONMENT INC | [AVAV](https://holderbook.com/stocks/AVAV/) | $18.9M | 114,482 | 0.7% | 15 |
| RAMBUS INC DEL | [RMBS](https://holderbook.com/stocks/RMBS/) | $18.5M | 139,275 | 0.6% | 14 |
| MATERION CORP | [MTRN](https://holderbook.com/stocks/MTRN/) | $18.2M | 61,247 | 0.6% | 1 |
| HAPPEN INC | [HAPN](https://holderbook.com/stocks/HAPN/) | $18.1M | 871,131 | 0.6% | 4 |
| COMMVAULT SYS INC | [CVLT](https://holderbook.com/stocks/CVLT/) | $17.9M | 126,126 | 0.6% | 8 |
| D-WAVE QUANTUM INC | [QBTS](https://holderbook.com/stocks/QBTS/) | $17.9M | 744,084 | 0.6% | 5 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $17.8M | 255,587 | 0.6% | 4 |
| ARLO TECHNOLOGIES INC | [ARLO](https://holderbook.com/stocks/ARLO/) | $17.1M | 1,270,713 | 0.6% | 9 |
| NPK INTERNATIONAL INC | [NPKI](https://holderbook.com/stocks/NPKI/) | $17.1M | 1,074,368 | 0.6% | 1 |
| ONESPAWORLD HOLDINGS LIMITED | [OSW](https://holderbook.com/stocks/OSW/) | $16.9M | 600,025 | 0.6% | 12 |
| BOBS DISC FURNITURE INC | [BOBS](https://holderbook.com/stocks/BOBS/) | $16.6M | 1,049,648 | 0.6% | 2 |
| AXSOME THERAPEUTICS INC | [AXSM](https://holderbook.com/stocks/AXSM/) | $16.4M | 67,195 | 0.6% | 5 |
| PIPER SANDLER COMPANIES | [PIPR](https://holderbook.com/stocks/PIPR/) | $16.3M | 225,192 | 0.6% | 2 |
| IMPINJ INC | [PI](https://holderbook.com/stocks/PI/) | $15.9M | 111,287 | 0.6% | 13 |
| MIRION TECHNOLOGIES INC | [MIR](https://holderbook.com/stocks/MIR/) | $15.7M | 873,466 | 0.6% | 7 |
| SKYWARD SPECIALTY INS GROUP | [SKWD](https://holderbook.com/stocks/SKWD/) | $15.5M | 266,150 | 0.5% | 14 |
| EVOLV TECHNOLOGIES HLDNGS IN | [EVLV](https://holderbook.com/stocks/EVLV/) | $15.5M | 2,667,589 | 0.5% | 4 |
| RADNET INC | [RDNT](https://holderbook.com/stocks/RDNT/) | $15.5M | 250,764 | 0.5% | 12 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $14.6M | 2,375,999 | 0.5% | 7 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $14.4M | 433,797 | 0.5% | 5 |
| POWER INTEGRATIONS INC | [POWI](https://holderbook.com/stocks/POWI/) | $14.4M | 172,196 | 0.5% | 2 |
| AMBIQ MICRO INC | [AMBQ](https://holderbook.com/stocks/AMBQ/) | $14.1M | 159,131 | 0.5% | 1 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $13.8M | 398,842 | 0.5% | 1 |
| ARHAUS INC | [ARHS](https://holderbook.com/stocks/ARHS/) | $13.3M | 1,576,486 | 0.5% | 19 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $12.8M | 131,018 | 0.4% | 1 |
| COASTAL FINL CORP WA | [CCB](https://holderbook.com/stocks/CCB/) | $12.1M | 156,664 | 0.4% | 20 |
| ALAMAR BIOSCIENCES INC | [ALMR](https://holderbook.com/stocks/ALMR/) | $11.4M | 422,127 | 0.4% | 1 |
| EXCELERATE ENERGY INC | [EE](https://holderbook.com/stocks/EE/) | $11.4M | 299,991 | 0.4% | 5 |
| ALPHATEC HLDGS INC | [ATEC](https://holderbook.com/stocks/ATEC/) | $10.9M | 1,258,086 | 0.4% | 11 |
| FIRST WATCH RESTAURANT GROUP | [FWRG](https://holderbook.com/stocks/FWRG/) | $10.6M | 823,954 | 0.4% | 5 |
| LIGHTPATH TECHNOLOGIES INC | [LPTH](https://holderbook.com/stocks/LPTH/) | $9.9M | 607,882 | 0.3% | 1 |
| TRINITY CAP INC | [TRIN](https://holderbook.com/stocks/TRIN/) | $9.8M | 549,260 | 0.3% | 22 |
| Q2 HLDGS INC | [QTWO](https://holderbook.com/stocks/QTWO/) | $9.8M | 203,815 | 0.3% | 11 |

## 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 | +37.9% | +14.8% | +23.1% | 99% |
| Q1 2026 | -0.9% | -4.6% | +3.7% | 100% |
| Q4 2025 | +6.3% | +2.4% | +3.9% | 96% |
| Q3 2025 | +17.0% | +7.8% | +9.1% | 97% |
| Q2 2025 | +20.8% | +10.5% | +10.3% | 97% |
| Q1 2025 | -11.8% | -4.6% | -7.2% | 97% |
| Q4 2024 | +2.2% | +2.1% | +0.1% | 99% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.8B | 197 |
| Q1 2026 | $2.1B | 199 |
| Q4 2025 | $2.1B | 189 |
| Q3 2025 | $1.9B | 219 |
| Q2 2025 | $1.6B | 212 |
| Q1 2025 | $1.4B | 210 |
| Q4 2024 | $1.6B | 212 |
| Q3 2024 | $1.9B | 225 |
| Q2 2024 | $1.9B | 223 |
| Q1 2024 | $1.9B | 229 |
| Q4 2023 | $1.9B | 240 |
| Q3 2023 | $1.7B | 236 |