EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2023-02-03

SEC-registered investment adviser since 1991 · limited liability company

Assets managed$3.3bn
Staff35 · 17 in investment roles
Main clients (by assets)State and local governments 62%, Pension plans 23%, Private funds 7%
Websiteteamemerald.com
Form ADV · 2026-03-31SEC adviser record

Legal entityEmerald Advisers, LLC (US)

$2.1bn reported value +6.8% vs Q3 2022

246positions

17.5%in top 10

22 new 72 added 123 reduced 25 sold out vs Q3 2022

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SUPER MICRO COMPUTER INC COM COM		492,415	$40.4m1.95%	1.95%	Reduced -107.5k	-107,548 -17.9%
2	SIMPLY GOOD FOODS CO COM SMPL	SMPL	1,057,790	$40.2m1.94%	1.94%	Reduced -94.5k	-94,540 -8.2%
3	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	601,560	$37.9m1.83%	1.83%	Reduced -90.0k	-89,996 -13.0%
4	CHURCHILL DOWNS INC COM CHDN	CHDN	178,097	$37.7m1.82%	1.82%	Added +119	+119 0.1%
5	MERIT MED SYS INC COM MMSI	MMSI	522,170	$36.9m1.78%	1.78%	Reduced -10.1k	-10,144 -1.9%
6	CACTUS INC CL A WHD	WHD	692,817	$34.8m1.68%	1.68%	Reduced -4.7k	-4,683 -0.7%
7	TRANSMEDICS GROUP INC COM TMDX	TMDX	562,667	$34.7m1.68%	1.68%	Added +67.7k	+67,741 13.7%
8	NV5 GLOBAL INC COM NVEE	NVEE	258,298	$34.2m1.65%	1.65%	Reduced -957	-957 -0.4%
9	PLANET FITNESS INC CL A PLNT	PLNT	417,736	$32.9m1.59%	1.59%	Added +2.1k	+2,055 0.5%
10	REPLIMUNE GROUP INC COM REPL	REPL	1,186,041	$32.3m1.56%	1.56%	Added +49.5k	+49,455 4.3%
11	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	836,909	$30.9m1.49%	1.49%	Added +235.7k	+235,683 39.2%
12	SHIFT4 PMTS INC CL A FOUR	FOUR	548,368	$30.7m1.48%	1.48%	Reduced -2.3k	-2,277 -0.4%
13	NATIONAL VISION HLDGS INC COM EYE	EYE	780,303	$30.2m1.46%	1.46%	Reduced -5.1k	-5,091 -0.7%
14	MODEL N INC COM MODN	MODN	719,600	$29.2m1.41%	1.41%	Reduced -3.2k	-3,162 -0.4%
15	EVERI HLDGS INC COM EVRI	EVRI	2,025,278	$29.1m1.40%	1.40%	Reduced -23.2k	-23,156 -1.1%
16	MOELIS & CO CL A MC	MC	734,692	$28.2m1.36%	1.36%	Added +66.1k	+66,078 9.9%
17	FRESHPET INC COM FRPT	FRPT	534,118	$28.2m1.36%	1.36%	Added +6.4k	+6,448 1.2%
18	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	1,117,009	$28.1m1.36%	1.36%	Reduced -19.5k	-19,545 -1.7%
19	PERFICIENT INC COM PRFT	PRFT	401,691	$28.1m1.36%	1.36%	Reduced -3.3k	-3,288 -0.8%
20	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,188,246	$27.3m1.32%	1.32%	Added +67.5k	+67,481 6.0%
21	PACIFIC PREMIER BANCORP COM PPBI	PPBI	846,099	$26.7m1.29%	1.29%	Reduced -180.7k	-180,677 -17.6%
22	EXPONENT INC COM EXPO	EXPO	267,938	$26.5m1.28%	1.28%	Added +668	+668 0.2%
23	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	94,442	$26.3m1.27%	1.27%	Added +1.2k	+1,189 1.3%
24	NORTHERN OIL & GAS INC COM NOG	NOG	849,722	$26.2m1.27%	1.27%	Added +158.4k	+158,420 22.9%
25	PROFRAC HLDG CORP CLASS A COM ACDC	ACDC	1,036,375	$26.1m1.26%	1.26%	Reduced -145.6k	-145,556 -12.3%
26	TRINET GROUP INC COM TNET	TNET	381,453	$25.9m1.25%	1.25%	Reduced -7.5k	-7,541 -1.9%
27	REATA PHARMACEUTICALS INC CL A RETA	RETA	679,772	$25.8m1.25%	1.25%	Added +141.5k	+141,520 26.3%
28	CARPENTER TECHNOLOGY CORP COM CRS	CRS	697,323	$25.8m1.24%	1.24%	Added +71.5k	+71,455 11.4%
29	CELSIUS HLDGS INC COM NEW CELH	CELH	234,088	$24.4m1.18%	1.18%	Added +21.6k	+21,611 10.2%
30	PALOMAR HLDGS INC COM PLMR	PLMR	535,334	$24.2m1.17%	1.17%	Added +35.8k	+35,846 7.2%
31	ATRICURE INC COM ATRC	ATRC	517,117	$22.9m1.11%	1.11%	Added +88.5k	+88,486 20.6%
32	VARONIS SYS INC COM VRNS	VRNS	954,210	$22.8m1.10%	1.10%	Reduced -12.1k	-12,102 -1.2%
33	FORWARD AIR CORP COM FWRD	FWRD	211,233	$22.2m1.07%	1.07%	Added +435	+435 0.2%
34	CHART INDS INC COM GTLS	GTLS	191,306	$22.0m1.07%	1.07%	Reduced -76.0k	-76,048 -28.4%
35	MATADOR RES CO COM MTDR	MTDR	379,685	$21.7m1.05%	1.05%	Reduced -1.2k	-1,192 -0.3%
36	LANTHEUS HLDGS INC COM LNTH	LNTH	426,039	$21.7m1.05%	1.05%	Added +53.3k	+53,331 14.3%
37	ADAPTHEALTH CORP COMMON STOCK AHCO	AHCO	1,127,131	$21.7m1.05%	1.05%	Added +162.9k	+162,885 16.9%
38	CYTOKINETICS INC COM NEW CYTK	CYTK	472,310	$21.6m1.05%	1.05%	Added +131.7k	+131,700 38.7%
39	JACK IN THE BOX INC COM JACK	JACK	312,615	$21.3m1.03%	1.03%	Added +25.5k	+25,528 8.9%
40	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	477,705	$21.2m1.02%	1.02%	Added +1.2k	+1,156 0.2%
41	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,322,146	$21.0m1.02%	1.02%	Reduced -7.5k	-7,480 -0.6%
42	INSMED INC COM PAR $.01 INSM	INSM	994,913	$19.9m0.96%	0.96%	New
43	KARUNA THERAPEUTICS INC COM COM		100,930	$19.8m0.96%	0.96%	Reduced -18.9k	-18,898 -15.8%
44	MANNKIND CORP COM NEW MNKD	MNKD	3,714,768	$19.6m0.95%	0.95%	Reduced -50.5k	-50,516 -1.3%
45	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,892,592	$19.5m0.94%	0.94%	Reduced -26.9k	-26,942 -1.4%
46	NEOGENOMICS INC COM NEW NEO	NEO	2,101,567	$19.4m0.94%	0.94%	Reduced -38.0k	-38,012 -1.8%
47	PRIVIA HEALTH GROUP INC COM PRVA	PRVA	836,069	$19.0m0.92%	0.92%	Added +389.6k	+389,615 87.3%
48	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	813,689	$18.9m0.91%	0.91%	Reduced -3.5k	-3,460 -0.4%
49	ANI PHARMACEUTICALS INC COM ANIP	ANIP	443,236	$17.8m0.86%	0.86%	Reduced -13.5k	-13,512 -3.0%
50	HERC HLDGS INC COM HRI	HRI	135,125	$17.8m0.86%	0.86%	Added +3.3k	+3,275 2.5%
51	EXCELERATE ENERGY INC CL A COM EE	EE	697,438	$17.5m0.84%	0.84%	Added +3.5k	+3,533 0.5%
52	AMERESCO INC CL A AMRC	AMRC	304,724	$17.4m0.84%	0.84%	Added +114.8k	+114,765 60.4%
53	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	391,156	$17.1m0.83%	0.83%	Added +72.6k	+72,582 22.8%
54	CHAMPIONX CORPORATION COM CHX	CHX	588,835	$17.1m0.82%	0.82%	New
55	ALKERMES PLC SHS ALKS	ALKS	639,430	$16.7m0.81%	0.81%	Added +338.1k	+338,136 112.2%
56	PROMETHEUS BIOSCIENCES INC COM COM		149,689	$16.5m0.80%	0.80%	New
57	IVERIC BIO INC COM OPHT	OPHT	760,044	$16.3m0.79%	0.79%	Reduced -202.9k	-202,863 -21.1%
58	HOULIHAN LOKEY INC CL A HLI	HLI	184,286	$16.1m0.78%	0.78%	Added +586	+586 0.3%
59	BJS RESTAURANTS INC COM BJRI	BJRI	608,545	$16.1m0.78%	0.78%	Added +68.4k	+68,369 12.7%
60	CUSTOMERS BANCORP INC COM CUBI	CUBI	566,076	$16.0m0.78%	0.78%	Added +29.9k	+29,911 5.6%
61	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	344,725	$16.0m0.77%	0.77%	Reduced -2.4k	-2,356 -0.7%
62	AEROVIRONMENT INC COM AVAV	AVAV	175,523	$15.0m0.73%	0.73%	New
63	CUTERA INC COM CUTR	CUTR	337,182	$14.9m0.72%	0.72%	Reduced -140.7k	-140,651 -29.4%
64	ARIS WATER SOLUTIONS INC CLASS A COM ARIS	ARIS	1,034,058	$14.9m0.72%	0.72%	Added +25.9k	+25,904 2.6%
65	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	253,719	$14.5m0.70%	0.70%	Added +3.0k	+3,050 1.2%
66	MERCURY SYS INC COM MRCY	MRCY	321,964	$14.4m0.70%	0.70%	New
67	VISTEON CORP COM NEW VC	VC	106,872	$14.0m0.68%	0.68%	Reduced -18.2k	-18,215 -14.6%
68	PORTILLOS INC COM CL A PTLO	PTLO	856,424	$14.0m0.68%	0.68%	Added +115.3k	+115,300 15.6%
69	HAEMONETICS CORP MASS COM HAE	HAE	176,174	$13.9m0.67%	0.67%	Reduced -145.1k	-145,097 -45.2%
70	COHERENT CORP COM COHR	COHR	392,035	$13.8m0.66%	0.66%	Added +175.9k	+175,950 81.4%
71	RAPID7 INC COM RPD	RPD	385,779	$13.1m0.63%	0.63%	Reduced -101.0k	-101,018 -20.8%
72	DOCGO INC COM DCGO	DCGO	1,841,338	$13.0m0.63%	0.63%	Reduced -13.1k	-13,054 -0.7%
73	PETCO HEALTH & WELLNESS CO I COM WOOF	WOOF	1,330,663	$12.6m0.61%	0.61%	Reduced -41.0k	-40,975 -3.0%
74	ALTRA INDL MOTION CORP COM AIMC	AIMC	206,124	$12.3m0.60%	0.60%	Reduced -13.4k	-13,394 -6.1%
75	ARVINAS INC COM ARVN	ARVN	359,483	$12.3m0.59%	0.59%	Added +39.7k	+39,746 12.4%
76	CHUYS HLDGS INC COM CHUY	CHUY	432,680	$12.2m0.59%	0.59%	Added +780	+780 0.2%
77	YETI HLDGS INC COM YETI	YETI	286,337	$11.8m0.57%	0.57%	Reduced -27.0k	-26,997 -8.6%
78	EVOQUA WATER TECHNOLOGIES CO COM AQUA	AQUA	295,773	$11.7m0.57%	0.57%	Added +294.2k	+294,173 18385.8%
79	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,371,577	$11.7m0.56%	0.56%	Reduced -17.1k	-17,143 -0.5%
80	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	719,678	$11.4m0.55%	0.55%	Added +8.4k	+8,448 1.2%
81	FIVE BELOW INC COM FIVE	FIVE	64,437	$11.4m0.55%	0.55%	Reduced -13.8k	-13,763 -17.6%
82	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	138,974	$11.4m0.55%	0.55%	Reduced -65	-65 -0.1%
83	PDF SOLUTIONS INC COM PDFS	PDFS	391,165	$11.2m0.54%	0.54%	Added +4.9k	+4,940 1.3%
84	UNITED PARKS & RESORTS INC COM PRKS	PRKS	208,006	$11.1m0.54%	0.54%	Reduced -2.1k	-2,090 -1.0%
85	FIRST ADVANTAGE CORP NEW COM FA	FA	829,638	$10.8m0.52%	0.52%	Reduced -251.3k	-251,262 -23.2%
86	BABCOCK & WILCOX ENTERPRISES COM BW	BW	1,854,372	$10.7m0.52%	0.52%	Added +421.6k	+421,576 29.4%
87	DENBURY INC COM DEN	DEN	120,342	$10.5m0.51%	0.51%	New
88	TERRENO RLTY CORP COM TRNO	TRNO	183,323	$10.4m0.50%	0.50%	Added +55.0k	+55,034 42.9%
89	UTZ BRANDS INC COM CL A UTZ	UTZ	645,284	$10.2m0.49%	0.49%	Added +159.6k	+159,614 32.9%
90	TENABLE HLDGS INC COM TENB	TENB	243,951	$9.3m0.45%	0.45%	Added +36.8k	+36,795 17.8%
91	ARHAUS INC COM CL A ARHS	ARHS	924,949	$9.0m0.44%	0.44%	Reduced -5.8k	-5,772 -0.6%
92	CERTARA INC COM CERT	CERT	541,438	$8.7m0.42%	0.42%	New
93	PACIRA BIOSCIENCES INC COM PCRX	PCRX	224,625	$8.7m0.42%	0.42%	Reduced -269.7k	-269,671 -54.6%
94	AMBARELLA INC SHS AMBA	AMBA	93,123	$7.7m0.37%	0.37%	Reduced -4.3k	-4,299 -4.4%
95	SEASPINE HLDGS CORP COM SPNE	SPNE	866,425	$7.2m0.35%	0.35%	Reduced -49.5k	-49,546 -5.4%
96	LINDBLAD EXPEDITIONS HLDGS I COM LIND	LIND	933,800	$7.2m0.35%	0.35%	Reduced -600	-600 -0.1%
97	JAMF HLDG CORP COM JAMF	JAMF	311,029	$6.6m0.32%	0.32%	Reduced -38.0k	-37,975 -10.9%
98	NOODLES & CO COM CL A COM CL A		1,163,015	$6.4m0.31%	0.31%	Added +16.7k	+16,726 1.5%
99	IPG PHOTONICS CORP COM IPGP	IPGP	63,374	$6.0m0.29%	0.29%	New
100	VIAVI SOLUTIONS INC COM VIAV	VIAV	568,833	$6.0m0.29%	0.29%	Reduced -489.0k	-489,043 -46.2%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
TANDEM DIABETES CARE INC TNDM	TNDM	298,210	$14.3m298.2k shares
HIRERIGHT HOLDINGS CORPORATI		844,583	$12.9m844.6k shares
IMAGO BIOSCIENCES INC		853,637	$12.8m853.6k shares
SUPERNUS PHARMACEUTICALS INC SUPN	SUPN	313,477	$10.6m313.5k shares
TETRA TECH INC NEW TTEK	TTEK	81,865	$10.5m81.9k shares
GOSSAMER BIO INC GOSS	GOSS	620,370	$7.4m620.4k shares
AVIENT CORPORATION AVNT	AVNT	220,031	$6.7m220.0k shares
FORMFACTOR INC FORM	FORM	240,615	$6.0m240.6k shares
HORIZON THERAPEUTICS PUB L HZNP	HZNP	23,478	$1.5m23.5k shares
PDC ENERGY INC PDCE	PDCE	8,511	$492.0k8.5k shares
ZENDESK INC		5,531	$421.0k5.5k shares
LIVERAMP HLDGS INC RAMP	RAMP	16,144	$293.0k16.1k shares
KLA CORP KLAC	KLAC	864	$261.0k864 shares
NIKE INC NKE	NKE	3,001	$249.0k3.0k shares
INTUIT INTU	INTU	595	$230.0k595 shares
H & E EQUIPMENT SERVICES INC HEES	HEES	8,099	$230.0k8.1k shares
NETFLIX INC NFLX	NFLX	964	$227.0k964 shares
Q2 HLDGS INC QTWO	QTWO	5,755	$185.0k5.8k shares
DOCUSIGN INC DOCU	DOCU	2,125	$114.0k2.1k shares
PROSHARES TR		1,000	$55.0k1.0k shares
ORRSTOWN FINL SVCS INC ORRF	ORRF	2,038	$49.0k2.0k shares
HAYWARD HLDGS INC HAYW	HAYW	2,103	$19.0k2.1k shares
ALLEGIANT TRAVEL CO ALGT	ALGT	119	$9.0k119 shares
TWITTER INC TWTR	TWTR	100	$4.0k100 shares
XPERI HOLDING CORP		4	$04 shares