EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2023-05-04

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)

Kindmutual funds, institutions
Others nearbyLeola, PA, Saint Louis, MO, King Of Prussia, PA
FamilyEMERALD ADVISERS, LLC · 4 related pages

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Leola, PA (main office)United States	United States	about 15
King Of Prussia, PAUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$2.1bn reported value +0.8% vs Q4 2022

210positions

18.1%in top 10

20 new 45 added 134 reduced 56 sold out vs Q4 2022

Holdings, Q1 2023

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	CHURCHILL DOWNS INC COM CHDN	CHDN	174,742	$44.9m2.15%	2.15%	Reduced -3.4k	-3,355 -1.9%
2	SUPER MICRO COMPUTER INC COM COM		399,999	$42.6m2.04%	2.04%	Reduced -92.4k	-92,416 -18.8%
3	LANTHEUS HLDGS INC COM LNTH	LNTH	513,969	$42.4m2.03%	2.03%	Added +87.9k	+87,930 20.6%
4	SIMPLY GOOD FOODS CO COM SMPL	SMPL	1,045,276	$41.6m1.99%	1.99%	Reduced -12.5k	-12,514 -1.2%
5	SHIFT4 PMTS INC CL A FOUR	FOUR	540,640	$41.0m1.97%	1.97%	Reduced -7.7k	-7,728 -1.4%
6	FRESHPET INC COM FRPT	FRPT	525,810	$34.8m1.67%	1.67%	Reduced -8.3k	-8,308 -1.6%
7	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,363,453	$34.3m1.65%	1.65%	Added +175.2k	+175,207 14.8%
8	TRANSMEDICS GROUP INC COM TMDX	TMDX	430,552	$32.6m1.56%	1.56%	Reduced -132.1k	-132,115 -23.5%
9	PLANET FITNESS INC CL A PLNT	PLNT	411,206	$31.9m1.53%	1.53%	Reduced -6.5k	-6,530 -1.6%
10	CARPENTER TECHNOLOGY CORP COM CRS	CRS	687,973	$30.8m1.48%	1.48%	Reduced -9.3k	-9,350 -1.3%
11	TENABLE HLDGS INC COM TENB	TENB	638,763	$30.3m1.46%	1.46%	Added +394.8k	+394,812 161.8%
12	NEOGENOMICS INC COM NEW NEO	NEO	1,669,324	$29.1m1.39%	1.39%	Reduced -432.2k	-432,243 -20.6%
13	REATA PHARMACEUTICALS INC CL A RETA	RETA	314,621	$28.6m1.37%	1.37%	Reduced -365.2k	-365,151 -53.7%
14	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	972,835	$28.5m1.37%	1.37%	Added +135.9k	+135,926 16.2%
15	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,496,560	$28.2m1.35%	1.35%	Added +174.4k	+174,414 13.2%
16	EXPONENT INC COM EXPO	EXPO	282,461	$28.2m1.35%	1.35%	Added +14.5k	+14,523 5.4%
17	EVERI HLDGS INC COM EVRI	EVRI	1,640,309	$28.1m1.35%	1.35%	Reduced -385.0k	-384,969 -19.0%
18	MERIT MED SYS INC COM MMSI	MMSI	380,019	$28.1m1.35%	1.35%	Reduced -142.2k	-142,151 -27.2%
19	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	384,827	$27.3m1.31%	1.31%	Reduced -216.7k	-216,733 -36.0%
20	JACK IN THE BOX INC COM JACK	JACK	308,028	$27.0m1.29%	1.29%	Reduced -4.6k	-4,587 -1.5%
21	NV5 GLOBAL INC COM NVEE	NVEE	255,649	$26.6m1.27%	1.27%	Reduced -2.6k	-2,649 -1.0%
22	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	1,026,490	$26.1m1.25%	1.25%	Reduced -90.5k	-90,519 -8.1%
23	MODEL N INC COM MODN	MODN	769,683	$25.8m1.24%	1.24%	Added +50.1k	+50,083 7.0%
24	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,878,598	$25.3m1.21%	1.21%	Reduced -14.0k	-13,994 -0.7%
25	NORTHERN OIL & GAS INC COM NOG	NOG	824,515	$25.0m1.20%	1.20%	Reduced -25.2k	-25,207 -3.0%
26	CACTUS INC CL A WHD	WHD	592,539	$24.4m1.17%	1.17%	Reduced -100.3k	-100,278 -14.5%
27	MOELIS & CO CL A MC	MC	633,983	$24.4m1.17%	1.17%	Reduced -100.7k	-100,709 -13.7%
28	CHART INDS INC COM GTLS	GTLS	189,866	$23.8m1.14%	1.14%	Reduced -1.4k	-1,440 -0.8%
29	VARONIS SYS INC COM VRNS	VRNS	912,921	$23.7m1.14%	1.14%	Reduced -41.3k	-41,289 -4.3%
30	PALOMAR HLDGS INC COM PLMR	PLMR	429,773	$23.7m1.14%	1.14%	Reduced -105.6k	-105,561 -19.7%
31	CELSIUS HLDGS INC COM NEW CELH	CELH	247,930	$23.0m1.11%	1.11%	Added +13.8k	+13,842 5.9%
32	PRIVIA HEALTH GROUP INC COM PRVA	PRVA	826,044	$22.8m1.09%	1.09%	Reduced -10.0k	-10,025 -1.2%
33	FORWARD AIR CORP COM FWRD	FWRD	208,235	$22.4m1.08%	1.08%	Reduced -3.0k	-2,998 -1.4%
34	TRINET GROUP INC COM TNET	TNET	275,411	$22.2m1.06%	1.06%	Reduced -106.0k	-106,042 -27.8%
35	PDF SOLUTIONS INC COM PDFS	PDFS	506,737	$21.5m1.03%	1.03%	Added +115.6k	+115,572 29.6%
36	ATRICURE INC COM ATRC	ATRC	507,858	$21.1m1.01%	1.01%	Reduced -9.3k	-9,259 -1.8%
37	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	82,064	$19.9m0.95%	0.95%	Added +69.1k	+69,076 531.8%
38	PACIFIC PREMIER BANCORP COM PPBI	PPBI	821,217	$19.7m0.95%	0.95%	Reduced -24.9k	-24,882 -2.9%
39	ALKERMES PLC SHS ALKS	ALKS	699,499	$19.7m0.95%	0.95%	Added +60.1k	+60,069 9.4%
40	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	438,249	$19.7m0.95%	0.95%	Added +47.1k	+47,093 12.0%
41	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	490,161	$19.7m0.94%	0.94%	Added +145.4k	+145,436 42.2%
42	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	803,136	$19.3m0.92%	0.92%	Reduced -10.6k	-10,553 -1.3%
43	CHAMPIONX CORPORATION COM CHX	CHX	687,257	$18.6m0.89%	0.89%	Added +98.4k	+98,422 16.7%
44	IVERIC BIO INC COM OPHT	OPHT	754,032	$18.3m0.88%	0.88%	Reduced -6.0k	-6,012 -0.8%
45	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	882,272	$18.1m0.87%	0.87%	Added +162.6k	+162,594 22.6%
46	MATADOR RES CO COM MTDR	MTDR	378,028	$18.0m0.86%	0.86%	Reduced -1.7k	-1,657 -0.4%
47	PORTILLOS INC COM CL A PTLO	PTLO	842,910	$18.0m0.86%	0.86%	Reduced -13.5k	-13,514 -1.6%
48	AEROVIRONMENT INC COM AVAV	AVAV	195,027	$17.9m0.86%	0.86%	Added +19.5k	+19,504 11.1%
49	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	78,086	$17.5m0.84%	0.84%	Reduced -16.4k	-16,356 -17.3%
50	BJS RESTAURANTS INC COM BJRI	BJRI	597,343	$17.4m0.83%	0.83%	Reduced -11.2k	-11,202 -1.8%
51	REPLIMUNE GROUP INC COM REPL	REPL	963,041	$17.0m0.82%	0.82%	Reduced -223.0k	-223,000 -18.8%
52	INSMED INC COM PAR $.01 INSM	INSM	990,782	$16.9m0.81%	0.81%	Reduced -4.1k	-4,131 -0.4%
53	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	472,240	$16.8m0.81%	0.81%	Reduced -5.5k	-5,465 -1.1%
54	VISTEON CORP COM NEW VC	VC	105,150	$16.5m0.79%	0.79%	Reduced -1.7k	-1,722 -1.6%
55	MERCURY SYS INC COM MRCY	MRCY	318,913	$16.3m0.78%	0.78%	Reduced -3.1k	-3,051 -0.9%
56	PERFICIENT INC COM PRFT	PRFT	221,373	$16.0m0.77%	0.77%	Reduced -180.3k	-180,318 -44.9%
57	HOULIHAN LOKEY INC CL A HLI	HLI	182,033	$15.9m0.76%	0.76%	Reduced -2.3k	-2,253 -1.2%
58	DOCGO INC COM DCGO	DCGO	1,813,568	$15.7m0.75%	0.75%	Reduced -27.8k	-27,770 -1.5%
59	RAPID7 INC COM RPD	RPD	340,852	$15.6m0.75%	0.75%	Reduced -44.9k	-44,927 -11.7%
60	CHUYS HLDGS INC COM CHUY	CHUY	427,048	$15.3m0.73%	0.73%	Reduced -5.6k	-5,632 -1.3%
61	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	240,186	$15.3m0.73%	0.73%	Reduced -13.5k	-13,533 -5.3%
62	EXCELERATE ENERGY INC CL A COM EE	EE	687,613	$15.2m0.73%	0.73%	Reduced -9.8k	-9,825 -1.4%
63	COHERENT CORP COM COHR	COHR	397,321	$15.1m0.73%	0.73%	Added +5.3k	+5,286 1.4%
64	HERC HLDGS INC COM HRI	HRI	132,734	$15.1m0.73%	0.73%	Reduced -2.4k	-2,391 -1.8%
65	MANNKIND CORP COM NEW MNKD	MNKD	3,635,209	$14.9m0.71%	0.71%	Reduced -79.6k	-79,559 -2.1%
66	ANI PHARMACEUTICALS INC COM ANIP	ANIP	373,406	$14.8m0.71%	0.71%	Reduced -69.8k	-69,830 -15.8%
67	AMERESCO INC CL A AMRC	AMRC	300,015	$14.8m0.71%	0.71%	Reduced -4.7k	-4,709 -1.6%
68	HAEMONETICS CORP MASS COM HAE	HAE	174,479	$14.4m0.69%	0.69%	Reduced -1.7k	-1,695 -1.0%
69	KARUNA THERAPEUTICS INC COM COM		77,170	$14.0m0.67%	0.67%	Reduced -23.8k	-23,760 -23.5%
70	BABCOCK & WILCOX ENTERPRISES COM BW	BW	2,270,675	$13.8m0.66%	0.66%	Added +416.3k	+416,303 22.4%
71	ADAPTHEALTH CORP COMMON STOCK AHCO	AHCO	1,104,373	$13.7m0.66%	0.66%	Reduced -22.8k	-22,758 -2.0%
72	NATIONAL VISION HLDGS INC COM EYE	EYE	725,818	$13.7m0.66%	0.66%	Reduced -54.5k	-54,485 -7.0%
73	PROMETHEUS BIOSCIENCES INC COM COM		126,436	$13.6m0.65%	0.65%	Reduced -23.3k	-23,253 -15.5%
74	FABRINET SHS FN	FN	111,870	$13.3m0.64%	0.64%	New
75	CERTARA INC COM CERT	CERT	526,695	$12.7m0.61%	0.61%	Reduced -14.7k	-14,743 -2.7%
76	UNITED PARKS & RESORTS INC COM PRKS	PRKS	203,565	$12.5m0.60%	0.60%	Reduced -4.4k	-4,441 -2.1%
77	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	138,245	$12.4m0.59%	0.59%	Reduced -729	-729 -0.5%
78	LIVANOVA PLC SHS LIVN	LIVN	277,388	$12.1m0.58%	0.58%	New
79	PETCO HEALTH & WELLNESS CO I COM WOOF	WOOF	1,313,512	$11.8m0.57%	0.57%	Reduced -17.2k	-17,151 -1.3%
80	TERRENO RLTY CORP COM TRNO	TRNO	178,950	$11.6m0.55%	0.55%	Reduced -4.4k	-4,373 -2.4%
81	ICU MED INC COM ICUI	ICUI	68,572	$11.3m0.54%	0.54%	Added +68.5k	+68,457 59527.8%
82	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	1,023,121	$10.8m0.52%	0.52%	New
83	ZUORA INC COM CL A ZUO	ZUO	1,085,929	$10.7m0.51%	0.51%	Added +1.1m	+1,081,129 22523.5%
84	FIVE BELOW INC COM FIVE	FIVE	50,849	$10.5m0.50%	0.50%	Reduced -13.6k	-13,588 -21.1%
85	UTZ BRANDS INC COM CL A UTZ	UTZ	629,440	$10.4m0.50%	0.50%	Reduced -15.8k	-15,844 -2.5%
86	IPG PHOTONICS CORP COM IPGP	IPGP	83,356	$10.3m0.49%	0.49%	Added +20.0k	+19,982 31.5%
87	FIRST ADVANTAGE CORP NEW COM FA	FA	693,782	$9.7m0.46%	0.46%	Reduced -135.9k	-135,856 -16.4%
88	SKYWATER TECHNOLOGY INC COM COM		841,160	$9.6m0.46%	0.46%	Added +51.3k	+51,297 6.5%
89	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	436,686	$9.6m0.46%	0.46%	New
90	AMBARELLA INC SHS AMBA	AMBA	118,659	$9.2m0.44%	0.44%	Added +25.5k	+25,536 27.4%
91	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,418,738	$9.1m0.43%	0.43%	Added +47.2k	+47,161 1.4%
92	LINDBLAD EXPEDITIONS HLDGS I COM LIND	LIND	930,171	$8.9m0.43%	0.43%	Reduced -3.6k	-3,629 -0.4%
93	CYTOKINETICS INC COM NEW CYTK	CYTK	237,617	$8.4m0.40%	0.40%	Reduced -234.7k	-234,693 -49.7%
94	DENBURY INC COM DEN	DEN	94,655	$8.3m0.40%	0.40%	Reduced -25.7k	-25,687 -21.4%
95	ORTHOFIX MED INC COM OFIX	OFIX	493,393	$8.3m0.40%	0.40%	New
96	YETI HLDGS INC COM YETI	YETI	201,949	$8.1m0.39%	0.39%	Reduced -84.4k	-84,388 -29.5%
97	CUTERA INC COM CUTR	CUTR	328,858	$7.8m0.37%	0.37%	Reduced -8.3k	-8,324 -2.5%
98	ARIS WATER SOLUTIONS INC CLASS A COM ARIS	ARIS	987,954	$7.7m0.37%	0.37%	Reduced -46.1k	-46,104 -4.5%
99	VALARIS LTD CL A VAL	VAL	113,850	$7.4m0.36%	0.36%	New
100	MICROSOFT CORP COM MSFT	MSFT	22,752	$6.6m0.31%	0.31%	Reduced -349	-349 -1.5%

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
PROFRAC HLDG CORP ACDC	ACDC	1,036,375	$26.1m1.0m shares
CUSTOMERS BANCORP INC CUBI	CUBI	566,076	$16.0m566.1k shares
ALTRA INDL MOTION CORP AIMC	AIMC	206,124	$12.3m206.1k shares
EVOQUA WATER TECHNOLOGIES CO AQUA	AQUA	295,773	$11.7m295.8k shares
PACIRA BIOSCIENCES INC PCRX	PCRX	224,625	$8.7m224.6k shares
SEASPINE HLDGS CORP SPNE	SPNE	866,425	$7.2m866.4k shares
VIAVI SOLUTIONS INC VIAV	VIAV	568,833	$6.0m568.8k shares
908 DEVICES INC MASS	MASS	89,267	$680.2k89.3k shares
SIGNATURE BK NEW YORK N Y SBNY	SBNY	5,157	$594.2k5.2k shares
ANTERO RESOURCES CORP AR	AR	13,345	$413.6k13.3k shares
LIVE OAK BANCSHARES INC LOB	LOB	13,635	$411.8k13.6k shares
CVS HEALTH CORP CVS	CVS	3,615	$336.8k3.6k shares
ELI LILLY & CO LLY	LLY	864	$316.1k864 shares
TRIUMPH FINANCIAL INC TFIN	TFIN	5,815	$284.2k5.8k shares
SVB FINANCIAL GROUP SIVB	SIVB	1,061	$244.2k1.1k shares
VIVID SEATS INC		28,752	$209.9k28.8k shares
EPAM SYS INC EPAM	EPAM	453	$148.5k453 shares
INTERCONTINENTAL EXCHANGE IN ICE	ICE	1,419	$145.5k1.4k shares
XPO INC XPO	XPO	4,315	$143.6k4.3k shares
BEYOND INC NXH	NXH	5,450	$105.5k5.5k shares
ATI INC ATI	ATI	2,920	$87.2k2.9k shares
SILVERGATE CAP CORP SICP	SICP	4,394	$76.5k4.4k shares
ENOVIX CORPORATION ENVX	ENVX	6,000	$74.6k6.0k shares
CITIZENS & NORTHN CORP CZNC	CZNC	3,000	$68.6k3.0k shares
PIONEER NAT RES CO PXD	PXD	300	$68.5k300 shares