EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2023-07-25

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)

$2.3bn reported value +9.6% vs Q1 2023

211positions

17.2%in top 10

26 new 70 added 107 reduced 25 sold out vs Q1 2023

Holdings, Q2 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	SUPER MICRO COMPUTER INC COM COM		204,736	$51.0m2.23%	2.23%	Reduced -195.3k	-195,263 -48.8%
2	CHURCHILL DOWNS INC COM CHDN	CHDN	335,452	$46.7m2.04%	2.04%	Reduced -14.0k	-14,032 -4.0%
3	CHART INDS INC COM GTLS	GTLS	252,481	$40.3m1.77%	1.77%	Added +62.6k	+62,615 33.0%
4	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,616,952	$38.7m1.69%	1.69%	Added +120.4k	+120,392 8.0%
5	CARPENTER TECHNOLOGY CORP COM CRS	CRS	687,827	$38.6m1.69%	1.69%	Reduced -146	-146 -0.0%
6	SIMPLY GOOD FOODS CO COM SMPL	SMPL	1,042,430	$38.1m1.67%	1.67%	Reduced -2.8k	-2,846 -0.3%
7	TRANSMEDICS GROUP INC COM TMDX	TMDX	436,093	$36.6m1.60%	1.60%	Added +5.5k	+5,541 1.3%
8	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,366,138	$34.9m1.53%	1.53%	Added +2.7k	+2,685 0.2%
9	FRESHPET INC COM FRPT	FRPT	520,182	$34.2m1.50%	1.50%	Reduced -5.6k	-5,628 -1.1%
10	SHIFT4 PMTS INC CL A FOUR	FOUR	484,011	$32.9m1.44%	1.44%	Reduced -56.6k	-56,629 -10.5%
11	REATA PHARMACEUTICALS INC CL A RETA	RETA	317,096	$32.3m1.41%	1.41%	Added +2.5k	+2,475 0.8%
12	TENABLE HLDGS INC COM TENB	TENB	738,521	$32.2m1.41%	1.41%	Added +99.8k	+99,758 15.6%
13	MERIT MED SYS INC COM MMSI	MMSI	377,933	$31.6m1.38%	1.38%	Reduced -2.1k	-2,086 -0.6%
14	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	496,053	$31.4m1.37%	1.37%	Added +57.8k	+57,804 13.2%
15	LIVANOVA PLC SHS LIVN	LIVN	591,855	$30.4m1.33%	1.33%	Added +314.5k	+314,467 113.4%
16	NV5 GLOBAL INC COM NVEE	NVEE	271,555	$30.1m1.32%	1.32%	Added +15.9k	+15,906 6.2%
17	TRINET GROUP INC COM TNET	TNET	312,349	$29.7m1.30%	1.30%	Added +36.9k	+36,938 13.4%
18	MODEL N INC COM MODN	MODN	821,970	$29.1m1.27%	1.27%	Added +52.3k	+52,287 6.8%
19	NORTHERN OIL & GAS INC COM NOG	NOG	839,583	$28.8m1.26%	1.26%	Added +15.1k	+15,068 1.8%
20	IVERIC BIO INC COM OPHT	OPHT	700,046	$27.5m1.20%	1.20%	Reduced -54.0k	-53,986 -7.2%
21	PLANET FITNESS INC CL A PLNT	PLNT	407,720	$27.5m1.20%	1.20%	Reduced -3.5k	-3,486 -0.8%
22	FTAI AVIATION LTD SHS FTAI	FTAI	863,149	$27.3m1.20%	1.20%	New
23	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,873,014	$26.9m1.18%	1.18%	Reduced -5.6k	-5,584 -0.3%
24	NEOGENOMICS INC COM NEW NEO	NEO	1,656,219	$26.6m1.16%	1.16%	Reduced -13.1k	-13,105 -0.8%
25	LANTHEUS HLDGS INC COM LNTH	LNTH	313,582	$26.3m1.15%	1.15%	Reduced -200.4k	-200,387 -39.0%
26	EXPONENT INC COM EXPO	EXPO	281,643	$26.3m1.15%	1.15%	Reduced -818	-818 -0.3%
27	PALOMAR HLDGS INC COM PLMR	PLMR	451,536	$26.2m1.15%	1.15%	Added +21.8k	+21,763 5.1%
28	HERC HLDGS INC COM HRI	HRI	188,188	$25.8m1.13%	1.13%	Added +55.5k	+55,454 41.8%
29	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	552,136	$25.5m1.11%	1.11%	Added +62.0k	+61,975 12.6%
30	REPLIMUNE GROUP INC COM REPL	REPL	1,086,287	$25.2m1.10%	1.10%	Added +123.2k	+123,246 12.8%
31	CHAMPIONX CORPORATION COM CHX	CHX	809,820	$25.1m1.10%	1.10%	Added +122.6k	+122,563 17.8%
32	CACTUS INC CL A WHD	WHD	590,032	$25.0m1.09%	1.09%	Reduced -2.5k	-2,507 -0.4%
33	ATRICURE INC COM ATRC	ATRC	498,969	$24.6m1.08%	1.08%	Reduced -8.9k	-8,889 -1.8%
34	ATI INC COM ATI	ATI	555,600	$24.6m1.08%	1.08%	New
35	VARONIS SYS INC COM VRNS	VRNS	914,337	$24.4m1.07%	1.07%	Added +1.4k	+1,416 0.2%
36	PDF SOLUTIONS INC COM PDFS	PDFS	531,557	$24.0m1.05%	1.05%	Added +24.8k	+24,820 4.9%
37	JACK IN THE BOX INC COM JACK	JACK	244,811	$23.9m1.04%	1.04%	Reduced -63.2k	-63,217 -20.5%
38	MANNKIND CORP COM NEW MNKD	MNKD	5,746,719	$23.4m1.02%	1.02%	Added +2.1m	+2,111,510 58.1%
39	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	934,307	$23.2m1.01%	1.01%	Reduced -92.2k	-92,183 -9.0%
40	PRIVIA HEALTH GROUP INC COM PRVA	PRVA	856,914	$22.4m0.98%	0.98%	Added +30.9k	+30,870 3.7%
41	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	984,802	$22.1m0.97%	0.97%	Added +102.5k	+102,530 11.6%
42	CELSIUS HLDGS INC COM NEW CELH	CELH	148,272	$22.1m0.97%	0.97%	Reduced -99.7k	-99,658 -40.2%
43	PERFICIENT INC COM PRFT	PRFT	262,104	$21.8m0.96%	0.96%	Added +40.7k	+40,731 18.4%
44	AEROVIRONMENT INC COM AVAV	AVAV	208,325	$21.3m0.93%	0.93%	Added +13.3k	+13,298 6.8%
45	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	335,166	$21.2m0.93%	0.93%	New
46	DOCGO INC COM DCGO	DCGO	2,261,551	$21.2m0.93%	0.93%	Added +448.0k	+447,983 24.7%
47	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	323,350	$21.2m0.93%	0.93%	Reduced -61.5k	-61,477 -16.0%
48	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,203,784	$20.9m0.91%	0.91%	Added +627.9k	+627,868 109.0%
49	INSMED INC COM PAR $.01 INSM	INSM	989,026	$20.9m0.91%	0.91%	Reduced -1.8k	-1,756 -0.2%
50	MOELIS & CO CL A MC	MC	458,745	$20.8m0.91%	0.91%	Reduced -175.2k	-175,238 -27.6%
51	ICU MED INC COM ICUI	ICUI	116,202	$20.7m0.91%	0.91%	Added +47.6k	+47,630 69.5%
52	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	478,592	$20.2m0.88%	0.88%	Added +6.4k	+6,352 1.4%
53	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	2,096,298	$19.7m0.86%	0.86%	Added +1.1m	+1,073,177 104.9%
54	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	767,016	$19.5m0.85%	0.85%	Added +330.3k	+330,330 75.6%
55	PORTILLOS INC COM CL A PTLO	PTLO	841,391	$19.0m0.83%	0.83%	Reduced -1.5k	-1,519 -0.2%
56	BJS RESTAURANTS INC COM BJRI	BJRI	594,123	$18.9m0.83%	0.83%	Reduced -3.2k	-3,220 -0.5%
57	IMMUNOGEN INC COM IMGN	IMGN	983,697	$18.6m0.81%	0.81%	New
58	RAMBUS INC DEL COM RMBS	RMBS	289,246	$18.6m0.81%	0.81%	Added +237.8k	+237,783 462.1%
59	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	831,808	$17.9m0.79%	0.79%	Reduced -141.0k	-141,027 -14.5%
60	HOULIHAN LOKEY INC CL A HLI	HLI	182,103	$17.9m0.78%	0.78%	Added +70	+70 0.0%
61	NATIONAL VISION HLDGS INC COM EYE	EYE	722,645	$17.6m0.77%	0.77%	Reduced -3.2k	-3,173 -0.4%
62	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	804,790	$17.3m0.76%	0.76%	Added +1.7k	+1,654 0.2%
63	CHUYS HLDGS INC COM CHUY	CHUY	423,571	$17.3m0.76%	0.76%	Reduced -3.5k	-3,477 -0.8%
64	FORWARD AIR CORP COM FWRD	FWRD	158,860	$16.9m0.74%	0.74%	Reduced -49.4k	-49,375 -23.7%
65	EVERI HLDGS INC COM EVRI	EVRI	1,143,562	$16.5m0.72%	0.72%	Reduced -496.7k	-496,747 -30.3%
66	PACIFIC PREMIER BANCORP COM PPBI	PPBI	798,116	$16.5m0.72%	0.72%	Reduced -23.1k	-23,101 -2.8%
67	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	240,110	$16.2m0.71%	0.71%	Reduced -76	-76 -0.0%
68	RAPID7 INC COM RPD	RPD	351,270	$15.9m0.70%	0.70%	Added +10.4k	+10,418 3.1%
69	COHERENT CORP COM COHR	COHR	307,850	$15.7m0.69%	0.69%	Reduced -89.5k	-89,471 -22.5%
70	VISTEON CORP COM NEW VC	VC	104,792	$15.0m0.66%	0.66%	Reduced -358	-358 -0.3%
71	HAEMONETICS CORP MASS COM HAE	HAE	174,850	$14.9m0.65%	0.65%	Added +371	+371 0.2%
72	AMERESCO INC CL A AMRC	AMRC	296,246	$14.4m0.63%	0.63%	Reduced -3.8k	-3,769 -1.3%
73	VALARIS LTD CL A VAL	VAL	227,984	$14.3m0.63%	0.63%	Added +114.1k	+114,134 100.2%
74	HARMONIC INC COM HLIT	HLIT	884,847	$14.3m0.63%	0.63%	Added +749.1k	+749,084 551.8%
75	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	61,483	$14.2m0.62%	0.62%	Reduced -20.6k	-20,581 -25.1%
76	ZUORA INC COM CL A ZUO	ZUO	1,292,049	$14.2m0.62%	0.62%	Added +206.1k	+206,120 19.0%
77	PETCO HEALTH & WELLNESS CO I COM WOOF	WOOF	1,589,852	$14.1m0.62%	0.62%	Added +276.3k	+276,340 21.0%
78	EXCELERATE ENERGY INC CL A COM EE	EE	665,810	$13.5m0.59%	0.59%	Reduced -21.8k	-21,803 -3.2%
79	UTZ BRANDS INC COM CL A UTZ	UTZ	802,948	$13.1m0.57%	0.57%	Added +173.5k	+173,508 27.6%
80	BABCOCK & WILCOX ENTERPRISES COM BW	BW	2,226,200	$13.1m0.57%	0.57%	Reduced -44.5k	-44,475 -2.0%
81	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	139,047	$12.9m0.57%	0.57%	Added +802	+802 0.6%
82	ORTHOFIX MED INC COM OFIX	OFIX	695,355	$12.6m0.55%	0.55%	Added +202.0k	+201,962 40.9%
83	IPG PHOTONICS CORP COM IPGP	IPGP	85,224	$11.6m0.51%	0.51%	Added +1.9k	+1,868 2.2%
84	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,412,819	$11.5m0.50%	0.50%	Reduced -5.9k	-5,919 -0.2%
85	UNITED PARKS & RESORTS INC COM PRKS	PRKS	204,085	$11.4m0.50%	0.50%	Added +520	+520 0.3%
86	MATADOR RES CO COM MTDR	MTDR	211,609	$11.1m0.48%	0.48%	Reduced -166.4k	-166,419 -44.0%
87	TERRENO RLTY CORP COM TRNO	TRNO	182,281	$11.0m0.48%	0.48%	Added +3.3k	+3,331 1.9%
88	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	315,058	$10.9m0.48%	0.48%	Added +151.1k	+151,097 92.2%
89	FIRST ADVANTAGE CORP NEW COM FA	FA	686,445	$10.6m0.46%	0.46%	Reduced -7.3k	-7,337 -1.1%
90	FORMFACTOR INC COM FORM	FORM	304,463	$10.4m0.46%	0.46%	New
91	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	643,052	$9.9m0.43%	0.43%	New
92	AMBARELLA INC SHS AMBA	AMBA	117,991	$9.9m0.43%	0.43%	Reduced -668	-668 -0.6%
93	ANI PHARMACEUTICALS INC COM ANIP	ANIP	174,276	$9.4m0.41%	0.41%	Reduced -199.1k	-199,130 -53.3%
94	TRINITY CAP INC COM TRIN	TRIN	694,672	$9.2m0.40%	0.40%	Added +210.4k	+210,424 43.5%
95	SKYWATER TECHNOLOGY INC COM COM		962,217	$9.1m0.40%	0.40%	Added +121.1k	+121,057 14.4%
96	AGILYSYS INC COM AGYS	AGYS	121,269	$8.3m0.36%	0.36%	New
97	BRIDGEBIO PHARMA INC COM BBIO	BBIO	479,125	$8.2m0.36%	0.36%	New
98	DENBURY INC COM DEN	DEN	94,628	$8.2m0.36%	0.36%	Reduced -27	-27 -0.0%
99	ARHAUS INC COM CL A ARHS	ARHS	747,111	$7.8m0.34%	0.34%	Added +159.3k	+159,340 27.1%
100	MICROSOFT CORP COM MSFT	MSFT	22,752	$7.7m0.34%	0.34%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
ALKERMES PLC ALKS	ALKS	699,499	$19.7m699.5k shares
ADAPTHEALTH CORP AHCO	AHCO	1,104,373	$13.7m1.1m shares
PROMETHEUS BIOSCIENCES INC		126,436	$13.6m126.4k shares
FABRINET FN	FN	111,870	$13.3m111.9k shares
CERTARA INC CERT	CERT	526,695	$12.7m526.7k shares
FIVE BELOW INC FIVE	FIVE	50,849	$10.5m50.8k shares
LINDBLAD EXPEDITIONS HLDGS I LIND	LIND	930,171	$8.9m930.2k shares
CYTOKINETICS INC CYTK	CYTK	237,617	$8.4m237.6k shares
YETI HLDGS INC YETI	YETI	201,949	$8.1m201.9k shares
CUTERA INC CUTR	CUTR	328,858	$7.8m328.9k shares
EVERQUOTE INC EVER	EVER	338,846	$4.7m338.8k shares
HA SUSTAINABLE INFRA CAP INC HASI	HASI	161,636	$4.6m161.6k shares
ARVINAS INC ARVN	ARVN	164,416	$4.5m164.4k shares
CINEMARK HLDGS INC CNK	CNK	56,335	$833.2k56.3k shares
MID PENN BANCORP INC MPB	MPB	27,219	$697.1k27.2k shares
SCOTTS MIRACLE-GRO CO SMG	SMG	8,487	$591.9k8.5k shares
I3 VERTICALS INC IIIV	IIIV	22,649	$555.6k22.6k shares
FIRST CTZNS BANCSHARES INC N FCNCA	FCNCA	504	$490.4k504 shares
OCEANFIRST FINL CORP OCFC	OCFC	18,147	$335.4k18.1k shares
STERIS PLC STE	STE	1,745	$333.8k1.7k shares
STEVANATO GROUP S P A STVN	STVN	10,990	$284.6k11.0k shares
DIAMOND OFFSHORE DRILLING IN DO	DO	23,445	$282.3k23.4k shares
WILLIAMS SONOMA INC WSM	WSM	1,965	$239.1k2.0k shares
AZENTA INC AZTA	AZTA	4,765	$212.6k4.8k shares
Jones Soda Co JSDA	JSDA	46,624	$11.7k46.6k shares