EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2023-10-26

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 -9.7% vs Q2 2023

232positions

18.3%in top 10

38 new 87 added 99 reduced 17 sold out vs Q2 2023

Holdings, Q3 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	CARPENTER TECHNOLOGY CORP COM CRS	CRS	687,232	$46.2m2.24%	2.24%	Reduced -595	-595 -0.1%
2	CHART INDS INC COM GTLS	GTLS	252,174	$42.6m2.07%	2.07%	Reduced -307	-307 -0.1%
3	SUPER MICRO COMPUTER INC COM COM		143,480	$39.3m1.91%	1.91%	Reduced -61.3k	-61,256 -29.9%
4	CHURCHILL DOWNS INC COM CHDN	CHDN	328,021	$38.1m1.84%	1.84%	Reduced -7.4k	-7,431 -2.2%
5	SIMPLY GOOD FOODS CO COM SMPL	SMPL	1,097,602	$37.9m1.84%	1.84%	Added +55.2k	+55,172 5.3%
6	TRINET GROUP INC COM TNET	TNET	313,084	$36.5m1.77%	1.77%	Added +735	+735 0.2%
7	TENABLE HLDGS INC COM TENB	TENB	795,198	$35.6m1.73%	1.73%	Added +56.7k	+56,677 7.7%
8	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,681,052	$35.0m1.70%	1.70%	Added +64.1k	+64,100 4.0%
9	FRESHPET INC COM FRPT	FRPT	520,761	$34.3m1.66%	1.66%	Added +579	+579 0.1%
10	LIVANOVA PLC SHS LIVN	LIVN	622,491	$32.9m1.59%	1.59%	Added +30.6k	+30,636 5.2%
11	FTAI AVIATION LTD SHS FTAI	FTAI	862,312	$30.7m1.48%	1.48%	Reduced -837	-837 -0.1%
12	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	607,037	$30.5m1.48%	1.48%	Added +111.0k	+110,984 22.4%
13	VARONIS SYS INC COM VRNS	VRNS	969,715	$29.6m1.43%	1.43%	Added +55.4k	+55,378 6.1%
14	NV5 GLOBAL INC COM NVEE	NVEE	299,994	$28.9m1.40%	1.40%	Added +28.4k	+28,439 10.5%
15	IMMUNOGEN INC COM IMGN	IMGN	1,811,306	$28.7m1.39%	1.39%	Added +827.6k	+827,609 84.1%
16	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,864,494	$28.0m1.36%	1.36%	Reduced -8.5k	-8,520 -0.5%
17	SHIFT4 PMTS INC CL A FOUR	FOUR	503,498	$27.9m1.35%	1.35%	Added +19.5k	+19,487 4.0%
18	MERIT MED SYS INC COM MMSI	MMSI	377,935	$26.1m1.26%	1.26%	Added +2	+2 0.0%
19	CACTUS INC CL A WHD	WHD	515,740	$25.9m1.25%	1.25%	Reduced -74.3k	-74,292 -12.6%
20	AEROVIRONMENT INC COM AVAV	AVAV	231,094	$25.8m1.25%	1.25%	Added +22.8k	+22,769 10.9%
21	TRANSMEDICS GROUP INC COM TMDX	TMDX	442,546	$24.2m1.17%	1.17%	Added +6.5k	+6,453 1.5%
22	AAR CORP COM AIR	AIR	401,440	$23.9m1.16%	1.16%	Added +392.3k	+392,266 4275.8%
23	LANTHEUS HLDGS INC COM LNTH	LNTH	342,523	$23.8m1.15%	1.15%	Added +28.9k	+28,941 9.2%
24	NEOGENOMICS INC COM NEW NEO	NEO	1,927,074	$23.7m1.15%	1.15%	Added +270.9k	+270,855 16.4%
25	INSMED INC COM PAR $.01 INSM	INSM	937,516	$23.7m1.15%	1.15%	Reduced -51.5k	-51,510 -5.2%
26	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	284,444	$23.2m1.12%	1.12%	Reduced -38.9k	-38,906 -12.0%
27	ATI INC COM ATI	ATI	558,505	$23.0m1.11%	1.11%	Added +2.9k	+2,905 0.5%
28	PALOMAR HLDGS INC COM PLMR	PLMR	451,538	$22.9m1.11%	1.11%	Added +2	+2 0.0%
29	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	777,221	$22.7m1.10%	1.10%	Added +298.6k	+298,629 62.4%
30	HERC HLDGS INC COM HRI	HRI	187,789	$22.3m1.08%	1.08%	Reduced -399	-399 -0.2%
31	ATRICURE INC COM ATRC	ATRC	498,972	$21.9m1.06%	1.06%	Added +3	+3 0.0%
32	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	934,086	$21.7m1.05%	1.05%	Reduced -221	-221 -0.0%
33	NORTHERN OIL & GAS INC COM NOG	NOG	535,190	$21.5m1.04%	1.04%	Reduced -304.4k	-304,393 -36.3%
34	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	766,518	$21.0m1.02%	1.02%	Reduced -498	-498 -0.1%
35	PRIVIA HEALTH GROUP INC COM PRVA	PRVA	908,858	$20.9m1.01%	1.01%	Added +51.9k	+51,944 6.1%
36	MOELIS & CO CL A MC	MC	458,302	$20.7m1.00%	1.00%	Reduced -443	-443 -0.1%
37	EXPONENT INC COM EXPO	EXPO	241,440	$20.7m1.00%	1.00%	Reduced -40.2k	-40,203 -14.3%
38	RAMBUS INC DEL COM RMBS	RMBS	364,279	$20.3m0.98%	0.98%	Added +75.0k	+75,033 25.9%
39	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,182,502	$20.3m0.98%	0.98%	Reduced -230.3k	-230,317 -6.8%
40	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	381,740	$19.9m0.96%	0.96%	Added +46.6k	+46,574 13.9%
41	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,473,281	$19.3m0.94%	0.94%	Added +107.1k	+107,143 7.8%
42	CELSIUS HLDGS INC COM NEW CELH	CELH	111,434	$19.1m0.93%	0.93%	Reduced -36.8k	-36,838 -24.8%
43	BRIDGEBIO PHARMA INC COM BBIO	BBIO	694,000	$18.3m0.89%	0.89%	Added +214.9k	+214,875 44.9%
44	PDF SOLUTIONS INC COM PDFS	PDFS	560,920	$18.2m0.88%	0.88%	Added +29.4k	+29,363 5.5%
45	REPLIMUNE GROUP INC COM REPL	REPL	1,052,524	$18.0m0.87%	0.87%	Reduced -33.8k	-33,763 -3.1%
46	HOULIHAN LOKEY INC CL A HLI	HLI	166,969	$17.9m0.87%	0.87%	Reduced -15.1k	-15,134 -8.3%
47	CHAMPIONX CORPORATION COM CHX	CHX	500,445	$17.8m0.86%	0.86%	Reduced -309.4k	-309,375 -38.2%
48	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	491,689	$17.5m0.85%	0.85%	Reduced -60.4k	-60,447 -10.9%
49	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	2,768,582	$17.4m0.84%	0.84%	Added +672.3k	+672,284 32.1%
50	VALARIS LTD CL A VAL	VAL	227,985	$17.1m0.83%	0.83%	Added +1	+1 0.0%
51	JACK IN THE BOX INC COM JACK	JACK	244,812	$16.9m0.82%	0.82%	Added +1	+1 0.0%
52	FORMFACTOR INC COM FORM	FORM	481,911	$16.8m0.82%	0.82%	Added +177.4k	+177,448 58.3%
53	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,103,284	$16.8m0.81%	0.81%	Reduced -100.5k	-100,500 -8.3%
54	SAVERS VALUE VLG INC COM SVV	SVV	870,677	$16.3m0.79%	0.79%	Added +543.8k	+543,783 166.3%
55	RAPID7 INC COM RPD	RPD	350,921	$16.1m0.78%	0.78%	Reduced -349	-349 -0.1%
56	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	690,487	$15.4m0.75%	0.75%	Reduced -114.3k	-114,303 -14.2%
57	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	838,572	$15.4m0.74%	0.74%	Added +6.8k	+6,764 0.8%
58	CHUYS HLDGS INC COM CHUY	CHUY	423,573	$15.1m0.73%	0.73%	Added +2	+2 0.0%
59	MODEL N INC COM MODN	MODN	615,374	$15.0m0.73%	0.73%	Reduced -206.6k	-206,596 -25.1%
60	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	240,111	$14.9m0.72%	0.72%	Added +1	+1 0.0%
61	CYMABAY THERAPEUTICS INC COM CBAY	CBAY	983,775	$14.7m0.71%	0.71%	New
62	EVERI HLDGS INC COM EVRI	EVRI	1,107,989	$14.6m0.71%	0.71%	Reduced -35.6k	-35,573 -3.1%
63	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	984,407	$14.6m0.71%	0.71%	Reduced -395	-395 -0.0%
64	PACIFIC PREMIER BANCORP COM PPBI	PPBI	667,208	$14.5m0.70%	0.70%	Reduced -130.9k	-130,908 -16.4%
65	VISTEON CORP COM NEW VC	VC	104,493	$14.4m0.70%	0.70%	Reduced -299	-299 -0.3%
66	AMERESCO INC CL A AMRC	AMRC	369,431	$14.2m0.69%	0.69%	Added +73.2k	+73,185 24.7%
67	ICU MED INC COM ICUI	ICUI	117,616	$14.0m0.68%	0.68%	Added +1.4k	+1,414 1.2%
68	BJS RESTAURANTS INC COM BJRI	BJRI	594,126	$13.9m0.68%	0.68%	Added +3	+3 0.0%
69	AGILYSYS INC COM AGYS	AGYS	208,388	$13.8m0.67%	0.67%	Added +87.1k	+87,119 71.8%
70	HAEMONETICS CORP MASS COM HAE	HAE	151,463	$13.6m0.66%	0.66%	Reduced -23.4k	-23,387 -13.4%
71	NATIONAL VISION HLDGS INC COM EYE	EYE	818,204	$13.2m0.64%	0.64%	Added +95.6k	+95,559 13.2%
72	PORTILLOS INC COM CL A PTLO	PTLO	841,397	$12.9m0.63%	0.63%	Added +6	+6 0.0%
73	FIRST ADVANTAGE CORP NEW COM FA	FA	935,340	$12.9m0.62%	0.62%	Added +248.9k	+248,895 36.3%
74	DOCGO INC COM DCGO	DCGO	2,406,714	$12.8m0.62%	0.62%	Added +145.2k	+145,163 6.4%
75	MATADOR RES CO COM MTDR	MTDR	210,773	$12.5m0.61%	0.61%	Reduced -836	-836 -0.4%
76	RADNET INC COM RDNT	RDNT	443,538	$12.5m0.61%	0.61%	New
77	UTZ BRANDS INC COM CL A UTZ	UTZ	929,896	$12.5m0.60%	0.60%	Added +126.9k	+126,948 15.8%
78	MANNKIND CORP COM NEW MNKD	MNKD	2,949,734	$12.2m0.59%	0.59%	Reduced -2.8m	-2,796,985 -48.7%
79	ARHAUS INC COM CL A ARHS	ARHS	1,278,004	$11.9m0.58%	0.58%	Added +530.9k	+530,893 71.1%
80	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	139,051	$11.6m0.56%	0.56%	Added +4	+4 0.0%
81	WEATHERFORD INTL PLC ORD SHS WFRD	WFRD	128,162	$11.6m0.56%	0.56%	New
82	EXCELERATE ENERGY INC CL A COM EE	EE	664,370	$11.3m0.55%	0.55%	Reduced -1.4k	-1,440 -0.2%
83	NEXTRACKER INC CLASS A COM NXT	NXT	274,874	$11.0m0.53%	0.53%	Added +113.2k	+113,235 70.0%
84	ZUORA INC COM CL A ZUO	ZUO	1,292,055	$10.6m0.52%	0.52%	Added +6	+6 0.0%
85	TRINITY CAP INC COM TRIN	TRIN	755,562	$10.5m0.51%	0.51%	Added +60.9k	+60,890 8.8%
86	ONTO INNOVATION INC COM ONTO	ONTO	82,270	$10.5m0.51%	0.51%	New
87	QUANTERIX CORP COM QTRX	QTRX	385,496	$10.5m0.51%	0.51%	New
88	TERRENO RLTY CORP COM TRNO	TRNO	182,283	$10.4m0.50%	0.50%	Added +2	+2 0.0%
89	ANI PHARMACEUTICALS INC COM ANIP	ANIP	174,277	$10.1m0.49%	0.49%	Added +1	+1 0.0%
90	HARMONIC INC COM HLIT	HLIT	1,017,687	$9.8m0.47%	0.47%	Added +132.8k	+132,840 15.0%
91	FORWARD AIR CORP COM FWRD	FWRD	138,018	$9.5m0.46%	0.46%	Reduced -20.8k	-20,842 -13.1%
92	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,060,302	$9.5m0.46%	0.46%	Added +417.2k	+417,250 64.9%
93	TIDEWATER INC NEW COM TDW	TDW	131,569	$9.4m0.45%	0.45%	New
94	UNITED PARKS & RESORTS INC COM PRKS	PRKS	195,202	$9.0m0.44%	0.44%	Reduced -8.9k	-8,883 -4.3%
95	BABCOCK & WILCOX ENTERPRISES COM BW	BW	2,076,824	$8.7m0.42%	0.42%	Reduced -149.4k	-149,376 -6.7%
96	IPG PHOTONICS CORP COM IPGP	IPGP	85,183	$8.6m0.42%	0.42%	Reduced -41	-41 -0.1%
97	COHERENT CORP COM COHR	COHR	242,322	$7.9m0.38%	0.38%	Reduced -65.5k	-65,528 -21.3%
98	PERFICIENT INC COM PRFT	PRFT	132,183	$7.6m0.37%	0.37%	Reduced -129.9k	-129,921 -49.6%
99	CVRX INC COM CVRX	CVRX	501,073	$7.6m0.37%	0.37%	Added +6.4k	+6,419 1.3%
100	SOLENO THERAPEUTICS INC COM SLNO	SLNO	248,674	$7.3m0.36%	0.36%	New

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
REATA PHARMACEUTICALS INC RETA	RETA	317,096	$32.3m317.1k shares
IVERIC BIO INC OPHT	OPHT	700,046	$27.5m700.0k shares
PLANET FITNESS INC PLNT	PLNT	407,720	$27.5m407.7k shares
PETCO HEALTH & WELLNESS CO I WOOF	WOOF	1,589,852	$14.1m1.6m shares
AMBARELLA INC AMBA	AMBA	117,991	$9.9m118.0k shares
DENBURY INC DEN	DEN	94,628	$8.2m94.6k shares
THORNE HEALTHTECH INC THRN	THRN	973,776	$4.6m973.8k shares
EURONET WORLDWIDE INC EEFT	EEFT	13,958	$1.6m14.0k shares
CROWN HLDGS INC CCK	CCK	4,557	$395.9k4.6k shares
GENERAC HLDGS INC GNRC	GNRC	2,564	$382.4k2.6k shares
CIENA CORP CIEN	CIEN	8,043	$341.7k8.0k shares
ON SEMICONDUCTOR CORP ON	ON	3,049	$288.4k3.0k shares
JAMF HLDG CORP JAMF	JAMF	14,330	$279.7k14.3k shares
MARVELL TECHNOLOGY INC MRVL	MRVL	4,678	$279.7k4.7k shares
HORIZON THERAPEUTICS PUB L HZNP	HZNP	2,635	$271.0k2.6k shares
ARIS WATER SOLUTIONS INC ARIS	ARIS	22,059	$227.6k22.1k shares
NOODLES & CO		37,621	$127.2k37.6k shares