EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2024-02-05

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 +13.2% vs Q3 2023

242positions

19.4%in top 10

26 new 51 added 147 reduced 16 sold out vs Q3 2023

Holdings, Q4 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	IMMUNOGEN INC COM IMGN	IMGN	1,744,981	$51.7m2.21%	2.21%	Reduced -66.3k	-66,325 -3.7%
2	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,645,565	$51.5m2.21%	2.21%	Reduced -35.5k	-35,487 -2.1%
3	FRESHPET INC COM FRPT	FRPT	562,468	$48.8m2.09%	2.09%	Added +41.7k	+41,707 8.0%
4	CARPENTER TECHNOLOGY CORP COM CRS	CRS	674,560	$47.8m2.04%	2.04%	Reduced -12.7k	-12,672 -1.8%
5	SUPER MICRO COMPUTER INC COM COM		153,999	$43.8m1.87%	1.87%	Added +10.5k	+10,519 7.3%
6	CHURCHILL DOWNS INC COM CHDN	CHDN	322,251	$43.5m1.86%	1.86%	Reduced -5.8k	-5,770 -1.8%
7	VARONIS SYS INC COM VRNS	VRNS	954,452	$43.2m1.85%	1.85%	Reduced -15.3k	-15,263 -1.6%
8	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	466,426	$43.0m1.84%	1.84%	Reduced -140.6k	-140,611 -23.2%
9	TRANSMEDICS GROUP INC COM TMDX	TMDX	516,353	$40.8m1.74%	1.74%	Added +73.8k	+73,807 16.7%
10	FTAI AVIATION LTD SHS FTAI	FTAI	848,936	$39.4m1.69%	1.69%	Reduced -13.4k	-13,376 -1.6%
11	TENABLE HLDGS INC COM TENB	TENB	846,202	$39.0m1.67%	1.67%	Added +51.0k	+51,004 6.4%
12	SHIFT4 PMTS INC CL A FOUR	FOUR	500,857	$37.2m1.59%	1.59%	Reduced -2.6k	-2,641 -0.5%
13	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,806,750	$36.7m1.57%	1.57%	Reduced -57.7k	-57,744 -3.1%
14	CHART INDS INC COM GTLS	GTLS	252,030	$34.4m1.47%	1.47%	Reduced -144	-144 -0.1%
15	NV5 GLOBAL INC COM NVEE	NVEE	291,599	$32.4m1.39%	1.39%	Reduced -8.4k	-8,395 -2.8%
16	NEOGENOMICS INC COM NEW NEO	NEO	1,897,814	$30.7m1.31%	1.31%	Reduced -29.3k	-29,260 -1.5%
17	TRINET GROUP INC COM TNET	TNET	244,147	$29.0m1.24%	1.24%	Reduced -68.9k	-68,937 -22.0%
18	AEROVIRONMENT INC COM AVAV	AVAV	229,044	$28.9m1.24%	1.24%	Reduced -2.0k	-2,050 -0.9%
19	INSMED INC COM PAR $.01 INSM	INSM	930,849	$28.8m1.23%	1.23%	Reduced -6.7k	-6,667 -0.7%
20	MERIT MED SYS INC COM MMSI	MMSI	371,611	$28.2m1.21%	1.21%	Reduced -6.3k	-6,324 -1.7%
21	BRIDGEBIO PHARMA INC COM BBIO	BBIO	685,539	$27.7m1.18%	1.18%	Reduced -8.5k	-8,461 -1.2%
22	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	789,573	$26.8m1.14%	1.14%	Added +23.1k	+23,055 3.0%
23	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	280,095	$26.0m1.11%	1.11%	Reduced -4.3k	-4,349 -1.5%
24	ATI INC COM ATI	ATI	557,389	$25.3m1.08%	1.08%	Reduced -1.1k	-1,116 -0.2%
25	MOELIS & CO CL A MC	MC	451,043	$25.3m1.08%	1.08%	Reduced -7.3k	-7,259 -1.6%
26	LIVANOVA PLC SHS LIVN	LIVN	488,436	$25.3m1.08%	1.08%	Reduced -134.1k	-134,055 -21.5%
27	CYMABAY THERAPEUTICS INC COM CBAY	CBAY	1,068,661	$25.2m1.08%	1.08%	Added +84.9k	+84,886 8.6%
28	HERC HLDGS INC COM HRI	HRI	166,835	$24.8m1.06%	1.06%	Reduced -21.0k	-20,954 -11.2%
29	PALOMAR HLDGS INC COM PLMR	PLMR	445,331	$24.7m1.06%	1.06%	Reduced -6.2k	-6,207 -1.4%
30	AAR CORP COM AIR	AIR	394,734	$24.6m1.05%	1.05%	Reduced -6.7k	-6,706 -1.7%
31	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	343,820	$24.6m1.05%	1.05%	Reduced -37.9k	-37,920 -9.9%
32	RAMBUS INC DEL COM RMBS	RMBS	358,693	$24.5m1.05%	1.05%	Reduced -5.6k	-5,586 -1.5%
33	PDF SOLUTIONS INC COM PDFS	PDFS	754,856	$24.3m1.04%	1.04%	Added +193.9k	+193,936 34.6%
34	ONTO INNOVATION INC COM ONTO	ONTO	153,599	$23.5m1.01%	1.01%	Added +71.3k	+71,329 86.7%
35	FORMFACTOR INC COM FORM	FORM	561,893	$23.4m1.00%	1.00%	Added +80.0k	+79,982 16.6%
36	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,190,011	$23.2m0.99%	0.99%	Added +86.7k	+86,727 7.9%
37	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	482,138	$23.1m0.99%	0.99%	Reduced -9.6k	-9,551 -1.9%
38	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	710,461	$22.8m0.98%	0.98%	Reduced -66.8k	-66,760 -8.6%
39	PRIVIA HEALTH GROUP INC COM PRVA	PRVA	983,506	$22.7m0.97%	0.97%	Added +74.6k	+74,648 8.2%
40	SIMPLY GOOD FOODS CO COM SMPL	SMPL	566,333	$22.4m0.96%	0.96%	Reduced -531.3k	-531,269 -48.4%
41	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	2,709,403	$22.0m0.94%	0.94%	Reduced -59.2k	-59,179 -2.1%
42	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	888,217	$21.3m0.91%	0.91%	Reduced -45.9k	-45,869 -4.9%
43	BJS RESTAURANTS INC COM BJRI	BJRI	586,412	$21.1m0.90%	0.90%	Reduced -7.7k	-7,714 -1.3%
44	JACK IN THE BOX INC COM JACK	JACK	251,618	$20.5m0.88%	0.88%	Added +6.8k	+6,806 2.8%
45	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	666,096	$20.5m0.88%	0.88%	Reduced -24.4k	-24,391 -3.5%
46	SAVERS VALUE VLG INC COM SVV	SVV	1,166,476	$20.3m0.87%	0.87%	Added +295.8k	+295,799 34.0%
47	RAPID7 INC COM RPD	RPD	346,024	$19.8m0.85%	0.85%	Reduced -4.9k	-4,897 -1.4%
48	HOULIHAN LOKEY INC CL A HLI	HLI	164,212	$19.7m0.84%	0.84%	Reduced -2.8k	-2,757 -1.6%
49	FIRST ADVANTAGE CORP NEW COM FA	FA	1,183,116	$19.6m0.84%	0.84%	Added +247.8k	+247,776 26.5%
50	AXOS FINANCIAL INC COM AX	AX	356,525	$19.5m0.83%	0.83%	Added +180.1k	+180,129 102.1%
51	RADNET INC COM RDNT	RDNT	548,631	$19.1m0.82%	0.82%	Added +105.1k	+105,093 23.7%
52	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,447,589	$18.5m0.79%	0.79%	Reduced -25.7k	-25,692 -1.7%
53	NATIONAL VISION HLDGS INC COM EYE	EYE	875,630	$18.3m0.78%	0.78%	Added +57.4k	+57,426 7.0%
54	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	236,031	$18.0m0.77%	0.77%	Reduced -4.1k	-4,080 -1.7%
55	CELSIUS HLDGS INC COM NEW CELH	CELH	326,714	$17.8m0.76%	0.76%	Reduced -7.6k	-7,588 -2.3%
56	NORTHERN OIL & GAS INC COM NOG	NOG	476,248	$17.7m0.76%	0.76%	Reduced -58.9k	-58,942 -11.0%
57	AGILYSYS INC COM AGYS	AGYS	203,745	$17.3m0.74%	0.74%	Reduced -4.6k	-4,643 -2.2%
58	Q2 HLDGS INC COM QTWO	QTWO	391,834	$17.0m0.73%	0.73%	New
59	ARHAUS INC COM CL A ARHS	ARHS	1,377,134	$16.3m0.70%	0.70%	Added +99.1k	+99,130 7.8%
60	CACTUS INC CL A WHD	WHD	356,582	$16.2m0.69%	0.69%	Reduced -159.2k	-159,158 -30.9%
61	ATRICURE INC COM ATRC	ATRC	446,280	$15.9m0.68%	0.68%	Reduced -52.7k	-52,692 -10.6%
62	QUANTERIX CORP COM QTRX	QTRX	574,454	$15.7m0.67%	0.67%	Added +189.0k	+188,958 49.0%
63	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	139,045	$15.3m0.65%	0.65%	Reduced -6	-6 0.0%
64	PORTILLOS INC COM CL A PTLO	PTLO	935,007	$14.9m0.64%	0.64%	Added +93.6k	+93,610 11.1%
65	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	942,454	$14.8m0.63%	0.63%	Reduced -42.0k	-41,953 -4.3%
66	HARMONIC INC COM HLIT	HLIT	1,131,862	$14.8m0.63%	0.63%	Added +114.2k	+114,175 11.2%
67	EXPONENT INC COM EXPO	EXPO	162,962	$14.3m0.61%	0.61%	Reduced -78.5k	-78,478 -32.5%
68	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	3,077,688	$13.9m0.60%	0.60%	Reduced -104.8k	-104,814 -3.3%
69	CHUYS HLDGS INC COM CHUY	CHUY	359,986	$13.8m0.59%	0.59%	Reduced -63.6k	-63,587 -15.0%
70	TERRENO RLTY CORP COM TRNO	TRNO	215,050	$13.5m0.58%	0.58%	Added +32.8k	+32,767 18.0%
71	DOCGO INC COM DCGO	DCGO	2,362,834	$13.2m0.57%	0.57%	Reduced -43.9k	-43,880 -1.8%
72	TIDEWATER INC NEW COM TDW	TDW	182,426	$13.2m0.56%	0.56%	Added +50.9k	+50,857 38.6%
73	IMMUNOVANT INC COM IMVT	IMVT	306,265	$12.9m0.55%	0.55%	New
74	CVRX INC COM CVRX	CVRX	404,389	$12.7m0.54%	0.54%	Reduced -96.7k	-96,684 -19.3%
75	VISTEON CORP COM NEW VC	VC	101,682	$12.7m0.54%	0.54%	Reduced -2.8k	-2,811 -2.7%
76	VALARIS LTD CL A VAL	VAL	185,018	$12.7m0.54%	0.54%	Reduced -43.0k	-42,967 -18.9%
77	PACIFIC PREMIER BANCORP COM PPBI	PPBI	432,946	$12.6m0.54%	0.54%	Reduced -234.3k	-234,262 -35.1%
78	HAEMONETICS CORP MASS COM HAE	HAE	147,314	$12.6m0.54%	0.54%	Reduced -4.1k	-4,149 -2.7%
79	UTZ BRANDS INC COM CL A UTZ	UTZ	774,857	$12.6m0.54%	0.54%	Reduced -155.0k	-155,039 -16.7%
80	INSTALLED BLDG PRODS INC COM IBP	IBP	67,645	$12.4m0.53%	0.53%	New
81	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	161,822	$12.3m0.53%	0.53%	Added +98.7k	+98,709 156.4%
82	ZUORA INC COM CL A ZUO	ZUO	1,270,305	$11.9m0.51%	0.51%	Reduced -21.8k	-21,750 -1.7%
83	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	802,610	$11.8m0.51%	0.51%	Reduced -36.0k	-35,962 -4.3%
84	AMERESCO INC CL A AMRC	AMRC	369,732	$11.7m0.50%	0.50%	Added +301	+301 0.1%
85	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	47,722	$11.0m0.47%	0.47%	Added +46.8k	+46,844 5335.3%
86	BANC OF CALIFORNIA INC COM BANC	BANC	817,901	$11.0m0.47%	0.47%	New
87	WEATHERFORD INTL PLC ORD SHS WFRD	WFRD	111,308	$10.9m0.47%	0.47%	Reduced -16.9k	-16,854 -13.2%
88	IMPINJ INC COM PI	PI	120,689	$10.9m0.47%	0.47%	Added +72.6k	+72,594 150.9%
89	DECIPHERA PHARMACEUTICALS IN COM DCPH	DCPH	671,255	$10.8m0.46%	0.46%	New
90	TRINITY CAP INC COM TRIN	TRIN	743,706	$10.8m0.46%	0.46%	Reduced -11.9k	-11,856 -1.6%
91	SKYWATER TECHNOLOGY INC COM COM		1,115,031	$10.7m0.46%	0.46%	Reduced -14.5k	-14,476 -1.3%
92	COHERENT CORP COM COHR	COHR	235,877	$10.3m0.44%	0.44%	Reduced -6.4k	-6,445 -2.7%
93	ORTHOFIX MED INC COM OFIX	OFIX	757,186	$10.2m0.44%	0.44%	Added +195.7k	+195,704 34.9%
94	SOLENO THERAPEUTICS INC COM SLNO	SLNO	252,153	$10.1m0.43%	0.43%	Added +3.5k	+3,479 1.4%
95	RXO INC COMMON STOCK RXO	RXO	436,311	$10.1m0.43%	0.43%	Added +116.6k	+116,594 36.5%
96	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,046,149	$9.4m0.40%	0.40%	Reduced -14.2k	-14,153 -1.3%
97	MATADOR RES CO COM MTDR	MTDR	165,292	$9.4m0.40%	0.40%	Reduced -45.5k	-45,481 -21.6%
98	LANTHEUS HLDGS INC COM LNTH	LNTH	145,917	$9.0m0.39%	0.39%	Reduced -196.6k	-196,606 -57.4%
99	PERFICIENT INC COM PRFT	PRFT	130,152	$8.6m0.37%	0.37%	Reduced -2.0k	-2,031 -1.5%
100	POPULAR INC COM NEW BPOP	BPOP	102,033	$8.4m0.36%	0.36%	Added +34.0k	+34,030 50.0%

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
MODEL N INC MODN	MODN	615,374	$15.0m615.4k shares
EVERI HLDGS INC EVRI	EVRI	1,107,989	$14.6m1.1m shares
NEXTRACKER INC NXT	NXT	274,874	$11.0m274.9k shares
BABCOCK & WILCOX ENTERPRISES BW	BW	2,076,824	$8.7m2.1m shares
SEAGEN INC SGEN	SGEN	3,859	$818.7k3.9k shares
SAREPTA THERAPEUTICS INC SRPT	SRPT	3,454	$418.7k3.5k shares
HELIX ENERGY SOLUTIONS GRP I HOS	HOS	36,788	$410.9k36.8k shares
OWENS CORNING NEW OC	OC	2,484	$338.8k2.5k shares
UNITED THERAPEUTICS CORP DEL UTHR	UTHR	1,376	$310.8k1.4k shares
ALTERYX INC AYX	AYX	8,072	$304.2k8.1k shares
EBIX INC EBIX	EBIX	27,898	$275.6k27.9k shares
FORTINET INC FTNT	FTNT	4,527	$265.6k4.5k shares
DICKS SPORTING GOODS INC DKS	DKS	2,370	$257.3k2.4k shares
FABRINET FN	FN	1,304	$217.3k1.3k shares
MARKETAXESS HLDGS INC MKTX	MKTX	768	$164.1k768 shares
PACWEST BANCORP DEL PACW	PACW	3,026	$23.9k3.0k shares