EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2024-05-08

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)

$2.5bn reported value +6.4% vs Q4 2023

243positions

20.5%in top 10

26 new 99 added 104 reduced 25 sold out vs Q4 2023

Holdings, Q1 2024

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		89,680	$90.6m3.64%	3.64%	Reduced -64.3k	-64,319 -41.8%
2	FRESHPET INC COM FRPT	FRPT	566,116	$65.6m2.64%	2.64%	Added +3.6k	+3,648 0.7%
3	FTAI AVIATION LTD SHS FTAI	FTAI	862,750	$58.1m2.34%	2.34%	Added +13.8k	+13,814 1.6%
4	VARONIS SYS INC COM VRNS	VRNS	1,007,989	$47.5m1.91%	1.91%	Added +53.5k	+53,537 5.6%
5	CARPENTER TECHNOLOGY CORP COM CRS	CRS	622,959	$44.5m1.79%	1.79%	Reduced -51.6k	-51,601 -7.7%
6	TENABLE HLDGS INC COM TENB	TENB	865,590	$42.8m1.72%	1.72%	Added +19.4k	+19,388 2.3%
7	CHART INDS INC COM GTLS	GTLS	255,194	$42.0m1.69%	1.69%	Added +3.2k	+3,164 1.3%
8	CHURCHILL DOWNS INC COM CHDN	CHDN	330,048	$40.8m1.64%	1.64%	Added +7.8k	+7,797 2.4%
9	LIVANOVA PLC SHS LIVN	LIVN	705,297	$39.5m1.59%	1.59%	Added +216.9k	+216,861 44.4%
10	TRANSMEDICS GROUP INC COM TMDX	TMDX	523,420	$38.7m1.56%	1.56%	Added +7.1k	+7,067 1.4%
11	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	402,910	$38.2m1.54%	1.54%	Reduced -63.5k	-63,516 -13.6%
12	PALOMAR HLDGS INC COM PLMR	PLMR	449,989	$37.7m1.52%	1.52%	Added +4.7k	+4,658 1.1%
13	ATI INC COM ATI	ATI	708,860	$36.3m1.46%	1.46%	Added +151.5k	+151,471 27.2%
14	TRINET GROUP INC COM TNET	TNET	260,199	$34.5m1.39%	1.39%	Added +16.1k	+16,052 6.6%
15	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,830,548	$33.6m1.35%	1.35%	Added +23.8k	+23,798 1.3%
16	Q2 HLDGS INC COM QTWO	QTWO	624,317	$32.8m1.32%	1.32%	Added +232.5k	+232,483 59.3%
17	RADNET INC COM RDNT	RDNT	670,979	$32.6m1.31%	1.31%	Added +122.3k	+122,348 22.3%
18	PDF SOLUTIONS INC COM PDFS	PDFS	913,232	$30.7m1.24%	1.24%	Added +158.4k	+158,376 21.0%
19	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,448,790	$30.7m1.24%	1.24%	Added +258.8k	+258,779 21.8%
20	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	817,300	$30.6m1.23%	1.23%	Added +27.7k	+27,727 3.5%
21	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	1,651,124	$30.5m1.23%	1.23%	Added +5.6k	+5,559 0.3%
22	AEROVIRONMENT INC COM AVAV	AVAV	197,818	$30.3m1.22%	1.22%	Reduced -31.2k	-31,226 -13.6%
23	NEOGENOMICS INC COM NEW NEO	NEO	1,905,904	$30.0m1.21%	1.21%	Added +8.1k	+8,090 0.4%
24	MERIT MED SYS INC COM MMSI	MMSI	372,292	$28.2m1.13%	1.13%	Added +681	+681 0.2%
25	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	718,618	$28.1m1.13%	1.13%	Added +8.2k	+8,157 1.1%
26	ONTO INNOVATION INC COM ONTO	ONTO	155,252	$28.1m1.13%	1.13%	Added +1.7k	+1,653 1.1%
27	NV5 GLOBAL INC COM NVEE	NVEE	283,881	$27.8m1.12%	1.12%	Reduced -7.7k	-7,718 -2.6%
28	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	401,611	$27.8m1.12%	1.12%	Added +57.8k	+57,791 16.8%
29	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	101,623	$27.1m1.09%	1.09%	Added +53.9k	+53,901 113.0%
30	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	282,658	$27.0m1.09%	1.09%	Added +2.6k	+2,563 0.9%
31	SHIFT4 PMTS INC CL A FOUR	FOUR	403,755	$26.7m1.07%	1.07%	Reduced -97.1k	-97,102 -19.4%
32	FORMFACTOR INC COM FORM	FORM	573,523	$26.2m1.05%	1.05%	Added +11.6k	+11,630 2.1%
33	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	669,512	$26.0m1.05%	1.05%	Added +3.4k	+3,416 0.5%
34	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	893,592	$25.9m1.04%	1.04%	Added +5.4k	+5,375 0.6%
35	MOELIS & CO CL A MC	MC	452,825	$25.7m1.03%	1.03%	Added +1.8k	+1,782 0.4%
36	VIKING THERAPEUTICS INC COM VKTX	VKTX	311,007	$25.5m1.03%	1.03%	New
37	AXOS FINANCIAL INC COM AX	AX	457,424	$24.7m0.99%	0.99%	Added +100.9k	+100,899 28.3%
38	SAVERS VALUE VLG INC COM SVV	SVV	1,252,738	$24.2m0.97%	0.97%	Added +86.3k	+86,262 7.4%
39	AAR CORP COM AIR	AIR	400,951	$24.0m0.97%	0.97%	Added +6.2k	+6,217 1.6%
40	LOUISIANA PAC CORP COM LPX	LPX	276,306	$23.2m0.93%	0.93%	New
41	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	488,138	$22.8m0.92%	0.92%	Added +6.0k	+6,000 1.2%
42	RAMBUS INC DEL COM RMBS	RMBS	364,664	$22.5m0.91%	0.91%	Added +6.0k	+5,971 1.7%
43	BRIDGEBIO PHARMA INC COM BBIO	BBIO	699,083	$21.6m0.87%	0.87%	Added +13.5k	+13,544 2.0%
44	ARHAUS INC COM CL A ARHS	ARHS	1,391,683	$21.4m0.86%	0.86%	Added +14.5k	+14,549 1.1%
45	BJS RESTAURANTS INC COM BJRI	BJRI	586,261	$21.2m0.85%	0.85%	Reduced -151	-151 -0.0%
46	HOULIHAN LOKEY INC CL A HLI	HLI	165,067	$21.2m0.85%	0.85%	Added +855	+855 0.5%
47	IMPINJ INC COM PI	PI	163,989	$21.1m0.85%	0.85%	Added +43.3k	+43,300 35.9%
48	AGILYSYS INC COM AGYS	AGYS	247,867	$20.9m0.84%	0.84%	Added +44.1k	+44,122 21.7%
49	TREACE MED CONCEPTS INC COM TMCI	TMCI	1,561,893	$20.4m0.82%	0.82%	Added +114.3k	+114,304 7.9%
50	NATIONAL VISION HLDGS INC COM EYE	EYE	885,787	$19.6m0.79%	0.79%	Added +10.2k	+10,157 1.2%
51	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	2,772,023	$19.6m0.79%	0.79%	Added +62.6k	+62,620 2.3%
52	FIRST ADVANTAGE CORP NEW COM FA	FA	1,195,953	$19.4m0.78%	0.78%	Added +12.8k	+12,837 1.1%
53	NORTHERN OIL & GAS INC COM NOG	NOG	482,248	$19.1m0.77%	0.77%	Added +6.0k	+6,000 1.3%
54	TIDEWATER INC NEW COM TDW	TDW	201,801	$18.6m0.75%	0.75%	Added +19.4k	+19,375 10.6%
55	LIGHT & WONDER INC COM LNWO	LNWO	181,756	$18.6m0.75%	0.75%	Added +87.5k	+87,464 92.8%
56	INSTALLED BLDG PRODS INC COM IBP	IBP	69,717	$18.0m0.73%	0.73%	Added +2.1k	+2,072 3.1%
57	JACK IN THE BOX INC COM JACK	JACK	253,630	$17.4m0.70%	0.70%	Added +2.0k	+2,012 0.8%
58	BANC OF CALIFORNIA INC COM BANC	BANC	1,136,908	$17.3m0.70%	0.70%	Added +319.0k	+319,007 39.0%
59	INSMED INC COM PAR $.01 INSM	INSM	630,179	$17.1m0.69%	0.69%	Reduced -300.7k	-300,670 -32.3%
60	VALARIS LTD CL A VAL	VAL	225,950	$17.0m0.68%	0.68%	Added +40.9k	+40,932 22.1%
61	QUANTERIX CORP COM QTRX	QTRX	705,447	$16.6m0.67%	0.67%	Added +131.0k	+130,993 22.8%
62	DECIPHERA PHARMACEUTICALS IN COM DCPH	DCPH	1,044,871	$16.4m0.66%	0.66%	Added +373.6k	+373,616 55.7%
63	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	139,012	$16.1m0.65%	0.65%	Reduced -33	-33 -0.0%
64	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	242,833	$15.9m0.64%	0.64%	Added +6.8k	+6,802 2.9%
65	POPULAR INC COM NEW BPOP	BPOP	173,215	$15.3m0.61%	0.61%	Added +71.2k	+71,182 69.8%
66	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	188,756	$15.0m0.60%	0.60%	Added +26.9k	+26,934 16.6%
67	UTZ BRANDS INC COM CL A UTZ	UTZ	796,793	$14.7m0.59%	0.59%	Added +21.9k	+21,936 2.8%
68	LENDINGTREE INC NEW COM TREE	TREE	343,645	$14.5m0.59%	0.59%	New
69	TERRENO RLTY CORP COM TRNO	TRNO	217,373	$14.4m0.58%	0.58%	Added +2.3k	+2,323 1.1%
70	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	946,191	$14.3m0.57%	0.57%	Added +3.7k	+3,737 0.4%
71	KULICKE & SOFFA INDS INC COM KLIC	KLIC	281,211	$14.1m0.57%	0.57%	Added +132.6k	+132,620 89.2%
72	LUMENTUM HLDGS INC COM LITE	LITE	297,803	$14.1m0.57%	0.57%	New
73	ATRICURE INC COM ATRC	ATRC	451,258	$13.7m0.55%	0.55%	Added +5.0k	+4,978 1.1%
74	HERC HLDGS INC COM HRI	HRI	81,551	$13.7m0.55%	0.55%	Reduced -85.3k	-85,284 -51.1%
75	AKERO THERAPEUTICS INC COM AKRO	AKRO	538,873	$13.6m0.55%	0.55%	Added +399.2k	+399,183 285.8%
76	WEATHERFORD INTL PLC ORD SHS WFRD	WFRD	117,724	$13.6m0.55%	0.55%	Added +6.4k	+6,416 5.8%
77	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,749,401	$13.5m0.54%	0.54%	Added +703.3k	+703,252 67.2%
78	CACTUS INC CL A WHD	WHD	269,242	$13.5m0.54%	0.54%	Reduced -87.3k	-87,340 -24.5%
79	EXPONENT INC COM EXPO	EXPO	162,917	$13.5m0.54%	0.54%	Reduced -45	-45 -0.0%
80	RAPID7 INC COM RPD	RPD	273,899	$13.4m0.54%	0.54%	Reduced -72.1k	-72,125 -20.8%
81	PORTILLOS INC COM CL A PTLO	PTLO	942,461	$13.4m0.54%	0.54%	Added +7.5k	+7,454 0.8%
82	SOLENO THERAPEUTICS INC COM SLNO	SLNO	300,376	$12.9m0.52%	0.52%	Added +48.2k	+48,223 19.1%
83	SYNAPTICS INC COM SYNA	SYNA	129,672	$12.7m0.51%	0.51%	Added +76.4k	+76,422 143.5%
84	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	904,946	$12.5m0.50%	0.50%	Added +419.2k	+419,174 86.3%
85	VISTEON CORP COM NEW VC	VC	103,404	$12.2m0.49%	0.49%	Added +1.7k	+1,722 1.7%
86	CHUYS HLDGS INC COM CHUY	CHUY	359,888	$12.1m0.49%	0.49%	Reduced -98	-98 -0.0%
87	SKYWATER TECHNOLOGY INC COM COM		1,173,153	$11.9m0.48%	0.48%	Added +58.1k	+58,122 5.2%
88	ZUORA INC COM CL A ZUO	ZUO	1,295,378	$11.8m0.48%	0.48%	Added +25.1k	+25,073 2.0%
89	CELSIUS HLDGS INC COM NEW CELH	CELH	134,335	$11.1m0.45%	0.45%	Reduced -192.4k	-192,379 -58.9%
90	HAEMONETICS CORP MASS COM HAE	HAE	130,437	$11.1m0.45%	0.45%	Reduced -16.9k	-16,877 -11.5%
91	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	2,510,898	$11.1m0.45%	0.45%	Reduced -566.8k	-566,790 -18.4%
92	ORTHOFIX MED INC COM OFIX	OFIX	765,204	$11.1m0.45%	0.45%	Added +8.0k	+8,018 1.1%
93	MATADOR RES CO COM MTDR	MTDR	165,246	$11.0m0.44%	0.44%	Reduced -46	-46 -0.0%
94	TRINITY CAP INC COM TRIN	TRIN	749,530	$11.0m0.44%	0.44%	Added +5.8k	+5,824 0.8%
95	IMMUNOVANT INC COM IMVT	IMVT	302,789	$9.8m0.39%	0.39%	Reduced -3.5k	-3,476 -1.1%
96	HARMONIC INC COM HLIT	HLIT	724,389	$9.7m0.39%	0.39%	Reduced -407.5k	-407,473 -36.0%
97	RXO INC COMMON STOCK RXO	RXO	441,611	$9.7m0.39%	0.39%	Added +5.3k	+5,300 1.2%
98	FLYWIRE CORPORATION COM VTG FLYW	FLYW	369,995	$9.2m0.37%	0.37%	New
99	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	223,794	$9.0m0.36%	0.36%	Added +1.4k	+1,351 0.6%
100	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	212,035	$8.9m0.36%	0.36%	New

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
IMMUNOGEN INC IMGN	IMGN	1,744,981	$51.7m1.7m shares
CYMABAY THERAPEUTICS INC CBAY	CBAY	1,068,661	$25.2m1.1m shares
DOCGO INC DCGO	DCGO	2,362,834	$13.2m2.4m shares
AMYLYX PHARMACEUTICALS INC AMLX	AMLX	802,610	$11.8m802.6k shares
IPG PHOTONICS CORP IPGP	IPGP	73,025	$7.9m73.0k shares
UNITED PARKS & RESORTS INC PRKS	PRKS	139,274	$7.4m139.3k shares
CHAMPIONX CORPORATION CHX	CHX	217,340	$6.3m217.3k shares
APPLIED DIGITAL CORP APLD	APLD	868,657	$5.9m868.7k shares
MANNKIND CORP MNKD	MNKD	1,209,044	$4.4m1.2m shares
HIRERIGHT HOLDINGS CORPORATI		251,401	$3.4m251.4k shares
EXCELERATE ENERGY INC EE	EE	198,224	$3.1m198.2k shares
ENVISTA HOLDINGS CORPORATION NVST	NVST	20,143	$484.6k20.1k shares
HOME DEPOT INC HD	HD	905	$313.6k905 shares
BRUNSWICK CORP BC	BC	3,047	$294.8k3.0k shares
ICU MED INC ICUI	ICUI	2,732	$272.5k2.7k shares
DEXCOM INC DXCM	DXCM	2,107	$261.5k2.1k shares
HESS CORP HES	HES	1,398	$201.5k1.4k shares
KARUNA THERAPEUTICS INC		610	$193.1k610 shares
MERCURY SYS INC MRCY	MRCY	5,223	$191.0k5.2k shares
STERIS PLC STE	STE	779	$171.3k779 shares
SBA COMMUNICATIONS CORP NEW SBAC	SBAC	155	$39.4k155 shares
ANSYS INC ANSS	ANSS	64	$23.2k64 shares
ROKU INC ROKU	ROKU	250	$22.9k250 shares
MURAL ONCOLOGY PUB LTD CO MURA	MURA	98	$58098 shares
SIGNATURE BK NEW YORK N Y SBNY	SBNY	181	$290181 shares