EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2024-08-06

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)

$2.4bn reported value -4.1% vs Q1 2024

247positions

21.3%in top 10

33 new 38 added 163 reduced 29 sold out vs Q1 2024

Holdings, Q2 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	FTAI AVIATION LTD SHS FTAI	FTAI	829,702	$85.7m3.59%	3.59%	Reduced -33.0k	-33,048 -3.8%
2	FRESHPET INC COM FRPT	FRPT	537,660	$69.6m2.92%	2.92%	Reduced -28.5k	-28,456 -5.0%
3	CARPENTER TECHNOLOGY CORP COM CRS	CRS	511,204	$56.0m2.35%	2.35%	Reduced -111.8k	-111,755 -17.9%
4	TRANSMEDICS GROUP INC COM TMDX	TMDX	323,350	$48.7m2.04%	2.04%	Reduced -200.1k	-200,070 -38.2%
5	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,507,019	$48.1m2.02%	2.02%	Added +58.2k	+58,229 4.0%
6	VARONIS SYS INC COM VRNS	VRNS	954,601	$45.8m1.92%	1.92%	Reduced -53.4k	-53,388 -5.3%
7	INSMED INC COM PAR $.01 INSM	INSM	640,267	$42.9m1.80%	1.80%	Added +10.1k	+10,088 1.6%
8	RADNET INC COM RDNT	RDNT	647,932	$38.2m1.60%	1.60%	Reduced -23.0k	-23,047 -3.4%
9	LIVANOVA PLC SHS LIVN	LIVN	681,203	$37.3m1.57%	1.57%	Reduced -24.1k	-24,094 -3.4%
10	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	341,200	$36.8m1.54%	1.54%	Reduced -61.7k	-61,710 -15.3%
11	Q2 HLDGS INC COM QTWO	QTWO	605,296	$36.5m1.53%	1.53%	Reduced -19.0k	-19,021 -3.0%
12	AEROVIRONMENT INC COM AVAV	AVAV	197,459	$36.0m1.51%	1.51%	Reduced -359	-359 -0.2%
13	TENABLE HLDGS INC COM TENB	TENB	822,855	$35.9m1.50%	1.50%	Reduced -42.7k	-42,735 -4.9%
14	PALOMAR HLDGS INC COM PLMR	PLMR	441,372	$35.8m1.50%	1.50%	Reduced -8.6k	-8,617 -1.9%
15	ATI INC COM ATI	ATI	640,388	$35.5m1.49%	1.49%	Reduced -68.5k	-68,472 -9.7%
16	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,764,290	$35.3m1.48%	1.48%	Reduced -66.3k	-66,258 -3.6%
17	AAR CORP COM AIR	AIR	485,007	$35.3m1.48%	1.48%	Added +84.1k	+84,056 21.0%
18	CHART INDS INC COM GTLS	GTLS	243,480	$35.1m1.47%	1.47%	Reduced -11.7k	-11,714 -4.6%
19	FORMFACTOR INC COM FORM	FORM	548,408	$33.2m1.39%	1.39%	Reduced -25.1k	-25,115 -4.4%
20	MONTROSE ENVIRONMENTAL GROUP COM ONT	ONT	736,099	$32.8m1.38%	1.38%	Added +17.5k	+17,481 2.4%
21	PDF SOLUTIONS INC COM PDFS	PDFS	875,575	$31.9m1.34%	1.34%	Reduced -37.7k	-37,657 -4.1%
22	MERIT MED SYS INC COM MMSI	MMSI	359,153	$30.9m1.29%	1.29%	Reduced -13.1k	-13,139 -3.5%
23	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	868,745	$30.8m1.29%	1.29%	Reduced -24.8k	-24,847 -2.8%
24	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	845,963	$30.6m1.28%	1.28%	Added +28.7k	+28,663 3.5%
25	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	270,420	$30.1m1.26%	1.26%	Reduced -12.2k	-12,238 -4.3%
26	SHIFT4 PMTS INC CL A FOUR	FOUR	393,180	$28.8m1.21%	1.21%	Reduced -10.6k	-10,575 -2.6%
27	ONTO INNOVATION INC COM ONTO	ONTO	125,417	$27.5m1.15%	1.15%	Reduced -29.8k	-29,835 -19.2%
28	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	96,764	$27.1m1.14%	1.14%	Reduced -4.9k	-4,859 -4.8%
29	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	392,591	$26.9m1.13%	1.13%	Reduced -9.0k	-9,020 -2.2%
30	IMPINJ INC COM PI	PI	168,597	$26.4m1.11%	1.11%	Added +4.6k	+4,608 2.8%
31	MODINE MFG CO COM MOD	MOD	260,150	$26.1m1.09%	1.09%	New
32	TIDEWATER INC NEW COM TDW	TDW	270,023	$25.7m1.08%	1.08%	Added +68.2k	+68,222 33.8%
33	NEOGENOMICS INC COM NEW NEO	NEO	1,844,615	$25.6m1.07%	1.07%	Reduced -61.3k	-61,289 -3.2%
34	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	488,583	$25.4m1.06%	1.06%	Added +264.8k	+264,789 118.3%
35	NV5 GLOBAL INC COM NVEE	NVEE	271,946	$25.3m1.06%	1.06%	Reduced -11.9k	-11,935 -4.2%
36	AXOS FINANCIAL INC COM AX	AX	442,086	$25.3m1.06%	1.06%	Reduced -15.3k	-15,338 -3.4%
37	AGILYSYS INC COM AGYS	AGYS	240,341	$25.0m1.05%	1.05%	Reduced -7.5k	-7,526 -3.0%
38	TRINET GROUP INC COM TNET	TNET	250,168	$25.0m1.05%	1.05%	Reduced -10.0k	-10,031 -3.9%
39	MOELIS & CO CL A MC	MC	434,486	$24.7m1.04%	1.04%	Reduced -18.3k	-18,339 -4.0%
40	LOUISIANA PAC CORP COM LPX	LPX	289,697	$23.9m1.00%	1.00%	Added +13.4k	+13,391 4.8%
41	RAMBUS INC DEL COM RMBS	RMBS	394,961	$23.2m0.97%	0.97%	Added +30.3k	+30,297 8.3%
42	ARHAUS INC COM CL A ARHS	ARHS	1,339,490	$22.7m0.95%	0.95%	Reduced -52.2k	-52,193 -3.8%
43	KULICKE & SOFFA INDS INC COM KLIC	KLIC	443,002	$21.8m0.91%	0.91%	Added +161.8k	+161,791 57.5%
44	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	219,404	$21.5m0.90%	0.90%	Added +30.6k	+30,648 16.2%
45	NORTHERN OIL & GAS INC COM NOG	NOG	566,999	$21.1m0.88%	0.88%	Added +84.8k	+84,751 17.6%
46	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	650,173	$20.9m0.88%	0.88%	Reduced -19.3k	-19,339 -2.9%
47	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	486,682	$20.0m0.84%	0.84%	Reduced -1.5k	-1,456 -0.3%
48	BJS RESTAURANTS INC COM BJRI	BJRI	565,212	$19.6m0.82%	0.82%	Reduced -21.0k	-21,049 -3.6%
49	CHURCHILL DOWNS INC COM CHDN	CHDN	136,305	$19.0m0.80%	0.80%	Reduced -193.7k	-193,743 -58.7%
50	VALARIS LTD CL A VAL	VAL	254,883	$19.0m0.80%	0.80%	Added +28.9k	+28,933 12.8%
51	FIRST ADVANTAGE CORP NEW COM FA	FA	1,158,833	$18.6m0.78%	0.78%	Reduced -37.1k	-37,120 -3.1%
52	LIGHT & WONDER INC COM LNWO	LNWO	176,434	$18.5m0.78%	0.78%	Reduced -5.3k	-5,322 -2.9%
53	SYNAPTICS INC COM SYNA	SYNA	202,283	$17.8m0.75%	0.75%	Added +72.6k	+72,611 56.0%
54	VIKING THERAPEUTICS INC COM VKTX	VKTX	327,046	$17.3m0.73%	0.73%	Added +16.0k	+16,039 5.2%
55	BRIDGEBIO PHARMA INC COM BBIO	BBIO	666,344	$16.9m0.71%	0.71%	Reduced -32.7k	-32,739 -4.7%
56	VITAL FARMS INC COM VITL	VITL	341,603	$16.0m0.67%	0.67%	New
57	INDIE SEMICONDUCTOR INC CLASS A COM INDI	INDI	2,534,106	$15.6m0.66%	0.66%	Reduced -237.9k	-237,917 -8.6%
58	LUMENTUM HLDGS INC COM LITE	LITE	293,182	$14.9m0.63%	0.63%	Reduced -4.6k	-4,621 -1.6%
59	LENDINGTREE INC NEW COM TREE	TREE	345,892	$14.4m0.60%	0.60%	Added +2.2k	+2,247 0.7%
60	INTERDIGITAL INC COM IDCC	IDCC	120,412	$14.0m0.59%	0.59%	Added +120.3k	+120,318 127997.9%
61	CACTUS INC CL A WHD	WHD	258,826	$13.7m0.57%	0.57%	Reduced -10.4k	-10,416 -3.9%
62	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,637,146	$13.5m0.56%	0.56%	Reduced -112.3k	-112,255 -6.4%
63	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	134,474	$13.4m0.56%	0.56%	Reduced -4.5k	-4,538 -3.3%
64	EXPRO GROUP HOLDINGS NV COM 96779EUR	96779EUR	585,578	$13.4m0.56%	0.56%	New
65	SPX TECHNOLOGIES INC COM SPXC	SPXC	93,890	$13.3m0.56%	0.56%	New
66	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	234,602	$13.2m0.56%	0.56%	Reduced -8.2k	-8,231 -3.4%
67	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	808,831	$13.1m0.55%	0.55%	Reduced -842.3k	-842,293 -51.0%
68	UTZ BRANDS INC COM CL A UTZ	UTZ	752,957	$12.5m0.53%	0.53%	Reduced -43.8k	-43,836 -5.5%
69	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	2,493,230	$12.4m0.52%	0.52%	New
70	TERRENO RLTY CORP COM TRNO	TRNO	208,338	$12.3m0.52%	0.52%	Reduced -9.0k	-9,035 -4.2%
71	FABRINET SHS FN	FN	49,808	$12.2m0.51%	0.51%	New
72	AKERO THERAPEUTICS INC COM AKRO	AKRO	515,252	$12.1m0.51%	0.51%	Reduced -23.6k	-23,621 -4.4%
73	ZUORA INC COM CL A ZUO	ZUO	1,214,758	$12.1m0.51%	0.51%	Reduced -80.6k	-80,620 -6.2%
74	SOLENO THERAPEUTICS INC COM SLNO	SLNO	293,328	$12.0m0.50%	0.50%	Reduced -7.0k	-7,048 -2.4%
75	HOULIHAN LOKEY INC CL A HLI	HLI	87,583	$11.8m0.50%	0.50%	Reduced -77.5k	-77,484 -46.9%
76	RXO INC COMMON STOCK RXO	RXO	443,386	$11.6m0.49%	0.49%	Added +1.8k	+1,775 0.4%
77	ARLO TECHNOLOGIES INC COM ARLO	ARLO	884,047	$11.5m0.48%	0.48%	New
78	NATIONAL VISION HLDGS INC COM EYE	EYE	856,368	$11.2m0.47%	0.47%	Reduced -29.4k	-29,419 -3.3%
79	POPULAR INC COM NEW BPOP	BPOP	126,573	$11.2m0.47%	0.47%	Reduced -46.6k	-46,642 -26.9%
80	SUN CTRY AIRLS HLDGS INC COM SNCY	SNCY	882,312	$11.1m0.46%	0.46%	Reduced -63.9k	-63,879 -6.8%
81	INSTALLED BLDG PRODS INC COM IBP	IBP	53,237	$10.9m0.46%	0.46%	Reduced -16.5k	-16,480 -23.6%
82	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,021,525	$10.7m0.45%	0.45%	Added +116.6k	+116,579 12.9%
83	VISTEON CORP COM NEW VC	VC	99,110	$10.6m0.44%	0.44%	Reduced -4.3k	-4,294 -4.2%
84	TRINITY CAP INC COM TRIN	TRIN	722,941	$10.2m0.43%	0.43%	Reduced -26.6k	-26,589 -3.5%
85	JACK IN THE BOX INC COM JACK	JACK	194,485	$9.9m0.42%	0.42%	Reduced -59.1k	-59,145 -23.3%
86	ORTHOFIX MED INC COM OFIX	OFIX	733,999	$9.7m0.41%	0.41%	Reduced -31.2k	-31,205 -4.1%
87	PORTILLOS INC COM CL A PTLO	PTLO	983,539	$9.6m0.40%	0.40%	Added +41.1k	+41,078 4.4%
88	SAVERS VALUE VLG INC COM SVV	SVV	748,398	$9.2m0.38%	0.38%	Reduced -504.3k	-504,340 -40.3%
89	CHUYS HLDGS INC COM CHUY	CHUY	347,098	$9.0m0.38%	0.38%	Reduced -12.8k	-12,790 -3.5%
90	QUANTERIX CORP COM QTRX	QTRX	680,987	$9.0m0.38%	0.38%	Reduced -24.5k	-24,460 -3.5%
91	WEATHERFORD INTL PLC ORD SHS WFRD	WFRD	72,267	$8.8m0.37%	0.37%	Reduced -45.5k	-45,457 -38.6%
92	NVIDIA CORPORATION COM NVDA	NVDA	71,410	$8.8m0.37%	0.37%	Reduced -4.8k	-4,840 -6.3%
93	SKYWATER TECHNOLOGY INC COM COM		1,094,930	$8.4m0.35%	0.35%	Reduced -78.2k	-78,223 -6.7%
94	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	2,420,302	$8.4m0.35%	0.35%	Reduced -90.6k	-90,596 -3.6%
95	BANC OF CALIFORNIA INC COM BANC	BANC	641,450	$8.2m0.34%	0.34%	Reduced -495.5k	-495,458 -43.6%
96	MICROSOFT CORP COM MSFT	MSFT	18,200	$8.1m0.34%	0.34%	Reduced -278	-278 -1.5%
97	ATRICURE INC COM ATRC	ATRC	351,415	$8.0m0.34%	0.34%	Reduced -99.8k	-99,843 -22.1%
98	MEDIAALPHA INC CL A MAX	MAX	598,517	$7.9m0.33%	0.33%	Added +597.4k	+597,355 51407.5%
99	RAPID7 INC COM RPD	RPD	178,834	$7.7m0.32%	0.32%	Reduced -95.1k	-95,065 -34.7%
100	IMMUNOVANT INC COM IMVT	IMVT	288,564	$7.6m0.32%	0.32%	Reduced -14.2k	-14,225 -4.7%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
TREACE MED CONCEPTS INC TMCI	TMCI	1,561,893	$20.4m1.6m shares
DECIPHERA PHARMACEUTICALS IN DCPH	DCPH	1,044,871	$16.4m1.0m shares
HERC HLDGS INC HRI	HRI	81,551	$13.7m81.6k shares
EXPONENT INC EXPO	EXPO	162,917	$13.5m162.9k shares
CYTOKINETICS INC CYTK	CYTK	91,561	$6.4m91.6k shares
PRIVIA HEALTH GROUP INC PRVA	PRVA	321,325	$6.3m321.3k shares
REPLIMUNE GROUP INC REPL	REPL	492,219	$4.0m492.2k shares
ZEVIA PBC ZVIA	ZVIA	1,208,245	$1.4m1.2m shares
MP MATERIALS CORP MP	MP	96,624	$1.4m96.6k shares
LULULEMON ATHLETICA INC LULU	LULU	2,167	$846.5k2.2k shares
METTLER TOLEDO INTERNATIONAL MTD	MTD	603	$802.8k603 shares
BIOMARIN PHARMACEUTICAL INC BMRN	BMRN	8,726	$762.1k8.7k shares
AMPHENOL CORP APH	APH	12,190	$703.1k12.2k shares
ABBOTT LABS ABT	ABT	6,060	$688.8k6.1k shares
UNITEDHEALTH GROUP INC UNH	UNH	1,340	$662.9k1.3k shares
KEYSIGHT TECHNOLOGIES INC KEYS	KEYS	4,229	$661.3k4.2k shares
SCHWAB CHARLES CORP SCHW	SCHW	8,176	$591.5k8.2k shares
ILLUMINA INC ILMN	ILMN	3,598	$494.1k3.6k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	7,751	$455.6k7.8k shares
HOMESTREET INC MCHB	MCHB	28,589	$430.3k28.6k shares
ULTA BEAUTY INC ULTA	ULTA	807	$422.0k807 shares
BAUSCH PLUS LOMB CORP BLCO	BLCO	17,372	$300.5k17.4k shares
TRIMBLE INC TRMB	TRMB	3,902	$251.1k3.9k shares
LATTICE SEMICONDUCTOR CORP LSCC	LSCC	3,142	$245.8k3.1k shares
ETSY INC ETSY	ETSY	2,964	$203.7k3.0k shares