EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2025-05-01

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)

$2.2bn reported value -14.0% vs Q4 2024

243positions

20.2%in top 10

20 new 66 added 133 reduced 31 sold out vs Q4 2024

Holdings, Q1 2025

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	476,579	$52.9m2.38%	2.38%	Reduced -145.7k	-145,694 -23.4%
2	PALOMAR HLDGS INC COM PLMR	PLMR	376,696	$51.6m2.32%	2.32%	Reduced -58.3k	-58,347 -13.4%
3	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,229,033	$49.4m2.22%	2.22%	Reduced -147.9k	-147,894 -10.7%
4	INSMED INC COM PAR $.01 INSM	INSM	594,013	$45.3m2.04%	2.04%	Reduced -90.6k	-90,623 -13.2%
5	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,477,871	$43.9m1.98%	1.98%	Reduced -141.8k	-141,823 -8.8%
6	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	814,884	$43.1m1.94%	1.94%	Reduced -8.5k	-8,520 -1.0%
7	FRESHPET INC COM FRPT	FRPT	509,448	$42.4m1.91%	1.91%	Added +11.4k	+11,416 2.3%
8	SOLENO THERAPEUTICS INC COM SLNO	SLNO	564,481	$40.3m1.82%	1.82%	Reduced -16.4k	-16,438 -2.8%
9	BRIDGEBIO PHARMA INC COM BBIO	BBIO	1,145,491	$39.6m1.78%	1.78%	Reduced -5.4k	-5,377 -0.5%
10	Q2 HLDGS INC COM QTWO	QTWO	493,433	$39.5m1.78%	1.78%	Added +9.1k	+9,119 1.9%
11	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	2,077,173	$37.2m1.68%	1.68%	Reduced -48.6k	-48,571 -2.3%
12	VARONIS SYS INC COM VRNS	VRNS	907,065	$36.7m1.65%	1.65%	Reduced -18.5k	-18,477 -2.0%
13	CARPENTER TECHNOLOGY CORP COM CRS	CRS	198,396	$35.9m1.62%	1.62%	Reduced -17.5k	-17,467 -8.1%
14	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	401,644	$35.5m1.60%	1.60%	Reduced -15.2k	-15,222 -3.6%
15	CHART INDS INC COM GTLS	GTLS	246,037	$35.5m1.60%	1.60%	Reduced -3.4k	-3,401 -1.4%
16	AXOS FINANCIAL INC COM AX	AX	533,586	$34.4m1.55%	1.55%	Added +54.5k	+54,466 11.4%
17	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	744,621	$33.3m1.50%	1.50%	Reduced -122.5k	-122,451 -14.1%
18	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	279,815	$32.6m1.47%	1.47%	Added +25.0k	+24,993 9.8%
19	RADNET INC COM RDNT	RDNT	645,222	$32.1m1.44%	1.44%	Reduced -12.0k	-11,967 -1.8%
20	INTERDIGITAL INC COM IDCC	IDCC	151,097	$31.2m1.41%	1.41%	Reduced -10.7k	-10,703 -6.6%
21	TRANSMEDICS GROUP INC COM TMDX	TMDX	454,794	$30.6m1.38%	1.38%	Added +83.1k	+83,083 22.4%
22	ATI INC COM ATI	ATI	587,250	$30.6m1.38%	1.38%	Reduced -14.8k	-14,789 -2.5%
23	VITAL FARMS INC COM VITL	VITL	978,197	$29.8m1.34%	1.34%	Added +113.9k	+113,874 13.2%
24	MERIT MED SYS INC COM MMSI	MMSI	280,677	$29.7m1.34%	1.34%	Reduced -22.1k	-22,078 -7.3%
25	TTM TECHNOLOGIES INC COM TTMI	TTMI	1,439,931	$29.5m1.33%	1.33%	Added +367.8k	+367,798 34.3%
26	LIVANOVA PLC SHS LIVN	LIVN	746,513	$29.3m1.32%	1.32%	Reduced -6.0k	-6,027 -0.8%
27	BANCORP INC DEL COM TBBK	TBBK	548,269	$29.0m1.30%	1.30%	Added +212.1k	+212,102 63.1%
28	AAR CORP COM AIR	AIR	510,814	$28.6m1.29%	1.29%	Added +20.7k	+20,654 4.2%
29	FABRINET SHS FN	FN	139,491	$27.6m1.24%	1.24%	Added +16.5k	+16,490 13.4%
30	RAMBUS INC DEL COM RMBS	RMBS	530,702	$27.5m1.24%	1.24%	Reduced -13.1k	-13,127 -2.4%
31	AEROVIRONMENT INC COM AVAV	AVAV	224,818	$26.8m1.21%	1.21%	Added +10.8k	+10,808 5.0%
32	LUMENTUM HLDGS INC COM LITE	LITE	424,090	$26.4m1.19%	1.19%	Reduced -989	-989 -0.2%
33	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	3,133,558	$25.3m1.14%	1.14%	Reduced -28.8k	-28,811 -0.9%
34	MOELIS & CO CL A MC	MC	426,466	$24.9m1.12%	1.12%	Reduced -528	-528 -0.1%
35	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	826,475	$24.7m1.11%	1.11%	Added +14.8k	+14,795 1.8%
36	GUARDANT HEALTH INC COM GH	GH	531,424	$22.6m1.02%	1.02%	New
37	LOUISIANA PAC CORP COM LPX	LPX	237,179	$21.8m0.98%	0.98%	Reduced -2.3k	-2,259 -0.9%
38	SHIFT4 PMTS INC CL A FOUR	FOUR	265,422	$21.7m0.98%	0.98%	Reduced -48.4k	-48,423 -15.4%
39	TENABLE HLDGS INC COM TENB	TENB	612,040	$21.4m0.96%	0.96%	Reduced -3.9k	-3,889 -0.6%
40	MODINE MFG CO COM MOD	MOD	261,293	$20.1m0.90%	0.90%	Reduced -545	-545 -0.2%
41	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	659,519	$19.9m0.90%	0.90%	New
42	BJS RESTAURANTS INC COM BJRI	BJRI	578,327	$19.8m0.89%	0.89%	Reduced -5.5k	-5,501 -0.9%
43	VSE CORP COM VSEC	VSEC	163,935	$19.7m0.89%	0.89%	New
44	LENDINGTREE INC NEW COM TREE	TREE	378,563	$19.0m0.86%	0.86%	Added +17.3k	+17,343 4.8%
45	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	516,228	$18.7m0.84%	0.84%	Reduced -2.1k	-2,100 -0.4%
46	PDF SOLUTIONS INC COM PDFS	PDFS	924,778	$17.7m0.80%	0.80%	Added +433	+433 0.1%
47	SITIME CORP COM SITM	SITM	115,433	$17.6m0.79%	0.79%	Added +28.4k	+28,393 32.6%
48	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	174,654	$17.5m0.79%	0.79%	Reduced -5.6k	-5,639 -3.1%
49	NATIONAL VISION HLDGS INC COM EYE	EYE	1,343,328	$17.2m0.77%	0.77%	Added +352.2k	+352,228 35.5%
50	AGILYSYS INC COM AGYS	AGYS	233,488	$16.9m0.76%	0.76%	Reduced -519	-519 -0.2%
51	SPX TECHNOLOGIES INC COM SPXC	SPXC	130,166	$16.8m0.75%	0.75%	Reduced -392	-392 -0.3%
52	ARLO TECHNOLOGIES INC COM ARLO	ARLO	1,679,789	$16.6m0.75%	0.75%	Added +13.3k	+13,307 0.8%
53	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,623,449	$16.5m0.74%	0.74%	Added +167.4k	+167,416 11.5%
54	RXO INC COMMON STOCK RXO	RXO	854,986	$16.3m0.74%	0.74%	Added +2.5k	+2,493 0.3%
55	FORMFACTOR INC COM FORM	FORM	570,461	$16.1m0.73%	0.73%	Reduced -18.3k	-18,282 -3.1%
56	FIRST ADVANTAGE CORP NEW COM FA	FA	1,135,068	$16.0m0.72%	0.72%	Reduced -18.2k	-18,160 -1.6%
57	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	47,909	$15.9m0.71%	0.71%	Added +20.6k	+20,643 75.7%
58	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	172,878	$15.8m0.71%	0.71%	Reduced -3.0k	-3,005 -1.7%
59	ALLEGIANT TRAVEL CO COM ALGT	ALGT	298,286	$15.4m0.69%	0.69%	Added +61.8k	+61,826 26.1%
60	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	697,988	$15.2m0.68%	0.68%	Added +5.5k	+5,486 0.8%
61	PORTILLOS INC COM CL A PTLO	PTLO	1,245,854	$14.8m0.67%	0.67%	Added +3.1k	+3,118 0.2%
62	ARHAUS INC COM CL A ARHS	ARHS	1,667,128	$14.5m0.65%	0.65%	Added +38.7k	+38,674 2.4%
63	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	232,272	$14.2m0.64%	0.64%	Reduced -9.3k	-9,262 -3.8%
64	BOOT BARN HLDGS INC COM BOOT	BOOT	131,757	$14.2m0.64%	0.64%	Added +120	+120 0.1%
65	IMPINJ INC COM PI	PI	152,149	$13.8m0.62%	0.62%	Added +25.7k	+25,742 20.4%
66	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	815,905	$13.6m0.61%	0.61%	Reduced -9.2k	-9,164 -1.1%
67	CHURCHILL DOWNS INC COM CHDN	CHDN	121,099	$13.5m0.61%	0.61%	Reduced -7.1k	-7,101 -5.5%
68	CLEARWATER ANALYTICS HLDGS I CL A CL A		497,965	$13.3m0.60%	0.60%	Added +83.9k	+83,857 20.2%
69	ORTHOFIX MED INC COM OFIX	OFIX	811,138	$13.2m0.60%	0.60%	Reduced -11.2k	-11,239 -1.4%
70	KULICKE & SOFFA INDS INC COM KLIC	KLIC	395,968	$13.1m0.59%	0.59%	Reduced -6.5k	-6,486 -1.6%
71	COMMVAULT SYS INC COM CVLT	CVLT	81,499	$12.9m0.58%	0.58%	Added +11.0k	+11,049 15.7%
72	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	880,089	$12.8m0.57%	0.57%	Added +272.1k	+272,098 44.8%
73	UMB FINL CORP COM UMBF	UMBF	125,468	$12.7m0.57%	0.57%	Reduced -25.5k	-25,539 -16.9%
74	TRINITY CAP INC COM TRIN	TRIN	798,761	$12.1m0.55%	0.55%	Reduced -3.7k	-3,728 -0.5%
75	AKERO THERAPEUTICS INC COM AKRO	AKRO	294,402	$11.9m0.54%	0.54%	Reduced -225.7k	-225,712 -43.4%
76	EVERQUOTE INC COM CL A EVER	EVER	443,701	$11.6m0.52%	0.52%	New
77	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	680,178	$11.4m0.51%	0.51%	Added +261.7k	+261,701 62.5%
78	WESBANCO INC COM WSBC	WSBC	368,816	$11.4m0.51%	0.51%	New
79	89BIO INC COM ETNB	ETNB	1,550,671	$11.3m0.51%	0.51%	New
80	LIFE360 INC COM LIF	LIF	270,817	$10.4m0.47%	0.47%	Added +94.7k	+94,679 53.8%
81	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	898,190	$10.4m0.47%	0.47%	Added +62.1k	+62,140 7.4%
82	NOVOCURE LTD ORD SHS NVCR	NVCR	538,249	$9.6m0.43%	0.43%	Reduced -9.3k	-9,308 -1.7%
83	BOWHEAD SPECIALTY HLDGS INC COM SHS BOW	BOW	235,853	$9.6m0.43%	0.43%	Reduced -4.6k	-4,613 -1.9%
84	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	408,485	$9.4m0.42%	0.42%	Reduced -126.6k	-126,607 -23.7%
85	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	596,376	$9.2m0.41%	0.41%	Reduced -10.6k	-10,621 -1.8%
86	CACTUS INC CL A WHD	WHD	193,061	$8.8m0.40%	0.40%	Reduced -114.3k	-114,254 -37.2%
87	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	547,827	$8.8m0.40%	0.40%	Added +1.0k	+1,036 0.2%
88	INFINITY NAT RES INC COM CL A INR	INR	465,174	$8.7m0.39%	0.39%	New
89	SAVARA INC COM SVRA	SVRA	3,090,213	$8.6m0.39%	0.39%	Added +757.5k	+757,533 32.5%
90	BIOHAVEN LTD COM BHVN	BHVN	354,953	$8.5m0.38%	0.38%	Reduced -5.6k	-5,585 -1.6%
91	FIRST BUSEY CORP COM NEW BUSE	BUSE	385,500	$8.3m0.37%	0.37%	Reduced -1.2k	-1,226 -0.3%
92	NEOGENOMICS INC COM NEW NEO	NEO	855,688	$8.1m0.37%	0.37%	Reduced -701.7k	-701,749 -45.1%
93	RUSH STREET INTERACTIVE INC COM RSI	RSI	757,477	$8.1m0.37%	0.37%	Added +31.0k	+30,988 4.3%
94	AMERIS BANCORP COM ABCB	ABCB	136,058	$7.8m0.35%	0.35%	New
95	FULTON FINL CORP PA COM FULT	FULT	431,147	$7.8m0.35%	0.35%	Reduced -739.8k	-739,773 -63.2%
96	PERELLA WEINBERG PARTNERS CLASS A COM PWP	PWP	403,280	$7.4m0.33%	0.33%	New
97	SABLE OFFSHORE CORP COM SHS SOC	SOC	291,024	$7.4m0.33%	0.33%	Reduced -1.5k	-1,548 -0.5%
98	CVRX INC COM CVRX	CVRX	590,850	$7.2m0.33%	0.33%	Reduced -3.0k	-3,048 -0.5%
99	CORCEPT THERAPEUTICS INC COM CORT	CORT	62,182	$7.1m0.32%	0.32%	New
100	SKYWATER TECHNOLOGY INC COM COM		1,000,716	$7.1m0.32%	0.32%	Added +12.6k	+12,562 1.3%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
INTRA-CELLULAR THERAPIES INC ITCI	ITCI	438,066	$36.6m438.1k shares
NV5 GLOBAL INC NVEE	NVEE	702,679	$13.2m702.7k shares
FLYWIRE CORPORATION FLYW	FLYW	430,646	$8.9m430.6k shares
SELECTIVE INS GROUP INC SIGI	SIGI	81,667	$7.6m81.7k shares
GENEDX HOLDINGS CORP WGS	WGS	91,818	$7.1m91.8k shares
KEROS THERAPEUTICS INC KROS	KROS	244,633	$3.9m244.6k shares
TRINET GROUP INC TNET	TNET	40,779	$3.7m40.8k shares
ATRICURE INC ATRC	ATRC	89,098	$2.7m89.1k shares
CHIPOTLE MEXICAN GRILL INC CMG	CMG	24,858	$1.5m24.9k shares
UBER TECHNOLOGIES INC UBER	UBER	12,263	$739.7k12.3k shares
KKR & CO INC KKR	KKR	4,733	$700.1k4.7k shares
TREX CO INC TREX	TREX	7,302	$504.1k7.3k shares
GXO LOGISTICS INCORPORATED GXO	GXO	11,405	$496.1k11.4k shares
CADENCE DESIGN SYSTEM INC CDNS	CDNS	1,517	$455.8k1.5k shares
ZUORA INC ZUO	ZUO	41,767	$414.3k41.8k shares
CONSTELLATION BRANDS INC STZ	STZ	1,824	$403.1k1.8k shares
WAYFAIR INC W	W	5,858	$259.6k5.9k shares
ISHARES BITCOIN TRUST ETF IBIT	IBIT	4,722	$250.5k4.7k shares
ENPHASE ENERGY INC ENPH	ENPH	3,205	$220.1k3.2k shares
DARLING INGREDIENTS INC DAR	DAR	6,437	$216.9k6.4k shares
DYNATRACE INC DT	DT	3,970	$215.8k4.0k shares
SPOTIFY TECHNOLOGY S A SPOT	SPOT	476	$213.0k476 shares
POOL CORP POOL	POOL	589	$200.8k589 shares
CHORD ENERGY CORPORATION CHRD	CHRD	1,262	$147.6k1.3k shares
ATLAS ENERGY SOLUTIONS INC AESI	AESI	4,850	$107.6k4.8k shares