EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2025-08-04

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)

$2.7bn reported value +22.8% vs Q1 2025

248positions

21.6%in top 10

31 new 132 added 65 reduced 26 sold out vs Q1 2025

Holdings, Q2 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	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	911,514	$84.4m3.09%	3.09%	Reduced -317.5k	-317,519 -25.8%
2	AEROVIRONMENT INC COM AVAV	AVAV	252,686	$72.0m2.64%	2.64%	Added +27.9k	+27,868 12.4%
3	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,510,418	$70.2m2.57%	2.57%	Added +32.5k	+32,547 2.2%
4	TRANSMEDICS GROUP INC COM TMDX	TMDX	439,329	$58.9m2.16%	2.16%	Reduced -15.5k	-15,465 -3.4%
5	TTM TECHNOLOGIES INC COM TTMI	TTMI	1,403,317	$57.3m2.10%	2.10%	Reduced -36.6k	-36,614 -2.5%
6	SOLENO THERAPEUTICS INC COM SLNO	SLNO	672,908	$56.4m2.07%	2.07%	Added +108.4k	+108,427 19.2%
7	PALOMAR HLDGS INC COM PLMR	PLMR	321,147	$49.5m1.82%	1.82%	Reduced -55.5k	-55,549 -14.8%
8	Q2 HLDGS INC COM QTWO	QTWO	512,016	$47.9m1.76%	1.76%	Added +18.6k	+18,583 3.8%
9	VARONIS SYS INC COM VRNS	VRNS	942,703	$47.8m1.75%	1.75%	Added +35.6k	+35,638 3.9%
10	RAMBUS INC DEL COM RMBS	RMBS	710,123	$45.5m1.67%	1.67%	Added +179.4k	+179,421 33.8%
11	BRIDGEBIO PHARMA INC COM BBIO	BBIO	1,021,257	$44.1m1.62%	1.62%	Reduced -124.2k	-124,234 -10.8%
12	LUMENTUM HLDGS INC COM LITE	LITE	446,102	$42.4m1.55%	1.55%	Added +22.0k	+22,012 5.2%
13	AXOS FINANCIAL INC COM AX	AX	553,591	$42.1m1.54%	1.54%	Added +20.0k	+20,005 3.8%
14	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	717,760	$41.5m1.52%	1.52%	Reduced -97.1k	-97,124 -11.9%
15	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	307,841	$40.6m1.49%	1.49%	Added +28.0k	+28,026 10.0%
16	FABRINET SHS FN	FN	136,218	$40.1m1.47%	1.47%	Reduced -3.3k	-3,273 -2.4%
17	INTERDIGITAL INC COM IDCC	IDCC	174,499	$39.1m1.43%	1.43%	Added +23.4k	+23,402 15.5%
18	VITAL FARMS INC COM VITL	VITL	1,015,225	$39.1m1.43%	1.43%	Added +37.0k	+37,028 3.8%
19	AGILYSYS INC COM AGYS	AGYS	337,102	$38.6m1.42%	1.42%	Added +103.6k	+103,614 44.4%
20	RADNET INC COM RDNT	RDNT	672,356	$38.3m1.40%	1.40%	Added +27.1k	+27,134 4.2%
21	NATIONAL VISION HLDGS INC COM EYE	EYE	1,621,925	$37.3m1.37%	1.37%	Added +278.6k	+278,597 20.7%
22	GUARDANT HEALTH INC COM GH	GH	699,922	$36.4m1.34%	1.34%	Added +168.5k	+168,498 31.7%
23	BANCORP INC DEL COM TBBK	TBBK	626,413	$35.7m1.31%	1.31%	Added +78.1k	+78,144 14.2%
24	FRESHPET INC COM FRPT	FRPT	521,175	$35.4m1.30%	1.30%	Added +11.7k	+11,727 2.3%
25	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	806,290	$34.5m1.27%	1.27%	Added +61.7k	+61,669 8.3%
26	SITIME CORP COM SITM	SITM	149,724	$31.9m1.17%	1.17%	Added +34.3k	+34,291 29.7%
27	MODINE MFG CO COM MOD	MOD	322,557	$31.8m1.16%	1.16%	Added +61.3k	+61,264 23.4%
28	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	2,091,360	$31.0m1.13%	1.13%	Added +14.2k	+14,187 0.7%
29	VSE CORP COM VSEC	VSEC	226,784	$29.7m1.09%	1.09%	Added +62.8k	+62,849 38.3%
30	ARLO TECHNOLOGIES INC COM ARLO	ARLO	1,749,984	$29.7m1.09%	1.09%	Added +70.2k	+70,195 4.2%
31	MOELIS & CO CL A MC	MC	458,006	$28.5m1.05%	1.05%	Added +31.5k	+31,540 7.4%
32	SHIFT4 PMTS INC CL A FOUR	FOUR	283,004	$28.0m1.03%	1.03%	Added +17.6k	+17,582 6.6%
33	ATI INC COM ATI	ATI	318,863	$27.5m1.01%	1.01%	Reduced -268.4k	-268,387 -45.7%
34	CARPENTER TECHNOLOGY CORP COM CRS	CRS	98,769	$27.3m1.00%	1.00%	Reduced -99.6k	-99,627 -50.2%
35	MERIT MED SYS INC COM MMSI	MMSI	291,790	$27.3m1.00%	1.00%	Added +11.1k	+11,113 4.0%
36	BJS RESTAURANTS INC COM BJRI	BJRI	593,478	$26.5m0.97%	0.97%	Added +15.2k	+15,151 2.6%
37	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	182,648	$26.2m0.96%	0.96%	Added +8.0k	+7,994 4.6%
38	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	837,549	$24.8m0.91%	0.91%	Added +11.1k	+11,074 1.3%
39	BOOT BARN HLDGS INC COM BOOT	BOOT	162,609	$24.7m0.91%	0.91%	Added +30.9k	+30,852 23.4%
40	MERCURY SYS INC COM MRCY	MRCY	456,713	$24.6m0.90%	0.90%	New
41	LIVANOVA PLC SHS LIVN	LIVN	538,999	$24.3m0.89%	0.89%	Reduced -207.5k	-207,514 -27.8%
42	FIRST ADVANTAGE CORP NEW COM FA	FA	1,431,731	$23.8m0.87%	0.87%	Added +296.7k	+296,663 26.1%
43	CLEARWATER ANALYTICS HLDGS I CL A CL A		1,072,307	$23.5m0.86%	0.86%	Added +574.3k	+574,342 115.3%
44	AAR CORP COM AIR	AIR	337,005	$23.2m0.85%	0.85%	Reduced -173.8k	-173,809 -34.0%
45	SPX TECHNOLOGIES INC COM SPXC	SPXC	135,104	$22.7m0.83%	0.83%	Added +4.9k	+4,938 3.8%
46	UMB FINL CORP COM UMBF	UMBF	213,081	$22.4m0.82%	0.82%	Added +87.6k	+87,613 69.8%
47	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	702,727	$21.3m0.78%	0.78%	Added +43.2k	+43,208 6.5%
48	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	3,257,119	$21.2m0.78%	0.78%	Added +123.6k	+123,561 3.9%
49	TENABLE HLDGS INC COM TENB	TENB	618,996	$20.9m0.77%	0.77%	Added +7.0k	+6,956 1.1%
50	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	965,245	$20.8m0.76%	0.76%	Added +85.2k	+85,156 9.7%
51	PDF SOLUTIONS INC COM PDFS	PDFS	954,361	$20.4m0.75%	0.75%	Added +29.6k	+29,583 3.2%
52	ALLEGIANT TRAVEL CO COM ALGT	ALGT	345,731	$19.0m0.70%	0.70%	Added +47.4k	+47,445 15.9%
53	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	925,263	$18.9m0.69%	0.69%	Added +245.1k	+245,085 36.0%
54	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,684,334	$18.7m0.69%	0.69%	Added +60.9k	+60,885 3.8%
55	COMMVAULT SYS INC COM CVLT	CVLT	106,424	$18.6m0.68%	0.68%	Added +24.9k	+24,925 30.6%
56	LIFE360 INC COM LIF	LIF	281,229	$18.4m0.67%	0.67%	Added +10.4k	+10,412 3.8%
57	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	500,054	$18.3m0.67%	0.67%	Added +461.3k	+461,335 1191.5%
58	89BIO INC COM ETNB	ETNB	1,844,370	$18.1m0.66%	0.66%	Added +293.7k	+293,699 18.9%
59	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	638,377	$18.1m0.66%	0.66%	Reduced -59.6k	-59,611 -8.5%
60	CHART INDS INC COM GTLS	GTLS	108,998	$17.9m0.66%	0.66%	Reduced -137.0k	-137,039 -55.7%
61	CORCEPT THERAPEUTICS INC COM CORT	CORT	242,053	$17.8m0.65%	0.65%	Added +179.9k	+179,871 289.3%
62	RUSH STREET INTERACTIVE INC COM RSI	RSI	1,191,821	$17.8m0.65%	0.65%	Added +434.3k	+434,344 57.3%
63	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	179,547	$17.7m0.65%	0.65%	Added +6.7k	+6,669 3.9%
64	IMPINJ INC COM PI	PI	157,919	$17.5m0.64%	0.64%	Added +5.8k	+5,770 3.8%
65	ESCO TECHNOLOGIES INC COM ESE	ESE	89,040	$17.1m0.63%	0.63%	New
66	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	461,402	$16.8m0.61%	0.61%	Reduced -54.8k	-54,826 -10.6%
67	FORMFACTOR INC COM FORM	FORM	473,983	$16.3m0.60%	0.60%	Reduced -96.5k	-96,478 -16.9%
68	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	53,108	$16.1m0.59%	0.59%	Added +5.2k	+5,199 10.8%
69	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	620,281	$15.9m0.58%	0.58%	Added +23.9k	+23,905 4.0%
70	AKERO THERAPEUTICS INC COM AKRO	AKRO	291,692	$15.6m0.57%	0.57%	Reduced -2.7k	-2,710 -0.9%
71	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	305,766	$15.6m0.57%	0.57%	New
72	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	519,760	$15.4m0.57%	0.57%	Added +111.3k	+111,275 27.2%
73	PORTILLOS INC COM CL A PTLO	PTLO	1,293,491	$15.1m0.55%	0.55%	Added +47.6k	+47,637 3.8%
74	ARHAUS INC COM CL A ARHS	ARHS	1,730,371	$15.0m0.55%	0.55%	Added +63.2k	+63,243 3.8%
75	EVERQUOTE INC COM CL A EVER	EVER	619,585	$15.0m0.55%	0.55%	Added +175.9k	+175,884 39.6%
76	KULICKE & SOFFA INDS INC COM KLIC	KLIC	412,622	$14.3m0.52%	0.52%	Added +16.7k	+16,654 4.2%
77	LENDINGTREE INC NEW COM TREE	TREE	381,978	$14.2m0.52%	0.52%	Added +3.4k	+3,415 0.9%
78	LOUISIANA PAC CORP COM LPX	LPX	163,629	$14.1m0.52%	0.52%	Reduced -73.5k	-73,550 -31.0%
79	SABLE OFFSHORE CORP COM SHS SOC	SOC	611,613	$13.4m0.49%	0.49%	Added +320.6k	+320,589 110.2%
80	SKYWATER TECHNOLOGY INC COM COM		1,362,983	$13.4m0.49%	0.49%	Added +362.3k	+362,267 36.2%
81	ONTO INNOVATION INC COM ONTO	ONTO	130,150	$13.1m0.48%	0.48%	New
82	IONQ INC COM IONQ	IONQ	301,357	$12.9m0.47%	0.47%	New
83	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	592,358	$12.8m0.47%	0.47%	Reduced -223.5k	-223,547 -27.4%
84	INTEGER HLDGS CORP COM ITGR	ITGR	103,824	$12.8m0.47%	0.47%	Added +97.5k	+97,501 1542.0%
85	STERLING INFRASTRUCTURE INC COM STRL	STRL	54,955	$12.7m0.46%	0.46%	New
86	WESBANCO INC COM WSBC	WSBC	383,527	$12.1m0.44%	0.44%	Added +14.7k	+14,711 4.0%
87	AXSOME THERAPEUTICS INC COM AXSM	AXSM	112,469	$11.7m0.43%	0.43%	New
88	EXCELERATE ENERGY INC CL A COM EE	EE	400,393	$11.7m0.43%	0.43%	New
89	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	1,038,049	$11.7m0.43%	0.43%	Added +139.9k	+139,859 15.6%
90	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	243,212	$11.7m0.43%	0.43%	Added +10.9k	+10,940 4.7%
91	TRINITY CAP INC COM TRIN	TRIN	829,710	$11.7m0.43%	0.43%	Added +30.9k	+30,949 3.9%
92	FIVE BELOW INC COM FIVE	FIVE	88,558	$11.6m0.43%	0.43%	Added +86.7k	+86,728 4739.2%
93	RXO INC COMMON STOCK RXO	RXO	731,600	$11.5m0.42%	0.42%	Reduced -123.4k	-123,386 -14.4%
94	PERELLA WEINBERG PARTNERS CLASS A COM PWP	PWP	568,206	$11.0m0.40%	0.40%	Added +164.9k	+164,926 40.9%
95	COGENT BIOSCIENCES INC COM COGT	COGT	1,445,774	$10.4m0.38%	0.38%	New
96	BOWHEAD SPECIALTY HLDGS INC COM SHS BOW	BOW	244,864	$9.2m0.34%	0.34%	Added +9.0k	+9,011 3.8%
97	MARA HOLDINGS INC COM MARA	MARA	579,571	$9.1m0.33%	0.33%	Added +252.9k	+252,864 77.4%
98	BLOOM ENERGY CORP COM CL A BE	BE	375,796	$9.0m0.33%	0.33%	Added +15.4k	+15,382 4.3%
99	ATEGRITY SPECIALTY IN CO HO COM ASIC	ASIC	400,022	$8.6m0.32%	0.32%	New
100	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	565,863	$8.5m0.31%	0.31%	Added +18.0k	+18,036 3.3%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
BLUEPRINT MEDICINES CORP BPMC	BPMC	401,644	$35.5m401.6k shares
NEOGENOMICS INC NEO	NEO	855,688	$8.1m855.7k shares
CVRX INC CVRX	CVRX	590,850	$7.2m590.9k shares
STEWART INFORMATION SVCS COR STC	STC	70,507	$5.0m70.5k shares
INSTALLED BLDG PRODS INC IBP	IBP	13,476	$2.3m13.5k shares
APPLOVIN CORP APP	APP	4,993	$1.3m5.0k shares
SAREPTA THERAPEUTICS INC SRPT	SRPT	19,830	$1.3m19.8k shares
SILICON LABORATORIES INC SLAB	SLAB	5,296	$596.2k5.3k shares
SELECT WATER SOLUTIONS INC WTTR	WTTR	49,148	$516.1k49.1k shares
LIGHT & WONDER INC LNWO	LNWO	5,327	$461.4k5.3k shares
ASML HOLDING N V ASML	ASML	650	$430.7k650 shares
UNITY SOFTWARE INC U	U	19,516	$382.3k19.5k shares
LANTHEUS HLDGS INC LNTH	LNTH	3,767	$367.7k3.8k shares
TIDEWATER INC NEW TDW	TDW	6,478	$273.8k6.5k shares
SENTINELONE INC S	S	13,043	$237.1k13.0k shares
SHARKNINJA INC SN	SN	2,814	$234.7k2.8k shares
TERADYNE INC TER	TER	2,814	$232.4k2.8k shares
ELASTIC N V ESTC	ESTC	2,144	$191.0k2.1k shares
MONTROSE ENVIRONMENTAL GROUP ONT	ONT	12,371	$176.4k12.4k shares
QUANTERIX CORP QTRX	QTRX	25,542	$166.3k25.5k shares
IMMUNOVANT INC IMVT	IMVT	9,246	$158.0k9.2k shares
COMSTOCK RES INC CRK	CRK	7,755	$157.7k7.8k shares
JACK IN THE BOX INC JACK	JACK	5,663	$154.0k5.7k shares
EXPRO GROUP HOLDINGS NV 96779EUR	96779EUR	2,682	$26.7k2.7k shares
NORTHERN OIL & GAS INC NOG	NOG	531	$16.1k531 shares