EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2026-02-09

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)

$3.2bn reported value +4.0% vs Q3 2025

246positions

19.1%in top 10

13 new 64 added 145 reduced 24 sold out vs Q3 2025

Holdings, Q4 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	GUARDANT HEALTH INC COM GH	GH	861,824	$88.0m2.71%	2.71%	Reduced -11.4k	-11,379 -1.3%
2	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	496,139	$71.4m2.20%	2.20%	Reduced -101.0k	-100,995 -16.9%
3	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	875,063	$66.4m2.05%	2.05%	Reduced -93.8k	-93,788 -9.7%
4	TTM TECHNOLOGIES INC COM TTMI	TTMI	915,128	$63.1m1.95%	1.95%	Reduced -92.4k	-92,427 -9.2%
5	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,594,184	$60.9m1.88%	1.88%	Reduced -552.6k	-552,583 -25.7%
6	RAMBUS INC DEL COM RMBS	RMBS	626,985	$57.6m1.78%	1.78%	Reduced -10.8k	-10,769 -1.7%
7	COGENT BIOSCIENCES INC COM COGT	COGT	1,583,346	$56.2m1.73%	1.73%	Added +3.9k	+3,850 0.2%
8	LUMENTUM HLDGS INC COM LITE	LITE	147,925	$54.5m1.68%	1.68%	Reduced -215.7k	-215,691 -59.3%
9	MODINE MFG CO COM MOD	MOD	389,935	$52.1m1.60%	1.60%	Reduced -1.8k	-1,784 -0.5%
10	AEROVIRONMENT INC COM AVAV	AVAV	211,531	$51.2m1.58%	1.58%	Reduced -36.0k	-35,976 -14.5%
11	FABRINET SHS FN	FN	109,289	$49.8m1.53%	1.53%	Reduced -1.4k	-1,384 -1.2%
12	BLOOM ENERGY CORP COM CL A BE	BE	559,063	$48.6m1.50%	1.50%	Reduced -125.9k	-125,883 -18.4%
13	VSE CORP COM VSEC	VSEC	279,543	$48.3m1.49%	1.49%	Added +56.3k	+56,252 25.2%
14	AXOS FINANCIAL INC COM AX	AX	521,379	$44.9m1.38%	1.38%	Reduced -7.5k	-7,533 -1.4%
15	LIVANOVA PLC SHS LIVN	LIVN	700,948	$43.1m1.33%	1.33%	Added +149.8k	+149,786 27.2%
16	TRANSMEDICS GROUP INC COM TMDX	TMDX	351,349	$42.7m1.32%	1.32%	Reduced -36.2k	-36,239 -9.3%
17	MOELIS & CO CL A MC	MC	615,594	$42.3m1.30%	1.30%	Added +164.1k	+164,097 36.4%
18	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	2,455,089	$41.7m1.29%	1.29%	Reduced -541.8k	-541,811 -18.1%
19	BRIDGEBIO PHARMA INC COM BBIO	BBIO	535,764	$41.0m1.26%	1.26%	Reduced -184.6k	-184,579 -25.6%
20	PALOMAR HLDGS INC COM PLMR	PLMR	301,964	$40.7m1.25%	1.25%	Added +962	+962 0.3%
21	NATIONAL VISION HLDGS INC COM EYE	EYE	1,564,955	$40.4m1.24%	1.24%	Reduced -14.0k	-14,005 -0.9%
22	BANCORP INC DEL COM TBBK	TBBK	594,683	$40.2m1.24%	1.24%	Reduced -7.9k	-7,897 -1.3%
23	AGILYSYS INC COM AGYS	AGYS	328,431	$39.0m1.20%	1.20%	Reduced -1.6k	-1,550 -0.5%
24	MERCURY SYS INC COM MRCY	MRCY	531,115	$38.8m1.19%	1.19%	Reduced -2.0k	-1,977 -0.4%
25	VITAL FARMS INC COM VITL	VITL	1,162,022	$37.1m1.14%	1.14%	Added +171.4k	+171,397 17.3%
26	ATI INC COM ATI	ATI	307,552	$35.3m1.09%	1.09%	Reduced -5.5k	-5,536 -1.8%
27	AAR CORP COM AIR	AIR	419,470	$34.7m1.07%	1.07%	Added +54.6k	+54,595 15.0%
28	SEMTECH CORP COM SMTC	SMTC	470,751	$34.7m1.07%	1.07%	Added +51.7k	+51,657 12.3%
29	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,637,729	$34.5m1.06%	1.06%	Reduced -1.2k	-1,153 -0.1%
30	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	657,668	$33.6m1.04%	1.04%	Reduced -27.1k	-27,074 -4.0%
31	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	298,582	$32.7m1.01%	1.01%	Reduced -2.4k	-2,442 -0.8%
32	ESCO TECHNOLOGIES INC COM ESE	ESE	166,679	$32.6m1.00%	1.00%	Added +25.3k	+25,260 17.9%
33	BOOT BARN HLDGS INC COM BOOT	BOOT	181,688	$32.1m0.99%	0.99%	Added +21.5k	+21,523 13.4%
34	UMB FINL CORP COM UMBF	UMBF	275,296	$31.7m0.98%	0.98%	Added +65.7k	+65,733 31.4%
35	IMAX CORP COM IMAX	IMAX	853,822	$31.6m0.97%	0.97%	Added +524.6k	+524,650 159.4%
36	RUSH STREET INTERACTIVE INC COM RSI	RSI	1,606,049	$31.2m0.96%	0.96%	Added +264.3k	+264,310 19.7%
37	SITIME CORP COM SITM	SITM	88,332	$31.2m0.96%	0.96%	Reduced -73.9k	-73,911 -45.6%
38	ARGAN INC COM AGX	AGX	98,072	$30.7m0.95%	0.95%	Added +11.5k	+11,540 13.3%
39	SPX TECHNOLOGIES INC COM SPXC	SPXC	152,787	$30.6m0.94%	0.94%	Reduced -720	-720 -0.5%
40	Q2 HLDGS INC COM QTWO	QTWO	421,670	$30.4m0.94%	0.94%	Reduced -81.3k	-81,279 -16.2%
41	EVOLV TECHNOLOGIES HLDNGS IN COM CL A EVLV	EVLV	4,171,243	$29.9m0.92%	0.92%	Added +1.6m	+1,551,421 59.2%
42	ALLEGIANT TRAVEL CO COM ALGT	ALGT	349,945	$29.8m0.92%	0.92%	Reduced -77.8k	-77,773 -18.2%
43	VARONIS SYS INC COM VRNS	VRNS	907,764	$29.8m0.92%	0.92%	Reduced -2.9k	-2,877 -0.3%
44	NLIGHT INC COM LASR	LASR	781,877	$29.3m0.90%	0.90%	Added +295.4k	+295,396 60.7%
45	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	629,344	$29.1m0.90%	0.90%	Reduced -10.3k	-10,350 -1.6%
46	CARPENTER TECHNOLOGY CORP COM CRS	CRS	92,448	$29.1m0.90%	0.90%	Reduced -2.4k	-2,371 -2.5%
47	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	367,134	$29.0m0.89%	0.89%	Reduced -2.5k	-2,466 -0.7%
48	ARLO TECHNOLOGIES INC COM ARLO	ARLO	2,059,864	$28.8m0.89%	0.89%	Added +325.6k	+325,593 18.8%
49	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	626,692	$28.8m0.89%	0.89%	Added +10.0k	+9,973 1.6%
50	RADNET INC COM RDNT	RDNT	394,715	$28.2m0.87%	0.87%	Reduced -247.5k	-247,452 -38.5%
51	PIPER SANDLER COMPANIES COM PJC	PJC	82,407	$28.0m0.86%	0.86%	New
52	IMPINJ INC COM PI	PI	158,802	$27.6m0.85%	0.85%	Added +3.6k	+3,569 2.3%
53	CECO ENVIRONMENTAL CORP COM CECO	CECO	458,525	$27.4m0.85%	0.85%	Added +339.1k	+339,118 284.0%
54	PDF SOLUTIONS INC COM PDFS	PDFS	943,372	$26.9m0.83%	0.83%	Added +717	+717 0.1%
55	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	2,855,302	$26.8m0.82%	0.82%	Added +2.6m	+2,605,893 1044.8%
56	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	1,137,146	$26.6m0.82%	0.82%	Reduced -19	-19 0.0%
57	FRESHPET INC COM FRPT	FRPT	417,400	$25.4m0.78%	0.78%	Added +42.7k	+42,717 11.4%
58	STERLING INFRASTRUCTURE INC COM STRL	STRL	82,025	$25.1m0.77%	0.77%	Reduced -557	-557 -0.7%
59	SYNAPTICS INC COM SYNA	SYNA	339,113	$25.1m0.77%	0.77%	New
60	KULICKE & SOFFA INDS INC COM KLIC	KLIC	539,114	$24.6m0.76%	0.76%	Added +176.5k	+176,504 48.7%
61	CUSTOMERS BANCORP INC COM CUBI	CUBI	330,310	$24.2m0.74%	0.74%	Added +98.6k	+98,557 42.5%
62	SKYWATER TECHNOLOGY INC COM COM		1,319,113	$24.0m0.74%	0.74%	Reduced -13.0k	-12,995 -1.0%
63	TREVI THERAPEUTICS INC COM TRVI	TRVI	1,892,276	$23.7m0.73%	0.73%	New
64	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	670,577	$23.4m0.72%	0.72%	Added +60.9k	+60,932 10.0%
65	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	38,913	$22.7m0.70%	0.70%	Reduced -11.8k	-11,824 -23.3%
66	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	757,568	$21.8m0.67%	0.67%	Added +236.4k	+236,385 45.4%
67	BJS RESTAURANTS INC COM BJRI	BJRI	551,622	$21.7m0.67%	0.67%	Reduced -4.0k	-3,954 -0.7%
68	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	811,197	$21.7m0.67%	0.67%	Added +241.5k	+241,526 42.4%
69	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	1,340,495	$21.6m0.67%	0.67%	Reduced -10.8k	-10,759 -0.8%
70	COMMVAULT SYS INC COM CVLT	CVLT	171,885	$21.5m0.66%	0.66%	Added +15.0k	+14,991 9.6%
71	SAVARA INC COM SVRA	SVRA	3,495,496	$21.1m0.65%	0.65%	Reduced -33.8k	-33,828 -1.0%
72	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	636,109	$20.8m0.64%	0.64%	Added +87.4k	+87,397 15.9%
73	ARHAUS INC COM CL A ARHS	ARHS	1,846,549	$20.7m0.64%	0.64%	Added +168.2k	+168,240 10.0%
74	IONQ INC COM IONQ	IONQ	452,674	$20.3m0.63%	0.63%	Reduced -5.1k	-5,106 -1.1%
75	MERIT MED SYS INC COM MMSI	MMSI	226,514	$20.0m0.62%	0.62%	Reduced -54.1k	-54,108 -19.3%
76	AXSOME THERAPEUTICS INC COM AXSM	AXSM	108,082	$19.7m0.61%	0.61%	Reduced -860	-860 -0.8%
77	EVERQUOTE INC COM CL A EVER	EVER	720,686	$19.5m0.60%	0.60%	Added +31.4k	+31,433 4.6%
78	ONTO INNOVATION INC COM ONTO	ONTO	122,613	$19.4m0.60%	0.60%	Reduced -4.9k	-4,948 -3.9%
79	LENDINGTREE INC NEW COM TREE	TREE	361,945	$19.2m0.59%	0.59%	Reduced -4.9k	-4,949 -1.4%
80	SOLENO THERAPEUTICS INC COM SLNO	SLNO	412,651	$19.1m0.59%	0.59%	Reduced -215.1k	-215,105 -34.3%
81	FIRST ADVANTAGE CORP NEW COM FA	FA	1,309,933	$19.0m0.59%	0.59%	Reduced -78.6k	-78,567 -5.7%
82	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	912,932	$18.9m0.58%	0.58%	Reduced -2.5k	-2,496 -0.3%
83	COMPASS INC CL A COMP	COMP	1,739,511	$18.4m0.57%	0.57%	Added +151.6k	+151,618 9.6%
84	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	682,945	$18.2m0.56%	0.56%	Reduced -5.6k	-5,623 -0.8%
85	INTERDIGITAL INC COM IDCC	IDCC	55,850	$17.8m0.55%	0.55%	Reduced -45.9k	-45,926 -45.1%
86	SHIFT4 PMTS INC CL A FOUR	FOUR	280,306	$17.7m0.54%	0.54%	Added +2.6k	+2,631 0.9%
87	COASTAL FINL CORP WA COM NEW CCB	CCB	152,755	$17.5m0.54%	0.54%	Added +93.7k	+93,669 158.5%
88	LUMEXA IMAGING HOLDINGS INC COM LMRI	LMRI	932,889	$17.3m0.53%	0.53%	New
89	PERELLA WEINBERG PARTNERS CLASS A COM PWP	PWP	988,706	$17.1m0.53%	0.53%	Added +185.1k	+185,052 23.0%
90	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	384,342	$16.2m0.50%	0.50%	Added +61.1k	+61,096 18.9%
91	FIVE BELOW INC COM FIVE	FIVE	85,611	$16.1m0.50%	0.50%	Added +453	+453 0.5%
92	BILLIONTOONE INC CL A BLLN	BLLN	188,949	$15.5m0.48%	0.48%	New
93	FIRST WATCH RESTAURANT GROUP COM FWRG	FWRG	978,408	$14.8m0.45%	0.45%	Added +157.3k	+157,318 19.2%
94	LENDINGCLUB CORP COM NEW HAPN	HAPN	778,208	$14.7m0.45%	0.45%	Added +566.3k	+566,334 267.3%
95	IPG PHOTONICS CORP COM IPGP	IPGP	204,050	$14.6m0.45%	0.45%	Added +52.1k	+52,083 34.3%
96	AVEANNA HEALTHCARE HLDGS INC COM AVAH	AVAH	1,748,725	$14.3m0.44%	0.44%	New
97	D-WAVE QUANTUM INC COM QBTS	QBTS	543,272	$14.2m0.44%	0.44%	Reduced -4.0k	-3,977 -0.7%
98	BLACK ROCK COFFEE BAR INC CL A BRCB	BRCB	612,493	$13.6m0.42%	0.42%	Added +197.4k	+197,447 47.6%
99	ASTRONICS CORP COM ATRO	ATRO	242,727	$13.2m0.41%	0.41%	New
100	CARDINAL INFRASTRUCTURE GROU CL A CDNL	CDNL	513,355	$12.4m0.38%	0.38%	New

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
NAPCO SEC TECHNOLOGIES INC NSSC	NSSC	466,165	$20.0m466.2k shares
LIFE360 INC LIF	LIF	170,529	$18.1m170.5k shares
MACOM TECH SOLUTIONS HLDGS I MTSI	MTSI	143,085	$17.8m143.1k shares
CADENCE BANK BXS	BXS	342,322	$12.9m342.3k shares
SABLE OFFSHORE CORP SOC	SOC	587,376	$10.3m587.4k shares
AKERO THERAPEUTICS INC AKRO	AKRO	206,771	$9.8m206.8k shares
89BIO INC ETNB	ETNB	535,147	$7.9m535.1k shares
AMERIS BANCORP ABCB	ABCB	89,189	$6.5m89.2k shares
BOWHEAD SPECIALTY HLDGS INC BOW	BOW	221,958	$6.0m222.0k shares
THE BALDWIN INSURANCE GRP IN BWIN	BWIN	195,520	$5.5m195.5k shares
OMADA HEALTH INC OMDA	OMDA	182,407	$4.0m182.4k shares
CERIBELL INC CBLL	CBLL	122,944	$1.4m122.9k shares
KORRO BIO INC KRRO	KRRO	16,469	$788.7k16.5k shares
URANIUM ENERGY CORP UEC	UEC	41,089	$548.1k41.1k shares
BAKER HUGHES COMPANY BKR	BKR	9,618	$468.6k9.6k shares
GOLAR LNG LTD GLNG	GLNG	9,083	$367.0k9.1k shares
DUOLINGO INC DUOL	DUOL	875	$281.6k875 shares
CHURCHILL DOWNS INC CHDN	CHDN	2,470	$239.6k2.5k shares
OLD NATL BANCORP IND ONB	ONB	10,309	$226.3k10.3k shares
CONFLUENT INC CFLT	CFLT	10,493	$207.8k10.5k shares
ISHARES TR IWO	IWO	71	$22.7k71 shares
NOVOCURE LTD NVCR	NVCR	1,311	$16.9k1.3k shares
PORTILLOS INC PTLO	PTLO	2,576	$16.6k2.6k shares
INFINITY NAT RES INC INR	INR	909	$11.9k909 shares