EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2026-05-04

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)

$3.2bn reported value -2.6% vs Q4 2025

248positions

20.3%in top 10

19 new 55 added 87 reduced 17 sold out vs Q4 2025

Holdings, Q1 2026

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	MODINE MFG CO COM MOD	MOD	378,118	$81.9m2.59%	2.59%	Reduced -11.8k	-11,817 -3.0%
2	GUARDANT HEALTH INC COM GH	GH	841,917	$77.8m2.46%	2.46%	Reduced -19.9k	-19,907 -2.3%
3	BLOOM ENERGY CORP COM CL A BE	BE	541,787	$73.4m2.32%	2.32%	Reduced -17.3k	-17,276 -3.1%
4	TTM TECHNOLOGIES INC COM TTMI	TTMI	750,417	$73.1m2.31%	2.31%	Reduced -164.7k	-164,711 -18.0%
5	COGENT BIOSCIENCES INC COM COGT	COGT	1,588,132	$61.1m1.93%	1.93%	Added +4.8k	+4,786 0.3%
6	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	835,929	$58.9m1.87%	1.87%	Reduced -39.1k	-39,134 -4.5%
7	VSE CORP COM VSEC	VSEC	314,789	$58.0m1.84%	1.84%	Added +35.2k	+35,246 12.6%
8	FABRINET SHS FN	FN	107,493	$56.1m1.77%	1.77%	Reduced -1.8k	-1,796 -1.6%
9	ARGAN INC COM AGX	AGX	95,272	$51.9m1.64%	1.64%	Reduced -2.8k	-2,800 -2.9%
10	AAR CORP COM AIR	AIR	445,693	$48.8m1.54%	1.54%	Added +26.2k	+26,223 6.2%
11	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	498,574	$46.8m1.48%	1.48%	Added +2.4k	+2,435 0.5%
12	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,557,196	$46.3m1.46%	1.46%	Reduced -37.0k	-36,988 -2.3%
13	ESCO TECHNOLOGIES INC COM ESE	ESE	162,653	$45.8m1.45%	1.45%	Reduced -4.0k	-4,026 -2.4%
14	MERCURY SYS INC COM MRCY	MRCY	595,314	$43.4m1.37%	1.37%	Added +64.2k	+64,199 12.1%
15	LIVANOVA PLC SHS LIVN	LIVN	670,207	$42.6m1.35%	1.35%	Reduced -30.7k	-30,741 -4.4%
16	NLIGHT INC COM LASR	LASR	746,674	$42.6m1.35%	1.35%	Reduced -35.2k	-35,203 -4.5%
17	RAMBUS INC DEL COM RMBS	RMBS	493,236	$42.4m1.34%	1.34%	Reduced -133.7k	-133,749 -21.3%
18	AXOS FINANCIAL INC COM AX	AX	496,232	$42.2m1.34%	1.34%	Reduced -25.1k	-25,147 -4.8%
19	NATIONAL VISION HLDGS INC COM EYE	EYE	1,502,644	$38.9m1.23%	1.23%	Reduced -62.3k	-62,311 -4.0%
20	BRIDGEBIO PHARMA INC COM BBIO	BBIO	515,361	$38.3m1.21%	1.21%	Reduced -20.4k	-20,403 -3.8%
21	KULICKE & SOFFA INDS INC COM KLIC	KLIC	568,996	$37.4m1.18%	1.18%	Added +29.9k	+29,882 5.5%
22	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	433,882	$36.7m1.16%	1.16%	Reduced -236.7k	-236,695 -35.3%
23	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	397,263	$36.7m1.16%	1.16%	Added +30.1k	+30,129 8.2%
24	PALOMAR HLDGS INC COM PLMR	PLMR	298,359	$35.7m1.13%	1.13%	Reduced -3.6k	-3,605 -1.2%
25	SEMTECH CORP COM SMTC	SMTC	457,018	$35.1m1.11%	1.11%	Reduced -13.7k	-13,733 -2.9%
26	IPG PHOTONICS CORP COM IPGP	IPGP	304,916	$34.9m1.11%	1.11%	Added +100.9k	+100,866 49.4%
27	RUSH STREET INTERACTIVE INC COM RSI	RSI	1,573,500	$34.2m1.08%	1.08%	Reduced -32.5k	-32,549 -2.0%
28	TRANSMEDICS GROUP INC COM TMDX	TMDX	342,791	$34.1m1.08%	1.08%	Reduced -8.6k	-8,558 -2.4%
29	PLEXUS CORP COM PLXS	PLXS	166,532	$33.7m1.07%	1.07%	New
30	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	594,687	$33.6m1.06%	1.06%	Reduced -32.0k	-32,005 -5.1%
31	AEROVIRONMENT INC COM AVAV	AVAV	179,874	$32.9m1.04%	1.04%	Reduced -31.7k	-31,657 -15.0%
32	STERLING INFRASTRUCTURE INC COM STRL	STRL	79,836	$32.5m1.03%	1.03%	Reduced -2.2k	-2,189 -2.7%
33	IMAX CORP COM IMAX	IMAX	849,148	$32.3m1.02%	1.02%	Reduced -4.7k	-4,674 -0.6%
34	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	347,125	$31.9m1.01%	1.01%	Added +48.5k	+48,543 16.3%
35	INTERDIGITAL INC COM IDCC	IDCC	104,065	$31.4m0.99%	0.99%	Added +48.2k	+48,215 86.3%
36	MOELIS & CO CL A MC	MC	548,077	$31.2m0.99%	0.99%	Reduced -67.5k	-67,517 -11.0%
37	CECO ENVIRONMENTAL CORP COM CECO	CECO	523,017	$31.2m0.99%	0.99%	Added +64.5k	+64,492 14.1%
38	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	613,365	$30.9m0.98%	0.98%	Reduced -22.7k	-22,744 -3.6%
39	BOOT BARN HLDGS INC COM BOOT	BOOT	208,425	$30.5m0.97%	0.97%	Added +26.7k	+26,737 14.7%
40	UMB FINL CORP COM UMBF	UMBF	267,438	$30.2m0.95%	0.95%	Reduced -7.9k	-7,858 -2.9%
41	ASTRONICS CORP COM ATRO	ATRO	449,126	$30.0m0.95%	0.95%	Added +206.4k	+206,399 85.0%
42	SPX TECHNOLOGIES INC COM SPXC	SPXC	147,250	$29.4m0.93%	0.93%	Reduced -5.5k	-5,537 -3.6%
43	ARLO TECHNOLOGIES INC COM ARLO	ARLO	2,018,929	$28.7m0.91%	0.91%	Reduced -40.9k	-40,935 -2.0%
44	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	394,604	$28.4m0.90%	0.90%	Added +10.3k	+10,262 2.7%
45	FRESHPET INC COM FRPT	FRPT	480,703	$28.3m0.90%	0.90%	Added +63.3k	+63,303 15.2%
46	PDF SOLUTIONS INC COM PDFS	PDFS	860,819	$28.2m0.89%	0.89%	Reduced -82.6k	-82,553 -8.8%
47	PIPER SANDLER COMPANIES COM NEW PIPR	PIPR	360,578	$27.6m0.87%	0.87%	New
48	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	627,908	$27.4m0.87%	0.87%	Reduced -29.8k	-29,760 -4.5%
49	ALLEGIANT TRAVEL CO COM ALGT	ALGT	338,033	$27.4m0.87%	0.87%	Reduced -11.9k	-11,912 -3.4%
50	BANCORP INC DEL COM TBBK	TBBK	491,340	$26.4m0.84%	0.84%	Reduced -103.3k	-103,343 -17.4%
51	ATI INC COM ATI	ATI	181,485	$26.4m0.84%	0.84%	Reduced -126.1k	-126,067 -41.0%
52	EVOLV TECHNOLOGIES HLDNGS IN COM CL A EVLV	EVLV	4,333,055	$26.2m0.83%	0.83%	Added +161.8k	+161,812 3.9%
53	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	1,381,574	$25.7m0.81%	0.81%	Added +244.4k	+244,428 21.5%
54	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	757,404	$25.6m0.81%	0.81%	Reduced -164	-164 -0.0%
55	KALVISTA PHARMACEUTICALS INC COM KALV	KALV	1,264,023	$25.4m0.81%	0.81%	Reduced -76.5k	-76,472 -5.7%
56	CARPENTER TECHNOLOGY CORP COM CRS	CRS	62,100	$24.5m0.77%	0.77%	Reduced -30.3k	-30,348 -32.8%
57	ONTO INNOVATION INC COM ONTO	ONTO	118,423	$24.3m0.77%	0.77%	Reduced -4.2k	-4,190 -3.4%
58	COHU INC COM COHU	COHU	780,099	$23.9m0.76%	0.76%	New
59	CUSTOMERS BANCORP INC COM CUBI	CUBI	343,209	$23.8m0.75%	0.75%	Added +12.9k	+12,899 3.9%
60	SYNAPTICS INC COM SYNA	SYNA	329,916	$23.1m0.73%	0.73%	Reduced -9.2k	-9,197 -2.7%
61	AGILYSYS INC COM AGYS	AGYS	323,511	$23.0m0.73%	0.73%	Reduced -4.9k	-4,920 -1.5%
62	CARDINAL INFRASTRUCTURE GROU CL A CDNL	CDNL	578,600	$22.9m0.73%	0.73%	Added +65.2k	+65,245 12.7%
63	SITIME CORP COM SITM	SITM	65,762	$22.7m0.72%	0.72%	Reduced -22.6k	-22,570 -25.6%
64	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	2,661,527	$22.7m0.72%	0.72%	Reduced -193.8k	-193,775 -6.8%
65	TREVI THERAPEUTICS INC COM TRVI	TRVI	1,839,566	$21.9m0.69%	0.69%	Reduced -52.7k	-52,710 -2.8%
66	RADNET INC COM RDNT	RDNT	381,764	$21.3m0.68%	0.68%	Reduced -13.0k	-12,951 -3.3%
67	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	884,878	$20.3m0.64%	0.64%	Reduced -28.1k	-28,054 -3.1%
68	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	161,500	$20.1m0.64%	0.64%	New
69	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	37,654	$19.7m0.62%	0.62%	Reduced -1.3k	-1,259 -3.2%
70	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,807,307	$19.7m0.62%	0.62%	Added +169.6k	+169,578 10.3%
71	COMPASS INC CL A COMP	COMP	2,658,466	$19.4m0.61%	0.61%	Added +919.0k	+918,955 52.8%
72	FIVE BELOW INC COM FIVE	FIVE	83,351	$19.0m0.60%	0.60%	Reduced -2.3k	-2,260 -2.6%
73	BILLIONTOONE INC CL A BLLN	BLLN	239,562	$18.9m0.60%	0.60%	Added +50.6k	+50,613 26.8%
74	VARONIS SYS INC COM VRNS	VRNS	869,021	$18.7m0.59%	0.59%	Reduced -38.7k	-38,743 -4.3%
75	IMPINJ INC COM PI	PI	181,615	$18.7m0.59%	0.59%	Added +22.8k	+22,813 14.4%
76	BJS RESTAURANTS INC COM BJRI	BJRI	530,999	$18.6m0.59%	0.59%	Reduced -20.6k	-20,623 -3.7%
77	PERELLA WEINBERG PARTNERS CLASS A COM PWP	PWP	1,019,869	$18.5m0.59%	0.59%	Added +31.2k	+31,163 3.1%
78	SAVARA INC COM SVRA	SVRA	3,371,285	$18.4m0.58%	0.58%	Reduced -124.2k	-124,211 -3.5%
79	AXSOME THERAPEUTICS INC COM AXSM	AXSM	107,610	$18.2m0.58%	0.58%	Reduced -472	-472 -0.4%
80	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	656,508	$17.7m0.56%	0.56%	Reduced -26.4k	-26,437 -3.9%
81	COASTAL FINL CORP WA COM NEW CCB	CCB	221,182	$16.8m0.53%	0.53%	Added +68.4k	+68,427 44.8%
82	BOBS DISC FURNITURE INC COM SHS BOBS	BOBS	1,345,050	$15.8m0.50%	0.50%	New
83	COMMVAULT SYS INC COM CVLT	CVLT	197,141	$15.4m0.49%	0.49%	Added +25.3k	+25,256 14.7%
84	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	504,363	$15.3m0.48%	0.48%	Added +312.7k	+312,712 163.2%
85	Q2 HLDGS INC COM QTWO	QTWO	320,580	$15.2m0.48%	0.48%	Reduced -101.1k	-101,090 -24.0%
86	LENDINGTREE INC NEW COM TREE	TREE	339,669	$14.6m0.46%	0.46%	Reduced -22.3k	-22,276 -6.2%
87	FIRST ADVANTAGE CORP NEW COM FA	FA	1,147,865	$13.5m0.43%	0.43%	Reduced -162.1k	-162,068 -12.4%
88	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	402,752	$13.3m0.42%	0.42%	Reduced -226.6k	-226,592 -36.0%
89	LENDINGCLUB CORP COM NEW HAPN	HAPN	927,596	$13.3m0.42%	0.42%	Added +149.4k	+149,388 19.2%
90	CYTOKINETICS INC COM NEW CYTK	CYTK	198,811	$13.1m0.41%	0.41%	New
91	IONQ INC COM IONQ	IONQ	447,729	$12.9m0.41%	0.41%	Reduced -4.9k	-4,945 -1.1%
92	ARHAUS INC COM CL A ARHS	ARHS	1,836,724	$12.5m0.39%	0.39%	Reduced -9.8k	-9,825 -0.5%
93	DIODES INC COM DIOD	DIOD	181,053	$12.4m0.39%	0.39%	New
94	TRINITY CAP INC COM TRIN	TRIN	766,190	$11.3m0.36%	0.36%	Reduced -43.6k	-43,620 -5.4%
95	AVEANNA HEALTHCARE HLDGS INC COM AVAH	AVAH	1,690,457	$10.9m0.34%	0.34%	Reduced -58.3k	-58,268 -3.3%
96	HINGE HEALTH INC CL A HNGE	HNGE	278,890	$10.8m0.34%	0.34%	New
97	EVERQUOTE INC COM CL A EVER	EVER	691,266	$10.7m0.34%	0.34%	Reduced -29.4k	-29,420 -4.1%
98	EXCELERATE ENERGY INC CL A COM EE	EE	315,665	$10.5m0.33%	0.33%	Reduced -2.4k	-2,353 -0.7%
99	VISTEON CORP COM NEW VC	VC	110,502	$10.1m0.32%	0.32%	Reduced -6.3k	-6,268 -5.4%
100	CORVUS PHARMACEUTICALS INC COM CRVS	CRVS	686,216	$10.0m0.32%	0.32%	New

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
VITAL FARMS INC VITL	VITL	1,162,022	$37.1m1.2m shares
PIPER SANDLER COMPANIES PJC	PJC	329,628	$28.0m329.6k shares
MERIT MED SYS INC MMSI	MMSI	226,514	$20.0m226.5k shares
HIMS & HERS HEALTH INC HIMS	HIMS	267,325	$8.7m267.3k shares
ULTRAGENYX PHARMACEUTICAL IN RARE	RARE	212,358	$4.9m212.4k shares
UTZ BRANDS INC UTZ	UTZ	360,650	$3.7m360.6k shares
CLEARWATER ANALYTICS HLDGS I		27,720	$668.6k27.7k shares
ASTERA LABS INC ALAB	ALAB	3,162	$526.0k3.2k shares
PROFICIENT AUTO LOGISTICS IN PAL	PAL	45,025	$434.0k45.0k shares
EXACT SCIENCES CORP EXAS	EXAS	4,224	$429.0k4.2k shares
WESTERN ALLIANCE BANCORP WAL	WAL	4,921	$413.7k4.9k shares
ZEVIA PBC ZVIA	ZVIA	166,403	$386.1k166.4k shares
PINTEREST INC PINS	PINS	13,709	$354.9k13.7k shares
DIAMONDBACK ENERGY INC FANG	FANG	1,718	$258.3k1.7k shares
AMGEN INC AMGN	AMGN	266	$87.1k266 shares
PINNACLE FINL PARTNERS INC		407	$38.8k407 shares
COGENT COMMUNICATIONS HLDGS CCOI	CCOI	371	$8.0k371 shares