EMERALD MUTUAL FUND ADVISERS TRUST

LEOLA, PA · CIK 1352895 · 13F filing filed 2026-08-05

SEC-registered investment adviser since 2005 · other (specify)

Assets managed$2.1bn
Staff10 · 5 in investment roles
Main clients (by assets)Mutual funds and ETFs 100%
Websiteemeraldetfs.com
Form ADV · 2026-03-30SEC adviser record

Legal entityEmerald Mutual Fund Advisers Trust (US)

Kindmutual funds, institutions
Others nearbyLeola, PA, Saint Louis, MO, King Of Prussia, PA
FamilyEMERALD ADVISERS, LLC · 4 related pages · largest: EMERALD ADVISERS, LLC

As an employer

Offices in1 country

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Leola, PA (main office)United States	United States	about 3
King Of Prussia, PAUnited States	United States	2

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$2.8bn reported value +38.0% vs Q1 2026

197positions

18.5%in top 10

28 new 84 added 38 reduced 30 sold out vs Q1 2026

Holdings, Q2 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	RBB FD INC F/M EMERALD LIFE LFSC	LFSC	1,997,035	$90.3m3.17%	3.17%	Unchanged
2	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	1,032,024	$58.6m2.06%	2.06%	Added +87.0k	+86,991 9.2%
3	CARDINAL INFRASTRUCTURE GROU CL A CDNL	CDNL	549,297	$51.7m1.82%	1.82%	Added +190.2k	+190,234 53.0%
4	MERCURY SYS INC COM MRCY	MRCY	412,354	$50.4m1.77%	1.77%	Added +36.9k	+36,882 9.8%
5	AAR CORP COM AIR	AIR	337,416	$48.2m1.69%	1.69%	Added +57.2k	+57,159 20.4%
6	VSE CORP COM VSEC	VSEC	209,628	$47.9m1.68%	1.68%	Added +13.7k	+13,713 7.0%
7	KULICKE & SOFFA INDS INC COM KLIC	KLIC	349,295	$46.7m1.64%	1.64%	Unchanged
8	ARGAN INC COM AGX	AGX	58,115	$46.4m1.63%	1.63%	Reduced -828	-828 -1.4%
9	CECO ENVIRONMENTAL CORP COM CECO	CECO	471,220	$42.8m1.50%	1.50%	Added +157.2k	+157,215 50.1%
10	INTERDIGITAL INC COM IDCC	IDCC	148,255	$42.0m1.48%	1.48%	Added +87.6k	+87,579 144.3%
11	SEMTECH CORP COM SMTC	SMTC	257,359	$41.7m1.46%	1.46%	Reduced -27.7k	-27,678 -9.7%
12	AXCELIS TECHNOLOGIES INC COM NEW ACLS	ACLS	219,443	$41.6m1.46%	1.46%	Added +172.0k	+172,031 362.8%
13	ESCO TECHNOLOGIES INC COM ESE	ESE	116,457	$40.8m1.43%	1.43%	Added +18.0k	+17,955 18.2%
14	GUARDANT HEALTH INC COM GH	GH	271,380	$40.7m1.43%	1.43%	Reduced -248.2k	-248,165 -47.8%
15	LIVANOVA PLC SHS LIVN	LIVN	492,868	$40.5m1.42%	1.42%	Added +38.5k	+38,539 8.5%
16	PLEXUS CORP COM PLXS	PLXS	134,746	$40.5m1.42%	1.42%	Added +32.5k	+32,468 31.7%
17	CORCEPT THERAPEUTICS INC COM CORT	CORT	464,902	$40.4m1.42%	1.42%	Added +285.3k	+285,295 158.8%
18	PDF SOLUTIONS INC COM PDFS	PDFS	566,429	$40.1m1.41%	1.41%	Reduced -28.2k	-28,181 -4.7%
19	COGENT BIOSCIENCES INC COM COGT	COGT	1,031,378	$39.9m1.40%	1.40%	Added +2.5k	+2,546 0.2%
20	COHU INC COM COHU	COHU	533,619	$39.4m1.39%	1.39%	Added +43.8k	+43,769 8.9%
21	ALLEGIANT TRAVEL CO COM ALGT	ALGT	313,661	$36.9m1.30%	1.30%	Added +101.8k	+101,836 48.1%
22	LEGENCE CORP CL A LGN	LGN	425,628	$36.3m1.27%	1.27%	New
23	AXOS FINANCIAL INC COM AX	AX	366,712	$35.7m1.26%	1.26%	Added +30.0k	+29,972 8.9%
24	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	401,271	$35.6m1.25%	1.25%	Reduced -6.8k	-6,842 -1.7%
25	MODINE MFG CO COM MOD	MOD	131,187	$35.0m1.23%	1.23%	Reduced -104.9k	-104,884 -44.4%
26	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	289,372	$33.9m1.19%	1.19%	Added +39.0k	+38,973 15.6%
27	UMB FINL CORP COM UMBF	UMBF	235,696	$33.6m1.18%	1.18%	Added +77.1k	+77,079 48.6%
28	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	405,313	$32.6m1.15%	1.15%	Added +90.5k	+90,531 28.8%
29	BOOT BARN HLDGS INC COM BOOT	BOOT	197,079	$32.4m1.14%	1.14%	Added +67.8k	+67,819 52.5%
30	NLIGHT INC COM LASR	LASR	448,422	$31.2m1.10%	1.10%	Added +18.6k	+18,650 4.3%
31	RUSH STREET INTERACTIVE INC COM RSI	RSI	1,007,943	$30.0m1.05%	1.05%	Added +26.0k	+26,042 2.6%
32	AGILYSYS INC COM AGYS	AGYS	277,666	$29.0m1.02%	1.02%	Added +71.8k	+71,809 34.9%
33	SENSIENT TECHNOLOGIES CORP COM SXT	SXT	235,343	$29.0m1.02%	1.02%	New
34	COMPASS INC CL A COMP	COMP	2,185,814	$27.0m0.95%	0.95%	Added +723.1k	+723,131 49.4%
35	ASTRONICS CORP COM ATRO	ATRO	327,295	$26.6m0.93%	0.93%	Added +48.1k	+48,136 17.2%
36	TTM TECHNOLOGIES INC COM TTMI	TTMI	142,120	$26.6m0.93%	0.93%	Reduced -327.9k	-327,885 -69.8%
37	FRESHPET INC COM FRPT	FRPT	446,119	$26.4m0.93%	0.93%	Added +145.2k	+145,187 48.2%
38	LIFE TIME GROUP HOLDINGS INC COMMON STOCK LTH	LTH	632,840	$25.8m0.91%	0.91%	Added +277.3k	+277,348 78.0%
39	VERADERMICS INC COMMON STOCK MANE	MANE	209,924	$25.8m0.91%	0.91%	Added +100.6k	+100,641 92.1%
40	TEREX CORP NEW COM TEX	TEX	356,029	$25.8m0.91%	0.91%	New
41	FIRST ADVANTAGE CORP NEW COM FA	FA	1,425,858	$25.7m0.90%	0.90%	Added +753.1k	+753,142 112.0%
42	IPG PHOTONICS CORP COM IPGP	IPGP	210,791	$24.7m0.87%	0.87%	Added +18.3k	+18,334 9.5%
43	NATIONAL VISION HLDGS INC COM EYE	EYE	1,298,228	$24.7m0.87%	0.87%	Added +360.7k	+360,688 38.5%
44	BILLIONTOONE INC CL A BLLN	BLLN	203,990	$24.5m0.86%	0.86%	Added +71.8k	+71,784 54.3%
45	DIODES INC COM DIOD	DIOD	221,380	$24.2m0.85%	0.85%	Added +107.3k	+107,283 94.0%
46	HERC HLDGS INC COM HRI	HRI	168,972	$24.2m0.85%	0.85%	New
47	CYTOKINETICS INC COM NEW CYTK	CYTK	279,769	$23.8m0.84%	0.84%	Added +144.3k	+144,305 106.5%
48	MAXLINEAR INC COM MXL	MXL	182,695	$23.4m0.82%	0.82%	New
49	VARONIS SYS INC COM VRNS	VRNS	555,882	$23.3m0.82%	0.82%	Unchanged
50	TREVI THERAPEUTICS INC COM TRVI	TRVI	1,210,965	$22.6m0.79%	0.79%	Reduced -51.5k	-51,527 -4.1%
51	MOELIS & CO CL A MC	MC	342,465	$22.4m0.79%	0.79%	Unchanged
52	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	538,955	$22.4m0.79%	0.79%	Added +100.1k	+100,080 22.8%
53	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	290,675	$22.3m0.79%	0.79%	Added +93.2k	+93,202 47.2%
54	TETRA TECHNOLOGIES INC DEL COM TTI	TTI	1,970,377	$22.3m0.78%	0.78%	Added +329.1k	+329,101 20.1%
55	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	443,152	$22.1m0.78%	0.78%	Reduced -67.5k	-67,504 -13.2%
56	SYNAPTICS INC COM SYNA	SYNA	177,551	$22.1m0.78%	0.78%	Reduced -31.3k	-31,308 -15.0%
57	ONTO INNOVATION INC COM ONTO	ONTO	57,893	$21.9m0.77%	0.77%	Reduced -13.0k	-13,037 -18.4%
58	RXO INC COMMON STOCK RXO	RXO	761,015	$21.0m0.74%	0.74%	Added +485.1k	+485,083 175.8%
59	IMAX CORP COM IMAX	IMAX	525,986	$21.0m0.74%	0.74%	Unchanged
60	PALOMAR HLDGS INC COM PLMR	PLMR	163,622	$20.7m0.73%	0.73%	Added +352	+352 0.2%
61	BANCORP INC DEL COM TBBK	TBBK	328,845	$20.6m0.72%	0.72%	Unchanged
62	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	136,959	$20.3m0.71%	0.71%	Reduced -134.8k	-134,801 -49.6%
63	TRANSMEDICS GROUP INC COM TMDX	TMDX	302,074	$20.1m0.71%	0.71%	Added +72.7k	+72,748 31.7%
64	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	129,847	$19.8m0.70%	0.70%	Added +24.0k	+24,027 22.7%
65	BJS RESTAURANTS INC COM BJRI	BJRI	322,573	$19.6m0.69%	0.69%	Unchanged
66	CUSTOMERS BANCORP INC COM CUBI	CUBI	240,511	$19.0m0.67%	0.67%	Reduced -1.8k	-1,802 -0.7%
67	HINGE HEALTH INC CL A HNGE	HNGE	228,197	$18.9m0.67%	0.67%	Added +46.4k	+46,431 25.5%
68	AEROVIRONMENT INC COM AVAV	AVAV	114,482	$18.9m0.66%	0.66%	Added +2.1k	+2,075 1.9%
69	RAMBUS INC DEL COM RMBS	RMBS	139,275	$18.5m0.65%	0.65%	Reduced -168.0k	-167,973 -54.7%
70	MATERION CORP COM MTRN	MTRN	61,247	$18.2m0.64%	0.64%	New
71	LENDINGCLUB CORP COM NEW HAPN	HAPN	871,131	$18.1m0.63%	0.63%	Added +170.5k	+170,500 24.3%
72	COMMVAULT SYS INC COM CVLT	CVLT	126,126	$17.9m0.63%	0.63%	Added +1.9k	+1,893 1.5%
73	D-WAVE QUANTUM INC COM QBTS	QBTS	744,084	$17.9m0.63%	0.63%	Added +385.4k	+385,444 107.5%
74	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	255,587	$17.8m0.63%	0.63%	Reduced -519	-519 -0.2%
75	ARLO TECHNOLOGIES INC COM ARLO	ARLO	1,270,713	$17.1m0.60%	0.60%	Added +14.4k	+14,424 1.1%
76	NPK INTERNATIONAL INC COM SHS NPKI	NPKI	1,074,368	$17.1m0.60%	0.60%	New
77	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	600,025	$16.9m0.60%	0.60%	Unchanged
78	BOBS DISC FURNITURE INC COM SHS BOBS	BOBS	1,049,648	$16.6m0.58%	0.58%	Added +284.9k	+284,903 37.2%
79	AXSOME THERAPEUTICS INC COM AXSM	AXSM	67,195	$16.4m0.58%	0.58%	Added +141	+141 0.2%
80	PIPER SANDLER COMPANIES COM NEW PIPR	PIPR	225,192	$16.3m0.57%	0.57%	Unchanged
81	IMPINJ INC COM PI	PI	111,287	$15.9m0.56%	0.56%	Unchanged
82	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	873,466	$15.7m0.55%	0.55%	Unchanged
83	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	266,150	$15.5m0.55%	0.55%	Reduced -135.7k	-135,749 -33.8%
84	EVOLV TECHNOLOGIES HLDNGS IN COM CL A EVLV	EVLV	2,667,589	$15.5m0.54%	0.54%	Unchanged
85	RADNET INC COM RDNT	RDNT	250,764	$15.5m0.54%	0.54%	Added +167	+167 0.1%
86	SAVARA INC COM SVRA	SVRA	2,375,999	$14.6m0.51%	0.51%	Added +7.3k	+7,330 0.3%
87	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	433,797	$14.4m0.51%	0.51%	Added +107.3k	+107,281 32.9%
88	POWER INTEGRATIONS INC COM POWI	POWI	172,196	$14.4m0.51%	0.51%	Added +110.9k	+110,902 180.9%
89	AMBIQ MICRO INC COMMON STOCK AMBQ	AMBQ	159,131	$14.1m0.49%	0.49%	New
90	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	398,842	$13.8m0.49%	0.49%	New
91	ARHAUS INC COM CL A ARHS	ARHS	1,576,486	$13.3m0.47%	0.47%	Added +586.3k	+586,271 59.2%
92	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	131,018	$12.8m0.45%	0.45%	New
93	COASTAL FINL CORP WA COM NEW CCB	CCB	156,664	$12.1m0.43%	0.43%	Unchanged
94	ALAMAR BIOSCIENCES INC COMMON STOCK ALMR	ALMR	422,127	$11.4m0.40%	0.40%	New
95	EXCELERATE ENERGY INC CL A COM EE	EE	299,991	$11.4m0.40%	0.40%	Added +110.8k	+110,826 58.6%
96	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,258,086	$10.9m0.38%	0.38%	Added +101.3k	+101,260 8.8%
97	FIRST WATCH RESTAURANT GROUP COM FWRG	FWRG	823,954	$10.6m0.37%	0.37%	Added +254.5k	+254,536 44.7%
98	LIGHTPATH TECHNOLOGIES INC COM CL A LPTH	LPTH	607,882	$9.9m0.35%	0.35%	New
99	TRINITY CAP INC COM TRIN	TRIN	549,260	$9.8m0.35%	0.35%	Unchanged
100	Q2 HLDGS INC COM QTWO	QTWO	203,815	$9.8m0.34%	0.34%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
FABRINET FN	FN	65,010	$33.9m65.0k shares
STERLING INFRASTRUCTURE INC STRL	STRL	48,875	$19.9m48.9k shares
SPX TECHNOLOGIES INC SPXC	SPXC	93,074	$18.6m93.1k shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	805,762	$16.2m805.8k shares
SITIME CORP SITM	SITM	41,170	$14.2m41.2k shares
CARPENTER TECHNOLOGY CORP CRS	CRS	35,876	$14.1m35.9k shares
ATI INC ATI	ATI	93,847	$13.7m93.8k shares
FIVE BELOW INC FIVE	FIVE	47,695	$10.9m47.7k shares
COLLEGIUM PHARMACEUTICAL INC COLL	COLL	306,074	$10.1m306.1k shares
MADRIGAL PHARMACEUTICALS INC MDGL	MDGL	16,500	$8.6m16.5k shares
IONQ INC IONQ	IONQ	277,668	$8.0m277.7k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	200,727	$6.7m200.7k shares
SKYWATER TECHNOLOGY INC		183,263	$5.0m183.3k shares
BYRNA TECHNOLOGIES INC BYRN	BYRN	320,151	$2.9m320.2k shares
INTEGER HLDGS CORP ITGR	ITGR	16,593	$1.5m16.6k shares
XERIS BIOPHARMA HOLDINGS INC XERS	XERS	207,543	$1.2m207.5k shares
LUMENTUM HLDGS INC LITE	LITE	1,243	$873.5k1.2k shares
NORWOOD FINANCIAL CORP NWFL	NWFL	25,000	$735.5k25.0k shares
GOLAR LNG LTD GLNG	GLNG	9,171	$496.2k9.2k shares
SHOPIFY INC SHOP	SHOP	4,053	$480.8k4.1k shares
ACADIA PHARMACEUTICALS INC ACAD	ACAD	16,576	$369.0k16.6k shares
MP MATERIALS CORP MP	MP	6,966	$336.2k7.0k shares
CHIME FINL INC CHYM	CHYM	15,488	$290.1k15.5k shares
BITMINE IMMERSION TECNOLOGIE BMNR	BMNR	11,558	$228.6k11.6k shares
COINBASE GLOBAL INC COIN	COIN	1,251	$218.4k1.3k shares