EMERALD MUTUAL FUND ADVISERS TRUST

Mutual Fund

CIK

1352895

Location

Leola, PA

Portfolio Value

Mid $1,989,269,025

Diversification

Diversified

Filing Date

Global Rank

#1,214 / 8,622 ▲ 14 · as of Mar 2026

Top Industry

Biotechnology 13.9%

3Y Alpha vs SPY

+3.3%

Period ended 4 months ago

Filed May 4, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+83.2%

SPY

+67.9%

Annualised alpha

+3.5%

Max drawdown

−31.6%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

196 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

2.6%

−0.1 pts

Top 5

11.7%

+1.0 pts

Top 10

20.2%

+1.1 pts

HHI

109

Diversified+1

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	24.6%	$489,889,944	41
Industrials	23.5%	$467,405,090	30
Healthcare	23.2%	$461,540,169	43
Financial Services	13.3%	$264,922,854	53
Consumer Cyclical	9.8%	$194,800,108	14
Consumer Defensive	2.0%	$39,388,602	3
Energy	1.5%	$29,459,260	5
Communication Services	1.4%	$26,869,583	3
Real Estate	0.5%	$10,769,787	2
Basic Materials	0.2%	$4,223,628	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
COMP	Compass, Inc.	+388,937	1,462,683	$10,692,212
ATEC	Alphatec Holdings, Inc.	+246,773	1,156,826	$12,586,266
BYRN	Byrna Technologies Inc.	+207,781	320,151	$2,938,986
SBCF	Seacoast Banking Corp Of Florida	+189,714	326,516	$9,890,169
PIPR	Piper Sandler Companies	+175,946	225,192	$17,238,447
MIR	Mirion Technologies, Inc.	+168,970	873,466	$16,237,732
EVLV	Evolv Technologies Holdings, Inc.	+165,100	2,667,589	$16,138,913
HAPN	Happen, Inc.	+123,040	700,631	$10,033,035
ATRO	Astronics Corp	+122,440	279,159	$18,628,285
BRCB	Black Rock Coffee Bar, Inc.	+101,945	453,734	$5,862,243
SLDE	Slide Insurance Holdings, Inc.	+91,610	459,820	$8,276,760
PWP	Perella Weinberg Partners	+80,490	621,774	$11,291,415
IPGP	Ipg Photonics Corp	+70,232	192,457	$22,053,647
LMRI	Lumexa Imaging Holdings, Inc.	+64,677	653,342	$5,618,741
CDNL	Cardinal Infrastructure Group Inc.	+59,068	359,063	$14,238,643
CECO	Ceco Environmental Corp	+53,407	314,005	$18,708,417
CCB	Coastal Financial Corp	+48,927	156,664	$11,922,130
FRPT	Freshpet, Inc.	+48,626	300,932	$17,742,950
PGY	Pagaya Technologies Ltd.	+43,475	74,640	$869,556
MRCY	Mercury Systems Inc	+39,414	375,472	$27,375,663
WAY	Waystar Holding Corp.	+38,767	55,155	$1,329,787
IDCC	InterDigital, Inc.	+30,309	60,676	$18,324,152
CUBI	Customers Bancorp, Inc.	+29,956	242,313	$16,818,945
VSEC	Vse Corp	+27,563	195,915	$36,126,726
AIR	Aar Corp	+27,485	280,257	$30,676,931
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
WVE	Wave Life Sciences Ltd.	−600,136	814,529	$5,905,335
SKYT	SkyWater Technology, Inc	−545,893	183,263	$5,023,238
ACAD	Acadia Pharmaceuticals Inc	−467,930	16,576	$368,981
AAOI	Applied Optoelectronics, Inc.	−127,290	271,760	$22,988,178
ATI	Ati Inc	−89,708	93,847	$13,650,984
LITE	Lumentum Holdings Inc.	−85,682	1,243	$873,530
COLL	Collegium Pharmaceutical, Inc	−85,596	306,074	$10,121,867
RMBS	Rambus Inc	−83,967	307,248	$26,432,545
TTI	Tetra Technologies Inc	−78,929	1,641,276	$13,983,671
QTWO	Q2 Holdings, Inc.	−77,934	203,815	$9,640,449
TTMI	Ttm Technologies Inc	−77,358	470,005	$45,787,887
KALV	KalVista Pharmaceuticals, Inc.	−49,699	805,762	$16,219,989
ASIC	Ategrity Specialty Insurance Co Holdings	−46,259	7,410	$146,495
NP	Neptune Insurance Holdings Inc.	−40,228	82,879	$2,004,843
SLNO	Soleno Therapeutics Inc	−31,758	200,727	$6,720,339
SVRA	Savara Inc	−27,789	2,368,669	$12,932,932
TBBK	Bancorp, Inc.	−24,757	328,845	$17,668,841
MC	Moelis & Co	−21,058	342,465	$19,520,505
CORT	Corcept Therapeutics Inc	−14,742	179,607	$7,239,958
AVAV	AeroVironment Inc	−13,285	112,407	$20,576,101
CHYM	Chime Financial, Inc.	−12,248	15,488	$290,090
SITM	SITIME Corp	−11,655	41,170	$14,218,059
KTOS	Kratos Defense & Security Solutions, Inc.	−11,568	510,656	$36,006,354
CRS	Carpenter Technology Corp	−10,186	35,876	$14,140,525
TRVI	Trevi Therapeutics, Inc.	−9,881	1,262,492	$15,061,529
No positions match the current search.

New Positions

Positions the filer opened this quarter

23 positions

Ticker	Company	Shares	Value
PLXS	Plexus Corp	102,278	$20,715,386
COHU	Cohu Inc	489,850	$14,999,207
PVLA	Palvella Therapeutics, Inc.	105,820	$13,190,463
BOBS	Bob's Discount Furniture, Inc.	764,745	$8,985,753
CYTK	Cytokinetics Inc	135,464	$8,928,432
DIOD	Diodes Inc /Del/	114,097	$7,788,261
HNGE	Hinge Health, Inc.	181,766	$7,008,896
MANE	Veradermics, Inc	109,283	$6,901,221
CRVS	Corvus Pharmaceuticals, Inc.	459,253	$6,718,871
FLOC	Flowco Holdings Inc.	231,287	$4,764,512
ACLS	Axcelis Technologies Inc	47,412	$4,413,108
RXO	RXO, Inc.	275,932	$4,034,125
MTUS	Metallus Inc.	237,910	$3,887,449
OFRM	Once Upon a Farm, PBC	212,247	$3,470,238
POWI	Power Integrations Inc	61,294	$3,138,252
PNFP	Pinnacle Financial Partners, Inc.	14,343	$1,235,506
XERS	Xeris Biopharma Holdings, Inc.	207,543	$1,203,749
TWST	Twist Bioscience Corp	17,850	$848,232
FICO	Fair Isaac Corp	365	$389,652
SBUX	Starbucks Corp	3,813	$341,606
BA	Boeing Co	1,573	$313,074
U	Unity Software Inc.	12,180	$267,229
SOC	Sable Offshore Corp.	5,344	$88,282
No positions match the current search.

Sold Out

Positions the filer fully exited

13 positions

Ticker	Company	Shares	Value
VITL	Vital Farms, Inc.	698,053	$22,295,812
FOUR	Shift4 Payments, Inc.	165,269	$10,406,988
MMSI	Merit Medical Systems Inc	105,651	$9,312,079
HIMS	Hims & Hers Health, Inc.	147,460	$4,788,026
RARE	Ultragenyx Pharmaceutical Inc.	120,505	$2,771,615
TENB	Tenable Holdings, Inc.	93,572	$2,201,749
ZVIA	Zevia PBC	800,124	$1,856,287
GDOT	Green Dot Corp	95,976	$1,229,452
UTZ	Utz Brands, Inc.	72,163	$749,051
SOFI	SoFi Technologies, Inc.	22,392	$586,222
KLAR	Klarna Group plc	17,146	$495,690
OZK	Bank OZK	9,842	$452,928
GENI	Genius Sports Ltd	38,748	$427,002
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

196 tracked positions · $1,989,269,025 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 196 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MOD	Modine Manufacturing Co Consumer Cyclical	Added	236,071	+646	$51,158,946	+62.8%	2.57%
GH	Guardant Health, Inc. Healthcare	Reduced	519,545	-4,387	$47,990,371	−10.3%	2.41%
BE	Bloom Energy Corp Industrials	Added	352,178	+777	$47,716,597	+56.3%	2.40%
TTMI	Ttm Technologies Inc Technology	Reduced	470,005	-77,358	$45,787,887	+21.2%	2.30%
COGT	Cogent Biosciences, Inc. Healthcare	Reduced	1,028,832	-9,662	$39,599,743	+7.4%	1.99%
VSEC	Vse Corp Industrials	Added	195,915	+27,563	$36,126,726	+24.2%	1.82%
KTOS	Kratos Defense & Security Solutions, Inc. Industrials	Reduced	510,656	-11,568	$36,006,354	−9.2%	1.81%
FN	Fabrinet Technology	Reduced	65,010	-806	$33,904,015	+13.1%	1.70%
AGX	Argan Inc Industrials	Held	58,943	0	$32,103,304	+73.8%	1.61%
AIR	Aar Corp Industrials	Added	280,257	+27,485	$30,676,931	+46.6%	1.54%
LIVN	LivaNova PLC Healthcare	Reduced	454,329	-1,934	$28,877,151	+2.9%	1.45%
AX	Axos Financial, Inc. Financial Services	Reduced	336,740	-4,522	$28,653,206	−2.6%	1.44%
CRDO	Credo Technology Group Holding Ltd Technology	Added	301,337	+5,950	$28,286,504	−33.4%	1.42%
TVTX	Travere Therapeutics, Inc. Healthcare	Reduced	945,033	-3,426	$28,076,930	−22.5%	1.41%
ESE	Esco Technologies Inc Technology	Held	98,502	0	$27,715,507	+44.0%	1.39%
MRCY	Mercury Systems Inc Industrials	Added	375,472	+39,414	$27,375,663	+11.6%	1.38%
RMBS	Rambus Inc Technology	Reduced	307,248	-83,967	$26,432,545	−26.5%	1.33%
LASR	Nlight, Inc. Technology	Held	429,772	0	$24,505,599	+52.0%	1.23%
EYE	National Vision Holdings, Inc. Consumer Cyclical	Held	937,540	0	$24,282,286	+0.3%	1.22%
BBIO	BridgeBio Pharma, Inc. Healthcare	Added	320,211	+3,427	$23,778,868	−1.9%	1.20%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Added	250,399	+8,079	$23,131,859	+20.9%	1.16%
AAOI	Applied Optoelectronics, Inc. Technology	Reduced	271,760	-127,290	$22,988,178	+65.3%	1.16%
KLIC	Kulicke & Soffa Industries Inc Technology	Added	349,295	+26,838	$22,955,667	+56.3%	1.15%
TMDX	TransMedics Group, Inc. Healthcare	Reduced	229,326	-575	$22,797,297	−18.5%	1.15%
IPGP	Ipg Photonics Corp Technology	Added	192,457	+70,232	$22,053,647	+152.0%	1.11%
SMTC	Semtech Corp Technology	Held	285,037	0	$21,916,494	+4.3%	1.10%
RSI	Rush Street Interactive, Inc. Consumer Cyclical	Held	981,901	0	$21,356,346	+11.9%	1.07%
PLXS	Plexus Corp Technology	NEW	102,278	NEW	$20,715,386	NEW	1.04%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	408,113	-4,258	$20,585,219	+52.4%	1.03%
AVAV	AeroVironment Inc Industrials	Reduced	112,407	-13,285	$20,576,101	−32.3%	1.03%
IMAX	Imax Corp Communication Services	Held	525,986	0	$19,992,727	+2.8%	1.01%
STRL	Sterling Infrastructure, Inc. Industrials	Held	48,875	0	$19,905,321	+33.0%	1.00%
MC	Moelis & Co Financial Services	Reduced	342,465	-21,058	$19,520,505	−21.9%	0.98%
PLMR	Palomar Holdings, Inc. Financial Services	Added	163,270	+1,553	$19,510,765	−10.5%	0.98%
PDFS	Pdf Solutions Inc Technology	Held	594,610	0	$19,449,693	+14.7%	0.98%
BOOT	Boot Barn Holdings, Inc. Consumer Cyclical	Added	129,260	+20,316	$18,918,493	−1.6%	0.95%
CECO	Ceco Environmental Corp Industrials	Added	314,005	+53,407	$18,708,417	+20.0%	0.94%
ATRO	Astronics Corp Industrials	Added	279,159	+122,440	$18,628,285	+119.1%	0.94%
SPXC	SPX Technologies, Inc. Industrials	Held	93,074	0	$18,609,215	−0.1%	0.94%
NKTR	Nektar Therapeutics Healthcare	Added	256,106	+2,981	$18,426,826	+72.2%	0.93%
IDCC	InterDigital, Inc. Technology	Added	60,676	+30,309	$18,324,152	+89.5%	0.92%
OLLI	Ollie's Bargain Outlet Holdings, Inc. Consumer Defensive	Added	197,473	+11,850	$18,175,414	−10.7%	0.91%
UMBF	Umb Financial Corp Financial Services	Held	158,617	0	$17,890,411	−2.0%	0.90%
ARLO	Arlo Technologies, Inc. Industrials	Added	1,256,289	+17,968	$17,876,992	+3.2%	0.90%
SEI	Solaris Energy Infrastructure, Inc. Energy	Added	314,782	+2,755	$17,788,330	+24.0%	0.89%
FRPT	Freshpet, Inc. Consumer Defensive	Added	300,932	+48,626	$17,742,950	+15.4%	0.89%
TBBK	Bancorp, Inc. Financial Services	Reduced	328,845	-24,757	$17,668,841	−26.0%	0.89%
SKWD	Skyward Specialty Insurance Group, Inc. Financial Services	Added	401,899	+4,498	$17,554,948	−13.6%	0.88%
PIPR	Piper Sandler Companies Financial Services	Added	225,192	+175,946	$17,238,447	+3.0%	0.87%
ALGT	Allegiant Travel CO Industrials	Held	211,825	0	$17,166,298	−5.0%	0.86%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.