EMERALD MUTUAL FUND ADVISERS TRUST

Mutual Fund

CIK

1352895

Location

Leola, PA

Portfolio Value

Mid $1,985,507,687

Diversification

Diversified

Filing Date

Global Rank

#1,211 / 8,603 ▲ 17 · as of Mar 2026

Top Industry

Biotechnology 13.9%

3Y Alpha vs SPY

+5.9%

Period ended 3 months ago

Filed May 4, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+99.4%

SPY

+76.0%

Annualised alpha

+5.1%

Max drawdown

−31.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

196 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%

+1.0 pts

HHI

109

Diversified+1

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	24.7%	$489,889,944	41
Industrials	23.4%	$463,643,752	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	$14,866,947
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 positions · $1,985,507,687 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%	2.58%
GH	Guardant Health, Inc. Healthcare	Reduced	519,545	-4,387	$47,990,371	−10.3%	2.42%
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%	2.31%
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%	1.71%
AGX	Argan Inc Industrials	Held	58,943	0	$32,103,304	+73.8%	1.62%
AIR	Aar Corp Industrials	Added	280,257	+27,485	$30,676,931	+46.6%	1.55%
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%	1.40%
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%	1.17%
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%	1.16%
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%	1.08%
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%	1.04%
AVAV	AeroVironment Inc Industrials	Reduced	112,407	-13,285	$20,576,101	−32.3%	1.04%
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%
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%	0.92%
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%	0.90%
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	+312.2%	0.87%
ALGT	Allegiant Travel CO Industrials	Held	211,825	0	$17,166,298	−5.0%	0.86%
CUBI	Customers Bancorp, Inc. Financial Services	Added	242,313	+29,956	$16,818,945	+8.3%	0.85%