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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

EMERALD ADVISERS, LLC

Quarter ended Q2 2025 · Filed August 4, 2025 · Accession 0001104659-25-073440

Total Value
$2.73B
Positions
248
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (248)

#IssuerTicker / CUSIPSharesValue% of Filing
1CREDO TECHNOLOGY GROUP HOLDINGSCRDO911,514$84.4M3.09%
2AEROVIRONMENT INCAVAV252,686$72.0M2.64%
3KRATOS DEFENSE AND SECURITY50077B2071,510,418$70.2M2.57%
4TRANSMEDICS GROUP INCTMDX439,329$58.9M2.16%
5TTM TECHNOLOGIES INCTTMI1,403,317$57.3M2.10%
6SOLENO THERAPEUTICS INCSLNO672,908$56.4M2.07%
7PALOMAR HOLDINGS INCPLMR321,147$49.5M1.82%
8Q2 HOLDINGS INCQTWO512,016$47.9M1.76%
9VARONIS SYSTEMS INCVRNS942,703$47.8M1.75%
10RAMBUS INCRMBS710,123$45.5M1.67%
11BRIDGEBIO PHARMA INCBBIO1,021,257$44.1M1.62%
12LUMENTUM HOLDINGS INCLITE446,102$42.4M1.55%
13AXOS FINANCIAL INCAX553,591$42.1M1.54%
14SKYWARD SPECIALTY INSURANCE830940102717,760$41.5M1.52%
15OLLIE'S BARGAIN OUTLET HOLDINGS681116109307,841$40.6M1.49%
16FABRINETFN136,218$40.1M1.47%
17INTERDIGITAL INC PA COMIDCC174,499$39.1M1.43%
18VITAL FARMS INCVITL1,015,225$39.1M1.43%
19AGILYSYS INCAGYS337,102$38.6M1.42%
20RADNET INCRDNT672,356$38.3M1.40%
21NATIONAL VISION HOLDINGSEYE1,621,925$37.3M1.37%
22GUARDANT HEALTH INCGH699,922$36.4M1.34%
23THE BANCORP INCTBBK626,413$35.7M1.31%
24FRESHPET INCFRPT521,175$35.4M1.30%
25BALDWIN INSURANCE GROUP INC05589G102806,290$34.5M1.27%
26SITIME CORPORATIONSITM149,724$31.9M1.17%
27MODINE MANUFACTURING CO607828100322,557$31.8M1.16%
28TRAVERE THERAPEUTICS INCTVTX2,091,360$31.0M1.13%
29VSE CORPORATIONVSECU226,784$29.7M1.09%
30ARLO TECHNOLOGIESARLO1,749,984$29.7M1.09%
31MOELIS & COMC458,006$28.5M1.05%
32SHIFT4 PAYMENTS INC82452J109283,004$28.0M1.03%
33ATI IncATI318,863$27.5M1.01%
34CARPENTER TECHNOLOGY CORPCRS98,769$27.3M1.00%
35MERIT MED SYS INC589889104291,790$27.3M1.00%
36BJ'S RESTAURANT INCBJRI593,478$26.5M0.97%
37MACOM TECHNOLOGY SOLUTIONS55405Y100182,648$26.2M0.96%
38COLLEGIUM PHARMACEUTICAL INCCOLL837,549$24.8M0.91%
39BOOT BARN HOLDINGS INCBOOT162,609$24.7M0.91%
40MERCURY SYSTEMS INCMRCY456,713$24.6M0.90%
41LIVANOVA PLCLIVN538,999$24.3M0.89%
42FIRST ADVANTAGE CORPFA1,431,731$23.8M0.87%
43CLEARWATER ANALYTICS HDSCWAN1,072,307$23.5M0.86%
44AAR CORPORATIONAIR337,005$23.2M0.85%
45SPX TECHNOLOGIES INCSPXC135,104$22.7M0.83%
46UMB FINANCIAL CORP902788108213,081$22.4M0.82%
47LIFETIME GROUP HOLDINGS INCLTH702,727$21.3M0.78%
48WAVE LIFE SCIENCES LTDWVE3,257,119$21.2M0.78%
49TENABLE HOLDING88025T102618,996$20.9M0.77%
50MIRION TECHNOLOGIES INCMIR965,245$20.8M0.76%
51PDF SOLUTIONS INCPDFS954,361$20.4M0.75%
52ALLEGIANT TRAVEL COALGT345,731$19.0M0.70%
53ONESPAWORLD HOLDINGS LIMITEDOSW925,263$18.9M0.69%
54ALPHATEC HOLDINGS INCATEC1,684,334$18.7M0.69%
55COMMVAULT SYSTEMS INCCVLT106,424$18.6M0.68%
56LIFE360 INCLIFX281,229$18.4M0.67%
57AMERICAN SEMICONDUCTOR CORPAMSC500,054$18.3M0.67%
5889BIO INC2825591031,844,370$18.1M0.66%
59SOLARIS ENERGY INFRASTRUCTURE INCSEI638,377$18.1M0.66%
60CHART INDS INC16115Q308108,998$17.9M0.66%
61CORCEPT THERAPEUTICS INCCORT242,053$17.8M0.65%
62RUSH STREET INTERACTIVE INCRSI1,191,821$17.8M0.65%
63RYMAN HOSPITALITY PROPERTIES78377T107179,547$17.7M0.65%
64IMPINJ INCPI157,919$17.5M0.64%
65ESCO TECHNOLOGIES INCESE89,040$17.1M0.63%
66ULTRAGENYX PHARMACEUTICAL INCRARE461,402$16.8M0.61%
67FORMFACTOR INCFORM473,983$16.3M0.60%
68MADRIGAL PHARMACEUTICALS INCMDGL53,108$16.1M0.59%
69APPLIED OPTOELECTRONICS INCAAOI620,281$15.9M0.58%
70AKERO THERAPEUTCS INC00973Y108291,692$15.6M0.57%
71MIRUM PHARMACEUTICALS INCMIRM305,766$15.6M0.57%
72NAPCO SECURITY630402105519,760$15.4M0.57%
73PORTILLOS INC73642K1061,293,491$15.1M0.55%
74ARHAUS INCARHS1,730,371$15.0M0.55%
75EVERQUOTE INCEVER619,585$15.0M0.55%
76KULICKE AND SOFFA INDUSTRIES501242101412,622$14.3M0.52%
77LENDINGTREE INCTREE381,978$14.2M0.52%
78LOUISIANA-PACIFIC CORPORATIONLPX163,629$14.1M0.52%
79SABLE OFFSHORE CORPSOC611,613$13.4M0.49%
80SKYWATER TECHNOLOGY INCSKYT1,362,983$13.4M0.49%
81ONTO INNOVATION INCONTO130,150$13.1M0.48%
82IONQ INCIONQ-WT301,357$12.9M0.47%
83ACADIA PHARMACEUTICALS INCACAD592,358$12.8M0.47%
84INTEGER HOLDINGS CORPITGR103,824$12.8M0.47%
85STERLING INFRASTRUCTURE INCSTRL54,955$12.7M0.46%
86WESBANCO INCWSBCO383,527$12.1M0.44%
87AXSOME THERAPEUTICS INCAXSM112,469$11.7M0.43%
88EXCELERATE ENERGY INCEE400,393$11.7M0.43%
89KALVISTA PHARMACEUTICALS INCKALV1,038,049$11.7M0.43%
90COGENT COMMUNICATIONS HOLDINGSCCOI243,212$11.7M0.43%
91TRINITY CAPITAL INCTRINZ829,710$11.7M0.43%
92FIVE BELOWFIVE88,558$11.6M0.43%
93RXO INCRXO731,600$11.5M0.42%
94PERELLA WEINBERG PARTNERSPWP568,206$11.0M0.40%
95COGENT BIOSCIENCES INCCOGT1,445,774$10.4M0.38%
96BOWHEAD SPECIALTY HOLDINGSBOW244,864$9.2M0.34%
97MARATHON DIGITAL HOLDINGS INCMARA579,571$9.1M0.33%
98BLOOM ENERGY COBE375,796$9.0M0.33%
99ATEGRITY SPECIALTY HOLDINGS04681Y103400,022$8.6M0.32%
100SPYRE THERAPEUTICSSYRE565,863$8.5M0.31%
101NVIDIA CORPORATIONNVDA53,270$8.4M0.31%
102NOVOCURE LTDNVCR461,365$8.2M0.30%
103D-WAVE QUANTUM INCQBTS558,063$8.2M0.30%
104SAVARA INCSVRA3,534,368$8.1M0.30%
105AMERIS BANCORPABCB113,279$7.3M0.27%
106INFINITY NATURAL RESOURCES456941103366,665$6.7M0.25%
107MICROSOFT CORPMSFT12,737$6.3M0.23%
108LATHAM GROUP INCSWIM982,337$6.3M0.23%
109FIRST WATCH RESTAURANT GROUPFWRG384,838$6.2M0.23%
110UTZ BRANDS INCUTZ435,844$5.5M0.20%
111FIRST FINL BANCSHARES INC32020R109149,272$5.4M0.20%
112SPROUT SOCIAL INCSPT248,529$5.2M0.19%
113OMADA HEALTH INCOMDA278,096$5.1M0.19%
114CADENCE BANK12740C103156,375$5.0M0.18%
115BIOHAVEN LTDBHVN321,009$4.5M0.17%
116AMAZON.COM, INCAMZN18,259$4.0M0.15%
117FLOWCO HOLDINGS INCFLOC216,313$3.9M0.14%
118APPLE INCAAPL17,365$3.6M0.13%
119META PLATFORMS INCMETA4,571$3.4M0.12%
120BROADCOM LTDAVGO11,121$3.1M0.11%
121ALPHABET INC CLA AGOOG16,439$2.9M0.11%
122CERIBELL INCCBLL125,869$2.4M0.09%
123CHENIERE ENERGY INCLNG9,560$2.3M0.09%
124SUPER MICRO COMPUTER INCSMCI47,308$2.3M0.08%
125TAKE TWO INTERACTIVE SOFTWARETTWO6,196$1.5M0.06%
126MASTEC INCMTZ8,764$1.5M0.05%
127NETFLIX INCNFLX1,006$1.3M0.05%
128DOORDASH INCDASH5,426$1.3M0.05%
129INSMED INCINSM13,264$1.3M0.05%
130NORWEGIAN CRUISE LINE HOLDINGS LTDNCLH62,747$1.3M0.05%
131DATADOG INCDDOG9,321$1.3M0.05%
132AXON ENTERPRISE INCAXON1,397$1.2M0.04%
133FTAI AVIATION LTDFTAIN9,937$1.1M0.04%
134MONOLITHICPOWER SYSTEMS INC6098391051,526$1.1M0.04%
135VERTIV HOLDINGSVRT8,635$1.1M0.04%
136ROBINHOOD MARKETS INC77070010211,071$1.0M0.04%
137LOAR HOLDINGS INCLOAR11,582$998,0210.04%
138CLOUDFLARE INCNET5,029$984,8290.04%
139HEICO CORPORATIONHEI-A3,000$984,0000.04%
140ZSCALER INCZS3,116$978,2370.04%
141TJX COS.8725401097,800$963,2220.04%
142TECHNIPFMC PLCFTI27,298$940,1430.03%
143CNB FINL CORP PA12612810738,779$886,4880.03%
144FAIR ISAAC CORPFICO472$862,7970.03%
145TARGA RESOURCES CORPTRGP4,941$860,1290.03%
146VISTRA CORPVST4,411$854,8960.03%
147AUTOZONE INCAZO224$831,5400.03%
148ELI LILLY & COLLY1,047$816,1680.03%
149COINBASE GLOBAL INCCOIN2,326$815,2400.03%
150MONGODB INCMDB3,881$814,9710.03%
151KINSALE CAPITAL GROUP INC49714P1081,649$797,9510.03%
152VISA INC-CLASS AV2,178$773,2990.03%
153VEEVA SYSTEMS INCVEEV2,679$771,4980.03%
154LPL FINANCIAL HOLDINGS INC50212V1002,000$749,9400.03%
155COSTCO WHOLESALE CORP22160K105750$742,4550.03%
156COASTAL FINANCIAL CORP19046P2097,421$718,8720.03%
157TETRA TECHNOLOGIES88162F105213,710$718,0660.03%
158PURE STORAGE74624M10212,433$715,8920.03%
159SLIDE INSURANCE HOLDINGS INC83134910532,686$707,9790.03%
160ROBLOX CORPORATIONRBLX6,683$703,0520.03%
161TEVA PHARMACEUTICAL INDUSTRIES LIMITED88162420941,035$687,7470.03%
162TELEDYNE TECHNOLOGIES INCTDY1,342$687,5200.03%
163PALO ALTO NETWORKS, INCPANW3,310$677,3580.02%
164BWX TECHNOLOGIES INCBWXT4,592$661,5240.02%
165AMERICAN INTEGRITY INSURANCE GROUP02694810935,490$652,6610.02%
166SERVICENOW INCNOW629$646,6620.02%
167ALNYLAM PHARMACEUTICALS INCALNY1,941$632,9410.02%
168CENCORA INCCOR2,093$627,5860.02%
169L3 HARRIS TECHNOLOGIES INCLHX2,444$613,0530.02%
170PLANET FITNESS INCPLNT5,572$607,6270.02%
171ROYAL CARIBBEAN CRUISES LTDV7780T1031,838$575,5510.02%
172CHURCHILL DOWNS INCCHDN5,632$568,8320.02%
173GENIUS SPORTS LIMITEDGENI51,628$536,9310.02%
174APOLLO GLOBAL MANAGEMENT LLC03769M1063,617$513,1440.02%
175BURLINGTON STORES INCBURL2,168$504,3640.02%
176HUBSPOT INCHUBS904$503,1940.02%
177MSCI INCMSCI871$502,3410.02%
178TESLA MOTORS, INCTSLA1,550$492,3730.02%
179S&P GLOBAL INCSPGI911$480,3610.02%
180DUTCH BROS INCBROS6,853$468,5400.02%
181ROKU INCROKU5,311$466,7840.02%
182COSTAR GROUP INCCSGP5,763$463,3450.02%
183WESTERN ALLIANCE BANCORPWAL-PA5,889$459,2240.02%
184DECKERS OUTDOOR CORPORATIONDECK4,359$449,2820.02%
185ORACLE SYS CORPORCL-PD2,038$445,5680.02%
186ZEVIA PBCZVIA129,857$418,1400.02%
187TRACTOR SUPPLY COMPANYTSCO7,850$414,2450.02%
188CAVA GROUP INCCAVA4,898$412,5590.02%
189STERIS PUBLIC LIMITED COMPANYSTE1,679$403,3290.01%
190CONFLUENT INC20717M10316,122$401,9210.01%
191BIOGEN IDEC INCBIIB3,181$399,5020.01%
192DUOLINGO INC CL ADUOL958$392,7990.01%
193VERISK ANALYTICS INCVRSK1,232$383,7680.01%
194HYATT HOTELS CORPORATIONH2,697$376,6360.01%
195EQT CORPEQT6,375$371,7900.01%
196INDIE SEMICONDUCTOR INCINDI103,753$369,3610.01%
197ASTERA LABS INCALAB3,784$342,1490.01%
198PINTEREST INCPINS9,511$341,0640.01%
199NU HOLDINGS LTDNU24,836$340,7500.01%
200XPO LOGISTICSXPO2,603$328,7330.01%
201PROFICIENT AUTO LOGISTICS INCPAL45,025$326,8820.01%
202GBANK FINANCIAL HOLDINGS INC36166F1009,042$320,1770.01%
203GENERAC HOLDINGS INCGNRC2,120$303,6050.01%
204MATADOR RESOURCES COMTDR6,238$297,6770.01%
205ORRSTOWN FINL SVCS INC6873801059,193$292,6130.01%
206DIAMONDBACK ENERGY INCFANG2,057$282,6320.01%
207THE TRADE DESK88339J1053,921$282,2730.01%
208URANIUM ENERGY CORPORATIONUEC41,089$279,4050.01%
209EXACT SCIENCES CORP30063P1055,061$268,9420.01%
210TWILIO INCTWLO2,072$257,6740.01%
211OLD NATL BANCORP IND68003310711,809$252,0040.01%
212UNITED THERAPEUTICS CORP DELUTHR867$249,1320.01%
213AMBARELLA INCAMBA3,558$235,0590.01%
214GOLAR LNG LIMITEDGLNG5,585$230,0460.01%
215TEXAS ROADHOUSE INC CL ATXRH1,203$225,4540.01%
216FIRST CITIZENS BANCSHARES INC CL A31946M103114$223,0380.01%
217PALANTIR TECHNOLOGIES INCPLTR1,601$218,2480.01%
218EXPEDIA GROUP INCEXPE1,150$193,9820.01%
219QUANTA SVCS INC74762E102511$193,1990.01%
220OCULAR THERAPEUTIX INCOCUL20,768$192,7270.01%
221BOWMAN CONSULTING GROUP LTDBWMN6,333$182,0740.01%
222NORWOOD FINANCIAL CORPNWFL4,500$116,0100.00%
223F N B CORP PA3025201017,699$112,2510.00%
224DELTA AIR LINES INCDAL2,238$110,0650.00%
225HINGE HEALTH INCHNGE2,093$108,3130.00%
226NLIGHT INCLASR4,885$96,1370.00%
227ANI PHARMACEUTICALS INCANIP1,256$81,9540.00%
228FULTON FINL CORP PA3602711004,182$75,4360.00%
229AMGEN INCAMGN262$73,1570.00%
230MID PENN BANCORP INCMPB2,419$68,2160.00%
231FIRST COMMONWEALTH FINANCIAL CORPORATION3198291074,044$65,6340.00%
232HOULIHAN LOKEYHLI345$62,0830.00%
233TERRENO REALTY CORP88146M1011,066$59,7710.00%
234FIRST BUSEY CORPBUSEP2,509$57,4180.00%
235KITE REALTY GROUP INC49803T3002,073$46,9530.00%
236POPULAR INCBPOPM425$46,8390.00%
237ARIS WATER SOLUTION INC04041L1061,964$46,4490.00%
238PINNACLE FINL PARTNERS INC72346Q104407$44,9370.00%
239CITIZENS & NORTHERN CORPCIA2,300$43,5620.00%
240CACTUS INCWHD700$30,6040.00%
241ADOBE INCADBE79$30,5640.00%
242ENTERPRISE FINL SVCS CORP293712105530$29,2030.00%
243AMERICAN TOWER CORP03027X100118$26,0800.00%
244SNOWFLAKE INC CLASS ASNOW105$23,4960.00%
245FORWARD AIR CORP COMFWRD585$14,3560.00%
246GOODRX HOLDINGS INCGDRX305$1,5190.00%
247ORTHOFIX MEDICAL INCOFIX102$1,1320.00%
248MILLICOM INTL CELLULAR S A SHS NEWL6388F11022$8240.00%