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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 Q3 2025 · Filed October 30, 2025 · Accession 0001104659-25-104111

Total Value
$3.12B
Positions
257
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (257)

#IssuerTicker / CUSIPSharesValue% of Filing
1KRATOS DEFENSE AND SECURITY50077B207968,851$88.5M2.84%
2CREDO TECHNOLOGY GROUP HOLDINGSCRDO597,134$86.9M2.79%
3AEROVIRONMENT INCAVAV247,507$77.9M2.50%
4RAMBUS INCRMBS637,754$66.5M2.13%
5LUMENTUM HOLDINGS INCLITE363,616$59.2M1.90%
6TTM TECHNOLOGIES INCTTMI1,007,555$58.0M1.86%
7BLOOM ENERGY COBE684,946$57.9M1.86%
8MODINE MANUFACTURING CO607828100391,719$55.7M1.79%
9GUARDANT HEALTH INCGH873,203$54.6M1.75%
10VARONIS SYSTEMS INCVRNS910,641$52.3M1.68%
11TRAVERE THERAPEUTICS INCTVTX2,146,767$51.3M1.64%
12RADNET INCRDNT642,167$48.9M1.57%
13SITIME CORPORATIONSITM162,243$48.9M1.57%
14NATIONAL VISION HOLDINGSEYE1,578,960$46.1M1.48%
15THE BANCORP INCTBBK602,580$45.1M1.45%
16AXOS FINANCIAL INCAX528,912$44.8M1.44%
17TRANSMEDICS GROUP INCTMDX387,588$43.5M1.39%
18SOLENO THERAPEUTICS INCSLNO627,756$42.4M1.36%
19MERCURY SYSTEMS INCMRCY533,092$41.3M1.32%
20VITAL FARMS INCVITL990,625$40.8M1.31%
21FABRINETFN110,673$40.4M1.29%
22OLLIE'S BARGAIN OUTLET HOLDINGS681116109301,024$38.7M1.24%
23BRIDGEBIO PHARMA INCBBIO720,343$37.4M1.20%
24VSE CORPORATIONVSECU223,291$37.1M1.19%
25Q2 HOLDINGS INCQTWO502,949$36.4M1.17%
26PALOMAR HOLDINGS INCPLMR301,002$35.1M1.13%
27INTERDIGITAL INC PA COMIDCC101,776$35.1M1.13%
28AGILYSYS INCAGYS329,981$34.7M1.11%
29AAR CORPORATIONAIR364,875$32.7M1.05%
30SKYWARD SPECIALTY INSURANCE830940102684,742$32.6M1.04%
31MOELIS & COMC451,497$32.2M1.03%
32AMERICAN SEMICONDUCTOR CORPAMSC521,183$31.0M0.99%
33SEMTECH CORPSMTC419,094$29.9M0.96%
34ESCO TECHNOLOGIES INCESE141,419$29.9M0.96%
35COMMVAULT SYSTEMS INCCVLT156,894$29.6M0.95%
36ARLO TECHNOLOGIESARLO1,734,271$29.4M0.94%
37LIVANOVA PLCLIVN551,162$28.9M0.93%
38SPX TECHNOLOGIES INCSPXC153,507$28.7M0.92%
39IONQ INCIONQ-WT457,780$28.2M0.90%
40IMPINJ INCPI155,233$28.1M0.90%
41STERLING INFRASTRUCTURE INCSTRL82,582$28.1M0.90%
42RUSH STREET INTERACTIVE INCRSI1,341,739$27.5M0.88%
43MIRUM PHARMACEUTICALS INCMIRM369,600$27.1M0.87%
44BOOT BARN HOLDINGS INCBOOT160,165$26.5M0.85%
45MIRION TECHNOLOGIES INCMIR1,137,165$26.5M0.85%
46ALLEGIANT TRAVEL COALGT427,718$26.0M0.83%
47ATI IncATI313,088$25.5M0.82%
48SKYWATER TECHNOLOGY INCSKYT1,332,108$24.9M0.80%
49UMB FINANCIAL CORP902788108209,563$24.8M0.80%
50SOLARIS ENERGY INFRASTRUCTURE INCSEI616,719$24.7M0.79%
51PDF SOLUTIONS INCPDFS942,655$24.3M0.78%
52ALPHATEC HOLDINGS INCATEC1,638,882$23.8M0.76%
53LENDINGTREE INCTREE366,894$23.7M0.76%
54ARGAN INCAGX86,532$23.4M0.75%
55MERIT MED SYS INC589889104280,622$23.4M0.75%
56CARPENTER TECHNOLOGY CORPCRS94,819$23.3M0.75%
57MADRIGAL PHARMACEUTICALS INCMDGL50,737$23.3M0.75%
58COGENT BIOSCIENCES INCCOGT1,579,496$22.7M0.73%
59COLLEGIUM PHARMACEUTICAL INCCOLL639,694$22.4M0.72%
60WAVE LIFE SCIENCES LTDWVE2,996,900$21.9M0.70%
61SHIFT4 PAYMENTS INC82452J109277,675$21.5M0.69%
62FIRST ADVANTAGE CORPFA1,388,500$21.4M0.69%
63FRESHPET INCFRPT374,683$20.6M0.66%
64NAPCO SECURITY630402105466,165$20.0M0.64%
65EVOLV TECHNOLOGIESEVLVW2,619,822$19.8M0.63%
66ONESPAWORLD HOLDINGS LIMITEDOSW915,428$19.4M0.62%
67CORCEPT THERAPEUTICS INCCORT232,452$19.3M0.62%
68LIFETIME GROUP HOLDINGS INCLTH688,568$19.0M0.61%
69CLEARWATER ANALYTICS HDSCWAN1,025,414$18.5M0.59%
70NEKTAR THERAPEUTICSNKTR323,246$18.4M0.59%
71LIFE360 INCLIFX170,529$18.1M0.58%
72ARHAUS INCARHS1,678,309$17.8M0.57%
73MACOM TECHNOLOGY SOLUTIONS55405Y100143,085$17.8M0.57%
74HIMS & HERS HEALTH INCHIMS305,921$17.4M0.56%
75PERELLA WEINBERG PARTNERSPWP803,654$17.1M0.55%
76BJ'S RESTAURANT INCBJRI555,576$17.0M0.54%
77ONTO INNOVATION INCONTO127,561$16.5M0.53%
78KALVISTA PHARMACEUTICALS INCKALV1,351,254$16.5M0.53%
79TENABLE HOLDING88025T102556,931$16.2M0.52%
80APPLIED OPTOELECTRONICS INCAAOI609,645$15.8M0.51%
81EVERQUOTE INCEVER689,253$15.8M0.51%
82CUSTOMERS BANCORP INCCUBB231,753$15.1M0.49%
83KULICKE AND SOFFA INDUSTRIES501242101362,610$14.7M0.47%
84RYMAN HOSPITALITY PROPERTIES78377T107163,528$14.7M0.47%
85NLIGHT INCLASR486,481$14.4M0.46%
86VISTEON CORPVC117,785$14.1M0.45%
87D-WAVE QUANTUM INCQBTS547,249$13.5M0.43%
88AXSOME THERAPEUTICS INCAXSM108,942$13.2M0.42%
89FIVE BELOWFIVE85,158$13.2M0.42%
90CADENCE BANK12740C103342,322$12.9M0.41%
91FIRST WATCH RESTAURANT GROUPFWRG821,090$12.8M0.41%
92COMPASS INCCOMP1,587,893$12.8M0.41%
93SAVARA INCSVRA3,529,324$12.6M0.40%
94ULTRAGENYX PHARMACEUTICAL INCRARE418,566$12.6M0.40%
95TRINITY CAPITAL INCTRINZ806,171$12.5M0.40%
96ACADIA PHARMACEUTICALS INCACAD569,671$12.2M0.39%
97IPG PHOTONICS CORPIPGP151,967$12.0M0.39%
98IMAX CORPIMAX329,172$10.8M0.35%
99INTEGER HOLDINGS CORPITGR102,246$10.6M0.34%
100SABLE OFFSHORE CORPSOC587,376$10.3M0.33%
101NVIDIA CORPORATIONNVDA53,270$9.9M0.32%
102BLACK ROCK COFFEE BARBRCB415,046$9.9M0.32%
103AKERO THERAPEUTCS INC00973Y108206,771$9.8M0.31%
104SPYRE THERAPEUTICSSYRE548,712$9.2M0.29%
10589BIO INC282559103535,147$7.9M0.25%
106EXCELERATE ENERGY INCEE308,869$7.8M0.25%
107LATHAM GROUP INCSWIM971,348$7.4M0.24%
108HEARTFLOW INCHTFL217,938$7.3M0.24%
109ATEGRITY SPECIALTY HOLDINGS04681Y103369,316$7.3M0.23%
110MICROSOFT CORPMSFT12,737$6.6M0.21%
111AMERIS BANCORPABCB89,189$6.5M0.21%
112COASTAL FINANCIAL CORP19046P20959,086$6.4M0.20%
113CECO ENVIRONMENTAL CORPCECO119,407$6.1M0.20%
114BOWHEAD SPECIALTY HOLDINGSBOW221,958$6.0M0.19%
115COGENT COMMUNICATIONS HOLDINGSCCOI144,912$5.6M0.18%
116BALDWIN INSURANCE GROUP INC05589G102195,520$5.5M0.18%
117UTZ BRANDS INCUTZ427,909$5.2M0.17%
118APPLE INCAAPL20,133$5.1M0.16%
119BIOHAVEN LTDBHVN311,881$4.7M0.15%
120OMADA HEALTH INCOMDA182,407$4.0M0.13%
121AMAZON.COM, INCAMZN18,259$4.0M0.13%
122ALPHABET INC CLA AGOOG16,439$4.0M0.13%
123BROADCOM LTDAVGO11,121$3.7M0.12%
124META PLATFORMS INCMETA4,571$3.4M0.11%
125RXO INCRXO216,695$3.3M0.11%
126LENDINGCLUB CORPLC211,874$3.2M0.10%
127CHENIERE ENERGY INCLNG8,821$2.1M0.07%
128TAKE TWO INTERACTIVE SOFTWARETTWO7,318$1.9M0.06%
129MASTEC INCMTZ8,831$1.9M0.06%
130INSMED INCINSM12,393$1.8M0.06%
131FTAI AVIATION LTDFTAIN9,404$1.6M0.05%
132ROBINHOOD MARKETS INC77070010210,204$1.5M0.05%
133NORWEGIAN CRUISE LINE HOLDINGS LTDNCLH58,930$1.5M0.05%
134TETRA TECHNOLOGIES88162F105249,409$1.4M0.05%
135CERIBELL INCCBLL122,944$1.4M0.05%
136DOORDASH INCDASH5,013$1.4M0.04%
137MONOLITHICPOWER SYSTEMS INC6098391051,331$1.2M0.04%
138NETFLIX INCNFLX1,016$1.2M0.04%
139DATADOG INCDDOG8,440$1.2M0.04%
140SUPER MICRO COMPUTER INCSMCI23,948$1.1M0.04%
141VERTIV HOLDINGSVRT7,539$1.1M0.04%
142MONGODB INCMDB3,642$1.1M0.04%
143TJX COS.8725401097,800$1.1M0.04%
144CLOUDFLARE INCNET4,383$940,5480.03%
145BWX TECHNOLOGIES INCBWXT5,079$936,4150.03%
146PURE STORAGE74624M10210,842$908,6680.03%
147AUTOZONE INCAZO206$883,7890.03%
148BIOGEN IDEC INCBIIB6,247$875,0800.03%
149AXON ENTERPRISE INCAXON1,217$873,3680.03%
150VISTRA CORPVST4,317$845,7870.03%
151HEICO CORPORATIONHEI-A2,616$844,4970.03%
152APPLOVIN CORPAPP1,169$839,9730.03%
153ZSCALER INCZS2,719$814,7760.03%
154ROBLOX CORPORATIONRBLX5,832$807,8490.03%
155NEPTUNE INSURANCE HOLDINGS64073B10340,239$804,7800.03%
156ELI LILLY & COLLY1,047$798,8610.03%
157KORRO BIO INCKRRO16,469$788,7000.03%
158ALNYLAM PHARMACEUTICALS INCALNY1,695$772,9200.02%
159GENIUS SPORTS LIMITEDGENI60,674$751,1440.02%
160VISA INC-CLASS AV2,178$743,5260.02%
161FAIR ISAAC CORPFICO494$739,2860.02%
162TEVA PHARMACEUTICAL INDUSTRIES LIMITED88162420935,826$723,6850.02%
163TARGA RESOURCES CORPTRGP4,314$722,7680.02%
164AMERICAN INTEGRITY INSURANCE GROUP02694810931,621$705,4650.02%
165VEEVA SYSTEMS INCVEEV2,333$695,0240.02%
166COSTCO WHOLESALE CORP22160K105750$694,2230.02%
167TESLA MOTORS, INCTSLA1,550$689,3160.02%
168TELEDYNE TECHNOLOGIES INCTDY1,171$686,2530.02%
169PALO ALTO NETWORKS, INCPANW3,310$673,9820.02%
170MP MATERIALS CORPMP9,883$662,8530.02%
171L3 HARRIS TECHNOLOGIES INCLHX2,133$651,4400.02%
172ROKU INCROKU6,497$650,5450.02%
173ASTERA LABS INCALAB3,304$646,9230.02%
174ROYAL CARIBBEAN CRUISES LTDV7780T1031,940$627,7450.02%
175SLIDE INSURANCE HOLDINGS INC83134910538,356$605,4490.02%
176COINBASE GLOBAL INCCOIN1,780$600,7320.02%
177LPL FINANCIAL HOLDINGS INC50212V1001,746$580,8770.02%
178SERVICENOW INCNOW629$578,8560.02%
179ORACLE SYS CORPORCL-PD2,038$573,1670.02%
180CENCORA INCCOR1,827$570,9920.02%
181HUBSPOT INCHUBS1,204$563,2310.02%
182CAVA GROUP INCCAVA9,081$548,5830.02%
183URANIUM ENERGY CORPORATIONUEC41,089$548,1270.02%
184FIGURE TECHNOLOGY SOLUTIONSFGRS15,000$545,5500.02%
185PLANET FITNESS INCPLNT4,863$504,7790.02%
186BURLINGTON STORES INCBURL1,899$483,2960.02%
187HYATT HOTELS CORPORATIONH3,332$472,9110.02%
188BAKER HUGHES COMPANYBKR9,618$468,5890.02%
189UNITED THERAPEUTICS CORP DELUTHR1,116$467,8380.01%
190PINTEREST INCPINS14,324$460,8030.01%
191ZEVIA PBCZVIA166,403$452,6160.01%
192WESTERN ALLIANCE BANCORPWAL-PA5,141$445,8280.01%
193TECHNIPFMC PLCFTI11,109$438,2500.01%
194FLUTTER ENTERTAINMENTG3643J1081,694$430,2760.01%
195COSTAR GROUP INCCSGP5,023$423,7910.01%
196INDIE SEMICONDUCTOR INCINDI103,753$422,2750.01%
197APOLLO GLOBAL MANAGEMENT LLC03769M1063,155$420,4670.01%
198KINSALE CAPITAL GROUP INC49714P108917$389,9630.01%
199TRACTOR SUPPLY COMPANYTSCO6,850$389,5600.01%
200S&P GLOBAL INCSPGI797$387,9080.01%
201DECKERS OUTDOOR CORPORATIONDECK3,805$385,7130.01%
202GOLAR LNG LIMITEDGLNG9,083$367,0440.01%
203STERIS PUBLIC LIMITED COMPANYSTE1,466$362,7470.01%
204GBANK FINANCIAL HOLDINGS INC36166F1009,042$355,0790.01%
205NU HOLDINGS LTDNU21,684$347,1610.01%
206DUTCH BROS INCBROS5,984$313,2030.01%
207PROFICIENT AUTO LOGISTICS INCPAL45,025$310,2220.01%
208GENERAC HOLDINGS INCGNRC1,850$309,6900.01%
209EQT CORPEQT5,566$302,9570.01%
210XPO LOGISTICSXPO2,272$293,7010.01%
211PALANTIR TECHNOLOGIES INCPLTR1,601$292,0540.01%
212DELTA AIR LINES INCDAL5,075$288,0060.01%
213DUOLINGO INC CL ADUOL875$281,6100.01%
214VERISK ANALYTICS INCVRSK1,075$270,3730.01%
215BOWMAN CONSULTING GROUP LTDBWMN6,333$268,2660.01%
216LOUISIANA-PACIFIC CORPORATIONLPX2,981$264,8320.01%
217DIAMONDBACK ENERGY INCFANG1,796$257,0080.01%
218MATADOR RESOURCES COMTDR5,446$244,6890.01%
219OCULAR THERAPEUTIX INCOCUL20,768$242,7780.01%
220EXACT SCIENCES CORP30063P1054,414$241,4900.01%
221CHURCHILL DOWNS INCCHDN2,470$239,6150.01%
222MSCI INCMSCI422$239,4470.01%
223OLD NATL BANCORP IND68003310710,309$226,2830.01%
224EXPEDIA GROUP INCEXPE1,003$214,3910.01%
225MID PENN BANCORP INCMPB7,419$212,4800.01%
226CONFLUENT INC20717M10310,493$207,7610.01%
227NUTANIX INCNTNX2,645$196,7620.01%
228QUANTA SVCS INC74762E102445$184,4170.01%
229TWILIO INCTWLO1,820$182,1640.01%
230FIRST CITIZENS BANCSHARES INC CL A31946M10399$177,1270.01%
231TEXAS ROADHOUSE INC CL ATXRH1,050$174,4580.01%
232THE TRADE DESK88339J1053,422$167,7120.01%
233F N B CORP PA3025201017,699$124,0310.00%
234ANI PHARMACEUTICALS INCANIP1,256$115,0500.00%
235NORWOOD FINANCIAL CORPNWFL4,500$114,3900.00%
236FULTON FINL CORP PA3602711004,187$77,9990.00%
237AMGEN INCAMGN264$74,5690.00%
238HOULIHAN LOKEYHLI345$70,8350.00%
239FIRST COMMONWEALTH FINANCIAL CORPORATION3198291074,044$68,9500.00%
240CNB FINL CORP PA1261281072,779$67,2520.00%
241FIRST BUSEY CORPBUSEP2,509$58,0830.00%
242POPULAR INCBPOPM425$53,9790.00%
243KITE REALTY GROUP INC49803T3002,073$46,2280.00%
244CITIZENS & NORTHERN CORPCIA2,300$45,5630.00%
245FIRST FINL BANCSHARES INC32020R1091,157$38,9330.00%
246PINNACLE FINL PARTNERS INC72346Q104407$38,1730.00%
247ENTERPRISE FINL SVCS CORP293712105530$30,7290.00%
248CACTUS INCWHD700$27,6290.00%
249WESBANCO INCWSBCO865$27,6190.00%
250SNOWFLAKE INC CLASS ASNOW105$23,6830.00%
251ISHARES RUSSELL 2000 GROWTH ETF46428764871$22,7230.00%
252AMERICAN TOWER CORP03027X100118$22,6940.00%
253NOVOCURE LTDNVCR1,311$16,9380.00%
254PORTILLOS INC73642K1062,576$16,6150.00%
255FORWARD AIR CORP COMFWRD585$14,9990.00%
256INFINITY NATURAL RESOURCES456941103909$11,9170.00%
257ORTHOFIX MEDICAL INCOFIX101$1,4790.00%