13F HOLDINGS REPORT
EMERALD MUTUAL FUND ADVISERS TRUST
Quarter ended Q3 2025 · Filed October 30, 2025 · Accession 0001104659-25-104193
Total Value
$1.94B
Positions
219
Other Managers
0
Confidential Omitted
No
Holdings (219)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | RBB FD INC | 74933W221 | 1,997,035 | $59.4M | 3.07% |
| 2 | KRATOS DEFENSE AND SECURITY | 50077B207 | 586,783 | $53.6M | 2.77% |
| 3 | CREDO TECHNOLOGY GROUP HOLDINGS | CRDO | 349,619 | $50.9M | 2.63% |
| 4 | AEROVIRONMENT INC | AVAV | 141,558 | $44.6M | 2.30% |
| 5 | RAMBUS INC | RMBS | 391,215 | $40.8M | 2.10% |
| 6 | TTM TECHNOLOGIES INC | TTMI | 609,368 | $35.1M | 1.81% |
| 7 | LUMENTUM HOLDINGS INC | LITE | 215,680 | $35.1M | 1.81% |
| 8 | GUARDANT HEALTH INC | GH | 556,009 | $34.7M | 1.79% |
| 9 | BLOOM ENERGY CO | BE | 409,435 | $34.6M | 1.79% |
| 10 | MODINE MANUFACTURING CO | 607828100 | 234,076 | $33.3M | 1.72% |
| 11 | VARONIS SYSTEMS INC | VRNS | 555,882 | $31.9M | 1.65% |
| 12 | SITIME CORPORATION | SITM | 98,689 | $29.7M | 1.54% |
| 13 | AXOS FINANCIAL INC | AX | 341,262 | $28.9M | 1.49% |
| 14 | TRAVERE THERAPEUTICS INC | TVTX | 1,200,942 | $28.7M | 1.48% |
| 15 | RADNET INC | RDNT | 372,780 | $28.4M | 1.47% |
| 16 | NATIONAL VISION HOLDINGS | EYE | 966,266 | $28.2M | 1.46% |
| 17 | TRANSMEDICS GROUP INC | TMDX | 238,438 | $26.8M | 1.38% |
| 18 | THE BANCORP INC | TBBK | 357,098 | $26.7M | 1.38% |
| 19 | MERCURY SYSTEMS INC | MRCY | 336,058 | $26.0M | 1.34% |
| 20 | SOLENO THERAPEUTICS INC | SLNO | 379,900 | $25.7M | 1.33% |
| 21 | VITAL FARMS INC | VITL | 618,574 | $25.5M | 1.31% |
| 22 | FABRINET | FN | 65,816 | $24.0M | 1.24% |
| 23 | OLLIE'S BARGAIN OUTLET HOLDINGS | 681116109 | 185,623 | $23.8M | 1.23% |
| 24 | VSE CORPORATION | VSECU | 135,516 | $22.5M | 1.16% |
| 25 | AGILYSYS INC | AGYS | 205,857 | $21.7M | 1.12% |
| 26 | Q2 HOLDINGS INC | QTWO | 297,245 | $21.5M | 1.11% |
| 27 | BRIDGEBIO PHARMA INC | BBIO | 411,427 | $21.4M | 1.10% |
| 28 | INTERDIGITAL INC PA COM | IDCC | 61,207 | $21.1M | 1.09% |
| 29 | MOELIS & CO | MC | 273,351 | $19.5M | 1.01% |
| 30 | AAR CORPORATION | AIR | 211,132 | $18.9M | 0.98% |
| 31 | PALOMAR HOLDINGS INC | PLMR | 160,259 | $18.7M | 0.97% |
| 32 | SKYWARD SPECIALTY INSURANCE | 830940102 | 391,303 | $18.6M | 0.96% |
| 33 | ESCO TECHNOLOGIES INC | ESE | 87,419 | $18.5M | 0.95% |
| 34 | LIVANOVA PLC | LIVN | 349,664 | $18.3M | 0.95% |
| 35 | AMERICAN SEMICONDUCTOR CORP | AMSC | 307,737 | $18.3M | 0.94% |
| 36 | SEMTECH CORP | SMTC | 248,436 | $17.8M | 0.92% |
| 37 | COMMVAULT SYSTEMS INC | CVLT | 92,893 | $17.5M | 0.91% |
| 38 | SPX TECHNOLOGIES INC | SPXC | 93,074 | $17.4M | 0.90% |
| 39 | IONQ INC | IONQ-WT | 277,668 | $17.1M | 0.88% |
| 40 | RUSH STREET INTERACTIVE INC | RSI | 825,244 | $16.9M | 0.87% |
| 41 | ARLO TECHNOLOGIES | ARLO | 980,066 | $16.6M | 0.86% |
| 42 | STERLING INFRASTRUCTURE INC | STRL | 48,875 | $16.6M | 0.86% |
| 43 | MIRION TECHNOLOGIES INC | MIR | 704,496 | $16.4M | 0.85% |
| 44 | BOOT BARN HOLDINGS INC | BOOT | 97,953 | $16.2M | 0.84% |
| 45 | IMPINJ INC | PI | 89,329 | $16.1M | 0.83% |
| 46 | MADRIGAL PHARMACEUTICALS INC | MDGL | 35,091 | $16.1M | 0.83% |
| 47 | MIRUM PHARMACEUTICALS INC | MIRM | 219,038 | $16.1M | 0.83% |
| 48 | ALLEGIANT TRAVEL CO | ALGT | 260,935 | $15.9M | 0.82% |
| 49 | PDF SOLUTIONS INC | PDFS | 594,610 | $15.4M | 0.79% |
| 50 | ATI Inc | ATI | 183,555 | $14.9M | 0.77% |
| 51 | COGENT BIOSCIENCES INC | COGT | 1,022,858 | $14.7M | 0.76% |
| 52 | LENDINGTREE INC | TREE | 220,747 | $14.3M | 0.74% |
| 53 | ARGAN INC | AGX | 52,352 | $14.1M | 0.73% |
| 54 | ALPHATEC HOLDINGS INC | ATEC | 956,049 | $13.9M | 0.72% |
| 55 | COLLEGIUM PHARMACEUTICAL INC | COLL | 395,661 | $13.8M | 0.71% |
| 56 | MERIT MED SYS INC | 589889104 | 165,730 | $13.8M | 0.71% |
| 57 | SKYWATER TECHNOLOGY INC | SKYT | 725,120 | $13.5M | 0.70% |
| 58 | UMB FINANCIAL CORP | 902788108 | 113,316 | $13.4M | 0.69% |
| 59 | NEKTAR THERAPEUTICS | NKTR | 233,205 | $13.3M | 0.69% |
| 60 | CORCEPT THERAPEUTICS INC | CORT | 158,142 | $13.1M | 0.68% |
| 61 | SHIFT4 PAYMENTS INC | 82452J109 | 169,718 | $13.1M | 0.68% |
| 62 | WAVE LIFE SCIENCES LTD | WVE | 1,766,062 | $12.9M | 0.67% |
| 63 | ONESPAWORLD HOLDINGS LIMITED | OSW | 600,025 | $12.7M | 0.65% |
| 64 | FRESHPET INC | FRPT | 224,970 | $12.4M | 0.64% |
| 65 | SOLARIS ENERGY INFRASTRUCTURE INC | SEI | 308,798 | $12.3M | 0.64% |
| 66 | FIRST ADVANTAGE CORP | FA | 772,716 | $11.9M | 0.61% |
| 67 | LIFETIME GROUP HOLDINGS INC | LTH | 410,492 | $11.3M | 0.58% |
| 68 | CARPENTER TECHNOLOGY CORP | CRS | 46,062 | $11.3M | 0.58% |
| 69 | KALVISTA PHARMACEUTICALS INC | KALV | 917,975 | $11.2M | 0.58% |
| 70 | LIFE360 INC | LIFX | 103,971 | $11.1M | 0.57% |
| 71 | CLEARWATER ANALYTICS HDS | CWAN | 592,802 | $10.7M | 0.55% |
| 72 | PERELLA WEINBERG PARTNERS | PWP | 494,652 | $10.5M | 0.54% |
| 73 | HIMS & HERS HEALTH INC | HIMS | 183,304 | $10.4M | 0.54% |
| 74 | EVOLV TECHNOLOGIES | EVLVW | 1,360,062 | $10.3M | 0.53% |
| 75 | ARHAUS INC | ARHS | 934,333 | $9.9M | 0.51% |
| 76 | MACOM TECHNOLOGY SOLUTIONS | 55405Y100 | 79,376 | $9.9M | 0.51% |
| 77 | BJ'S RESTAURANT INC | BJRI | 323,573 | $9.9M | 0.51% |
| 78 | APPLIED OPTOELECTRONICS INC | AAOI | 379,796 | $9.8M | 0.51% |
| 79 | ONTO INNOVATION INC | ONTO | 75,385 | $9.7M | 0.50% |
| 80 | EVERQUOTE INC | EVER | 416,662 | $9.5M | 0.49% |
| 81 | CUSTOMERS BANCORP INC | CUBB | 145,032 | $9.5M | 0.49% |
| 82 | KULICKE AND SOFFA INDUSTRIES | 501242101 | 222,116 | $9.0M | 0.47% |
| 83 | D-WAVE QUANTUM INC | QBTS | 358,640 | $8.9M | 0.46% |
| 84 | NLIGHT INC | LASR | 291,108 | $8.6M | 0.45% |
| 85 | COMPASS INC | COMP | 1,069,474 | $8.6M | 0.44% |
| 86 | TRINITY CAPITAL INC | TRINZ | 549,260 | $8.5M | 0.44% |
| 87 | COASTAL FINANCIAL CORP | 19046P209 | 78,182 | $8.5M | 0.44% |
| 88 | RYMAN HOSPITALITY PROPERTIES | 78377T107 | 92,807 | $8.3M | 0.43% |
| 89 | NAPCO SECURITY | 630402105 | 189,495 | $8.1M | 0.42% |
| 90 | AXSOME THERAPEUTICS INC | AXSM | 65,505 | $8.0M | 0.41% |
| 91 | CADENCE BANK | 12740C103 | 209,194 | $7.9M | 0.41% |
| 92 | FIRST WATCH RESTAURANT GROUP | FWRG | 498,226 | $7.8M | 0.40% |
| 93 | SAVARA INC | SVRA | 2,151,358 | $7.7M | 0.40% |
| 94 | 89BIO INC | 282559103 | 512,051 | $7.5M | 0.39% |
| 95 | VISTEON CORP | VC | 61,970 | $7.4M | 0.38% |
| 96 | FIVE BELOW | FIVE | 47,695 | $7.4M | 0.38% |
| 97 | ULTRAGENYX PHARMACEUTICAL INC | RARE | 242,802 | $7.3M | 0.38% |
| 98 | TENABLE HOLDING | 88025T102 | 247,506 | $7.2M | 0.37% |
| 99 | ACADIA PHARMACEUTICALS INC | ACAD | 315,324 | $6.7M | 0.35% |
| 100 | IPG PHOTONICS CORP | IPGP | 83,916 | $6.6M | 0.34% |
| 101 | INTEGER HOLDINGS CORP | ITGR | 60,807 | $6.3M | 0.32% |
| 102 | SABLE OFFSHORE CORP | SOC | 355,324 | $6.2M | 0.32% |
| 103 | AKERO THERAPEUTCS INC | 00973Y108 | 110,747 | $5.3M | 0.27% |
| 104 | SPYRE THERAPEUTICS | SYRE | 308,212 | $5.2M | 0.27% |
| 105 | IMAX CORP | IMAX | 149,401 | $4.9M | 0.25% |
| 106 | LATHAM GROUP INC | SWIM | 642,554 | $4.9M | 0.25% |
| 107 | HEARTFLOW INC | HTFL | 131,262 | $4.4M | 0.23% |
| 108 | EXCELERATE ENERGY INC | EE | 173,920 | $4.4M | 0.23% |
| 109 | MID PENN BANCORP INC | MPB | 144,411 | $4.1M | 0.21% |
| 110 | BLACK ROCK COFFEE BAR | BRCB | 168,611 | $4.0M | 0.21% |
| 111 | AMERICAN INTEGRITY INSURANCE GROUP | 026948109 | 171,429 | $3.8M | 0.20% |
| 112 | CECO ENVIRONMENTAL CORP | CECO | 71,844 | $3.7M | 0.19% |
| 113 | WESBANCO INC | WSBCO | 110,529 | $3.5M | 0.18% |
| 114 | GBANK FINANCIAL HOLDINGS INC | 36166F100 | 88,689 | $3.5M | 0.18% |
| 115 | ATEGRITY SPECIALTY HOLDINGS | 04681Y103 | 174,019 | $3.4M | 0.18% |
| 116 | COGENT COMMUNICATIONS HOLDINGS | CCOI | 87,356 | $3.4M | 0.17% |
| 117 | SLIDE INSURANCE HOLDINGS INC | 831349105 | 202,734 | $3.2M | 0.17% |
| 118 | BOWHEAD SPECIALTY HOLDINGS | BOW | 115,755 | $3.1M | 0.16% |
| 119 | LENDINGCLUB CORP | LC | 188,150 | $2.9M | 0.15% |
| 120 | KORRO BIO INC | KRRO | 58,911 | $2.8M | 0.15% |
| 121 | UTZ BRANDS INC | UTZ | 217,010 | $2.6M | 0.14% |
| 122 | BIOHAVEN LTD | BHVN | 173,656 | $2.6M | 0.13% |
| 123 | ZEVIA PBC | ZVIA | 924,124 | $2.5M | 0.13% |
| 124 | ESQUIRE FINANCIAL HOLDINGS | 29667J101 | 22,968 | $2.3M | 0.12% |
| 125 | METROPOLITAN BANK HOLDING CO | 591774104 | 31,063 | $2.3M | 0.12% |
| 126 | UNITED THERAPEUTICS CORP DEL | UTHR | 5,474 | $2.3M | 0.12% |
| 127 | NORTHEAST BANCORP | 66405S100 | 22,853 | $2.3M | 0.12% |
| 128 | NVIDIA CORPORATION | NVDA | 11,547 | $2.2M | 0.11% |
| 129 | ROBINHOOD MARKETS INC | 770700102 | 14,575 | $2.1M | 0.11% |
| 130 | PROFICIENT AUTO LOGISTICS INC | PAL | 273,289 | $1.9M | 0.10% |
| 131 | CERIBELL INC | CBLL | 155,360 | $1.8M | 0.09% |
| 132 | INSMED INC | INSM | 12,322 | $1.8M | 0.09% |
| 133 | WINTRUST FINANCIAL CORP | 97650W108 | 13,020 | $1.7M | 0.09% |
| 134 | BOWMAN CONSULTING GROUP LTD | BWMN | 40,357 | $1.7M | 0.09% |
| 135 | FINWISE BANCORP | FINW | 85,424 | $1.7M | 0.09% |
| 136 | WESTERN ALLIANCE BANCORP | WAL-PA | 17,931 | $1.6M | 0.08% |
| 137 | BALDWIN INSURANCE GROUP INC | 05589G102 | 52,120 | $1.5M | 0.08% |
| 138 | MICROSOFT CORP | MSFT | 2,769 | $1.4M | 0.07% |
| 139 | OMADA HEALTH INC | OMDA | 61,925 | $1.4M | 0.07% |
| 140 | PATHWARD FINANCIAL INC | CASH | 16,572 | $1.2M | 0.06% |
| 141 | NORWOOD FINANCIAL CORP | NWFL | 44,200 | $1.1M | 0.06% |
| 142 | APPLE INC | AAPL | 4,401 | $1.1M | 0.06% |
| 143 | ICU MEDICAL INC | ICUI | 9,138 | $1.1M | 0.06% |
| 144 | ROCKET COMPANIES INC | 77311W101 | 54,049 | $1.0M | 0.05% |
| 145 | FIGURE TECHNOLOGY SOLUTIONS | FGRS | 27,860 | $1.0M | 0.05% |
| 146 | QCR HOLDINGS INC | QCRH | 13,110 | $991,640 | 0.05% |
| 147 | ORTHOFIX MEDICAL INC | OFIX | 66,322 | $970,954 | 0.05% |
| 148 | PAGAYA TECHNOLOGIES | PGYWW | 31,165 | $925,289 | 0.05% |
| 149 | ALPHABET INC CLA A | GOOG | 3,574 | $868,839 | 0.04% |
| 150 | AMAZON.COM, INC | AMZN | 3,832 | $841,392 | 0.04% |
| 151 | GLOBUS MEDICAL INC | GMED | 14,261 | $816,727 | 0.04% |
| 152 | MECHANICS BANCORP | MCHB | 60,462 | $804,749 | 0.04% |
| 153 | BROADCOM LTD | AVGO | 2,425 | $800,032 | 0.04% |
| 154 | SOUTHSTATE BANK CORP | 84472E102 | 7,930 | $784,039 | 0.04% |
| 155 | UNITED BANKSHARES INC | UNTCW | 20,108 | $748,219 | 0.04% |
| 156 | RXO INC | RXO | 47,836 | $735,718 | 0.04% |
| 157 | META PLATFORMS INC | META | 1,000 | $734,380 | 0.04% |
| 158 | THIRD COAST BANCSHARES INC | TCBX | 19,108 | $725,531 | 0.04% |
| 159 | EAST WEST BANCORP INC | EWBC | 6,314 | $672,125 | 0.03% |
| 160 | PORCH GROUP INC | PRCH | 39,577 | $664,102 | 0.03% |
| 161 | CONNECTONE BANCORP INC | CNOBP | 25,356 | $629,082 | 0.03% |
| 162 | KLARNA GROUP | KLAR | 17,146 | $628,401 | 0.03% |
| 163 | SHOPIFY INC | SHOP | 4,053 | $602,316 | 0.03% |
| 164 | NU HOLDINGS LTD | NU | 37,532 | $600,887 | 0.03% |
| 165 | BITMINE IMMERSION TECHNOLOGIES | 09175A206 | 11,558 | $600,207 | 0.03% |
| 166 | SOFI TECHNOLOGIES | SOFI | 22,392 | $591,597 | 0.03% |
| 167 | FIVE STAR BANCORP | FSBC | 18,040 | $580,888 | 0.03% |
| 168 | LIVE OAK BANCSHARES INC | LOB-PA | 14,526 | $511,606 | 0.03% |
| 169 | BANK OZK | OZKAP | 9,842 | $501,745 | 0.03% |
| 170 | NEPTUNE INSURANCE HOLDINGS | 64073B103 | 24,761 | $495,220 | 0.03% |
| 171 | DAVE INC | 23834J201 | 2,478 | $493,989 | 0.03% |
| 172 | FIRST BUSEY CORP | BUSEP | 21,123 | $488,997 | 0.03% |
| 173 | BANK7 CORP | BSVN | 10,435 | $482,827 | 0.02% |
| 174 | AFFIRM HOLDINGS INC | AFRM | 6,520 | $476,482 | 0.02% |
| 175 | FIRST FINL BANCSHARES INC | 32020R109 | 13,910 | $468,072 | 0.02% |
| 176 | KINSALE CAPITAL GROUP INC | 49714P108 | 1,084 | $460,982 | 0.02% |
| 177 | REMITLY GLOBAL | RELY | 28,159 | $458,992 | 0.02% |
| 178 | BYLINE BANCORP INC | BY | 16,270 | $451,167 | 0.02% |
| 179 | COINBASE GLOBAL INC | COIN | 1,251 | $422,200 | 0.02% |
| 180 | SEACOAST BANKING CORPORATION OF FLORIDA | SE | 13,306 | $404,902 | 0.02% |
| 181 | AMERIS BANCORP | ABCB | 4,442 | $325,643 | 0.02% |
| 182 | BULLISH | BLSH | 5,000 | $318,050 | 0.02% |
| 183 | TETRA TECHNOLOGIES | 88162F105 | 54,204 | $311,673 | 0.02% |
| 184 | CIRCLE INTERNET GROUP | CRCL | 2,282 | $302,548 | 0.02% |
| 185 | NETFLIX INC | NFLX | 216 | $258,967 | 0.01% |
| 186 | NOVOCURE LTD | NVCR | 19,173 | $247,715 | 0.01% |
| 187 | TJX COS. | 872540109 | 1,704 | $246,296 | 0.01% |
| 188 | PRIVATE BANCORP OF AMERICA INC | 74274F100 | 3,676 | $217,068 | 0.01% |
| 189 | FTAI AVIATION LTD | FTAIN | 1,249 | $208,408 | 0.01% |
| 190 | TAKE TWO INTERACTIVE SOFTWARE | TTWO | 799 | $206,430 | 0.01% |
| 191 | FIFTH THIRD BANCORP | FITBM | 4,530 | $201,812 | 0.01% |
| 192 | CHENIERE ENERGY INC | LNG | 844 | $198,323 | 0.01% |
| 193 | APPLOVIN CORP | APP | 265 | $190,413 | 0.01% |
| 194 | MASTEC INC | MTZ | 864 | $183,868 | 0.01% |
| 195 | NORWEGIAN CRUISE LINE HOLDINGS LTD | NCLH | 7,145 | $175,981 | 0.01% |
| 196 | ELI LILLY & CO | LLY | 230 | $175,490 | 0.01% |
| 197 | GENIUS SPORTS LIMITED | GENI | 13,269 | $164,270 | 0.01% |
| 198 | VISA INC-CLASS A | V | 476 | $162,497 | 0.01% |
| 199 | COSTCO WHOLESALE CORP | 22160K105 | 169 | $156,431 | 0.01% |
| 200 | TESLA MOTORS, INC | TSLA | 346 | $153,873 | 0.01% |
| 201 | PALO ALTO NETWORKS, INC | PANW | 729 | $148,439 | 0.01% |
| 202 | TWFG INC | TWFG | 4,900 | $134,456 | 0.01% |
| 203 | DOORDASH INC | DASH | 479 | $130,283 | 0.01% |
| 204 | MONGODB INC | MDB | 411 | $127,566 | 0.01% |
| 205 | ORACLE SYS CORP | ORCL-PD | 445 | $125,152 | 0.01% |
| 206 | CNB FINL CORP PA | 126128107 | 5,156 | $124,775 | 0.01% |
| 207 | MIAMI INTERNATIONAL | 59356Q108 | 2,500 | $100,650 | 0.01% |
| 208 | REPAY HOLDINGS CORP CL A | RPAY | 18,667 | $97,628 | 0.01% |
| 209 | BWX TECHNOLOGIES INC | BWXT | 529 | $97,532 | 0.01% |
| 210 | CORPAY INC | CPAY | 323 | $93,043 | 0.00% |
| 211 | INDIE SEMICONDUCTOR INC | INDI | 22,610 | $92,023 | 0.00% |
| 212 | MP MATERIALS CORP | MP | 1,336 | $89,606 | 0.00% |
| 213 | BIOGEN IDEC INC | BIIB | 623 | $87,270 | 0.00% |
| 214 | AUTOZONE INC | AZO | 19 | $81,515 | 0.00% |
| 215 | GOLAR LNG LIMITED | GLNG | 1,989 | $80,375 | 0.00% |
| 216 | DATADOG INC | DDOG | 527 | $75,045 | 0.00% |
| 217 | SUPER MICRO COMPUTER INC | SMCI | 1,451 | $69,561 | 0.00% |
| 218 | BAKER HUGHES COMPANY | BKR | 1,342 | $65,382 | 0.00% |
| 219 | PALANTIR TECHNOLOGIES INC | PLTR | 357 | $65,124 | 0.00% |