13F HOLDINGS REPORT
EMERALD MUTUAL FUND ADVISERS TRUST
Quarter ended Q4 2025 · Filed February 9, 2026 · Accession 0001104659-26-011929
Total Value
$2.05B
Positions
189
Other Managers
0
Confidential Omitted
No
Holdings (189)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | RBB FD INC | 74933W221 | 1,997,035 | $73.1M | 3.56% |
| 2 | GUARDANT HEALTH INC | GH | 523,932 | $53.5M | 2.61% |
| 3 | CREDO TECHNOLOGY GROUP HOLDINGS | CRDO | 295,387 | $42.5M | 2.07% |
| 4 | KRATOS DEFENSE AND SECURITY | 50077B207 | 522,224 | $39.6M | 1.93% |
| 5 | TTM TECHNOLOGIES INC | TTMI | 547,363 | $37.8M | 1.84% |
| 6 | COGENT BIOSCIENCES INC | COGT | 1,038,494 | $36.9M | 1.80% |
| 7 | TRAVERE THERAPEUTICS INC | TVTX | 948,459 | $36.2M | 1.77% |
| 8 | RAMBUS INC | RMBS | 391,215 | $35.9M | 1.75% |
| 9 | LUMENTUM HOLDINGS INC | LITE | 86,925 | $32.0M | 1.56% |
| 10 | MODINE MANUFACTURING CO | 607828100 | 235,425 | $31.4M | 1.53% |
| 11 | BLOOM ENERGY CO | BE | 351,401 | $30.5M | 1.49% |
| 12 | AEROVIRONMENT INC | AVAV | 125,692 | $30.4M | 1.48% |
| 13 | FABRINET | FN | 65,816 | $30.0M | 1.46% |
| 14 | AXOS FINANCIAL INC | AX | 341,262 | $29.4M | 1.43% |
| 15 | VSE CORPORATION | VSECU | 168,352 | $29.1M | 1.42% |
| 16 | LIVANOVA PLC | LIVN | 456,263 | $28.1M | 1.37% |
| 17 | TRANSMEDICS GROUP INC | TMDX | 229,901 | $28.0M | 1.36% |
| 18 | MOELIS & CO | MC | 363,523 | $25.0M | 1.22% |
| 19 | MERCURY SYSTEMS INC | MRCY | 336,058 | $24.5M | 1.20% |
| 20 | AGILYSYS INC | AGYS | 205,857 | $24.5M | 1.19% |
| 21 | BRIDGEBIO PHARMA INC | BBIO | 316,784 | $24.2M | 1.18% |
| 22 | NATIONAL VISION HOLDINGS | EYE | 937,540 | $24.2M | 1.18% |
| 23 | WAVE LIFE SCIENCES LTD | WVE | 1,414,665 | $24.0M | 1.17% |
| 24 | THE BANCORP INC | TBBK | 353,602 | $23.9M | 1.16% |
| 25 | VITAL FARMS INC | VITL | 698,053 | $22.3M | 1.09% |
| 26 | PALOMAR HOLDINGS INC | PLMR | 161,717 | $21.8M | 1.06% |
| 27 | ATI Inc | ATI | 183,555 | $21.1M | 1.03% |
| 28 | SEMTECH CORP | SMTC | 285,037 | $21.0M | 1.02% |
| 29 | AAR CORPORATION | AIR | 252,772 | $20.9M | 1.02% |
| 30 | OLLIE'S BARGAIN OUTLET HOLDINGS | 681116109 | 185,623 | $20.3M | 0.99% |
| 31 | Q2 HOLDINGS INC | QTWO | 281,749 | $20.3M | 0.99% |
| 32 | SKYWARD SPECIALTY INSURANCE | 830940102 | 397,401 | $20.3M | 0.99% |
| 33 | IMAX CORP | IMAX | 525,986 | $19.4M | 0.95% |
| 34 | ESCO TECHNOLOGIES INC | ESE | 98,502 | $19.2M | 0.94% |
| 35 | BOOT BARN HOLDINGS INC | BOOT | 108,944 | $19.2M | 0.94% |
| 36 | ALPHATEC HOLDINGS INC | ATEC | 910,053 | $19.1M | 0.93% |
| 37 | MIRUM PHARMACEUTICALS INC | MIRM | 242,320 | $19.1M | 0.93% |
| 38 | RUSH STREET INTERACTIVE INC | RSI | 981,901 | $19.1M | 0.93% |
| 39 | SITIME CORPORATION | SITM | 52,825 | $18.7M | 0.91% |
| 40 | SPX TECHNOLOGIES INC | SPXC | 93,074 | $18.6M | 0.91% |
| 41 | ARGAN INC | AGX | 58,943 | $18.5M | 0.90% |
| 42 | UMB FINANCIAL CORP | 902788108 | 158,617 | $18.2M | 0.89% |
| 43 | VARONIS SYSTEMS INC | VRNS | 555,882 | $18.2M | 0.89% |
| 44 | COLLEGIUM PHARMACEUTICAL INC | COLL | 391,670 | $18.1M | 0.88% |
| 45 | ALLEGIANT TRAVEL CO | ALGT | 211,825 | $18.1M | 0.88% |
| 46 | RADNET INC | RDNT | 251,246 | $17.9M | 0.87% |
| 47 | EVOLV TECHNOLOGIES | EVLVW | 2,502,489 | $17.9M | 0.87% |
| 48 | ARLO TECHNOLOGIES | ARLO | 1,238,321 | $17.3M | 0.84% |
| 49 | IMPINJ INC | PI | 99,487 | $17.3M | 0.84% |
| 50 | PDF SOLUTIONS INC | PDFS | 594,610 | $17.0M | 0.83% |
| 51 | PIPER SANDLER CO | PIPR | 49,246 | $16.7M | 0.81% |
| 52 | MIRION TECHNOLOGIES INC | MIR | 704,496 | $16.5M | 0.80% |
| 53 | NLIGHT INC | LASR | 429,772 | $16.1M | 0.79% |
| 54 | TETRA TECHNOLOGIES | 88162F105 | 1,720,205 | $16.1M | 0.79% |
| 55 | TREVI THERAPEUTICS | TRVI | 1,272,373 | $15.9M | 0.78% |
| 56 | CECO ENVIRONMENTAL CORP | CECO | 260,598 | $15.6M | 0.76% |
| 57 | CUSTOMERS BANCORP INC | CUBB | 212,357 | $15.5M | 0.76% |
| 58 | SYNAPTICS INC | SYNA | 208,859 | $15.5M | 0.75% |
| 59 | FRESHPET INC | FRPT | 252,306 | $15.4M | 0.75% |
| 60 | STERLING INFRASTRUCTURE INC | STRL | 48,875 | $15.0M | 0.73% |
| 61 | KULICKE AND SOFFA INDUSTRIES | 501242101 | 322,457 | $14.7M | 0.72% |
| 62 | MADRIGAL PHARMACEUTICALS INC | MDGL | 24,996 | $14.6M | 0.71% |
| 63 | CARPENTER TECHNOLOGY CORP | CRS | 46,062 | $14.5M | 0.71% |
| 64 | SAVARA INC | SVRA | 2,396,458 | $14.5M | 0.70% |
| 65 | SOLARIS ENERGY INFRASTRUCTURE INC | SEI | 312,027 | $14.3M | 0.70% |
| 66 | APPLIED OPTOELECTRONICS INC | AAOI | 399,050 | $13.9M | 0.68% |
| 67 | KALVISTA PHARMACEUTICALS INC | KALV | 855,461 | $13.8M | 0.67% |
| 68 | SPYRE THERAPEUTICS | SYRE | 412,371 | $13.5M | 0.66% |
| 69 | SKYWATER TECHNOLOGY INC | SKYT | 729,156 | $13.2M | 0.65% |
| 70 | ACADIA PHARMACEUTICALS INC | ACAD | 484,506 | $12.9M | 0.63% |
| 71 | COMMVAULT SYSTEMS INC | CVLT | 102,780 | $12.9M | 0.63% |
| 72 | BJ'S RESTAURANT INC | BJRI | 323,573 | $12.7M | 0.62% |
| 73 | AMERICAN SEMICONDUCTOR CORP | AMSC | 435,246 | $12.5M | 0.61% |
| 74 | IONQ INC | IONQ-WT | 277,668 | $12.5M | 0.61% |
| 75 | ONESPAWORLD HOLDINGS LIMITED | OSW | 600,025 | $12.4M | 0.61% |
| 76 | AXSOME THERAPEUTICS INC | AXSM | 67,608 | $12.3M | 0.60% |
| 77 | COASTAL FINANCIAL CORP | 19046P209 | 107,737 | $12.3M | 0.60% |
| 78 | ONTO INNOVATION INC | ONTO | 75,385 | $11.9M | 0.58% |
| 79 | LENDINGTREE INC | TREE | 218,269 | $11.6M | 0.56% |
| 80 | COMPASS INC | COMP | 1,073,746 | $11.3M | 0.55% |
| 81 | EVERQUOTE INC | EVER | 411,606 | $11.1M | 0.54% |
| 82 | ARHAUS INC | ARHS | 990,215 | $11.1M | 0.54% |
| 83 | LENDINGCLUB CORP | LC | 577,591 | $10.9M | 0.53% |
| 84 | LUMEXA IMAGING HOLDINGS INC | LMRI | 588,665 | $10.9M | 0.53% |
| 85 | SOLENO THERAPEUTICS INC | SLNO | 232,485 | $10.8M | 0.52% |
| 86 | NEKTAR THERAPEUTICS | NKTR | 253,125 | $10.7M | 0.52% |
| 87 | SHIFT4 PAYMENTS INC | 82452J109 | 165,269 | $10.4M | 0.51% |
| 88 | FIRST ADVANTAGE CORP | FA | 672,716 | $9.8M | 0.48% |
| 89 | INTERDIGITAL INC PA COM | IDCC | 30,367 | $9.7M | 0.47% |
| 90 | BILLIONTOONE INC | BLLN | 118,134 | $9.7M | 0.47% |
| 91 | LIFETIME GROUP HOLDINGS INC | LTH | 355,492 | $9.4M | 0.46% |
| 92 | D-WAVE QUANTUM INC | QBTS | 358,640 | $9.4M | 0.46% |
| 93 | PERELLA WEINBERG PARTNERS | PWP | 541,284 | $9.4M | 0.46% |
| 94 | MERIT MED SYS INC | 589889104 | 105,651 | $9.3M | 0.45% |
| 95 | FIVE BELOW | FIVE | 47,695 | $9.0M | 0.44% |
| 96 | IPG PHOTONICS CORP | IPGP | 122,225 | $8.8M | 0.43% |
| 97 | FIRST WATCH RESTAURANT GROUP | FWRG | 569,418 | $8.6M | 0.42% |
| 98 | ASTRONICS CORP | ATROB | 156,719 | $8.5M | 0.41% |
| 99 | TRINITY CAPITAL INC | TRINZ | 549,260 | $8.0M | 0.39% |
| 100 | AVEANNA HEALTHCARE HOLDINGS | AVAH | 980,433 | $8.0M | 0.39% |
| 101 | BLACK ROCK COFFEE BAR | BRCB | 351,789 | $7.8M | 0.38% |
| 102 | CARDINAL INFRASTRUCTURE GROUP | CDNL | 299,995 | $7.3M | 0.35% |
| 103 | SLIDE INSURANCE HOLDINGS INC | 831349105 | 368,210 | $7.2M | 0.35% |
| 104 | CORCEPT THERAPEUTICS INC | CORT | 194,349 | $6.8M | 0.33% |
| 105 | VISTEON CORP | VC | 61,970 | $5.9M | 0.29% |
| 106 | EXCELERATE ENERGY INC | EE | 184,338 | $5.2M | 0.25% |
| 107 | MID PENN BANCORP INC | MPB | 154,411 | $4.8M | 0.23% |
| 108 | HIMS & HERS HEALTH INC | HIMS | 147,460 | $4.8M | 0.23% |
| 109 | SEACOAST BANKING CORPORATION OF FLORIDA | SE | 136,802 | $4.3M | 0.21% |
| 110 | LATHAM GROUP INC | SWIM | 642,554 | $4.1M | 0.20% |
| 111 | HEARTFLOW INC | HTFL | 131,262 | $3.8M | 0.19% |
| 112 | UNITED THERAPEUTICS CORP DEL | UTHR | 7,600 | $3.7M | 0.18% |
| 113 | NEPTUNE INSURANCE HOLDINGS | 64073B103 | 123,107 | $3.6M | 0.17% |
| 114 | AMERICAN INTEGRITY INSURANCE GROUP | 026948109 | 171,429 | $3.6M | 0.17% |
| 115 | GBANK FINANCIAL HOLDINGS INC | 36166F100 | 98,689 | $3.3M | 0.16% |
| 116 | ICU MEDICAL INC | ICUI | 21,987 | $3.1M | 0.15% |
| 117 | WESBANCO INC | WSBCO | 90,898 | $3.0M | 0.15% |
| 118 | ULTRAGENYX PHARMACEUTICAL INC | RARE | 120,505 | $2.8M | 0.14% |
| 119 | ENOVA INTERNATI | 29357K103 | 16,603 | $2.6M | 0.13% |
| 120 | BOWMAN CONSULTING GROUP LTD | BWMN | 77,533 | $2.6M | 0.12% |
| 121 | ESQUIRE FINANCIAL HOLDINGS | 29667J101 | 22,968 | $2.3M | 0.11% |
| 122 | NORTHEAST BANCORP | 66405S100 | 22,289 | $2.3M | 0.11% |
| 123 | INSMED INC | INSM | 13,241 | $2.3M | 0.11% |
| 124 | METROPOLITAN BANK HOLDING CO | 591774104 | 29,370 | $2.2M | 0.11% |
| 125 | TENABLE HOLDING | 88025T102 | 93,572 | $2.2M | 0.11% |
| 126 | CERIBELL INC | CBLL | 92,131 | $2.0M | 0.10% |
| 127 | INTEGER HOLDINGS CORP | ITGR | 25,512 | $2.0M | 0.10% |
| 128 | ROBINHOOD MARKETS INC | 770700102 | 17,587 | $2.0M | 0.10% |
| 129 | BYRNA TECHNOLOGIES INC | BYRN | 112,370 | $1.9M | 0.09% |
| 130 | ZEVIA PBC | ZVIA | 800,124 | $1.9M | 0.09% |
| 131 | GLOBUS MEDICAL INC | GMED | 16,959 | $1.5M | 0.07% |
| 132 | GREEN DOT CORP | GDOT | 95,976 | $1.2M | 0.06% |
| 133 | WINTRUST FINANCIAL CORP | 97650W108 | 8,733 | $1.2M | 0.06% |
| 134 | WESTERN ALLIANCE BANCORP | WAL-PA | 14,347 | $1.2M | 0.06% |
| 135 | PATHWARD FINANCIAL INC | CASH | 16,572 | $1.2M | 0.06% |
| 136 | FIGURE TECHNOLOGY SOLUTIONS | FGRS | 27,860 | $1.1M | 0.06% |
| 137 | ATEGRITY SPECIALTY HOLDINGS | 04681Y103 | 53,669 | $1.1M | 0.05% |
| 138 | QCR HOLDINGS INC | QCRH | 13,110 | $1.1M | 0.05% |
| 139 | INVIVYD INC | IVVD | 428,847 | $1.1M | 0.05% |
| 140 | ROCKET COMPANIES INC | 77311W101 | 54,049 | $1.0M | 0.05% |
| 141 | FINWISE BANCORP | FINW | 54,364 | $975,290 | 0.05% |
| 142 | MECHANICS BANCORP | MCHB | 60,462 | $884,559 | 0.04% |
| 143 | UTZ BRANDS INC | UTZ | 72,163 | $749,052 | 0.04% |
| 144 | THIRD COAST BANCSHARES INC | TCBX | 19,108 | $726,295 | 0.04% |
| 145 | EAST WEST BANCORP INC | EWBC | 6,314 | $709,630 | 0.03% |
| 146 | MVB FINANCIAL CORP | 553810102 | 27,293 | $704,978 | 0.03% |
| 147 | NORWOOD FINANCIAL CORP | NWFL | 25,000 | $701,250 | 0.03% |
| 148 | CHIME FINANCIAL | 16935C109 | 27,736 | $698,115 | 0.03% |
| 149 | SHOPIFY INC | SHOP | 4,053 | $652,411 | 0.03% |
| 150 | PAGAYA TECHNOLOGIES | PGYWW | 31,165 | $651,349 | 0.03% |
| 151 | FIVE STAR BANCORP | FSBC | 18,040 | $645,471 | 0.03% |
| 152 | SOFI TECHNOLOGIES | SOFI | 22,392 | $586,223 | 0.03% |
| 153 | DAVE INC | 23834J201 | 2,478 | $548,654 | 0.03% |
| 154 | FTAI AVIATION LTD | FTAIN | 2,758 | $542,912 | 0.03% |
| 155 | WAYSTAR HOLDING CORP | WAY | 16,388 | $536,707 | 0.03% |
| 156 | UNITED BANKSHARES INC | UNTCW | 13,818 | $530,611 | 0.03% |
| 157 | NEOGENOMICS INC | NEO | 44,919 | $528,247 | 0.03% |
| 158 | KORRO BIO INC | KRRO | 65,548 | $525,039 | 0.03% |
| 159 | KLARNA GROUP | KLAR | 17,146 | $495,691 | 0.02% |
| 160 | MONGODB INC | MDB | 1,159 | $486,421 | 0.02% |
| 161 | AFFIRM HOLDINGS INC | AFRM | 6,520 | $485,284 | 0.02% |
| 162 | TAKE TWO INTERACTIVE SOFTWARE | TTWO | 1,791 | $458,550 | 0.02% |
| 163 | BANK OZK | OZKAP | 9,842 | $452,929 | 0.02% |
| 164 | BIOGEN IDEC INC | BIIB | 2,465 | $433,815 | 0.02% |
| 165 | BANK7 CORP | BSVN | 10,435 | $427,626 | 0.02% |
| 166 | GENIUS SPORTS LIMITED | GENI | 38,748 | $427,003 | 0.02% |
| 167 | BROADCOM LTD | AVGO | 1,216 | $420,858 | 0.02% |
| 168 | REMITLY GLOBAL | RELY | 28,159 | $388,594 | 0.02% |
| 169 | PORCH GROUP INC | PRCH | 39,577 | $361,338 | 0.02% |
| 170 | BWX TECHNOLOGIES INC | BWXT | 1,922 | $332,198 | 0.02% |
| 171 | AMERIS BANCORP | ABCB | 4,442 | $329,907 | 0.02% |
| 172 | BITMINE IMMERSION TECHNOLOGIES | 09175A206 | 11,558 | $313,800 | 0.02% |
| 173 | MASTEC INC | MTZ | 1,342 | $291,711 | 0.01% |
| 174 | INDIE SEMICONDUCTOR INC | INDI | 82,400 | $290,872 | 0.01% |
| 175 | COINBASE GLOBAL INC | COIN | 1,251 | $282,901 | 0.01% |
| 176 | MATTHEWS INTL CORP CL A | 577128101 | 10,642 | $277,969 | 0.01% |
| 177 | MP MATERIALS CORP | MP | 5,496 | $277,658 | 0.01% |
| 178 | GOLAR LNG LIMITED | GLNG | 7,233 | $269,140 | 0.01% |
| 179 | BOWHEAD SPECIALTY HOLDINGS | BOW | 8,914 | $254,406 | 0.01% |
| 180 | FIRST BUSEY CORP | BUSEP | 10,400 | $247,416 | 0.01% |
| 181 | PRIVATE BANCORP OF AMERICA INC | 74274F100 | 3,676 | $211,480 | 0.01% |
| 182 | KINSALE CAPITAL GROUP INC | 49714P108 | 533 | $208,467 | 0.01% |
| 183 | BULLISH | BLSH | 5,000 | $189,350 | 0.01% |
| 184 | PIXELWORKS INC | PXLW | 29,333 | $186,558 | 0.01% |
| 185 | CIRCLE INTERNET GROUP | CRCL | 2,282 | $180,963 | 0.01% |
| 186 | TWFG INC | TWFG | 4,900 | $140,973 | 0.01% |
| 187 | CNB FINL CORP PA | 126128107 | 5,156 | $134,933 | 0.01% |
| 188 | MIAMI INTERNATIONAL | 59356Q108 | 2,500 | $110,950 | 0.01% |
| 189 | OPENDOOR TECHNOLOGIES INC | OPENZ | 16,576 | $96,638 | 0.00% |