Emerald Advisers, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Emerald Advisers, LLC reported 256 stock positions worth $3.1 billion. Its top holding was Kratos Defense & Security (KTOS) at 2.8% of the portfolio, followed by Credo Technology Group Holdi (CRDO, 2.8%) and Aerovironment (AVAV, 2.5%). Compared with Q2 2025, it opened 22 new positions, sold out of 14, added to 49 and reduced 149. The biggest buy was Bloom Energy Class A (BE, shares +82%) and the biggest sale Baldwin Insurance Group Inc./ (BWIN, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001015083
- Portfolio Value
- $3.1B (Q3 2025)
- SEC Filing
- 0001104659-25-104111 ↗ filed Oct 30, 2025
Holdings Value
Holdings 256 stocks · $3.1B
| KTOS Kratos Defense & Security | 2.84% | 968,851 | $88.5M | Reduce -35.9% |
| CRDO Credo Technology Group Holdi | 2.79% | 597,134 | $86.9M | Reduce -34.5% |
| AVAV Aerovironment Inc. | 2.50% | 247,507 | $77.9M | Reduce -2.0% |
| RMBS Rambus Inc. | 2.13% | 637,754 | $66.5M | Reduce -10.2% |
| LITE Lumentum Holdings Inc. | 1.90% | 363,616 | $59.2M | Reduce -18.5% |
| TTMI TTM Technologies | 1.86% | 1,007,555 | $58.0M | Reduce -28.2% |
| BE Bloom Energy Corp. Class A | 1.86% | 684,946 | $57.9M | Add +82.3% |
| MOD Modine Manufacturing Co. | 1.79% | 391,719 | $55.7M | Add +21.4% |
| GH Guardant Health Inc. | 1.75% | 873,203 | $54.6M | Add +24.8% |
| VRNS Varonis Systems Inc. | 1.68% | 910,641 | $52.3M | Reduce -3.4% |
| TVTX Travere Therapeutics Inc. | 1.64% | 2,146,767 | $51.3M | Add +2.6% |
| RDNT Radnet Inc. | 1.57% | 642,167 | $48.9M | Reduce -4.5% |
| SITM Sitime Corp. | 1.57% | 162,243 | $48.9M | Add +8.4% |
| EYE National Vision Holdings Inc. | 1.48% | 1,578,960 | $46.1M | Reduce -2.6% |
| TBBK The Bancorp Inc. | 1.45% | 602,580 | $45.1M | Reduce -3.8% |
| AX Axos Financial Inc. | 1.44% | 528,912 | $44.8M | Reduce -4.5% |
| TMDX Transmedics Group Inc. | 1.39% | 387,588 | $43.5M | Reduce -11.8% |
| SLNO Soleno Therapeutics Inc. | 1.36% | 627,756 | $42.4M | Reduce -6.7% |
| MRCY Mercury Systems Inc. | 1.32% | 533,092 | $41.3M | Add +16.7% |
| VITL Vital Farms Inc. | 1.31% | 990,625 | $40.8M | Reduce -2.4% |
| FN Fabrinet | 1.29% | 110,673 | $40.4M | Reduce -18.8% |
| OLLI Ollie's Bargain Outlet Holdi | 1.24% | 301,024 | $38.7M | Reduce -2.2% |
| BBIO Bridgebio Pharma Inc. | 1.20% | 720,343 | $37.4M | Reduce -29.5% |
| VSEC Vse Corp. | 1.19% | 223,291 | $37.1M | Reduce -1.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.17% | 502,949 | $36.4M | Reduce -1.8% |
| PLMR Palomar Holdings Inc. | 1.13% | 301,002 | $35.1M | Reduce -6.3% |
| IDCC Interdigital Inc. | 1.13% | 101,776 | $35.1M | Reduce -41.7% |
| AGYS Agilysys Inc. | 1.11% | 329,981 | $34.7M | Reduce -2.1% |
| AIR Aar Corp. | 1.05% | 364,875 | $32.7M | Add +8.3% |
| SKWD Skyward Specialty Insurance | 1.04% | 684,742 | $32.6M | Reduce -4.6% |
| MC Moelis & Co. Class A | 1.03% | 451,497 | $32.2M | Reduce -1.4% |
| AMSC American Superconductor Corp. | 0.99% | 521,183 | $31.0M | Add +4.2% |
| SMTC Semtech Corp. | 0.96% | 419,094 | $29.9M | New |
| ESE Esco Technologies Inc. | 0.96% | 141,419 | $29.9M | Add +58.8% |
| CVLT Commvault Systems Inc. | 0.95% | 156,894 | $29.6M | Add +47.4% |
| ARLO Arlo Technologies Inc. | 0.94% | 1,734,271 | $29.4M | Reduce -0.9% |
| LIVN Livanova PLC | 0.93% | 551,162 | $28.9M | Add +2.3% |
| SPXC SPX Technologies Inc. | 0.92% | 153,507 | $28.7M | Add +13.6% |
| IONQ Ionq Inc. | 0.90% | 457,780 | $28.2M | Add +51.9% |
| PI Impinj Inc. | 0.90% | 155,233 | $28.1M | Reduce -1.7% |
| STRL Sterling Infrastructure Inc. | 0.90% | 82,582 | $28.1M | Add +50.3% |
| RSI Rush Street Interactive Inc. | 0.88% | 1,341,739 | $27.5M | Add +12.6% |
| MIRM Mirum Pharmaceuticals Inc. | 0.87% | 369,600 | $27.1M | Add +20.9% |
| BOOT Boot Barn Holdings Inc. | 0.85% | 160,165 | $26.5M | Reduce -1.5% |
| MIR Mirion Technologies Inc. | 0.85% | 1,137,165 | $26.5M | Add +17.8% |
| ALGT Allegiant Travel Co. | 0.83% | 427,718 | $26.0M | Add +23.7% |
| ATI Ati Inc. | 0.82% | 313,088 | $25.5M | Reduce -1.8% |
| SKYT Skywater Technology Inc. | 0.80% | 1,332,108 | $24.9M | Reduce -2.3% |
| UMBF Umb Financial Corp. | 0.80% | 209,563 | $24.8M | Reduce -1.6% |
| SEI Solaris Energy Infrastructur | 0.79% | 616,719 | $24.7M | Reduce -3.4% |
| PDFS PDF Solutions Inc. | 0.78% | 942,655 | $24.3M | Reduce -1.2% |
| ATEC Alphatec Holdings Inc. | 0.76% | 1,638,882 | $23.8M | Reduce -2.7% |
| TREE Lendingtree Inc. | 0.76% | 366,894 | $23.7M | Reduce -4.0% |
| AGX Argan Inc. | 0.75% | 86,532 | $23.4M | New |
| MMSI Merit Medical Systems Inc. | 0.75% | 280,622 | $23.4M | Reduce -3.8% |
| CRS Carpenter Technology | 0.75% | 94,819 | $23.3M | Reduce -4.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.75% | 50,737 | $23.3M | Reduce -4.5% |
| COGT Cogent Biosciences Inc. | 0.73% | 1,579,496 | $22.7M | Add +9.3% |
| COLL Collegium Pharmaceutical Inc. | 0.72% | 639,694 | $22.4M | Reduce -23.6% |
| WVE Wave Life Sciences Ltd. | 0.70% | 2,996,900 | $21.9M | Reduce -8.0% |
| FOUR SHIFT4 Payments Inc. Class A | 0.69% | 277,675 | $21.5M | Reduce -1.9% |
| FA First Advantage Corp. | 0.69% | 1,388,500 | $21.4M | Reduce -3.0% |
| FRPT Freshpet Inc. | 0.66% | 374,683 | $20.6M | Reduce -28.1% |
| NSSC Napco Security Technologies | 0.64% | 466,165 | $20.0M | Reduce -10.3% |
| EVLV Evolv Technologies Holdings | 0.63% | 2,619,822 | $19.8M | New |
| OSW Onespaworld Holdings Ltd. | 0.62% | 915,428 | $19.4M | Reduce -1.1% |
| CORT Corcept Therapeutics Inc. | 0.62% | 232,452 | $19.3M | Reduce -4.0% |
| LTH Life Time Group Holdings Inc. | 0.61% | 688,568 | $19.0M | Reduce -2.0% |
| CWAN Clearwater Analytics HDS-A | 0.59% | 1,025,414 | $18.5M | Reduce -4.4% |
| NKTR Nektar Therapeutics | 0.59% | 323,246 | $18.4M | New |
| LIF LIFE360 Inc. | 0.58% | 170,529 | $18.1M | Reduce -39.4% |
| ARHS Arhaus Inc. | 0.57% | 1,678,309 | $17.8M | Reduce -3.0% |
| MTSI Macom Technology Solutions H | 0.57% | 143,085 | $17.8M | Reduce -21.7% |
| HIMS Hims & Hers Health Inc. | 0.56% | 305,921 | $17.4M | New |
| PWP Perella Weinberg Partners | 0.55% | 803,654 | $17.1M | Add +41.4% |
| BJRI Bj's Restaurants Inc. | 0.54% | 555,576 | $17.0M | Reduce -6.4% |
| ONTO Onto Innovation Inc. | 0.53% | 127,561 | $16.5M | Reduce -2.0% |
| KALV Kalvista Pharmaceuticals Inc. | 0.53% | 1,351,254 | $16.5M | Add +30.2% |
| TENB Tenable Holdings Inc. | 0.52% | 556,931 | $16.2M | Reduce -10.0% |
| AAOI Applied Optoelectronics Inc. | 0.51% | 609,645 | $15.8M | Reduce -1.7% |
| EVER Everquote Inc. Class A | 0.51% | 689,253 | $15.8M | Add +11.2% |
| CUBI Customers Bancorp Inc. | 0.49% | 231,753 | $15.1M | New |
| KLIC Kulicke & Soffa Industries | 0.47% | 362,610 | $14.7M | Reduce -12.1% |
| RHP Ryman Hospitality Properties | 0.47% | 163,528 | $14.7M | Reduce -8.9% |
| LASR Nlight Inc. | 0.46% | 486,481 | $14.4M | Add +9858.7% |
| VC Visteon Corp. | 0.45% | 117,785 | $14.1M | New |
| QBTS D-Wave Quantum Inc. | 0.43% | 547,249 | $13.5M | Reduce -1.9% |
| AXSM Axsome Therapeutics Inc. | 0.42% | 108,942 | $13.2M | Reduce -3.1% |
| FIVE Five Below | 0.42% | 85,158 | $13.2M | Reduce -3.8% |
| CADE Cadence Bank | 0.41% | 342,322 | $12.9M | Add +118.9% |
| FWRG First Watch Restaurant Group | 0.41% | 821,090 | $12.8M | Add +113.4% |
| COMP Compass Inc. Class A | 0.41% | 1,587,893 | $12.8M | New |
| SVRA Savara Inc. | 0.40% | 3,529,324 | $12.6M | Reduce -0.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.40% | 418,566 | $12.6M | Reduce -9.3% |
| TRIN Trinity Capital Inc. | 0.40% | 806,171 | $12.5M | Reduce -2.8% |
| ACAD Acadia Pharmaceuticals Inc. | 0.39% | 569,671 | $12.2M | Reduce -3.8% |
| IPGP Ipg Photonics Corp. | 0.39% | 151,967 | $12.0M | New |
| IMAX Imax Corp. | 0.35% | 329,172 | $10.8M | New |
| ITGR Integer Holdings Corp. | 0.34% | 102,246 | $10.6M | Reduce -1.5% |
| SOC Sable Offshore Corp. | 0.33% | 587,376 | $10.3M | Reduce -4.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $23K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IWO iShares Russell 2000 Growth | RUS 2000 GRW ETF · principal | 71 | $23K | New |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q2 2025 → Q3 2025
| BWIN Baldwin Insurance Group Inc./ | Reduce -75.8% | 0.18% | −1.09 |
| TMDX Transmedics Group Inc. | Reduce -11.8% | 1.39% | −0.76 |
| SLNO Soleno Therapeutics Inc. | Reduce -6.7% | 1.36% | −0.71 |
| PLMR Palomar Holdings Inc. | Reduce -6.3% | 1.13% | −0.69 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.66 |
| FRPT Freshpet Inc. | Reduce -28.1% | 0.66% | −0.64 |
| FORM Formfactor Inc. | Sold out | 0.00% | −0.60 |
| QTWO Q2 Holdings Inc. | Reduce -1.8% | 1.17% | −0.59 |
| PTLO Portillo's Inc. Class A | Reduce -99.8% | 0.00% | −0.55 |
| LPX Louisiana-Pacific Corp. | Reduce -98.2% | 0.01% | −0.51 |
| SKWD Skyward Specialty Insurance | Reduce -4.6% | 1.04% | −0.48 |
| WSBC Wesbanco Inc. | Reduce -99.8% | 0.00% | −0.44 |
| BJRI Bj's Restaurants Inc. | Reduce -6.4% | 0.54% | −0.43 |
| BBIO Bridgebio Pharma Inc. | Reduce -29.5% | 1.20% | −0.42 |
| ETNB 89BIO Inc. | Reduce -71.0% | 0.25% | −0.41 |
| MTSI Macom Technology Solutions H | Reduce -21.7% | 0.57% | −0.39 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -1.9% | 0.69% | −0.34 |
| MARA Mara Holdings Inc. | Sold out | 0.00% | −0.33 |
| RXO Rxo Inc. | Reduce -70.4% | 0.11% | −0.31 |
| IDCC Interdigital Inc. | Reduce -41.7% | 1.13% | −0.31 |
| CRDO Credo Technology Group Holdi | Reduce -34.5% | 2.79% | −0.31 |
| AGYS Agilysys Inc. | Reduce -2.1% | 1.11% | −0.30 |
| NVCR Novocure Ltd. | Reduce -99.7% | 0.00% | −0.30 |
| CWAN Clearwater Analytics HDS-A | Reduce -4.4% | 0.59% | −0.27 |
| AKRO Akero Therapeutics Inc. | Reduce -29.1% | 0.31% | −0.26 |
| CRS Carpenter Technology | Reduce -4.0% | 0.75% | −0.25 |
| CCOI Cogent Communications Holdin | Reduce -40.4% | 0.18% | −0.25 |
| MMSI Merit Medical Systems Inc. | Reduce -3.8% | 0.75% | −0.25 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -2.2% | 1.24% | −0.25 |
| TENB Tenable Holdings Inc. | Reduce -10.0% | 0.52% | −0.25 |
| INR Infinity Natural Resour Class A | Reduce -99.8% | 0.00% | −0.25 |
| TTMI TTM Technologies | Reduce -28.2% | 1.86% | −0.24 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -9.3% | 0.40% | −0.21 |
| FFIN First Finl Bankshares Inc. | Reduce -99.2% | 0.00% | −0.20 |
| ATI Ati Inc. | Reduce -1.8% | 0.82% | −0.19 |
| SPT Sprout Social Inc. Class A | Sold out | 0.00% | −0.19 |
| COLL Collegium Pharmaceutical Inc. | Reduce -23.6% | 0.72% | −0.19 |
| FA First Advantage Corp. | Reduce -3.0% | 0.69% | −0.19 |
| EE Excelerate Energy Inc. Class A | Reduce -22.9% | 0.25% | −0.18 |
| RHP Ryman Hospitality Properties | Reduce -8.9% | 0.47% | −0.18 |
| FN Fabrinet | Reduce -18.8% | 1.29% | −0.18 |
| LTH Life Time Group Holdings Inc. | Reduce -2.0% | 0.61% | −0.17 |
| SOC Sable Offshore Corp. | Reduce -4.0% | 0.33% | −0.16 |
| ARLO Arlo Technologies Inc. | Reduce -0.9% | 0.94% | −0.15 |
| BOW Bowhead Specialty Holdings I | Reduce -9.3% | 0.19% | −0.14 |
| FLOC Flowco Holdings Inc. Class A | Sold out | 0.00% | −0.14 |
| AVAV Aerovironment Inc. | Reduce -2.0% | 2.50% | −0.14 |
| ITGR Integer Holdings Corp. | Reduce -1.5% | 0.34% | −0.13 |
| VITL Vital Farms Inc. | Reduce -2.4% | 1.31% | −0.13 |
| AX Axos Financial Inc. | Reduce -4.5% | 1.44% | −0.11 |
Portfolio Buys Q2 2025 → Q3 2025
| BE Bloom Energy Corp. Class A | Add +82.3% | 1.86% | +1.53 |
| SMTC Semtech Corp. | New | 0.96% | +0.96 |
| AGX Argan Inc. | New | 0.75% | +0.75 |
| EVLV Evolv Technologies Holdings | New | 0.63% | +0.63 |
| MOD Modine Manufacturing Co. | Add +21.4% | 1.79% | +0.62 |
| NKTR Nektar Therapeutics | New | 0.59% | +0.59 |
| HIMS Hims & Hers Health Inc. | New | 0.56% | +0.56 |
| TVTX Travere Therapeutics Inc. | Add +2.6% | 1.64% | +0.51 |
| CUBI Customers Bancorp Inc. | New | 0.49% | +0.49 |
| LASR Nlight Inc. | Add +9858.7% | 0.46% | +0.46 |
| VC Visteon Corp. | New | 0.45% | +0.45 |
| STRL Sterling Infrastructure Inc. | Add +50.3% | 0.90% | +0.43 |
| IONQ Ionq Inc. | Add +51.9% | 0.90% | +0.43 |
| MRCY Mercury Systems Inc. | Add +16.7% | 1.32% | +0.42 |
| GH Guardant Health Inc. | Add +24.8% | 1.75% | +0.41 |
| COMP Compass Inc. Class A | New | 0.41% | +0.41 |
| SITM Sitime Corp. | Add +8.4% | 1.57% | +0.40 |
| IPGP Ipg Photonics Corp. | New | 0.39% | +0.39 |
| COGT Cogent Biosciences Inc. | Add +9.3% | 0.73% | +0.35 |
| IMAX Imax Corp. | New | 0.35% | +0.35 |
| ESE Esco Technologies Inc. | Add +58.8% | 0.96% | +0.33 |
| AMSC American Superconductor Corp. | Add +4.2% | 0.99% | +0.32 |
| BRCB Black Rock Coffee Bar Inc. Class A | New | 0.32% | +0.32 |
| MIRM Mirum Pharmaceuticals Inc. | Add +20.9% | 0.87% | +0.30 |
| CVLT Commvault Systems Inc. | Add +47.4% | 0.95% | +0.27 |
| HTFL Heartflow Inc. | New | 0.24% | +0.24 |
| RSI Rush Street Interactive Inc. | Add +12.6% | 0.88% | +0.23 |
| CADE Cadence Bank | Add +118.9% | 0.41% | +0.23 |
| AIR Aar Corp. | Add +8.3% | 1.05% | +0.20 |
| CECO Ceco Environmental Corp. | New | 0.20% | +0.20 |
| FWRG First Watch Restaurant Group | Add +113.4% | 0.41% | +0.19 |
| CCB Coastal Financial Corp. | Add +696.2% | 0.20% | +0.18 |
| PWP Perella Weinberg Partners | Add +41.4% | 0.55% | +0.14 |
| ALGT Allegiant Travel Co. | Add +23.7% | 0.83% | +0.14 |
| HAPN Happen Inc. | New | 0.10% | +0.10 |
| KALV Kalvista Pharmaceuticals Inc. | Add +30.2% | 0.53% | +0.10 |
| SPXC SPX Technologies Inc. | Add +13.6% | 0.92% | +0.09 |
| MIR Mirion Technologies Inc. | Add +17.8% | 0.85% | +0.09 |
| LIVN Livanova PLC | Add +2.3% | 0.93% | +0.04 |
| AAPL Apple Inc. | Add +15.9% | 0.16% | +0.03 |
| APP AppLovin Corp. Class A | New | 0.03% | +0.03 |
| NP Neptune Insurance Holdi Class A | New | 0.03% | +0.03 |
| KRRO Korro Bio Inc. | New | 0.03% | +0.03 |
| MP MP Materials Corp. | New | 0.02% | +0.02 |
| TTI Tetra Technologies Inc. | Add +16.7% | 0.05% | +0.02 |
| FIGR Figure Technology Solut Class A | New | 0.02% | +0.02 |
| BKR Baker Hughes Co. | New | 0.01% | +0.01 |
| FLUT Flutter Entertainment PLC-Di | New | 0.01% | +0.01 |
| BIIB Biogen Inc. | Add +96.4% | 0.03% | +0.01 |
| NTNX Nutanix Inc. Class A | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| IWO iShares Russell 2000 Growth | RUS 2000 GRW ETF · principal | New | 71 | $23K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 237 | $4.2B | TVTX, CDNL, MRCY, AIR, VSEC |
| Q1 2026 | 248 | $3.2B | MOD, GH, BE, TTMI, COGT |
| Q4 2025 | 246 | $3.2B | GH, CRDO, KTOS, TTMI, TVTX |
| Q3 2025 | 256 | $3.1B | KTOS, CRDO, AVAV, RMBS, LITE |
| Q2 2025 | 248 | $2.7B | CRDO, AVAV, KTOS, TMDX, TTMI |
| Q1 2025 | 243 | $2.2B | FTAI, PLMR, CRDO, INSM, KTOS |
| Q4 2024 | 254 | $2.6B | CRDO, FTAI, FRPT, QTWO, GTLS |
| Q3 2024 | 248 | $2.6B | FTAI, FRPT, CRS, VRNS, INSM |
| Q2 2024 | 247 | $2.4B | FTAI, FRPT, CRS, TMDX, CRDO |
| Q1 2024 | 243 | $2.5B | SMCI, FRPT, FTAI, VRNS, CRS |