Emerald Advisers, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Emerald Advisers, LLC reported 246 stock positions worth $3.2 billion. Its top holding was Guardant Health (GH) at 2.7% of the portfolio, followed by Credo Technology Group Holdi (CRDO, 2.2%) and Kratos Defense & Security (KTOS, 2.0%). Compared with Q3 2025, it opened 13 new positions, sold out of 23, added to 64 and reduced 145. The biggest buy was Cogent Biosciences (COGT, shares +0%) and the biggest sale Aerovironment (AVAV, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001015083
- Portfolio Value
- $3.2B (Q4 2025)
- SEC Filing
- 0001104659-26-011928 ↗ filed Feb 9, 2026
Holdings Value
Holdings 246 stocks · $3.2B
| GH Guardant Health Inc. | 2.71% | 861,824 | $88.0M | Reduce -1.3% |
| CRDO Credo Technology Group Holdi | 2.20% | 496,139 | $71.4M | Reduce -16.9% |
| KTOS Kratos Defense & Security | 2.05% | 875,063 | $66.4M | Reduce -9.7% |
| TTMI TTM Technologies | 1.95% | 915,128 | $63.1M | Reduce -9.2% |
| TVTX Travere Therapeutics Inc. | 1.88% | 1,594,184 | $60.9M | Reduce -25.7% |
| RMBS Rambus Inc. | 1.77% | 626,985 | $57.6M | Reduce -1.7% |
| COGT Cogent Biosciences Inc. | 1.73% | 1,583,346 | $56.2M | Add +0.2% |
| LITE Lumentum Holdings Inc. | 1.68% | 147,925 | $54.5M | Reduce -59.3% |
| MOD Modine Manufacturing Co. | 1.60% | 389,935 | $52.1M | Reduce -0.5% |
| AVAV Aerovironment Inc. | 1.58% | 211,531 | $51.2M | Reduce -14.5% |
| FN Fabrinet | 1.53% | 109,289 | $49.8M | Reduce -1.3% |
| BE Bloom Energy Corp. Class A | 1.50% | 559,063 | $48.6M | Reduce -18.4% |
| VSEC Vse Corp. | 1.49% | 279,543 | $48.3M | Add +25.2% |
| AX Axos Financial Inc. | 1.38% | 521,379 | $44.9M | Reduce -1.4% |
| LIVN Livanova PLC | 1.33% | 700,948 | $43.1M | Add +27.2% |
| TMDX Transmedics Group Inc. | 1.32% | 351,349 | $42.7M | Reduce -9.3% |
| MC Moelis & Co. Class A | 1.30% | 615,594 | $42.3M | Add +36.4% |
| WVE Wave Life Sciences Ltd. | 1.29% | 2,455,089 | $41.7M | Reduce -18.1% |
| BBIO Bridgebio Pharma Inc. | 1.26% | 535,764 | $41.0M | Reduce -25.6% |
| PLMR Palomar Holdings Inc. | 1.25% | 301,964 | $40.7M | Add +0.3% |
| EYE National Vision Holdings Inc. | 1.24% | 1,564,955 | $40.4M | Reduce -0.9% |
| TBBK The Bancorp Inc. | 1.24% | 594,683 | $40.2M | Reduce -1.3% |
| AGYS Agilysys Inc. | 1.20% | 328,431 | $39.0M | Reduce -0.5% |
| MRCY Mercury Systems Inc. | 1.19% | 531,115 | $38.8M | Reduce -0.4% |
| VITL Vital Farms Inc. | 1.14% | 1,162,022 | $37.1M | Add +17.3% |
| ATI Ati Inc. | 1.09% | 307,552 | $35.3M | Reduce -1.8% |
| AIR Aar Corp. | 1.07% | 419,470 | $34.7M | Add +15.0% |
| SMTC Semtech Corp. | 1.07% | 470,751 | $34.7M | Add +12.3% |
| ATEC Alphatec Holdings Inc. | 1.06% | 1,637,729 | $34.5M | Reduce -0.1% |
| SKWD Skyward Specialty Insurance | 1.04% | 657,668 | $33.6M | Reduce -4.0% |
| OLLI Ollie's Bargain Outlet Holdi | 1.01% | 298,582 | $32.7M | Reduce -0.8% |
| ESE Esco Technologies Inc. | 1.00% | 166,679 | $32.6M | Add +17.9% |
| BOOT Boot Barn Holdings Inc. | 0.99% | 181,688 | $32.1M | Add +13.4% |
| UMBF Umb Financial Corp. | 0.98% | 275,296 | $31.7M | Add +31.4% |
| IMAX Imax Corp. | 0.97% | 853,822 | $31.6M | Add +159.4% |
| RSI Rush Street Interactive Inc. | 0.96% | 1,606,049 | $31.2M | Add +19.7% |
| SITM Sitime Corp. | 0.96% | 88,332 | $31.2M | Reduce -45.6% |
| AGX Argan Inc. | 0.95% | 98,072 | $30.7M | Add +13.3% |
| SPXC SPX Technologies Inc. | 0.94% | 152,787 | $30.6M | Reduce -0.5% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 0.94% | 421,670 | $30.4M | Reduce -16.2% |
| EVLV Evolv Technologies Holdings | 0.92% | 4,171,243 | $29.9M | Add +59.2% |
| ALGT Allegiant Travel Co. | 0.92% | 349,945 | $29.8M | Reduce -18.2% |
| VRNS Varonis Systems Inc. | 0.92% | 907,764 | $29.8M | Reduce -0.3% |
| LASR Nlight Inc. | 0.90% | 781,877 | $29.3M | Add +60.7% |
| COLL Collegium Pharmaceutical Inc. | 0.90% | 629,344 | $29.1M | Reduce -1.6% |
| CRS Carpenter Technology | 0.90% | 92,448 | $29.1M | Reduce -2.5% |
| MIRM Mirum Pharmaceuticals Inc. | 0.89% | 367,134 | $29.0M | Reduce -0.7% |
| ARLO Arlo Technologies Inc. | 0.89% | 2,059,864 | $28.8M | Add +18.8% |
| SEI Solaris Energy Infrastructur | 0.89% | 626,692 | $28.8M | Add +1.6% |
| RDNT Radnet Inc. | 0.87% | 394,715 | $28.2M | Reduce -38.5% |
| PIPR Piper Sandler Cos | 0.86% | 82,407 | $28.0M | New |
| PI Impinj Inc. | 0.85% | 158,802 | $27.6M | Add +2.3% |
| CECO Ceco Environmental Corp. | 0.85% | 458,525 | $27.4M | Add +284.0% |
| PDFS PDF Solutions Inc. | 0.83% | 943,372 | $26.9M | Add +0.1% |
| TTI Tetra Technologies Inc. | 0.82% | 2,855,302 | $26.8M | Add +1044.8% |
| MIR Mirion Technologies Inc. | 0.82% | 1,137,146 | $26.6M | Reduce 0.0% |
| FRPT Freshpet Inc. | 0.78% | 417,400 | $25.4M | Add +11.4% |
| STRL Sterling Infrastructure Inc. | 0.77% | 82,025 | $25.1M | Reduce -0.7% |
| SYNA Synaptics Inc. | 0.77% | 339,113 | $25.1M | New |
| KLIC Kulicke & Soffa Industries | 0.76% | 539,114 | $24.6M | Add +48.7% |
| CUBI Customers Bancorp Inc. | 0.74% | 330,310 | $24.2M | Add +42.5% |
| SKYT Skywater Technology Inc. | 0.74% | 1,319,113 | $24.0M | Reduce -1.0% |
| TRVI Trevi Therapeutics Inc. | 0.73% | 1,892,276 | $23.7M | New |
| AAOI Applied Optoelectronics Inc. | 0.72% | 670,577 | $23.4M | Add +10.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.70% | 38,913 | $22.7M | Reduce -23.3% |
| AMSC American Superconductor Corp. | 0.67% | 757,568 | $21.8M | Add +45.4% |
| BJRI Bj's Restaurants Inc. | 0.67% | 551,622 | $21.7M | Reduce -0.7% |
| ACAD Acadia Pharmaceuticals Inc. | 0.67% | 811,197 | $21.7M | Add +42.4% |
| KALV Kalvista Pharmaceuticals Inc. | 0.67% | 1,340,495 | $21.6M | Reduce -0.8% |
| CVLT Commvault Systems Inc. | 0.66% | 171,885 | $21.5M | Add +9.6% |
| SVRA Savara Inc. | 0.65% | 3,495,496 | $21.1M | Reduce -1.0% |
| SYRE Spyre Therapeutics Inc. | 0.64% | 636,109 | $20.8M | Add +15.9% |
| ARHS Arhaus Inc. | 0.64% | 1,846,549 | $20.7M | Add +10.0% |
| IONQ Ionq Inc. | 0.63% | 452,674 | $20.3M | Reduce -1.1% |
| MMSI Merit Medical Systems Inc. | 0.62% | 226,514 | $20.0M | Reduce -19.3% |
| AXSM Axsome Therapeutics Inc. | 0.61% | 108,082 | $19.7M | Reduce -0.8% |
| EVER Everquote Inc. Class A | 0.60% | 720,686 | $19.5M | Add +4.6% |
| ONTO Onto Innovation Inc. | 0.60% | 122,613 | $19.4M | Reduce -3.9% |
| TREE Lendingtree Inc. | 0.59% | 361,945 | $19.2M | Reduce -1.4% |
| SLNO Soleno Therapeutics Inc. | 0.59% | 412,651 | $19.1M | Reduce -34.3% |
| FA First Advantage Corp. | 0.59% | 1,309,933 | $19.0M | Reduce -5.7% |
| OSW Onespaworld Holdings Ltd. | 0.58% | 912,932 | $18.9M | Reduce -0.3% |
| COMP Compass Inc. Class A | 0.57% | 1,739,511 | $18.4M | Add +9.6% |
| LTH Life Time Group Holdings Inc. | 0.56% | 682,945 | $18.2M | Reduce -0.8% |
| IDCC Interdigital Inc. | 0.55% | 55,850 | $17.8M | Reduce -45.1% |
| FOUR SHIFT4 Payments Inc. Class A | 0.54% | 280,306 | $17.7M | Add +0.9% |
| CCB Coastal Financial Corp. | 0.54% | 152,755 | $17.5M | Add +158.5% |
| LMRI Lumexa Imaging Holdings Inc. | 0.53% | 932,889 | $17.3M | New |
| PWP Perella Weinberg Partners | 0.53% | 988,706 | $17.1M | Add +23.0% |
| NKTR Nektar Therapeutics | 0.50% | 384,342 | $16.2M | Add +18.9% |
| FIVE Five Below | 0.50% | 85,611 | $16.1M | Add +0.5% |
| BLLN Billiontoone Inc. Class A | 0.48% | 188,949 | $15.5M | New |
| FWRG First Watch Restaurant Group | 0.45% | 978,408 | $14.8M | Add +19.2% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.45% | 778,208 | $14.7M | Add +267.3% |
| IPGP Ipg Photonics Corp. | 0.45% | 204,050 | $14.6M | Add +34.3% |
| AVAH Aveanna Healthcare Holdings | 0.44% | 1,748,725 | $14.3M | New |
| QBTS D-Wave Quantum Inc. | 0.44% | 543,272 | $14.2M | Reduce -0.7% |
| BRCB Black Rock Coffee Bar Inc. Class A | 0.42% | 612,493 | $13.6M | Add +47.6% |
| ATRO Astronics Corp. | 0.41% | 242,727 | $13.2M | New |
| CDNL Cardinal Infrastructure GR-A | 0.38% | 513,355 | $12.4M | New |
Portfolio Sells Q3 2025 → Q4 2025
| AVAV Aerovironment Inc. | Reduce -14.5% | 1.58% | −0.92 |
| KTOS Kratos Defense & Security | Reduce -9.7% | 2.05% | −0.79 |
| SLNO Soleno Therapeutics Inc. | Reduce -34.3% | 0.59% | −0.77 |
| VRNS Varonis Systems Inc. | Reduce -0.3% | 0.92% | −0.76 |
| RDNT Radnet Inc. | Reduce -38.5% | 0.87% | −0.70 |
| NSSC Napco Security Technologies | Sold out | 0.00% | −0.64 |
| SITM Sitime Corp. | Reduce -45.6% | 0.96% | −0.61 |
| CRDO Credo Technology Group Holdi | Reduce -16.9% | 2.20% | −0.59 |
| LIF LIFE360 Inc. | Sold out | 0.00% | −0.58 |
| IDCC Interdigital Inc. | Reduce -45.1% | 0.55% | −0.58 |
| CWAN Clearwater Analytics HDS-A | Reduce -97.3% | 0.02% | −0.57 |
| MTSI Macom Technology Solutions H | Sold out | 0.00% | −0.57 |
| RHP Ryman Hospitality Properties | Reduce -99.5% | 0.00% | −0.47 |
| CADE Cadence Bank | Sold out | 0.00% | −0.41 |
| BE Bloom Energy Corp. Class A | Reduce -18.4% | 1.50% | −0.36 |
| RMBS Rambus Inc. | Reduce -1.7% | 1.77% | −0.36 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.33 |
| ITGR Integer Holdings Corp. | Reduce -95.5% | 0.01% | −0.33 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.31 |
| HIMS Hims & Hers Health Inc. | Reduce -12.6% | 0.27% | −0.29 |
| IONQ Ionq Inc. | Reduce -1.1% | 0.63% | −0.28 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -49.3% | 0.15% | −0.25 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.25 |
| TENB Tenable Holdings Inc. | Reduce -30.2% | 0.28% | −0.24 |
| EYE National Vision Holdings Inc. | Reduce -0.9% | 1.24% | −0.23 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -0.8% | 1.01% | −0.23 |
| QTWO Q2 Holdings Inc. | Reduce -16.2% | 0.94% | −0.23 |
| LITE Lumentum Holdings Inc. | Reduce -59.3% | 1.68% | −0.22 |
| ABCB Ameris Bancorp | Sold out | 0.00% | −0.21 |
| TBBK The Bancorp Inc. | Reduce -1.3% | 1.24% | −0.21 |
| BOW Bowhead Specialty Holdings I | Sold out | 0.00% | −0.19 |
| MOD Modine Manufacturing Co. | Reduce -0.5% | 1.60% | −0.18 |
| CCOI Cogent Communications Holdin | Reduce -99.7% | 0.00% | −0.18 |
| BWIN Baldwin Insurance Group Inc./ | Sold out | 0.00% | −0.18 |
| TREE Lendingtree Inc. | Reduce -1.4% | 0.59% | −0.17 |
| BHVN Biohaven Ltd. | Reduce -96.4% | 0.00% | −0.15 |
| MMSI Merit Medical Systems Inc. | Reduce -19.3% | 0.62% | −0.13 |
| OMDA Omada Health Inc. | Sold out | 0.00% | −0.13 |
| MRCY Mercury Systems Inc. | Reduce -0.4% | 1.19% | −0.13 |
| ASIC Ategrity Specialty Holdings | Reduce -54.8% | 0.11% | −0.13 |
| STRL Sterling Infrastructure Inc. | Reduce -0.7% | 0.77% | −0.13 |
| VC Visteon Corp. | Reduce -0.9% | 0.34% | −0.11 |
| RXO Rxo Inc. | Reduce -100.0% | 0.00% | −0.11 |
| FA First Advantage Corp. | Reduce -5.7% | 0.59% | −0.10 |
| TMDX Transmedics Group Inc. | Reduce -9.3% | 1.32% | −0.08 |
| SKYT Skywater Technology Inc. | Reduce -1.0% | 0.74% | −0.06 |
| UTZ Utz Brands Inc. | Reduce -15.7% | 0.12% | −0.05 |
| AX Axos Financial Inc. | Reduce -1.4% | 1.38% | −0.05 |
| LTH Life Time Group Holdings Inc. | Reduce -0.8% | 0.56% | −0.05 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -23.3% | 0.70% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| COGT Cogent Biosciences Inc. | Add +0.2% | 1.73% | +1.01 |
| PIPR Piper Sandler Cos | New | 0.86% | +0.86 |
| TTI Tetra Technologies Inc. | Add +1044.8% | 0.82% | +0.78 |
| SYNA Synaptics Inc. | New | 0.77% | +0.77 |
| TRVI Trevi Therapeutics Inc. | New | 0.73% | +0.73 |
| CECO Ceco Environmental Corp. | Add +284.0% | 0.85% | +0.65 |
| IMAX Imax Corp. | Add +159.4% | 0.97% | +0.63 |
| LMRI Lumexa Imaging Holdings Inc. | New | 0.53% | +0.53 |
| BLLN Billiontoone Inc. Class A | New | 0.48% | +0.48 |
| LASR Nlight Inc. | Add +60.7% | 0.90% | +0.44 |
| AVAH Aveanna Healthcare Holdings | New | 0.44% | +0.44 |
| ATRO Astronics Corp. | New | 0.41% | +0.41 |
| LIVN Livanova PLC | Add +27.2% | 1.33% | +0.40 |
| CDNL Cardinal Infrastructure GR-A | New | 0.38% | +0.38 |
| HAPN Happen Inc. | Add +267.3% | 0.45% | +0.35 |
| SYRE Spyre Therapeutics Inc. | Add +15.9% | 0.64% | +0.35 |
| CCB Coastal Financial Corp. | Add +158.5% | 0.54% | +0.33 |
| VSEC Vse Corp. | Add +25.2% | 1.49% | +0.30 |
| EVLV Evolv Technologies Holdings | Add +59.2% | 0.92% | +0.29 |
| KLIC Kulicke & Soffa Industries | Add +48.7% | 0.76% | +0.28 |
| ACAD Acadia Pharmaceuticals Inc. | Add +42.4% | 0.67% | +0.28 |
| MC Moelis & Co. Class A | Add +36.4% | 1.30% | +0.27 |
| CUBI Customers Bancorp Inc. | Add +42.5% | 0.74% | +0.26 |
| AAOI Applied Optoelectronics Inc. | Add +10.0% | 0.72% | +0.21 |
| AGX Argan Inc. | Add +13.3% | 0.95% | +0.20 |
| SBCF Seacoast Banking Corp. | New | 0.19% | +0.19 |
| UMBF Umb Financial Corp. | Add +31.4% | 0.98% | +0.18 |
| COMP Compass Inc. Class A | Add +9.6% | 0.57% | +0.16 |
| BOOT Boot Barn Holdings Inc. | Add +13.4% | 0.99% | +0.14 |
| PLMR Palomar Holdings Inc. | Add +0.3% | 1.25% | +0.13 |
| FRPT Freshpet Inc. | Add +11.4% | 0.78% | +0.12 |
| SMTC Semtech Corp. | Add +12.3% | 1.07% | +0.11 |
| BRCB Black Rock Coffee Bar Inc. Class A | Add +47.6% | 0.42% | +0.10 |
| SEI Solaris Energy Infrastructur | Add +1.6% | 0.89% | +0.10 |
| EVER Everquote Inc. Class A | Add +4.6% | 0.60% | +0.09 |
| BYRN Byrna Technologies Inc. | New | 0.08% | +0.08 |
| RSI Rush Street Interactive Inc. | Add +19.7% | 0.96% | +0.08 |
| NP Neptune Insurance Holdi Class A | Add +181.4% | 0.10% | +0.08 |
| FIVE Five Below | Add +0.5% | 0.50% | +0.07 |
| ARHS Arhaus Inc. | Add +10.0% | 0.64% | +0.07 |
| IPGP Ipg Photonics Corp. | Add +34.3% | 0.45% | +0.06 |
| PDFS PDF Solutions Inc. | Add +0.1% | 0.83% | +0.05 |
| ESE Esco Technologies Inc. | Add +17.9% | 1.00% | +0.05 |
| FWRG First Watch Restaurant Group | Add +19.2% | 0.45% | +0.04 |
| EE Excelerate Energy Inc. Class A | Add +3.0% | 0.27% | +0.03 |
| AIR Aar Corp. | Add +15.0% | 1.07% | +0.02 |
| SLDE Slide Insurance Holdings Inc. | Add +59.4% | 0.04% | +0.02 |
| MPB Mid Penn Bancorp Inc. | Add +202.2% | 0.02% | +0.01 |
| PXLW Pixelworks Inc. | New | 0.01% | +0.01 |
| ENVA Enova International Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| IWO iShares Russell 2000 Growth | RUS 2000 GRW ETF · principal | Sold out | 71 | $23Kbefore exit |
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 |