Emerald Advisers, LLC

Name: EMERALD ADVISERS, LLC 13F holdings, Q4 2025
Creator: EMERALD ADVISERS, LLC
Published: 2026-02-09

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
TRIN Trinity Capital Inc.	0.37%	809,810	$11.9M	Add +0.5%
VC Visteon Corp.	0.34%	116,770	$11.1M	Reduce -0.9%
NVDA Nvidia Corp.	0.30%	51,921	$9.7M	Reduce -2.5%
TENB Tenable Holdings Inc.	0.28%	388,742	$9.1M	Reduce -30.2%
EE Excelerate Energy Inc. Class A	0.27%	318,018	$8.9M	Add +3.0%
HIMS Hims & Hers Health Inc.	0.27%	267,325	$8.7M	Reduce -12.6%
CORT Corcept Therapeutics Inc.	0.25%	232,739	$8.1M	Add +0.1%
HTFL Heartflow Inc.	0.20%	221,582	$6.5M	Add +1.7%
SWIM Latham Group Inc.	0.19%	975,704	$6.2M	Add +0.5%
SBCF Seacoast Banking Corp.	0.19%	191,651	$6.0M	New
MSFT Microsoft Corp.	0.18%	12,417	$6.0M	Reduce -2.5%
AAPL Apple Inc.	0.16%	19,619	$5.3M	Reduce -2.5%
GOOGL Alphabet Inc. Class A	0.15%	16,020	$5.0M	Reduce -2.5%
RARE Ultragenyx Pharmaceutical Inc.	0.15%	212,358	$4.9M	Reduce -49.3%
AMZN Amazon.com Inc.	0.13%	17,810	$4.1M	Reduce -2.5%
AVGO Broadcom Inc.	0.12%	10,838	$3.8M	Reduce -2.5%
UTZ Utz Brands Inc.	0.12%	360,650	$3.7M	Reduce -15.7%
ASIC Ategrity Specialty Holdings	0.11%	167,047	$3.5M	Reduce -54.8%
NP Neptune Insurance Holdi Class A	0.10%	113,217	$3.3M	Add +181.4%
META Meta Platforms Inc. Class A	0.09%	4,454	$2.9M	Reduce -2.6%
BYRN Byrna Technologies Inc.	0.08%	162,809	$2.7M	New
TTWO Take-Two Interactive Softwre	0.07%	8,481	$2.2M	Add +15.9%
INSM Insmed Inc.	0.06%	11,990	$2.1M	Reduce -3.3%
MTZ Mastec Inc.	0.06%	8,527	$1.9M	Reduce -3.4%
FTAI Ftai Aviation Ltd.	0.06%	9,099	$1.8M	Reduce -3.2%
LNG Cheniere Energy Inc.	0.05%	8,508	$1.7M	Reduce -3.5%
MDB Mongodb Inc.	0.05%	3,523	$1.5M	Reduce -3.3%
SLDE Slide Insurance Holdings Inc.	0.04%	61,145	$1.2M	Add +59.4%
VRT Vertiv Holdings Co. Class A	0.04%	7,216	$1.2M	Reduce -4.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.04%	7,602	$1.2M	Reduce -2.5%
MPWR Monolithic Power Systems Inc.	0.04%	1,274	$1.2M	Reduce -4.3%
BWXT BWX Technologies Inc.	0.04%	6,667	$1.2M	Add +31.3%
HOOD Robinhood Markets Inc. Class A	0.03%	9,823	$1.1M	Reduce -3.7%
LLY Eli Lilly & Co.	0.03%	1,021	$1.1M	Reduce -2.5%
DASH DoorDash Inc. Class A	0.03%	4,835	$1.1M	Reduce -3.5%
TEVA Teva Pharmaceutical-SP ADR	0.03%	34,289	$1.1M	Reduce -4.3%
BIIB Biogen Inc.	0.03%	6,027	$1.1M	Reduce -3.5%
GENI Genius Sports Ltd.	0.03%	87,417	$963K	Add +44.1%
FICO Fair Isaac Corp.	0.03%	569	$962K	Add +15.2%
TRGP Targa Resources Corp.	0.03%	5,173	$954K	Add +19.9%
NFLX Netflix Inc.	0.03%	9,920	$930K	Reduce -2.4%
DDOG Datadog Inc. Class A	0.03%	6,776	$921K	Reduce -19.7%
MP MP Materials Corp.	0.03%	18,046	$912K	Add +82.6%
NCLH Norwegian Cruise Line Holdin	0.03%	38,940	$869K	Reduce -33.9%
NET Cloudflare Inc. Class A	0.03%	4,196	$827K	Reduce -4.3%
HEI Heico Corp.	0.03%	2,505	$811K	Reduce -4.2%
APP AppLovin Corp. Class A	0.02%	1,139	$767K	Reduce -2.6%
V Visa Inc. Class A	0.02%	2,123	$745K	Reduce -2.5%
MPB Mid Penn Bancorp Inc.	0.02%	22,419	$695K	Add +202.2%
TSLA Tesla Inc.	0.02%	1,511	$680K	Reduce -2.5%
ROKU Roku Inc.	0.02%	6,219	$675K	Reduce -4.3%
CWAN Clearwater Analytics HDS-A	0.02%	27,720	$669K	Reduce -97.3%
VST Vistra Corp.	0.02%	4,132	$667K	Reduce -4.3%
AXON Axon Enterprise Inc.	0.02%	1,164	$661K	Reduce -4.3%
AII American Integrity Insurance	0.02%	31,621	$659K	No change
ALNY Alnylam Pharmaceuticals Inc.	0.02%	1,622	$645K	Reduce -4.3%
COST Costco Wholesale Corp.	0.02%	731	$630K	Reduce -2.5%
FIGR Figure Technology Solut Class A	0.02%	15,271	$624K	Add +1.8%
RBLX Roblox Corp. Class A	0.02%	7,603	$616K	Add +30.4%
LHX L3HARRIS Technologies Inc.	0.02%	2,042	$599K	Reduce -4.3%
LPLA LPL Financial Holdings Inc.	0.02%	1,672	$597K	Reduce -4.2%
PANW Palo Alto Networks Inc.	0.02%	3,226	$594K	Reduce -2.5%
COR Cencora Inc.	0.02%	1,748	$590K	Reduce -4.3%
ZS Zscaler Inc.	0.02%	2,603	$585K	Reduce -4.3%
TDY Teledyne Technologies Inc.	0.02%	1,121	$573K	Reduce -4.3%
ALAB Astera Labs Inc.	0.02%	3,162	$526K	Reduce -4.3%
BURL Burlington Stores Inc.	0.02%	1,821	$526K	Reduce -4.1%
UTHR United Therapeutics Corp.	0.02%	1,069	$521K	Reduce -4.2%
RCL Royal Caribbean Cruises Ltd.	0.02%	1,857	$518K	Reduce -4.3%
PLTR Palantir Technologies Inc. Class A	0.02%	2,893	$514K	Add +80.7%
H Hyatt Hotels Corp. Class A	0.02%	3,189	$511K	Reduce -4.3%
PLNT Planet Fitness Inc. Class A	0.02%	4,655	$505K	Reduce -4.3%
VEEV Veeva Systems Inc. Class A	0.02%	2,233	$498K	Reduce -4.3%
P Everpure Inc. Class A filed as PURE STORAGE INC	0.02%	7,417	$497K	Reduce -31.6%
XPO Xpo Inc.	0.01%	3,565	$485K	Add +56.9%
FTI Technipfmc PLC	0.01%	10,632	$474K	Reduce -4.3%
NOW ServiceNow Inc.	0.01%	3,070	$470K	Reduce -2.4%
HUBS HubSpot Inc.	0.01%	1,153	$463K	Reduce -4.2%
BWMN Bowman Consulting Group Ltd.	0.01%	13,624	$450K	Add +115.1%
APO Apollo Global Management Inc.	0.01%	3,020	$437K	Reduce -4.3%
PAL Proficient Auto Logistics Inc.	0.01%	45,025	$434K	No change
EXAS Exact Sciences Corp.	0.01%	4,224	$429K	Reduce -4.3%
ORCL Oracle Corp.	0.01%	2,159	$421K	Add +5.9%
WAL Western Alliance Bancorp	0.01%	4,921	$414K	Reduce -4.3%
PXLW Pixelworks Inc.	0.01%	64,695	$411K	New
SPGI S&P Global Inc.	0.01%	764	$399K	Reduce -4.1%
AZO AutoZone Inc.	0.01%	117	$397K	Reduce -43.2%
ZVIA Zevia PBC-A	0.01%	166,403	$386K	No change
COIN Coinbase Global Inc. Class A	0.01%	1,703	$385K	Reduce -4.3%
DECK Deckers Outdoor Corp.	0.01%	3,641	$377K	Reduce -4.3%
ITGR Integer Holdings Corp.	0.01%	4,645	$364K	Reduce -95.5%
INDI Indie Semiconductor Inc. Class A	0.01%	101,109	$357K	Reduce -2.5%
STE Steris PLC	0.01%	1,404	$356K	Reduce -4.2%
PINS Pinterest Inc. Class A	0.01%	13,709	$355K	Reduce -4.3%
BROS Dutch Bros Inc. Class A	0.01%	5,727	$351K	Reduce -4.3%
FLUT Flutter Entertainment PLC-Di	0.01%	1,621	$349K	Reduce -4.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.01%	20,752	$347K	Reduce -4.3%
ENVA Enova International Inc.	0.01%	2,149	$338K	New
DAL Delta Air Lines Inc.	0.01%	4,857	$337K	Reduce -4.3%
CAVA Cava Group Inc.	0.01%	5,632	$331K	Reduce -38.0%
TSCO Tractor Supply Company	0.01%	6,558	$328K	Reduce -4.3%
CSGP Costar Group Inc.	0.01%	4,808	$323K	Reduce -4.3%
GBFH Gbank Financial Holdings Inc.	0.01%	9,042	$306K	No change
EQT Eqt Corp.	0.01%	5,327	$286K	Reduce -4.3%
EXPE Expedia Group Inc.	0.01%	960	$272K	Reduce -4.3%
FANG Diamondback Energy Inc.	0.01%	1,718	$258K	Reduce -4.3%
OCUL Ocular Therapeutix Inc.	0.01%	20,768	$252K	No change
TWLO Twilio Inc. Class A	0.01%	1,737	$247K	Reduce -4.6%
GNRC Generac Holdings Inc.	0.01%	1,770	$241K	Reduce -4.3%
SMCI Super Micro Computer Inc.	0.01%	8,098	$237K	Reduce -66.2%
MSCI MSCI Inc.	0.01%	404	$232K	Reduce -4.3%
VRSK Verisk Analytics Inc.	0.01%	1,030	$230K	Reduce -4.2%
KNSL Kinsale Capital Group Inc.	0.01%	572	$224K	Reduce -37.6%
IVVD Invivyd Inc.	0.01%	89,938	$222K	New
MTDR Matador Resources Co.	0.01%	5,213	$221K	Reduce -4.3%
FCNCA First Citizens Bcshs Class A	0.01%	95	$204K	Reduce -4.0%
PWR Quanta Services Inc.	0.01%	426	$180K	Reduce -4.3%
TXRH Texas Roadhouse Inc.	0.01%	1,005	$167K	Reduce -4.3%
FNB FNB Corp.	0.00%	7,699	$132K	No change
NTNX Nutanix Inc. Class A	0.00%	2,532	$131K	Reduce -4.3%
NWFL Norwood Financial Corp.	0.00%	4,500	$126K	No change
BHVN Biohaven Ltd.	0.00%	11,088	$125K	Reduce -96.4%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	0.00%	3,276	$124K	Reduce -4.3%
ANIP Ani Pharmaceuticals Inc.	0.00%	1,256	$99K	No change
AMGN Amgen Inc.	0.00%	266	$87K	Add +0.8%
FULT Fulton Financial Corp.	0.00%	4,192	$81K	Add +0.1%
RHP Ryman Hospitality Properties	0.00%	798	$76K	Reduce -99.5%
CCNE CNB Financial Corp.	0.00%	2,779	$73K	No change
FCF First Commonwealth Finl Corp.	0.00%	4,044	$68K	No change
HLI Houlihan Lokey Inc.	0.00%	345	$60K	No change
BUSE First Busey Corp.	0.00%	2,509	$60K	No change
BPOP Popular Inc.	0.00%	425	$53K	No change
KRG Kite Realty Group Trust	0.00%	2,073	$50K	No change
LPX Louisiana-Pacific Corp.	0.00%	605	$49K	Reduce -79.7%
CZNC Citizens & Northern Corp.	0.00%	2,300	$46K	No change
PNFP Pinnacle Financial Partners	0.00%	407	$39K	No change
FFIN First Finl Bankshares Inc.	0.00%	1,157	$35K	No change
WHD Cactus Inc. Class A	0.00%	700	$32K	No change
WSBC Wesbanco Inc.	0.00%	865	$29K	No change
EFSC Enterprise Financial Service	0.00%	530	$29K	No change
SNOW Snowflake Inc.	0.00%	105	$23K	No change
AMT American Tower Corp.	0.00%	118	$21K	No change
FWRD Forward Air Corp.	0.00%	585	$15K	No change
CCOI Cogent Communications Holdin	0.00%	371	$8K	Reduce -99.7%
OFIX Orthofix Medical Inc.	0.00%	101	$2K	No change
RXO Rxo Inc.	0.00%	101	$1K	Reduce -100.0%

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