Emerald Mutual Fund Advisers Trust
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 6, 2024), Emerald Mutual Fund Advisers Trust reported 223 stock positions worth $1.9 billion. Its top holding was Ftai Aviation (FTAI) at 3.6% of the portfolio, followed by Freshpet (FRPT, 3.1%) and Carpenter Technology (CRS, 2.4%). Compared with Q1 2024, it opened 22 new positions, sold out of 28, added to 42 and reduced 75. The biggest buy was a new position in Modine Manufacturing (MOD) and the biggest sale an exit from Super Micro Computer (SMCI).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $1.9B (Q2 2024)
- SEC Filing
- 0001104659-24-086277 ↗ filed Aug 6, 2024
Holdings Value
Holdings 223 stocks · $1.9B
| FTAI Ftai Aviation Ltd. | 3.56% | 657,355 | $67.9M | No change |
| FRPT Freshpet Inc. | 3.07% | 452,759 | $58.6M | Reduce -0.0% |
| CRS Carpenter Technology | 2.44% | 425,571 | $46.6M | Reduce -12.0% |
| CRDO Credo Technology Group Holdi | 2.05% | 1,222,442 | $39.0M | Add +9.7% |
| TMDX Transmedics Group Inc. | 1.97% | 249,057 | $37.5M | Reduce -39.9% |
| VRNS Varonis Systems Inc. | 1.88% | 749,862 | $36.0M | Reduce -4.8% |
| INSM Insmed Inc. | 1.73% | 493,849 | $33.1M | Add +1.9% |
| RDNT Radnet Inc. | 1.63% | 528,545 | $31.1M | No change |
| PLMR Palomar Holdings Inc. | 1.60% | 375,420 | $30.5M | Reduce -0.0% |
| BPMC Blueprint Medicines Corp. | 1.57% | 278,333 | $30.0M | Reduce -11.9% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.56% | 494,492 | $29.8M | No change |
| LIVN Livanova PLC | 1.56% | 543,979 | $29.8M | No change |
| GTLS Chart Industries Inc. | 1.53% | 202,426 | $29.2M | Reduce -0.0% |
| AVAV Aerovironment Inc. | 1.52% | 158,968 | $29.0M | Add +2.0% |
| AIR Aar Corp. | 1.51% | 396,566 | $28.8M | Add +16.6% |
| TENB Tenable Holdings Inc. | 1.51% | 661,544 | $28.8M | Reduce -0.8% |
| KTOS Kratos Defense & Security | 1.50% | 1,431,284 | $28.6M | Reduce -0.1% |
| ATI Ati Inc. | 1.48% | 510,144 | $28.3M | Reduce -2.9% |
| FORM Formfactor Inc. | 1.47% | 464,841 | $28.1M | No change |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 1.40% | 599,572 | $26.7M | Add +2.7% |
| MMSI Merit Medical Systems Inc. | 1.38% | 307,487 | $26.4M | Add +0.1% |
| SKWD Skyward Specialty Insurance | 1.38% | 728,361 | $26.4M | Reduce -2.6% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 1.37% | 735,417 | $26.1M | Add +0.5% |
| PDFS PDF Solutions Inc. | 1.36% | 715,920 | $26.0M | No change |
| MTSI Macom Technology Solutions H | 1.32% | 225,367 | $25.1M | Reduce -2.0% |
| ONTO Onto Innovation Inc. | 1.18% | 102,424 | $22.5M | Reduce -17.7% |
| FOUR SHIFT4 Payments Inc. Class A | 1.17% | 304,890 | $22.4M | Add +0.6% |
| AX Axos Financial Inc. | 1.14% | 382,276 | $21.8M | Add +9.6% |
| MC Moelis & Co. Class A | 1.13% | 380,711 | $21.6M | No change |
| PI Impinj Inc. | 1.13% | 137,503 | $21.6M | Add +7.3% |
| ITCI Intra-Cellular Therapies Inc. | 1.13% | 314,051 | $21.5M | Add +0.6% |
| NEO Neogenomics Inc. | 1.12% | 1,547,895 | $21.5M | Reduce -0.6% |
| MOD Modine Manufacturing Co. | 1.12% | 212,991 | $21.3M | New |
| NVEE NV5 Global Inc. | 1.12% | 229,468 | $21.3M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 1.11% | 75,759 | $21.2M | No change |
| NSSC Napco Security Technologies | 1.09% | 399,936 | $20.8M | Add +170.8% |
| TNET Trinet Group Inc. | 1.08% | 205,328 | $20.5M | No change |
| ARHS Arhaus Inc. | 1.04% | 1,170,567 | $19.8M | No change |
| TDW Tidewater Inc. | 1.01% | 201,504 | $19.2M | Add +23.2% |
| LPX Louisiana-Pacific Corp. | 0.99% | 228,988 | $18.9M | Add +11.2% |
| AGYS Agilysys Inc. | 0.98% | 180,533 | $18.8M | No change |
| RMBS Rambus Inc. | 0.94% | 306,695 | $18.0M | Add +13.0% |
| OLLI Ollie's Bargain Outlet Holdi | 0.92% | 178,567 | $17.5M | Add +20.4% |
| KLIC Kulicke & Soffa Industries | 0.92% | 355,675 | $17.5M | Add +61.5% |
| COLL Collegium Pharmaceutical Inc. | 0.89% | 530,456 | $17.1M | Add +3.8% |
| NOG Northern Oil and Gas Inc. | 0.88% | 453,414 | $16.9M | Add +18.5% |
| FA First Advantage Corp. | 0.86% | 1,021,242 | $16.4M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.84% | 390,524 | $16.1M | Add +1.4% |
| VAL Valaris Ltd. | 0.84% | 215,263 | $16.0M | Add +18.8% |
| LNWO Light & Wonder Inc. | 0.77% | 139,560 | $14.6M | No change |
| SYNA Synaptics Inc. | 0.74% | 160,993 | $14.2M | Add +88.7% |
| BJRI Bj's Restaurants Inc. | 0.71% | 387,909 | $13.5M | No change |
| VKTX Viking Therapeutics Inc. | 0.67% | 242,368 | $12.8M | Add +0.8% |
| VITL Vital Farms Inc. | 0.67% | 274,184 | $12.8M | New |
| BBIO Bridgebio Pharma Inc. | 0.66% | 498,254 | $12.6M | Reduce -0.4% |
| CHDN Churchill Downs Inc. | 0.66% | 89,692 | $12.5M | Reduce -64.7% |
| RHP Ryman Hospitality Properties | 0.65% | 124,528 | $12.4M | No change |
| INDI Indie Semiconductor Inc. Class A | 0.64% | 1,967,787 | $12.1M | Reduce -7.4% |
| PAL Proficient Auto Logistics Inc. | 0.63% | 752,016 | $12.1M | New |
| LITE Lumentum Holdings Inc. | 0.63% | 235,725 | $12.0M | No change |
| CCOI Cogent Communications Holdin | 0.62% | 209,726 | $11.8M | Reduce -2.3% |
| TREE Lendingtree Inc. | 0.61% | 280,731 | $11.7M | Add +9.3% |
| IDCC Interdigital Inc. | 0.59% | 96,469 | $11.2M | Add +473.5% |
| SPX TECHNOLOGIES INC | 0.56% | 75,337 | $10.7M | New |
| UTZ Utz Brands Inc. | 0.55% | 633,933 | $10.5M | No change |
| XPRO Expro Group Holdings NV | 0.54% | 448,868 | $10.3M | New |
| TRNO Terreno Realty Corp. | 0.54% | 173,600 | $10.3M | No change |
| AKRO Akero Therapeutics Inc. | 0.52% | 424,901 | $10.0M | No change |
| FN Fabrinet | 0.52% | 40,553 | $9.9M | Add +293.3% |
| SLNO Soleno Therapeutics Inc. | 0.52% | 241,099 | $9.8M | Add +4.0% |
| TRIN Trinity Capital Inc. | 0.50% | 681,144 | $9.6M | No change |
| ZUO Zuora Inc. Class A | 0.50% | 963,738 | $9.6M | No change |
| HLI Houlihan Lokey Inc. | 0.50% | 70,368 | $9.5M | Reduce -47.0% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.49% | 749,746 | $9.4M | Reduce -2.6% |
| ARLO Arlo Technologies Inc. | 0.49% | 721,867 | $9.4M | New |
| RXO Rxo Inc. | 0.49% | 356,026 | $9.3M | No change |
| WVE Wave Life Sciences Ltd. | 0.48% | 1,820,938 | $9.1M | New |
| ACAD Acadia Pharmaceuticals Inc. | 0.48% | 558,849 | $9.1M | Reduce -55.3% |
| VC Visteon Corp. | 0.47% | 84,279 | $9.0M | No change |
| OSW Onespaworld Holdings Ltd. | 0.46% | 573,749 | $8.8M | Add +5.3% |
| ATEC Alphatec Holdings Inc. | 0.46% | 836,541 | $8.7M | Add +16.3% |
| AGS Playags Inc. | 0.43% | 709,735 | $8.2M | Reduce -2.8% |
| JACK Jack in the Box Inc. | 0.42% | 157,776 | $8.0M | Reduce -23.6% |
| PTLO Portillo's Inc. Class A | 0.41% | 804,644 | $7.8M | Add +2.6% |
| TVTX Travere Therapeutics Inc. | 0.41% | 941,265 | $7.7M | Reduce -29.1% |
| CHUY Chuy's Holdings Inc. | 0.40% | 292,967 | $7.6M | No change |
| WHD Cactus Inc. Class A | 0.39% | 141,780 | $7.5M | Reduce -0.1% |
| WFRD Weatherford International PL | 0.39% | 60,695 | $7.4M | Reduce -37.5% |
| QTRX Quanterix Corp. | 0.39% | 558,841 | $7.4M | No change |
| EYE National Vision Holdings Inc. | 0.38% | 561,081 | $7.3M | No change |
| SKYT Skywater Technology Inc. | 0.35% | 875,789 | $6.7M | Reduce -0.8% |
| BANC Banc of California Inc. | 0.35% | 518,511 | $6.6M | Reduce -38.9% |
| RPD RAPID7 Inc. | 0.33% | 147,353 | $6.4M | Reduce -31.5% |
| KALV Kalvista Pharmaceuticals Inc. | 0.33% | 529,365 | $6.2M | No change |
| BWMN Bowman Consulting Group Ltd. | 0.31% | 187,410 | $6.0M | Add +87.4% |
| ATRC Atricure Inc. | 0.30% | 255,241 | $5.8M | Reduce -6.1% |
| IBP Installed Building Products | 0.30% | 27,444 | $5.6M | Reduce -35.5% |
| ARCB Arcbest Corp. | 0.29% | 52,580 | $5.6M | New |
| LIF LIFE360 Inc. | 0.29% | 169,446 | $5.5M | New |
| IMVT Immunovant Inc. | 0.28% | 201,087 | $5.3M | No change |
Portfolio Sells Q1 2024 → Q2 2024
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −3.66 |
| CHDN Churchill Downs Inc. | Reduce -64.7% | 0.66% | −0.98 |
| TMCI Treace Medical Concepts Inc. | Sold out | 0.00% | −0.84 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -55.3% | 0.48% | −0.73 |
| SVV Savers Value Village Inc. | Reduce -59.1% | 0.26% | −0.73 |
| DCPH Deciphera Pharmaceuticals Inc. | Sold out | 0.00% | −0.68 |
| EXPO Exponent Inc. | Sold out | 0.00% | −0.57 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.56 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.43 |
| BPOP Popular Inc. | Reduce -69.5% | 0.19% | −0.43 |
| HLI Houlihan Lokey Inc. | Reduce -47.0% | 0.50% | −0.39 |
| HLIT Harmonic Inc. | Reduce -92.0% | 0.03% | −0.37 |
| BANC Banc of California Inc. | Reduce -38.9% | 0.35% | −0.33 |
| JACK Jack in the Box Inc. | Reduce -23.6% | 0.42% | −0.32 |
| IBP Installed Building Products | Reduce -35.5% | 0.30% | −0.28 |
| TBBK The Bancorp Inc. | Reduce -84.8% | 0.06% | −0.28 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.26 |
| MTDR Matador Resources Co. | Sold out | 0.00% | −0.25 |
| PRFT Perficient Inc. | Reduce -82.8% | 0.07% | −0.24 |
| RPD RAPID7 Inc. | Reduce -31.5% | 0.33% | −0.22 |
| TENB Tenable Holdings Inc. | Reduce -0.8% | 1.51% | −0.21 |
| GTLS Chart Industries Inc. | Reduce -0.0% | 1.53% | −0.21 |
| WFRD Weatherford International PL | Reduce -37.5% | 0.39% | −0.19 |
| PRVA Privia Health Group Inc. | Sold out | 0.00% | −0.18 |
| FLYW Flywire Corp.-Voting | Reduce -16.9% | 0.21% | −0.17 |
| PPBI Pacific Premier Bancorp Inc. | Reduce -93.0% | 0.01% | −0.16 |
| NEO Neogenomics Inc. | Reduce -0.6% | 1.12% | −0.15 |
| INDI Indie Semiconductor Inc. Class A | Reduce -7.4% | 0.64% | −0.15 |
| BBIO Bridgebio Pharma Inc. | Reduce -0.4% | 0.66% | −0.14 |
| CVRX CVRX Inc. | Reduce -3.9% | 0.23% | −0.13 |
| TVTX Travere Therapeutics Inc. | Reduce -29.1% | 0.41% | −0.13 |
| SMPL The Simply Good Foods Co. | Sold out | 0.00% | −0.13 |
| ATRC Atricure Inc. | Reduce -6.1% | 0.30% | −0.13 |
| SKYT Skywater Technology Inc. | Reduce -0.8% | 0.35% | −0.12 |
| SNCY Sun Country Airlines Holding | Reduce -2.6% | 0.49% | −0.11 |
| CCOI Cogent Communications Holdin | Reduce -2.3% | 0.62% | −0.11 |
| FFWM First Foundation Inc. | Sold out | 0.00% | −0.08 |
| SKWD Skyward Specialty Insurance | Reduce -2.6% | 1.38% | −0.08 |
| TTI Tetra Technologies Inc. | Reduce -7.5% | 0.17% | −0.06 |
| ZVIA Zevia PBC-A | Sold out | 0.00% | −0.06 |
| REPL Replimune Group Inc. | Sold out | 0.00% | −0.06 |
| VRNS Varonis Systems Inc. | Reduce -4.8% | 1.88% | −0.05 |
| MCHB Mechanics Bancorp Class A | Reduce -44.6% | 0.03% | −0.04 |
| PLMR Palomar Holdings Inc. | Reduce -0.0% | 1.60% | −0.04 |
| KNSL Kinsale Capital Group Inc. | Reduce -11.0% | 0.08% | −0.04 |
| MPB Mid Penn Bancorp Inc. | Reduce -20.7% | 0.15% | −0.02 |
| DBRG Digitalbridge Group Inc. | Reduce -61.8% | 0.01% | −0.02 |
| CWBC Community West Bancshares | Sold out | 0.00% | −0.02 |
| FRST Primis Financial Corp. | Reduce -33.1% | 0.03% | −0.02 |
| VLY Valley National Bancorp | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2024 → Q2 2024
| MOD Modine Manufacturing Co. | New | 1.12% | +1.12 |
| INSM Insmed Inc. | Add +1.9% | 1.73% | +1.05 |
| CRDO Credo Technology Group Holdi | Add +9.7% | 2.05% | +0.82 |
| NSSC Napco Security Technologies | Add +170.8% | 1.09% | +0.78 |
| VITL Vital Farms Inc. | New | 0.67% | +0.67 |
| PAL Proficient Auto Logistics Inc. | New | 0.63% | +0.63 |
| SPX TECHNOLOGIES INC | New | 0.56% | +0.56 |
| XPRO Expro Group Holdings NV | New | 0.54% | +0.54 |
| IDCC Interdigital Inc. | Add +473.5% | 0.59% | +0.50 |
| ARLO Arlo Technologies Inc. | New | 0.49% | +0.49 |
| WVE Wave Life Sciences Ltd. | New | 0.48% | +0.48 |
| AIR Aar Corp. | Add +16.6% | 1.51% | +0.45 |
| FN Fabrinet | Add +293.3% | 0.52% | +0.42 |
| KLIC Kulicke & Soffa Industries | Add +61.5% | 0.92% | +0.34 |
| SYNA Synaptics Inc. | Add +88.7% | 0.74% | +0.31 |
| OLLI Ollie's Bargain Outlet Holdi | Add +20.4% | 0.92% | +0.30 |
| ARCB Arcbest Corp. | New | 0.29% | +0.29 |
| LIF LIFE360 Inc. | New | 0.29% | +0.29 |
| AVAV Aerovironment Inc. | Add +2.0% | 1.52% | +0.27 |
| PI Impinj Inc. | Add +7.3% | 1.13% | +0.27 |
| BWIN Baldwin Insurance Group Inc./ | Add +0.5% | 1.37% | +0.26 |
| LBPH Longboard Pharmaceuticals Inc. | New | 0.26% | +0.26 |
| BOW Bowhead Specialty Holdings I | New | 0.26% | +0.26 |
| TDW Tidewater Inc. | Add +23.2% | 1.01% | +0.22 |
| ONT Onterris Inc. | Add +2.7% | 1.40% | +0.21 |
| FULT Fulton Financial Corp. | New | 0.21% | +0.21 |
| MMSI Merit Medical Systems Inc. | Add +0.1% | 1.38% | +0.17 |
| AX Axos Financial Inc. | Add +9.6% | 1.14% | +0.16 |
| BWMN Bowman Consulting Group Ltd. | Add +87.4% | 0.31% | +0.13 |
| VAL Valaris Ltd. | Add +18.8% | 0.84% | +0.13 |
| FOUR SHIFT4 Payments Inc. Class A | Add +0.6% | 1.17% | +0.13 |
| SPT Sprout Social Inc. Class A | New | 0.12% | +0.12 |
| IBTA Ibotta Inc. Class A | New | 0.10% | +0.10 |
| NOG Northern Oil and Gas Inc. | Add +18.5% | 0.88% | +0.09 |
| LPX Louisiana-Pacific Corp. | Add +11.2% | 0.99% | +0.09 |
| OSW Onespaworld Holdings Ltd. | Add +5.3% | 0.46% | +0.09 |
| EVER Everquote Inc. Class A | New | 0.08% | +0.08 |
| RMBS Rambus Inc. | Add +13.0% | 0.94% | +0.07 |
| AESI Atlas Energy Solutions Inc. | Add +2099.8% | 0.07% | +0.06 |
| TREE Lendingtree Inc. | Add +9.3% | 0.61% | +0.05 |
| AAPL Apple Inc. | Add +13.5% | 0.09% | +0.03 |
| CWBC Community West Bancshares | New | 0.02% | +0.02 |
| MSFT Microsoft Corp. | Add +4.8% | 0.13% | +0.01 |
| AES AES Corp. | New | 0.01% | +0.01 |
| KKR KKR & Co. Inc. | New | 0.01% | +0.01 |
| TREX Trex Company Inc. | New | 0.01% | +0.01 |
| LLY Eli Lilly & Co. | Add +50.0% | 0.02% | +0.01 |
| LNG Cheniere Energy Inc. | Add +64.8% | 0.01% | +0.01 |
| W Wayfair Inc. Class A | New | 0.01% | +0.01 |
| VRT Vertiv Holdings Co. Class A | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 197 | $2.8B | LFSC, TVTX, CDNL, MRCY, AIR |
| Q1 2026 | 199 | $2.1B | LFSC, MOD, GH, BE, TTMI |
| Q4 2025 | 189 | $2.1B | LFSC, GH, CRDO, KTOS, TTMI |
| Q3 2025 | 219 | $1.9B | LFSC, KTOS, CRDO, AVAV, RMBS |
| Q2 2025 | 212 | $1.6B | LFSC, CRDO, AVAV, KTOS, TMDX |
| Q1 2025 | 209 | $1.4B | PLMR, FTAI, CRDO, SKWD, INSM |
| Q4 2024 | 212 | $1.6B | CRDO, FTAI, LFSC, FRPT, PLMR |
| Q3 2024 | 224 | $1.9B | FTAI, FRPT, CRS, VRNS, CRDO |
| Q2 2024 | 223 | $1.9B | FTAI, FRPT, CRS, CRDO, TMDX |
| Q1 2024 | 229 | $1.9B | SMCI, FRPT, FTAI, VRNS, CRS |