Emerald Mutual Fund Advisers Trust
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 29, 2024), Emerald Mutual Fund Advisers Trust reported 224 stock positions worth $1.9 billion. Its top holding was Ftai Aviation (FTAI) at 3.1% of the portfolio, followed by Freshpet (FRPT, 2.7%) and Carpenter Technology (CRS, 2.4%). Compared with Q2 2024, it opened 26 new positions, sold out of 24, added to 44 and reduced 82. The biggest buy was a new position in SPX Technologies (SPXC) and the biggest sale Transmedics (TMDX, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $1.9B (Q3 2024)
- SEC Filing
- 0001104659-24-112229 ↗ filed Oct 29, 2024
Holdings Value
Holdings 224 stocks · $1.9B
| FTAI Ftai Aviation Ltd. | 3.13% | 453,869 | $60.3M | Reduce -31.0% |
| FRPT Freshpet Inc. | 2.66% | 373,633 | $51.1M | Reduce -17.5% |
| CRS Carpenter Technology | 2.36% | 284,125 | $45.3M | Reduce -33.2% |
| VRNS Varonis Systems Inc. | 1.98% | 673,641 | $38.1M | Reduce -10.2% |
| CRDO Credo Technology Group Holdi | 1.89% | 1,183,812 | $36.5M | Reduce -3.2% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.89% | 455,818 | $36.4M | Reduce -7.8% |
| INSM Insmed Inc. | 1.85% | 487,664 | $35.6M | Reduce -1.3% |
| RDNT Radnet Inc. | 1.83% | 508,516 | $35.3M | Reduce -3.8% |
| PLMR Palomar Holdings Inc. | 1.81% | 368,777 | $34.9M | Reduce -1.8% |
| AVAV Aerovironment Inc. | 1.71% | 163,939 | $32.9M | Add +3.1% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 1.69% | 653,633 | $32.6M | Reduce -11.1% |
| KTOS Kratos Defense & Security | 1.68% | 1,387,908 | $32.3M | Reduce -3.0% |
| PI Impinj Inc. | 1.61% | 143,219 | $31.0M | Add +4.2% |
| SKWD Skyward Specialty Insurance | 1.54% | 726,402 | $29.6M | Reduce -0.3% |
| ATI Ati Inc. | 1.52% | 436,624 | $29.2M | Reduce -14.4% |
| LIVN Livanova PLC | 1.44% | 528,112 | $27.7M | Reduce -2.9% |
| MOD Modine Manufacturing Co. | 1.41% | 204,398 | $27.1M | Reduce -4.0% |
| BPMC Blueprint Medicines Corp. | 1.39% | 288,540 | $26.7M | Add +3.7% |
| AX Axos Financial Inc. | 1.38% | 422,460 | $26.6M | Add +10.5% |
| FOUR SHIFT4 Payments Inc. Class A | 1.36% | 295,658 | $26.2M | Reduce -3.0% |
| COLL Collegium Pharmaceutical Inc. | 1.33% | 662,291 | $25.6M | Add +24.9% |
| TENB Tenable Holdings Inc. | 1.32% | 626,541 | $25.4M | Reduce -5.3% |
| LPX Louisiana-Pacific Corp. | 1.29% | 230,642 | $24.8M | Add +0.7% |
| MC Moelis & Co. Class A | 1.28% | 360,871 | $24.7M | Reduce -5.2% |
| ITCI Intra-Cellular Therapies Inc. | 1.27% | 334,673 | $24.5M | Add +6.6% |
| AIR Aar Corp. | 1.27% | 374,012 | $24.4M | Reduce -5.7% |
| GTLS Chart Industries Inc. | 1.27% | 196,514 | $24.4M | Reduce -2.9% |
| RARE Ultragenyx Pharmaceutical Inc. | 1.24% | 429,302 | $23.8M | Add +9.9% |
| MMSI Merit Medical Systems Inc. | 1.20% | 234,095 | $23.1M | Reduce -23.9% |
| PDFS PDF Solutions Inc. | 1.20% | 728,144 | $23.1M | Add +1.7% |
| FORM Formfactor Inc. | 1.14% | 478,170 | $22.0M | Add +2.9% |
| NVEE NV5 Global Inc. | 1.09% | 223,432 | $20.9M | Reduce -2.6% |
| TNET Trinet Group Inc. | 1.03% | 204,425 | $19.8M | Reduce -0.4% |
| TMDX Transmedics Group Inc. | 1.02% | 125,241 | $19.7M | Reduce -49.7% |
| FA First Advantage Corp. | 1.01% | 978,982 | $19.4M | Reduce -4.1% |
| BBIO Bridgebio Pharma Inc. | 0.99% | 751,355 | $19.1M | Add +50.8% |
| AGYS Agilysys Inc. | 0.97% | 171,322 | $18.7M | Reduce -5.1% |
| VITL Vital Farms Inc. | 0.97% | 531,676 | $18.6M | Add +93.9% |
| OLLI Ollie's Bargain Outlet Holdi | 0.97% | 191,153 | $18.6M | Add +7.0% |
| NEO Neogenomics Inc. | 0.95% | 1,233,565 | $18.2M | Reduce -20.3% |
| LITE Lumentum Holdings Inc. | 0.93% | 281,331 | $17.8M | Add +19.4% |
| RMBS Rambus Inc. | 0.93% | 421,917 | $17.8M | Add +37.6% |
| WVE Wave Life Sciences Ltd. | 0.90% | 2,123,466 | $17.4M | Add +16.6% |
| IDCC Interdigital Inc. | 0.88% | 119,122 | $16.9M | Add +23.5% |
| NSSC Napco Security Technologies | 0.87% | 414,013 | $16.8M | Add +3.5% |
| RXO Rxo Inc. | 0.86% | 593,663 | $16.6M | Add +66.8% |
| TVTX Travere Therapeutics Inc. | 0.86% | 1,185,709 | $16.6M | Add +26.0% |
| FN Fabrinet | 0.85% | 69,556 | $16.4M | Add +71.5% |
| MTSI Macom Technology Solutions H | 0.84% | 144,870 | $16.1M | Reduce -35.7% |
| TREE Lendingtree Inc. | 0.82% | 271,273 | $15.7M | Reduce -3.4% |
| SPXC SPX Technologies Inc. | 0.81% | 97,982 | $15.6M | New |
| FULT Fulton Financial Corp. | 0.81% | 861,691 | $15.6M | Add +272.2% |
| VKTX Viking Therapeutics Inc. | 0.80% | 244,526 | $15.5M | Add +0.9% |
| NOG Northern Oil and Gas Inc. | 0.80% | 433,550 | $15.4M | Reduce -4.4% |
| KLIC Kulicke & Soffa Industries | 0.80% | 339,974 | $15.3M | Reduce -4.4% |
| LBPH Longboard Pharmaceuticals Inc. | 0.73% | 419,462 | $14.0M | Add +128.5% |
| ARHS Arhaus Inc. | 0.71% | 1,113,329 | $13.7M | Reduce -4.9% |
| CCOI Cogent Communications Holdin | 0.71% | 178,938 | $13.6M | Reduce -14.7% |
| TDW Tidewater Inc. | 0.70% | 188,338 | $13.5M | Reduce -6.5% |
| XPRO Expro Group Holdings NV | 0.66% | 739,080 | $12.7M | Add +64.7% |
| PTLO Portillo's Inc. Class A | 0.63% | 899,461 | $12.1M | Add +11.8% |
| ONTO Onto Innovation Inc. | 0.63% | 58,115 | $12.1M | Reduce -43.3% |
| CDMO Avid Bioservices Inc. | 0.62% | 1,050,308 | $12.0M | New |
| CHDN Churchill Downs Inc. | 0.62% | 88,394 | $12.0M | Reduce -1.4% |
| RHP Ryman Hospitality Properties | 0.62% | 111,387 | $11.9M | Reduce -10.6% |
| AKRO Akero Therapeutics Inc. | 0.62% | 415,201 | $11.9M | Reduce -2.3% |
| SYNA Synaptics Inc. | 0.62% | 153,343 | $11.9M | Reduce -4.8% |
| BJRI Bj's Restaurants Inc. | 0.62% | 364,031 | $11.9M | Reduce -6.2% |
| SLNO Soleno Therapeutics Inc. | 0.61% | 233,008 | $11.8M | Reduce -3.4% |
| EVER Everquote Inc. Class A | 0.55% | 504,081 | $10.6M | Add +572.1% |
| ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP | 0.55% | 400,173 | $10.5M | Reduce -33.3% |
| TTMI TTM Technologies | 0.53% | 554,545 | $10.1M | New |
| TRNO Terreno Realty Corp. | 0.52% | 150,049 | $10.0M | Reduce -13.6% |
| UMBF Umb Financial Corp. | 0.51% | 92,994 | $9.8M | New |
| TRIN Trinity Capital Inc. | 0.47% | 671,448 | $9.1M | Reduce -1.4% |
| ACAD Acadia Pharmaceuticals Inc. | 0.46% | 574,810 | $8.8M | Add +2.9% |
| SIGI Selective Insurance Group | 0.45% | 92,775 | $8.7M | New |
| CLDX Celldex Therapeutics Inc. | 0.43% | 243,795 | $8.3M | Add +92.0% |
| OSW Onespaworld Holdings Ltd. | 0.43% | 501,439 | $8.3M | Reduce -12.6% |
| WHD Cactus Inc. Class A | 0.42% | 134,971 | $8.1M | Reduce -4.8% |
| CVLT Commvault Systems Inc. | 0.41% | 51,678 | $8.0M | New |
| SKYT Skywater Technology Inc. | 0.40% | 846,852 | $7.7M | Reduce -3.3% |
| BPOP Popular Inc. | 0.39% | 75,509 | $7.6M | Add +84.3% |
| KALV Kalvista Pharmaceuticals Inc. | 0.39% | 650,980 | $7.5M | Add +23.0% |
| SYRE Spyre Therapeutics Inc. | 0.39% | 253,550 | $7.5M | New |
| CWAN Clearwater Analytics HDS-A | 0.39% | 295,239 | $7.5M | New |
| QTRX Quanterix Corp. | 0.38% | 563,247 | $7.3M | Add +0.8% |
| ATRC Atricure Inc. | 0.36% | 249,504 | $7.0M | Reduce -2.3% |
| JACK Jack in the Box Inc. | 0.36% | 149,297 | $6.9M | Reduce -5.4% |
| FFIN First Finl Bankshares Inc. | 0.36% | 185,053 | $6.8M | Add +784.6% |
| ARLO Arlo Technologies Inc. | 0.35% | 557,464 | $6.8M | Reduce -22.8% |
| LIF LIFE360 Inc. | 0.35% | 170,182 | $6.7M | Add +0.4% |
| ZUO Zuora Inc. Class A | 0.34% | 768,962 | $6.6M | Reduce -20.2% |
| SNCY Sun Country Airlines Holding filed as SUN CTRY AIRLS HLDGS INC | 0.34% | 588,617 | $6.6M | Reduce -21.5% |
| KROS Keros Therapeutics Inc. | 0.34% | 112,613 | $6.5M | New |
| PAL Proficient Auto Logistics Inc. | 0.34% | 459,356 | $6.5M | Reduce -38.9% |
| LNWO Light & Wonder Inc. | 0.31% | 65,756 | $6.0M | Reduce -52.9% |
| AAOI Applied Optoelectronics Inc. | 0.30% | 410,154 | $5.9M | Add +2.8% |
| OFIX Orthofix Medical Inc. | 0.30% | 372,149 | $5.8M | Reduce -5.7% |
| UTZ Utz Brands Inc. | 0.30% | 321,951 | $5.7M | Reduce -49.2% |
Lines left out (1) · $2 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| BANC Banc of California Inc. | COM | 0 | $2 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q2 2024 → Q3 2024
| TMDX Transmedics Group Inc. | Reduce -49.7% | 1.02% | −0.94 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -71.4% | 0.24% | −0.87 |
| ONT Onterris Inc. | Reduce -33.3% | 0.55% | −0.85 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.84 |
| INDI Indie Semiconductor Inc. Class A | Reduce -98.3% | 0.01% | −0.63 |
| SPX TECHNOLOGIES INC | Sold out | 0.00% | −0.56 |
| ONTO Onto Innovation Inc. | Reduce -43.3% | 0.63% | −0.55 |
| HLI Houlihan Lokey Inc. | Sold out | 0.00% | −0.50 |
| MTSI Macom Technology Solutions H | Reduce -35.7% | 0.84% | −0.48 |
| VC Visteon Corp. | Sold out | 0.00% | −0.47 |
| LNWO Light & Wonder Inc. | Reduce -52.9% | 0.31% | −0.46 |
| FTAI Ftai Aviation Ltd. | Reduce -31.0% | 3.13% | −0.42 |
| FRPT Freshpet Inc. | Reduce -17.5% | 2.66% | −0.41 |
| CHUY Chuy's Holdings Inc. | Sold out | 0.00% | −0.40 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.39 |
| AGS Playags Inc. | Reduce -86.2% | 0.06% | −0.37 |
| RPD RAPID7 Inc. | Sold out | 0.00% | −0.33 |
| ATEC Alphatec Holdings Inc. | Reduce -48.2% | 0.13% | −0.33 |
| ARHS Arhaus Inc. | Reduce -4.9% | 0.71% | −0.33 |
| TDW Tidewater Inc. | Reduce -6.5% | 0.70% | −0.30 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −0.29 |
| PAL Proficient Auto Logistics Inc. | Reduce -38.9% | 0.34% | −0.29 |
| GTLS Chart Industries Inc. | Reduce -2.9% | 1.27% | −0.26 |
| SVV Savers Value Village Inc. | Sold out | 0.00% | −0.26 |
| UTZ Utz Brands Inc. | Reduce -49.2% | 0.30% | −0.26 |
| AIR Aar Corp. | Reduce -5.7% | 1.27% | −0.24 |
| BWMN Bowman Consulting Group Ltd. | Reduce -63.6% | 0.09% | −0.23 |
| MAX Mediaalpha Inc. Class A | Sold out | 0.00% | −0.22 |
| TENB Tenable Holdings Inc. | Reduce -5.3% | 1.32% | −0.19 |
| MMSI Merit Medical Systems Inc. | Reduce -23.9% | 1.20% | −0.18 |
| NEO Neogenomics Inc. | Reduce -20.3% | 0.95% | −0.18 |
| IRWD Ironwood Pharmaceuticals Inc. | Reduce -69.4% | 0.04% | −0.18 |
| ZUO Zuora Inc. Class A | Reduce -20.2% | 0.34% | −0.16 |
| TTI Tetra Technologies Inc. | Reduce -91.9% | 0.01% | −0.16 |
| CRDO Credo Technology Group Holdi | Reduce -3.2% | 1.89% | −0.15 |
| SNCY Sun Country Airlines Holding | Reduce -21.5% | 0.34% | −0.15 |
| HAE Haemonetics Corp. | Sold out | 0.00% | −0.15 |
| ARLO Arlo Technologies Inc. | Reduce -22.8% | 0.35% | −0.14 |
| SYNA Synaptics Inc. | Reduce -4.8% | 0.62% | −0.13 |
| LIVN Livanova PLC | Reduce -2.9% | 1.44% | −0.12 |
| KLIC Kulicke & Soffa Industries | Reduce -4.4% | 0.80% | −0.12 |
| CVRX CVRX Inc. | Reduce -22.2% | 0.13% | −0.10 |
| EYE National Vision Holdings Inc. | Reduce -9.9% | 0.29% | −0.10 |
| BJRI Bj's Restaurants Inc. | Reduce -6.2% | 0.62% | −0.09 |
| CRS Carpenter Technology | Reduce -33.2% | 2.36% | −0.09 |
| NOG Northern Oil and Gas Inc. | Reduce -4.4% | 0.80% | −0.09 |
| PRFT Perficient Inc. | Sold out | 0.00% | −0.07 |
| ITGR Integer Holdings Corp. | Reduce -41.2% | 0.13% | −0.07 |
| JACK Jack in the Box Inc. | Reduce -5.4% | 0.36% | −0.06 |
| MCB Metropolitan Bank Holding Co. | Reduce -47.9% | 0.11% | −0.06 |
Portfolio Buys Q2 2024 → Q3 2024
| SPXC SPX Technologies Inc. | New | 0.81% | +0.81 |
| CDMO Avid Bioservices Inc. | New | 0.62% | +0.62 |
| FULT Fulton Financial Corp. | Add +272.2% | 0.81% | +0.61 |
| TTMI TTM Technologies | New | 0.53% | +0.53 |
| UMBF Umb Financial Corp. | New | 0.51% | +0.51 |
| PI Impinj Inc. | Add +4.2% | 1.61% | +0.48 |
| EVER Everquote Inc. Class A | Add +572.1% | 0.55% | +0.47 |
| LBPH Longboard Pharmaceuticals Inc. | Add +128.5% | 0.73% | +0.47 |
| TVTX Travere Therapeutics Inc. | Add +26.0% | 0.86% | +0.46 |
| SIGI Selective Insurance Group | New | 0.45% | +0.45 |
| COLL Collegium Pharmaceutical Inc. | Add +24.9% | 1.33% | +0.43 |
| WVE Wave Life Sciences Ltd. | Add +16.6% | 0.90% | +0.43 |
| CVLT Commvault Systems Inc. | New | 0.41% | +0.41 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +9.9% | 1.24% | +0.40 |
| SYRE Spyre Therapeutics Inc. | New | 0.39% | +0.39 |
| CWAN Clearwater Analytics HDS-A | New | 0.39% | +0.39 |
| RXO Rxo Inc. | Add +66.8% | 0.86% | +0.38 |
| KROS Keros Therapeutics Inc. | New | 0.34% | +0.34 |
| FN Fabrinet | Add +71.5% | 0.85% | +0.33 |
| BBIO Bridgebio Pharma Inc. | Add +50.8% | 0.99% | +0.33 |
| FFIN First Finl Bankshares Inc. | Add +784.6% | 0.36% | +0.32 |
| LPX Louisiana-Pacific Corp. | Add +0.7% | 1.29% | +0.30 |
| LITE Lumentum Holdings Inc. | Add +19.4% | 0.93% | +0.30 |
| VITL Vital Farms Inc. | Add +93.9% | 0.97% | +0.30 |
| IDCC Interdigital Inc. | Add +23.5% | 0.88% | +0.29 |
| BIOA Bioage Labs Inc. | New | 0.25% | +0.25 |
| AX Axos Financial Inc. | Add +10.5% | 1.38% | +0.24 |
| PTLO Portillo's Inc. Class A | Add +11.8% | 0.63% | +0.22 |
| BPOP Popular Inc. | Add +84.3% | 0.39% | +0.20 |
| STC Stewart Information Services | New | 0.20% | +0.20 |
| AVAV Aerovironment Inc. | Add +3.1% | 1.71% | +0.19 |
| TARS Tarsus Pharmaceuticals Inc. | New | 0.19% | +0.19 |
| CLDX Celldex Therapeutics Inc. | Add +92.0% | 0.43% | +0.18 |
| ITCI Intra-Cellular Therapies Inc. | Add +6.6% | 1.27% | +0.15 |
| ORRF Orrstown Finl Services Inc. | New | 0.13% | +0.13 |
| AAOI Applied Optoelectronics Inc. | Add +2.8% | 0.30% | +0.13 |
| VKTX Viking Therapeutics Inc. | Add +0.9% | 0.80% | +0.13 |
| XPRO Expro Group Holdings NV | Add +64.7% | 0.66% | +0.12 |
| SPT Sprout Social Inc. Class A | Add +133.3% | 0.22% | +0.10 |
| KALV Kalvista Pharmaceuticals Inc. | Add +23.0% | 0.39% | +0.07 |
| SLAB Silicon Laboratories Inc. | New | 0.06% | +0.06 |
| LIF LIFE360 Inc. | Add +0.4% | 0.35% | +0.06 |
| OLLI Ollie's Bargain Outlet Holdi | Add +7.0% | 0.97% | +0.05 |
| IBTA Ibotta Inc. Class A | Add +81.7% | 0.14% | +0.05 |
| MOFG Midwestone Financial Group I | New | 0.04% | +0.04 |
| BOW Bowhead Specialty Holdings I | Add +0.5% | 0.28% | +0.03 |
| COMP Compass Inc. Class A | New | 0.02% | +0.02 |
| AAPL Apple Inc. | Add +6.0% | 0.11% | +0.02 |
| SASR Sandy Spring Bancorp Inc. | New | 0.01% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2024 → Q3 2024
| BANC Banc of California Inc. | COM | Reduce -100.0% | 0 | $2 |
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 | 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 |