Emerald Mutual Fund Advisers Trust
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Emerald Mutual Fund Advisers Trust reported 212 stock positions worth $1.6 billion. Its top holding was Credo Technology Group Holdi (CRDO) at 3.5% of the portfolio, followed by Ftai Aviation (FTAI, 3.2%) and F/M Emr Life Sciences in ETF (LFSC, 2.8%). Compared with Q3 2024, it opened 30 new positions, sold out of 42, added to 28 and reduced 113. The biggest buy was a new position in F/M Emr Life Sciences in ETF (LFSC) and the biggest sale Carpenter Technology (CRS, shares −53%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $1.6B (Q4 2024)
- SEC Filing
- 0001104659-25-014225 ↗ filed Feb 14, 2025
Holdings Value
Holdings 212 stocks · $1.6B
| CRDO Credo Technology Group Holdi | 3.47% | 849,637 | $57.1M | Reduce -28.2% |
| FTAI Ftai Aviation Ltd. | 3.15% | 360,198 | $51.9M | Reduce -20.6% |
| LFSC F/M Emr Life Sciences in ETF | 2.84% | 1,997,035 | $46.7M | New |
| FRPT Freshpet Inc. | 2.82% | 313,374 | $46.4M | Reduce -16.1% |
| PLMR Palomar Holdings Inc. | 1.99% | 309,351 | $32.7M | Reduce -16.1% |
| GTLS Chart Industries Inc. | 1.90% | 163,374 | $31.2M | Reduce -16.9% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.83% | 299,684 | $30.2M | Reduce -34.3% |
| RDNT Radnet Inc. | 1.82% | 427,558 | $29.9M | Reduce -15.9% |
| SKWD Skyward Specialty Insurance | 1.69% | 549,402 | $27.8M | Reduce -24.4% |
| INSM Insmed Inc. | 1.68% | 400,624 | $27.7M | Reduce -17.9% |
| KTOS Kratos Defense & Security | 1.58% | 986,126 | $26.0M | Reduce -28.9% |
| AX Axos Financial Inc. | 1.54% | 363,398 | $25.4M | Reduce -14.0% |
| VRNS Varonis Systems Inc. | 1.49% | 549,750 | $24.4M | Reduce -18.4% |
| WVE Wave Life Sciences Ltd. | 1.45% | 1,931,034 | $23.9M | Reduce -9.1% |
| ITCI Intra-Cellular Therapies Inc. | 1.45% | 284,657 | $23.8M | Reduce -14.9% |
| BPMC Blueprint Medicines Corp. | 1.43% | 268,978 | $23.5M | Reduce -6.8% |
| CRS Carpenter Technology | 1.38% | 133,363 | $22.6M | Reduce -53.1% |
| MC Moelis & Co. Class A | 1.35% | 301,224 | $22.3M | Reduce -16.5% |
| LIVN Livanova PLC | 1.33% | 471,674 | $21.8M | Reduce -10.7% |
| ATI Ati Inc. | 1.24% | 369,093 | $20.3M | Reduce -15.5% |
| FOUR SHIFT4 Payments Inc. Class A | 1.23% | 195,684 | $20.3M | Reduce -33.8% |
| LITE Lumentum Holdings Inc. | 1.23% | 241,362 | $20.3M | Reduce -14.2% |
| MOD Modine Manufacturing Co. | 1.23% | 174,708 | $20.3M | Reduce -14.5% |
| VITL Vital Farms Inc. | 1.22% | 531,913 | $20.0M | Add +0.0% |
| AVAV Aerovironment Inc. | 1.21% | 129,828 | $20.0M | Reduce -20.8% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 1.21% | 514,838 | $20.0M | Reduce -21.2% |
| BBIO Bridgebio Pharma Inc. | 1.21% | 724,872 | $19.9M | Reduce -3.5% |
| MMSI Merit Medical Systems Inc. | 1.17% | 199,140 | $19.3M | Reduce -14.9% |
| TVTX Travere Therapeutics Inc. | 1.17% | 1,101,774 | $19.2M | Reduce -7.1% |
| RMBS Rambus Inc. | 1.15% | 356,958 | $18.9M | Reduce -15.4% |
| AGYS Agilysys Inc. | 1.12% | 139,749 | $18.4M | Reduce -18.4% |
| IDCC Interdigital Inc. | 1.11% | 94,482 | $18.3M | Reduce -20.7% |
| AIR Aar Corp. | 1.08% | 290,573 | $17.8M | Reduce -22.3% |
| OLLI Ollie's Bargain Outlet Holdi | 1.07% | 160,751 | $17.6M | Reduce -15.9% |
| FORM Formfactor Inc. | 1.07% | 400,854 | $17.6M | Reduce -16.2% |
| NEO Neogenomics Inc. | 1.07% | 1,067,400 | $17.6M | Reduce -13.5% |
| FN Fabrinet | 1.02% | 76,647 | $16.9M | Add +10.2% |
| PDFS PDF Solutions Inc. | 1.02% | 618,410 | $16.7M | Reduce -15.1% |
| SLNO Soleno Therapeutics Inc. | 1.01% | 368,574 | $16.6M | Add +58.2% |
| COLL Collegium Pharmaceutical Inc. | 0.99% | 569,567 | $16.3M | Reduce -14.0% |
| MTSI Macom Technology Solutions H | 0.98% | 124,148 | $16.1M | Reduce -14.3% |
| LPX Louisiana-Pacific Corp. | 0.90% | 143,629 | $14.9M | Reduce -37.7% |
| AAOI Applied Optoelectronics Inc. | 0.90% | 399,460 | $14.7M | Reduce -2.6% |
| TTMI TTM Technologies | 0.88% | 582,525 | $14.4M | Add +5.0% |
| TENB Tenable Holdings Inc. | 0.85% | 355,901 | $14.0M | Reduce -43.2% |
| FULT Fulton Financial Corp. | 0.84% | 714,636 | $13.8M | Reduce -17.1% |
| TMDX Transmedics Group Inc. | 0.83% | 219,275 | $13.7M | Add +75.1% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.83% | 324,437 | $13.6M | Reduce -24.4% |
| FA First Advantage Corp. | 0.81% | 714,147 | $13.4M | Reduce -27.1% |
| NSSC Napco Security Technologies | 0.78% | 360,622 | $12.8M | Reduce -12.9% |
| SPXC SPX Technologies Inc. | 0.73% | 82,750 | $12.0M | Reduce -15.6% |
| ALGT Allegiant Travel Co. | 0.72% | 126,027 | $11.9M | New |
| RXO Rxo Inc. | 0.72% | 495,184 | $11.8M | Reduce -16.6% |
| PI Impinj Inc. | 0.72% | 81,041 | $11.8M | Reduce -43.4% |
| KLIC Kulicke & Soffa Industries | 0.69% | 244,620 | $11.4M | Reduce -28.1% |
| UMBF Umb Financial Corp. | 0.69% | 100,863 | $11.4M | Add +8.5% |
| RHP Ryman Hospitality Properties | 0.68% | 107,561 | $11.2M | Reduce -3.4% |
| BJRI Bj's Restaurants Inc. | 0.68% | 318,792 | $11.2M | Reduce -12.4% |
| CCOI Cogent Communications Holdin | 0.68% | 144,344 | $11.1M | Reduce -19.3% |
| BOOT Boot Barn Holdings Inc. | 0.64% | 68,936 | $10.5M | New |
| NOG Northern Oil and Gas Inc. | 0.62% | 276,524 | $10.3M | Reduce -36.2% |
| OSW Onespaworld Holdings Ltd. | 0.61% | 501,439 | $10.0M | No change |
| ARLO Arlo Technologies Inc. | 0.60% | 875,965 | $9.8M | Add +57.1% |
| AKRO Akero Therapeutics Inc. | 0.60% | 352,180 | $9.8M | Reduce -15.2% |
| SEI Solaris Energy Infrastructur | 0.59% | 339,803 | $9.8M | New |
| NVCR Novocure Ltd. | 0.59% | 325,255 | $9.7M | New |
| TBBK The Bancorp Inc. | 0.57% | 178,931 | $9.4M | Add +514.8% |
| CHDN Churchill Downs Inc. | 0.57% | 69,849 | $9.3M | Reduce -21.0% |
| TREE Lendingtree Inc. | 0.57% | 240,498 | $9.3M | Reduce -11.3% |
| ACAD Acadia Pharmaceuticals Inc. | 0.56% | 500,391 | $9.2M | Reduce -12.9% |
| TDW Tidewater Inc. | 0.55% | 165,893 | $9.1M | Reduce -11.9% |
| SYRE Spyre Therapeutics Inc. | 0.55% | 386,384 | $9.0M | Add +52.4% |
| WHD Cactus Inc. Class A | 0.54% | 153,154 | $8.9M | Add +13.5% |
| OFIX Orthofix Medical Inc. | 0.53% | 503,802 | $8.8M | Add +35.4% |
| ARHS Arhaus Inc. | 0.52% | 903,684 | $8.5M | Reduce -18.8% |
| BHVN Biohaven Ltd. | 0.51% | 226,394 | $8.5M | New |
| TRIN Trinity Capital Inc. | 0.51% | 577,713 | $8.4M | Reduce -14.0% |
| SKYT Skywater Technology Inc. | 0.50% | 599,742 | $8.3M | Reduce -29.2% |
| SITM Sitime Corp. | 0.50% | 38,219 | $8.2M | New |
| ATEC Alphatec Holdings Inc. | 0.47% | 841,643 | $7.7M | Add +94.3% |
| NVEE NV5 Global Inc. | 0.44% | 383,146 | $7.2M | Reduce -57.1% |
| UEC Uranium Energy Corp. | 0.42% | 1,030,480 | $6.9M | New |
| PTLO Portillo's Inc. Class A | 0.42% | 731,603 | $6.9M | Reduce -18.7% |
| CWAN Clearwater Analytics HDS-A | 0.41% | 246,098 | $6.8M | Reduce -16.6% |
| BOW Bowhead Specialty Holdings I | 0.36% | 166,007 | $5.9M | Reduce -14.6% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.35% | 18,656 | $5.8M | Reduce -14.0% |
| FLYW Flywire Corp.-Voting | 0.34% | 267,195 | $5.5M | Add +38.5% |
| JACK Jack in the Box Inc. | 0.32% | 125,607 | $5.2M | Reduce -15.9% |
| SIGI Selective Insurance Group | 0.32% | 55,891 | $5.2M | Reduce -39.8% |
| EYE National Vision Holdings Inc. | 0.31% | 482,886 | $5.0M | Reduce -4.5% |
| CCB Coastal Financial Corp. | 0.30% | 59,004 | $5.0M | Add +489.4% |
| CVLT Commvault Systems Inc. | 0.30% | 32,638 | $4.9M | Reduce -36.8% |
| BUSE First Busey Corp. | 0.29% | 205,771 | $4.9M | New |
| RSI Rush Street Interactive Inc. | 0.29% | 348,043 | $4.8M | New |
| BE Bloom Energy Corp. Class A | 0.29% | 214,648 | $4.8M | Add +2944.7% |
| FFIN First Finl Bankshares Inc. | 0.29% | 131,826 | $4.8M | Reduce -28.8% |
| CVRX CVRX Inc. | 0.29% | 370,813 | $4.7M | Add +28.8% |
| KALV Kalvista Pharmaceuticals Inc. | 0.28% | 549,688 | $4.7M | Reduce -15.6% |
| MPB Mid Penn Bancorp Inc. | 0.27% | 156,338 | $4.5M | Add +44.6% |
| IBP Installed Building Products | 0.27% | 25,415 | $4.5M | Add +14.6% |
Portfolio Sells Q3 2024 → Q4 2024
| CRS Carpenter Technology | Reduce -53.1% | 1.38% | −0.98 |
| TNET Trinet Group Inc. | Reduce -94.9% | 0.06% | −0.97 |
| PI Impinj Inc. | Reduce -43.4% | 0.72% | −0.90 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.80 |
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −0.73 |
| NVEE NV5 Global Inc. | Reduce -57.1% | 0.44% | −0.65 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.63 |
| CDMO Avid Bioservices Inc. | Sold out | 0.00% | −0.62 |
| SYNA Synaptics Inc. | Sold out | 0.00% | −0.62 |
| EVER Everquote Inc. Class A | Sold out | 0.00% | −0.55 |
| XPRO Expro Group Holdings NV | Reduce -80.3% | 0.11% | −0.55 |
| ONT Onterris Inc. | Sold out | 0.00% | −0.55 |
| TRNO Terreno Realty Corp. | Sold out | 0.00% | −0.52 |
| AVAV Aerovironment Inc. | Reduce -20.8% | 1.21% | −0.49 |
| VRNS Varonis Systems Inc. | Reduce -18.4% | 1.49% | −0.49 |
| BWIN Baldwin Insurance Group Inc./ | Reduce -21.2% | 1.21% | −0.48 |
| TENB Tenable Holdings Inc. | Reduce -43.2% | 0.85% | −0.47 |
| CLDX Celldex Therapeutics Inc. | Sold out | 0.00% | −0.43 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -24.4% | 0.83% | −0.41 |
| BPOP Popular Inc. | Reduce -98.1% | 0.01% | −0.39 |
| LPX Louisiana-Pacific Corp. | Reduce -37.7% | 0.90% | −0.38 |
| ZUO Zuora Inc. Class A | Sold out | 0.00% | −0.34 |
| SNCY Sun Country Airlines Holding | Sold out | 0.00% | −0.34 |
| COLL Collegium Pharmaceutical Inc. | Reduce -14.0% | 0.99% | −0.34 |
| ATRC Atricure Inc. | Reduce -92.2% | 0.04% | −0.33 |
| LNWO Light & Wonder Inc. | Sold out | 0.00% | −0.31 |
| ATI Ati Inc. | Reduce -15.5% | 1.24% | −0.28 |
| PAL Proficient Auto Logistics Inc. | Reduce -69.2% | 0.07% | −0.27 |
| TREE Lendingtree Inc. | Reduce -11.3% | 0.57% | −0.25 |
| BIOA Bioage Labs Inc. | Sold out | 0.00% | −0.25 |
| QTRX Quanterix Corp. | Reduce -61.5% | 0.14% | −0.24 |
| PTLO Portillo's Inc. Class A | Reduce -18.7% | 0.42% | −0.21 |
| FA First Advantage Corp. | Reduce -27.1% | 0.81% | −0.20 |
| ARHS Arhaus Inc. | Reduce -18.8% | 0.52% | −0.20 |
| AIR Aar Corp. | Reduce -22.3% | 1.08% | −0.19 |
| TARS Tarsus Pharmaceuticals Inc. | Sold out | 0.00% | −0.19 |
| PDFS PDF Solutions Inc. | Reduce -15.1% | 1.02% | −0.18 |
| MOD Modine Manufacturing Co. | Reduce -14.5% | 1.23% | −0.18 |
| NOG Northern Oil and Gas Inc. | Reduce -36.2% | 0.62% | −0.17 |
| INSM Insmed Inc. | Reduce -17.9% | 1.68% | −0.17 |
| YOU Clear Secure Inc. Class A | Sold out | 0.00% | −0.16 |
| TDW Tidewater Inc. | Reduce -11.9% | 0.55% | −0.15 |
| RXO Rxo Inc. | Reduce -16.6% | 0.72% | −0.15 |
| IBTA Ibotta Inc. Class A | Sold out | 0.00% | −0.14 |
| SIGI Selective Insurance Group | Reduce -39.8% | 0.32% | −0.13 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -33.8% | 1.23% | −0.13 |
| CVLT Commvault Systems Inc. | Reduce -36.8% | 0.30% | −0.11 |
| LIVN Livanova PLC | Reduce -10.7% | 1.33% | −0.11 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -15.6% | 0.28% | −0.11 |
| KLIC Kulicke & Soffa Industries | Reduce -28.1% | 0.69% | −0.10 |
Portfolio Buys Q3 2024 → Q4 2024
| LFSC F/M Emr Life Sciences in ETF | New | 2.84% | +2.84 |
| ALGT Allegiant Travel Co. | New | 0.72% | +0.72 |
| BOOT Boot Barn Holdings Inc. | New | 0.64% | +0.64 |
| SEI Solaris Energy Infrastructur | New | 0.59% | +0.59 |
| NVCR Novocure Ltd. | New | 0.59% | +0.59 |
| BHVN Biohaven Ltd. | New | 0.51% | +0.51 |
| SITM Sitime Corp. | New | 0.50% | +0.50 |
| TBBK The Bancorp Inc. | Add +514.8% | 0.57% | +0.49 |
| UEC Uranium Energy Corp. | New | 0.42% | +0.42 |
| SLNO Soleno Therapeutics Inc. | Add +58.2% | 1.01% | +0.40 |
| TTMI TTM Technologies | Add +5.0% | 0.88% | +0.35 |
| ATEC Alphatec Holdings Inc. | Add +94.3% | 0.47% | +0.34 |
| BUSE First Busey Corp. | New | 0.29% | +0.29 |
| RSI Rush Street Interactive Inc. | New | 0.29% | +0.29 |
| BE Bloom Energy Corp. Class A | Add +2944.7% | 0.29% | +0.29 |
| CCB Coastal Financial Corp. | Add +489.4% | 0.30% | +0.28 |
| WGS Genedx Holdings Corp. | New | 0.27% | +0.27 |
| SVRA Savara Inc. | New | 0.26% | +0.26 |
| VITL Vital Farms Inc. | Add +0.0% | 1.22% | +0.25 |
| ARLO Arlo Technologies Inc. | Add +57.1% | 0.60% | +0.25 |
| SOC Sable Offshore Corp. | New | 0.24% | +0.24 |
| MIR Mirion Technologies Inc. | New | 0.24% | +0.24 |
| OFIX Orthofix Medical Inc. | Add +35.4% | 0.53% | +0.23 |
| UMBF Umb Financial Corp. | Add +8.5% | 0.69% | +0.18 |
| FLYW Flywire Corp.-Voting | Add +38.5% | 0.34% | +0.17 |
| FN Fabrinet | Add +10.2% | 1.02% | +0.17 |
| SYRE Spyre Therapeutics Inc. | Add +52.4% | 0.55% | +0.16 |
| CVRX CVRX Inc. | Add +28.8% | 0.29% | +0.15 |
| SRPT Sarepta Therapeutics Inc. | Add +1776.2% | 0.14% | +0.13 |
| WHD Cactus Inc. Class A | Add +13.5% | 0.54% | +0.13 |
| CBLL Ceribell Inc. | New | 0.12% | +0.12 |
| MPB Mid Penn Bancorp Inc. | Add +44.6% | 0.27% | +0.11 |
| SWIM Latham Group Inc. | New | 0.08% | +0.08 |
| NWFL Norwood Financial Corp. | New | 0.08% | +0.08 |
| ZVIA Zevia PBC-A | New | 0.08% | +0.08 |
| UTHR United Therapeutics Corp. | Add +768.8% | 0.06% | +0.05 |
| SSB Southstate Bank Corp. | Add +335.7% | 0.05% | +0.04 |
| RPC Ridgepost Capital Inc. Class A | New | 0.04% | +0.04 |
| ONB Old National Bancorp | New | 0.04% | +0.04 |
| ITGR Integer Holdings Corp. | Add +0.8% | 0.16% | +0.03 |
| ORRF Orrstown Finl Services Inc. | Add +0.3% | 0.16% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +7.0% | 0.08% | +0.02 |
| PRCH Porch Group Inc. | New | 0.02% | +0.02 |
| FTI Technipfmc PLC | New | 0.01% | +0.01 |
| INDI Indie Semiconductor Inc. Class A | Add +137.4% | 0.02% | +0.01 |
| AMSC American Superconductor Corp. | New | 0.01% | +0.01 |
| GBFH Gbank Financial Holdings Inc. | New | 0.01% | +0.01 |
| DDOG Datadog Inc. Class A | New | 0.01% | +0.01 |
| BROOKLINE BANCORP INC | New | 0.01% | +0.01 |
| ORCL Oracle Corp. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2024 → Q4 2024
| BANC Banc of California Inc. | COM | Sold out | 0 | $2before 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 | 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 |