Emerald Mutual Fund Advisers Trust
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 1, 2025), Emerald Mutual Fund Advisers Trust reported 209 stock positions worth $1.4 billion. Its top holding was Palomar (PLMR) at 2.3% of the portfolio, followed by Ftai Aviation (FTAI, 2.2%) and Credo Technology Group Holdi (CRDO, 2.2%). Compared with Q4 2024, it opened 25 new positions, sold out of 28, added to 50 and reduced 75. The biggest buy was a new position in Guardant Health (GH) and the biggest sale an exit from F/M Emr Life Sciences in ETF (LFSC).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001104659-25-043302 ↗ filed May 1, 2025
Holdings Value
Holdings 209 stocks · $1.4B
| PLMR Palomar Holdings Inc. | 2.28% | 227,166 | $31.1M | Reduce -26.6% |
| FTAI Ftai Aviation Ltd. | 2.22% | 273,120 | $30.3M | Reduce -24.2% |
| CRDO Credo Technology Group Holdi | 2.20% | 748,851 | $30.1M | Reduce -11.9% |
| SKWD Skyward Specialty Insurance | 2.10% | 542,531 | $28.7M | Reduce -1.3% |
| INSM Insmed Inc. | 1.98% | 353,831 | $27.0M | Reduce -11.7% |
| SLNO Soleno Therapeutics Inc. | 1.95% | 371,697 | $26.6M | Add +0.8% |
| KTOS Kratos Defense & Security | 1.94% | 892,816 | $26.5M | Reduce -9.5% |
| FRPT Freshpet Inc. | 1.91% | 313,297 | $26.1M | Reduce -0.0% |
| BBIO Bridgebio Pharma Inc. | 1.84% | 724,354 | $25.0M | Reduce -0.1% |
| GTLS Chart Industries Inc. | 1.73% | 163,172 | $23.6M | Reduce -0.1% |
| AX Axos Financial Inc. | 1.72% | 364,026 | $23.5M | Add +0.2% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.70% | 290,445 | $23.2M | Reduce -3.1% |
| BPMC Blueprint Medicines Corp. | 1.62% | 250,158 | $22.1M | Reduce -7.0% |
| VRNS Varonis Systems Inc. | 1.61% | 542,982 | $22.0M | Reduce -1.2% |
| CRS Carpenter Technology | 1.61% | 121,112 | $21.9M | Reduce -9.2% |
| RDNT Radnet Inc. | 1.57% | 431,013 | $21.4M | Add +0.8% |
| BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN | 1.49% | 454,140 | $20.3M | Reduce -11.8% |
| TVTX Travere Therapeutics Inc. | 1.47% | 1,121,886 | $20.1M | Add +1.8% |
| MMSI Merit Medical Systems Inc. | 1.46% | 188,750 | $20.0M | Reduce -5.2% |
| OLLI Ollie's Bargain Outlet Holdi | 1.44% | 169,219 | $19.7M | Add +5.3% |
| IDCC Interdigital Inc. | 1.37% | 90,576 | $18.7M | Reduce -4.1% |
| LIVN Livanova PLC | 1.36% | 472,535 | $18.6M | Add +0.2% |
| VITL Vital Farms Inc. | 1.35% | 603,874 | $18.4M | Add +13.5% |
| TTMI TTM Technologies | 1.33% | 886,701 | $18.2M | Add +52.2% |
| ATI Ati Inc. | 1.33% | 349,023 | $18.2M | Reduce -5.4% |
| TMDX Transmedics Group Inc. | 1.29% | 262,571 | $17.7M | Add +19.8% |
| MC Moelis & Co. Class A | 1.29% | 301,224 | $17.6M | No change |
| COLL Collegium Pharmaceutical Inc. | 1.26% | 574,080 | $17.1M | Add +0.8% |
| FN Fabrinet | 1.24% | 85,983 | $17.0M | Add +12.2% |
| TBBK The Bancorp Inc. | 1.22% | 314,744 | $16.6M | Add +75.9% |
| RMBS Rambus Inc. | 1.16% | 306,106 | $15.8M | Reduce -14.3% |
| AIR Aar Corp. | 1.15% | 281,061 | $15.7M | Reduce -3.3% |
| AVAV Aerovironment Inc. | 1.15% | 131,076 | $15.6M | Add +1.0% |
| WVE Wave Life Sciences Ltd. | 1.14% | 1,930,820 | $15.6M | Reduce -0.0% |
| LITE Lumentum Holdings Inc. | 1.10% | 241,570 | $15.1M | Add +0.1% |
| GH Guardant Health Inc. | 1.02% | 327,283 | $13.9M | New |
| LPX Louisiana-Pacific Corp. | 0.97% | 143,500 | $13.2M | Reduce -0.1% |
| MOD Modine Manufacturing Co. | 0.96% | 170,090 | $13.1M | Reduce -2.6% |
| FOUR SHIFT4 Payments Inc. Class A | 0.95% | 158,005 | $12.9M | Reduce -19.3% |
| TREE Lendingtree Inc. | 0.92% | 249,505 | $12.5M | Add +3.8% |
| TENB Tenable Holdings Inc. | 0.91% | 353,378 | $12.4M | Reduce -0.7% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.90% | 340,975 | $12.3M | Add +5.1% |
| LTH Life Time Group Holdings Inc. | 0.89% | 401,433 | $12.1M | New |
| PDFS PDF Solutions Inc. | 0.87% | 618,410 | $11.8M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 0.86% | 35,238 | $11.7M | Add +88.9% |
| MTSI Macom Technology Solutions H | 0.80% | 109,225 | $11.0M | Reduce -12.0% |
| BJRI Bj's Restaurants Inc. | 0.79% | 316,073 | $10.8M | Reduce -0.8% |
| SPXC SPX Technologies Inc. | 0.78% | 82,750 | $10.7M | No change |
| FORM Formfactor Inc. | 0.78% | 374,610 | $10.6M | Reduce -6.5% |
| ATEC Alphatec Holdings Inc. | 0.75% | 1,003,778 | $10.2M | Add +19.3% |
| FA First Advantage Corp. | 0.74% | 714,147 | $10.1M | No change |
| AGYS Agilysys Inc. | 0.74% | 138,671 | $10.1M | Reduce -0.8% |
| RHP Ryman Hospitality Properties | 0.72% | 107,561 | $9.8M | No change |
| ARLO Arlo Technologies Inc. | 0.70% | 970,408 | $9.6M | Add +10.8% |
| RXO Rxo Inc. | 0.69% | 495,184 | $9.5M | No change |
| BOOT Boot Barn Holdings Inc. | 0.69% | 87,593 | $9.4M | Add +27.1% |
| OSW Onespaworld Holdings Ltd. | 0.67% | 541,182 | $9.1M | Add +7.9% |
| CCOI Cogent Communications Holdin | 0.65% | 144,344 | $8.8M | No change |
| TRIN Trinity Capital Inc. | 0.64% | 577,713 | $8.8M | No change |
| PTLO Portillo's Inc. Class A | 0.64% | 731,603 | $8.7M | No change |
| UMBF Umb Financial Corp. | 0.63% | 85,212 | $8.6M | Reduce -15.5% |
| PI Impinj Inc. | 0.62% | 94,017 | $8.5M | Add +16.0% |
| VSEC Vse Corp. | 0.62% | 71,024 | $8.5M | New |
| ALGT Allegiant Travel Co. | 0.62% | 163,148 | $8.4M | Add +29.4% |
| OFIX Orthofix Medical Inc. | 0.61% | 514,524 | $8.4M | Add +2.1% |
| EVER Everquote Inc. Class A | 0.61% | 320,097 | $8.4M | New |
| AKRO Akero Therapeutics Inc. | 0.61% | 207,035 | $8.4M | Reduce -41.2% |
| ACAD Acadia Pharmaceuticals Inc. | 0.60% | 495,084 | $8.2M | Reduce -1.1% |
| ARHS Arhaus Inc. | 0.60% | 934,333 | $8.1M | Add +3.4% |
| EYE National Vision Holdings Inc. | 0.59% | 626,442 | $8.0M | Add +29.7% |
| ETNB 89BIO Inc. | 0.58% | 1,082,973 | $7.9M | New |
| CHDN Churchill Downs Inc. | 0.56% | 68,482 | $7.6M | Reduce -2.0% |
| SEI Solaris Energy Infrastructur | 0.55% | 341,874 | $7.4M | Add +0.6% |
| SITM Sitime Corp. | 0.54% | 48,461 | $7.4M | Add +26.8% |
| MIR Mirion Technologies Inc. | 0.54% | 507,116 | $7.4M | Add +123.7% |
| CWAN Clearwater Analytics HDS-A | 0.54% | 272,437 | $7.3M | Add +10.7% |
| KALV Kalvista Pharmaceuticals Inc. | 0.51% | 608,213 | $7.0M | Add +10.7% |
| BOW Bowhead Specialty Holdings I | 0.48% | 161,812 | $6.6M | Reduce -2.5% |
| KLIC Kulicke & Soffa Industries | 0.48% | 198,592 | $6.5M | Reduce -18.8% |
| SYRE Spyre Therapeutics Inc. | 0.46% | 389,422 | $6.3M | Add +0.8% |
| NEO Neogenomics Inc. | 0.46% | 654,281 | $6.2M | Reduce -38.7% |
| CCB Coastal Financial Corp. | 0.43% | 64,873 | $5.9M | Add +9.9% |
| NVCR Novocure Ltd. | 0.42% | 323,960 | $5.8M | Reduce -0.4% |
| BHVN Biohaven Ltd. | 0.42% | 238,361 | $5.7M | Add +5.3% |
| WHD Cactus Inc. Class A | 0.42% | 124,407 | $5.7M | Reduce -18.8% |
| AAOI Applied Optoelectronics Inc. | 0.42% | 370,996 | $5.7M | Reduce -7.1% |
| CVLT Commvault Systems Inc. | 0.41% | 35,812 | $5.6M | Add +9.7% |
| LIF LIFE360 Inc. | 0.41% | 146,893 | $5.6M | Add +39.5% |
| SVRA Savara Inc. | 0.41% | 2,014,456 | $5.6M | Add +46.4% |
| FULT Fulton Financial Corp. | 0.39% | 292,127 | $5.3M | Reduce -59.1% |
| NSSC Napco Security Technologies | 0.37% | 221,174 | $5.1M | Reduce -38.7% |
| CVRX CVRX Inc. | 0.33% | 369,672 | $4.5M | Reduce -0.3% |
| BUSE First Busey Corp. | 0.33% | 205,771 | $4.4M | No change |
| SOC Sable Offshore Corp. | 0.32% | 174,154 | $4.4M | Reduce -0.5% |
| CORT Corcept Therapeutics Inc. | 0.32% | 37,818 | $4.3M | New |
| SKYT Skywater Technology Inc. | 0.31% | 602,297 | $4.3M | Add +0.4% |
| BE Bloom Energy Corp. Class A | 0.31% | 212,174 | $4.2M | Reduce -1.1% |
| MPB Mid Penn Bancorp Inc. | 0.30% | 156,338 | $4.1M | No change |
| INR Infinity Natural Resour Class A | 0.29% | 210,579 | $3.9M | New |
| PWP Perella Weinberg Partners | 0.28% | 206,426 | $3.8M | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $44.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LFSC F/M Emr Life Sciences in ETF | F M EME LIFE ETF · principal | 1,997,035 | $44.8M | New |
Total filed on the 13F, all lines: $1.4B.
Portfolio Sells Q4 2024 → Q1 2025
| LFSC F/M Emr Life Sciences in ETF | Sold out | 0.00% | −2.84 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.45 |
| CRDO Credo Technology Group Holdi | Reduce -11.9% | 2.20% | −1.27 |
| FTAI Ftai Aviation Ltd. | Reduce -24.2% | 2.22% | −0.93 |
| FRPT Freshpet Inc. | Reduce -0.0% | 1.91% | −0.91 |
| NOG Northern Oil and Gas Inc. | Sold out | 0.00% | −0.62 |
| NEO Neogenomics Inc. | Reduce -38.7% | 0.46% | −0.61 |
| TDW Tidewater Inc. | Sold out | 0.00% | −0.55 |
| AAOI Applied Optoelectronics Inc. | Reduce -7.1% | 0.42% | −0.48 |
| FULT Fulton Financial Corp. | Reduce -59.1% | 0.39% | −0.45 |
| NVEE NV5 Global Inc. | Sold out | 0.00% | −0.44 |
| NSSC Napco Security Technologies | Reduce -38.7% | 0.37% | −0.41 |
| AGYS Agilysys Inc. | Reduce -0.8% | 0.74% | −0.38 |
| FLYW Flywire Corp.-Voting | Sold out | 0.00% | −0.34 |
| UEC Uranium Energy Corp. | Reduce -75.1% | 0.09% | −0.33 |
| JACK Jack in the Box Inc. | Sold out | 0.00% | −0.32 |
| WVE Wave Life Sciences Ltd. | Reduce -0.0% | 1.14% | −0.31 |
| FORM Formfactor Inc. | Reduce -6.5% | 0.78% | −0.30 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -19.3% | 0.95% | −0.29 |
| SIGI Selective Insurance Group | Reduce -89.2% | 0.04% | −0.28 |
| MOD Modine Manufacturing Co. | Reduce -2.6% | 0.96% | −0.27 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.27 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −0.24 |
| KLIC Kulicke & Soffa Industries | Reduce -18.8% | 0.48% | −0.21 |
| IBP Installed Building Products | Reduce -80.7% | 0.06% | −0.21 |
| MTSI Macom Technology Solutions H | Reduce -12.0% | 0.80% | −0.18 |
| GTLS Chart Industries Inc. | Reduce -0.1% | 1.73% | −0.17 |
| NVCR Novocure Ltd. | Reduce -0.4% | 0.42% | −0.17 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| QTRX Quanterix Corp. | Reduce -96.2% | 0.00% | −0.14 |
| QTWO Q2 Holdings Inc. | Reduce -3.1% | 1.70% | −0.13 |
| WHD Cactus Inc. Class A | Reduce -18.8% | 0.42% | −0.13 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −0.11 |
| INBK First Internet Bancorp | Sold out | 0.00% | −0.07 |
| UMBF Umb Financial Corp. | Reduce -15.5% | 0.63% | −0.06 |
| TNET Trinet Group Inc. | Sold out | 0.00% | −0.06 |
| ORRF Orrstown Finl Services Inc. | Reduce -32.4% | 0.11% | −0.05 |
| ATRC Atricure Inc. | Sold out | 0.00% | −0.04 |
| RPC Ridgepost Capital Inc. Class A | Sold out | 0.00% | −0.04 |
| LOB Live Oak Bancshares Inc. | Sold out | 0.00% | −0.03 |
| NVDA Nvidia Corp. | Reduce -15.3% | 0.14% | −0.03 |
| FFIN First Finl Bankshares Inc. | Reduce -22.7% | 0.27% | −0.02 |
| AAPL Apple Inc. | Reduce -18.9% | 0.11% | −0.02 |
| SHBI Shore Bancshares Inc. | Sold out | 0.00% | −0.02 |
| CADE Cadence Bank | Sold out | 0.00% | −0.02 |
| INDI Indie Semiconductor Inc. Class A | Reduce -56.6% | 0.01% | −0.01 |
| LNKB Linkbancorp Inc. | Reduce -32.1% | 0.04% | −0.01 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.01 |
| AESI Atlas Energy Solutions Inc. | Sold out | 0.00% | −0.01 |
| MSFT Microsoft Corp. | Reduce -15.7% | 0.12% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| GH Guardant Health Inc. | New | 1.02% | +1.02 |
| SLNO Soleno Therapeutics Inc. | Add +0.8% | 1.95% | +0.94 |
| LTH Life Time Group Holdings Inc. | New | 0.89% | +0.89 |
| TBBK The Bancorp Inc. | Add +75.9% | 1.22% | +0.65 |
| VSEC Vse Corp. | New | 0.62% | +0.62 |
| EVER Everquote Inc. Class A | New | 0.61% | +0.61 |
| ETNB 89BIO Inc. | New | 0.58% | +0.58 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +88.9% | 0.86% | +0.51 |
| TMDX Transmedics Group Inc. | Add +19.8% | 1.29% | +0.46 |
| TTMI TTM Technologies | Add +52.2% | 1.33% | +0.46 |
| OLLI Ollie's Bargain Outlet Holdi | Add +5.3% | 1.44% | +0.37 |
| TREE Lendingtree Inc. | Add +3.8% | 0.92% | +0.35 |
| CORT Corcept Therapeutics Inc. | New | 0.32% | +0.32 |
| TVTX Travere Therapeutics Inc. | Add +1.8% | 1.47% | +0.31 |
| MIR Mirion Technologies Inc. | Add +123.7% | 0.54% | +0.30 |
| INR Infinity Natural Resour Class A | New | 0.29% | +0.29 |
| EYE National Vision Holdings Inc. | Add +29.7% | 0.59% | +0.28 |
| PWP Perella Weinberg Partners | New | 0.28% | +0.28 |
| ATEC Alphatec Holdings Inc. | Add +19.3% | 0.75% | +0.28 |
| WSBC Wesbanco Inc. | New | 0.27% | +0.27 |
| COLL Collegium Pharmaceutical Inc. | Add +0.8% | 1.26% | +0.26 |
| FLOC Flowco Holdings Inc. Class A | New | 0.26% | +0.26 |
| KALV Kalvista Pharmaceuticals Inc. | Add +10.7% | 0.51% | +0.23 |
| FN Fabrinet | Add +12.2% | 1.24% | +0.22 |
| ABCB Ameris Bancorp | Add +1106.8% | 0.23% | +0.21 |
| AX Axos Financial Inc. | Add +0.2% | 1.72% | +0.18 |
| MARA Mara Holdings Inc. | New | 0.15% | +0.15 |
| SVRA Savara Inc. | Add +46.4% | 0.41% | +0.15 |
| LIF LIFE360 Inc. | Add +39.5% | 0.41% | +0.15 |
| VITL Vital Farms Inc. | Add +13.5% | 1.35% | +0.13 |
| PAL Proficient Auto Logistics Inc. | Add +128.6% | 0.20% | +0.13 |
| CCB Coastal Financial Corp. | Add +9.9% | 0.43% | +0.13 |
| CWAN Clearwater Analytics HDS-A | Add +10.7% | 0.54% | +0.12 |
| CVLT Commvault Systems Inc. | Add +9.7% | 0.41% | +0.11 |
| ARLO Arlo Technologies Inc. | Add +10.8% | 0.70% | +0.11 |
| OFIX Orthofix Medical Inc. | Add +2.1% | 0.61% | +0.08 |
| ARHS Arhaus Inc. | Add +3.4% | 0.60% | +0.08 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +5.1% | 0.90% | +0.07 |
| GMED Globus Medical Inc. Class A | New | 0.07% | +0.07 |
| OSW Onespaworld Holdings Ltd. | Add +7.9% | 0.67% | +0.06 |
| FIVE Five Below | New | 0.06% | +0.06 |
| BOOT Boot Barn Holdings Inc. | Add +27.1% | 0.69% | +0.05 |
| SITM Sitime Corp. | Add +26.8% | 0.54% | +0.04 |
| LIVN Livanova PLC | Add +0.2% | 1.36% | +0.03 |
| MCHB Mechanics Bancorp Class A | New | 0.02% | +0.02 |
| HOOD Robinhood Markets Inc. Class A | New | 0.02% | +0.02 |
| SMCI Super Micro Computer Inc. | Add +281.4% | 0.02% | +0.02 |
| NCLH Norwegian Cruise Line Holdin | New | 0.02% | +0.02 |
| WTTR Select Water Solutions Inc. | New | 0.01% | +0.01 |
| NOW ServiceNow Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q4 2024 → Q1 2025
| LFSC F/M Emr Life Sciences in ETF | F M EME LIFE ETF · principal | New | 1,997,035 | $44.8M |
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 |