Emerald Mutual Fund Advisers Trust
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 2025), Emerald Mutual Fund Advisers Trust reported 219 stock positions worth $1.9 billion. Its top holding was F/M Emr Life Sciences in ETF (LFSC) at 3.1% of the portfolio, followed by Kratos Defense & Security (KTOS, 2.8%) and Credo Technology Group Holdi (CRDO, 2.6%). Compared with Q2 2025, it opened 38 new positions, sold out of 31, added to 66 and reduced 90. The biggest buy was Bloom Energy Class A (BE, shares +93%) and the biggest sale Baldwin Insurance Group Inc./ (BWIN, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001104659-25-104193 ↗ filed Oct 30, 2025
Holdings Value
Holdings 219 stocks · $1.9B
| LFSC F/M Emr Life Sciences in ETF | 3.07% | 1,997,035 | $59.4M | No change |
| KTOS Kratos Defense & Security | 2.77% | 586,783 | $53.6M | Reduce -30.8% |
| CRDO Credo Technology Group Holdi | 2.63% | 349,619 | $50.9M | Reduce -30.6% |
| AVAV Aerovironment Inc. | 2.30% | 141,558 | $44.6M | Reduce -0.2% |
| RMBS Rambus Inc. | 2.10% | 391,215 | $40.8M | Reduce -6.0% |
| TTMI TTM Technologies | 1.81% | 609,368 | $35.1M | Reduce -25.0% |
| LITE Lumentum Holdings Inc. | 1.81% | 215,680 | $35.1M | Reduce -10.9% |
| GH Guardant Health Inc. | 1.79% | 556,009 | $34.7M | Add +33.7% |
| BE Bloom Energy Corp. Class A | 1.79% | 409,435 | $34.6M | Add +93.1% |
| MOD Modine Manufacturing Co. | 1.72% | 234,076 | $33.3M | Add +26.1% |
| VRNS Varonis Systems Inc. | 1.65% | 555,882 | $31.9M | Add +2.4% |
| SITM Sitime Corp. | 1.54% | 98,689 | $29.7M | Add +10.6% |
| AX Axos Financial Inc. | 1.49% | 341,262 | $28.9M | Reduce -6.3% |
| TVTX Travere Therapeutics Inc. | 1.48% | 1,200,942 | $28.7M | Add +5.2% |
| RDNT Radnet Inc. | 1.47% | 372,780 | $28.4M | Reduce -12.0% |
| EYE National Vision Holdings Inc. | 1.46% | 966,266 | $28.2M | Add +15.5% |
| TMDX Transmedics Group Inc. | 1.38% | 238,438 | $26.8M | Reduce -6.7% |
| TBBK The Bancorp Inc. | 1.38% | 357,098 | $26.7M | Reduce -2.6% |
| MRCY Mercury Systems Inc. | 1.34% | 336,058 | $26.0M | Add +27.7% |
| SLNO Soleno Therapeutics Inc. | 1.33% | 379,900 | $25.7M | Reduce -6.3% |
| VITL Vital Farms Inc. | 1.31% | 618,574 | $25.5M | Add +2.4% |
| FN Fabrinet | 1.24% | 65,816 | $24.0M | Reduce -23.4% |
| OLLI Ollie's Bargain Outlet Holdi | 1.23% | 185,623 | $23.8M | No change |
| VSEC Vse Corp. | 1.16% | 135,516 | $22.5M | Add +2.3% |
| AGYS Agilysys Inc. | 1.12% | 205,857 | $21.7M | Add +13.1% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 1.11% | 297,245 | $21.5M | Add +2.2% |
| BBIO Bridgebio Pharma Inc. | 1.10% | 411,427 | $21.4M | Reduce -36.3% |
| IDCC Interdigital Inc. | 1.09% | 61,207 | $21.1M | Reduce -40.2% |
| MC Moelis & Co. Class A | 1.01% | 273,351 | $19.5M | Add +2.2% |
| AIR Aar Corp. | 0.98% | 211,132 | $18.9M | Add +8.7% |
| PLMR Palomar Holdings Inc. | 0.97% | 160,259 | $18.7M | Reduce -15.6% |
| SKWD Skyward Specialty Insurance | 0.96% | 391,303 | $18.6M | Reduce -10.1% |
| ESE Esco Technologies Inc. | 0.95% | 87,419 | $18.5M | Add +87.5% |
| LIVN Livanova PLC | 0.95% | 349,664 | $18.3M | Add +8.1% |
| AMSC American Superconductor Corp. | 0.94% | 307,737 | $18.3M | Add +43.9% |
| SMTC Semtech Corp. | 0.92% | 248,436 | $17.8M | New |
| CVLT Commvault Systems Inc. | 0.91% | 92,893 | $17.5M | Add +119.0% |
| SPXC SPX Technologies Inc. | 0.90% | 93,074 | $17.4M | Add +12.5% |
| IONQ Ionq Inc. | 0.88% | 277,668 | $17.1M | Add +58.9% |
| RSI Rush Street Interactive Inc. | 0.87% | 825,244 | $16.9M | Add +11.0% |
| ARLO Arlo Technologies Inc. | 0.86% | 980,066 | $16.6M | Add +0.8% |
| STRL Sterling Infrastructure Inc. | 0.86% | 48,875 | $16.6M | Add +42.9% |
| MIR Mirion Technologies Inc. | 0.85% | 704,496 | $16.4M | Add +27.3% |
| BOOT Boot Barn Holdings Inc. | 0.84% | 97,953 | $16.2M | Add +8.8% |
| PI Impinj Inc. | 0.83% | 89,329 | $16.1M | Reduce -5.0% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.83% | 35,091 | $16.1M | Reduce -5.0% |
| MIRM Mirum Pharmaceuticals Inc. | 0.83% | 219,038 | $16.1M | Add +0.7% |
| ALGT Allegiant Travel Co. | 0.82% | 260,935 | $15.9M | Add +34.8% |
| PDFS PDF Solutions Inc. | 0.79% | 594,610 | $15.4M | Add +2.3% |
| ATI Ati Inc. | 0.77% | 183,555 | $14.9M | Add +2.4% |
| COGT Cogent Biosciences Inc. | 0.76% | 1,022,858 | $14.7M | Add +14.2% |
| TREE Lendingtree Inc. | 0.74% | 220,747 | $14.3M | Reduce -10.4% |
| AGX Argan Inc. | 0.73% | 52,352 | $14.1M | New |
| ATEC Alphatec Holdings Inc. | 0.72% | 956,049 | $13.9M | Reduce -3.0% |
| COLL Collegium Pharmaceutical Inc. | 0.71% | 395,661 | $13.8M | Reduce -28.1% |
| MMSI Merit Medical Systems Inc. | 0.71% | 165,730 | $13.8M | Reduce -5.7% |
| SKYT Skywater Technology Inc. | 0.70% | 725,120 | $13.5M | Add +1.5% |
| UMBF Umb Financial Corp. | 0.69% | 113,316 | $13.4M | Reduce -6.9% |
| NKTR Nektar Therapeutics | 0.69% | 233,205 | $13.3M | New |
| CORT Corcept Therapeutics Inc. | 0.68% | 158,142 | $13.1M | Add +4.8% |
| FOUR SHIFT4 Payments Inc. Class A | 0.68% | 169,718 | $13.1M | Add +6.4% |
| WVE Wave Life Sciences Ltd. | 0.67% | 1,766,062 | $12.9M | Reduce -8.8% |
| OSW Onespaworld Holdings Ltd. | 0.65% | 600,025 | $12.7M | Add +2.5% |
| FRPT Freshpet Inc. | 0.64% | 224,970 | $12.4M | Reduce -24.4% |
| SEI Solaris Energy Infrastructur | 0.64% | 308,798 | $12.3M | Reduce -2.3% |
| FA First Advantage Corp. | 0.61% | 772,716 | $11.9M | Reduce -7.6% |
| LTH Life Time Group Holdings Inc. | 0.58% | 410,492 | $11.3M | No change |
| CRS Carpenter Technology | 0.58% | 46,062 | $11.3M | Reduce -19.5% |
| KALV Kalvista Pharmaceuticals Inc. | 0.58% | 917,975 | $11.2M | Add +19.4% |
| LIF LIFE360 Inc. | 0.57% | 103,971 | $11.1M | Reduce -29.2% |
| CWAN Clearwater Analytics HDS-A | 0.55% | 592,802 | $10.7M | Add +2.3% |
| PWP Perella Weinberg Partners | 0.54% | 494,652 | $10.5M | Add +34.7% |
| HIMS Hims & Hers Health Inc. | 0.54% | 183,304 | $10.4M | New |
| EVLV Evolv Technologies Holdings | 0.53% | 1,360,062 | $10.3M | New |
| ARHS Arhaus Inc. | 0.51% | 934,333 | $9.9M | No change |
| MTSI Macom Technology Solutions H | 0.51% | 79,376 | $9.9M | Reduce -21.0% |
| BJRI Bj's Restaurants Inc. | 0.51% | 323,573 | $9.9M | Add +2.4% |
| AAOI Applied Optoelectronics Inc. | 0.51% | 379,796 | $9.8M | Add +2.4% |
| ONTO Onto Innovation Inc. | 0.50% | 75,385 | $9.7M | No change |
| EVER Everquote Inc. Class A | 0.49% | 416,662 | $9.5M | Add +14.8% |
| CUBI Customers Bancorp Inc. | 0.49% | 145,032 | $9.5M | New |
| KLIC Kulicke & Soffa Industries | 0.47% | 222,116 | $9.0M | Add +27.9% |
| QBTS D-Wave Quantum Inc. | 0.46% | 358,640 | $8.9M | Add +2.4% |
| LASR Nlight Inc. | 0.45% | 291,108 | $8.6M | New |
| COMP Compass Inc. Class A | 0.44% | 1,069,474 | $8.6M | Add +1992.8% |
| TRIN Trinity Capital Inc. | 0.44% | 549,260 | $8.5M | Reduce -4.9% |
| CCB Coastal Financial Corp. | 0.44% | 78,182 | $8.5M | Reduce -1.0% |
| RHP Ryman Hospitality Properties | 0.43% | 92,807 | $8.3M | Reduce -6.8% |
| NSSC Napco Security Technologies | 0.42% | 189,495 | $8.1M | Reduce -16.8% |
| AXSM Axsome Therapeutics Inc. | 0.41% | 65,505 | $8.0M | Add +2.5% |
| CADE Cadence Bank | 0.41% | 209,194 | $7.9M | Add +125.7% |
| FWRG First Watch Restaurant Group | 0.40% | 498,226 | $7.8M | Add +92.7% |
| SVRA Savara Inc. | 0.40% | 2,151,358 | $7.7M | Reduce -1.6% |
| ETNB 89BIO Inc. | 0.39% | 512,051 | $7.5M | Reduce -55.3% |
| VC Visteon Corp. | 0.38% | 61,970 | $7.4M | New |
| FIVE Five Below | 0.38% | 47,695 | $7.4M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.38% | 242,802 | $7.3M | Reduce -17.8% |
| TENB Tenable Holdings Inc. | 0.37% | 247,506 | $7.2M | Reduce -15.9% |
| ACAD Acadia Pharmaceuticals Inc. | 0.35% | 315,324 | $6.7M | Reduce -1.3% |
| IPGP Ipg Photonics Corp. | 0.34% | 83,916 | $6.6M | New |
Portfolio Sells Q2 2025 → Q3 2025
| BWIN Baldwin Insurance Group Inc./ | Reduce -89.0% | 0.08% | −1.16 |
| PLMR Palomar Holdings Inc. | Reduce -15.6% | 0.97% | −0.82 |
| SLNO Soleno Therapeutics Inc. | Reduce -6.3% | 1.33% | −0.74 |
| TMDX Transmedics Group Inc. | Reduce -6.7% | 1.38% | −0.71 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.63 |
| BBIO Bridgebio Pharma Inc. | Reduce -36.3% | 1.10% | −0.59 |
| FRPT Freshpet Inc. | Reduce -24.4% | 0.64% | −0.59 |
| FORM Formfactor Inc. | Sold out | 0.00% | −0.57 |
| SKWD Skyward Specialty Insurance | Reduce -10.1% | 0.96% | −0.57 |
| PTLO Portillo's Inc. Class A | Sold out | 0.00% | −0.52 |
| CRS Carpenter Technology | Reduce -19.5% | 0.58% | −0.38 |
| RXO Rxo Inc. | Reduce -88.8% | 0.04% | −0.37 |
| MTSI Macom Technology Solutions H | Reduce -21.0% | 0.51% | −0.37 |
| MARA Mara Holdings Inc. | Sold out | 0.00% | −0.33 |
| IDCC Interdigital Inc. | Reduce -40.2% | 1.09% | −0.31 |
| FN Fabrinet | Reduce -23.4% | 1.24% | −0.30 |
| ETNB 89BIO Inc. | Reduce -55.3% | 0.39% | −0.30 |
| MMSI Merit Medical Systems Inc. | Reduce -5.7% | 0.71% | −0.29 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -17.8% | 0.38% | −0.28 |
| COLL Collegium Pharmaceutical Inc. | Reduce -28.1% | 0.71% | −0.28 |
| CCOI Cogent Communications Holdin | Reduce -39.5% | 0.17% | −0.25 |
| TENB Tenable Holdings Inc. | Reduce -15.9% | 0.37% | −0.23 |
| FA First Advantage Corp. | Reduce -7.6% | 0.61% | −0.23 |
| NVCR Novocure Ltd. | Reduce -91.3% | 0.01% | −0.23 |
| CRDO Credo Technology Group Holdi | Reduce -30.6% | 2.63% | −0.21 |
| BOW Bowhead Specialty Holdings I | Reduce -28.5% | 0.16% | −0.21 |
| TTMI TTM Technologies | Reduce -25.0% | 1.81% | −0.21 |
| INR Infinity Natural Resour Class A | Sold out | 0.00% | −0.20 |
| FFIN First Finl Bankshares Inc. | Reduce -86.3% | 0.02% | −0.20 |
| AX Axos Financial Inc. | Reduce -6.3% | 1.49% | −0.19 |
| AKRO Akero Therapeutics Inc. | Reduce -18.8% | 0.27% | −0.17 |
| SPT Sprout Social Inc. Class A | Sold out | 0.00% | −0.17 |
| RHP Ryman Hospitality Properties | Reduce -6.8% | 0.43% | −0.17 |
| EE Excelerate Energy Inc. Class A | Reduce -20.6% | 0.23% | −0.17 |
| AVAV Aerovironment Inc. | Reduce -0.2% | 2.30% | −0.16 |
| ASIC Ategrity Specialty Holdings | Reduce -27.5% | 0.18% | −0.14 |
| MECHANICS BANK /WALNUT CREEK | Sold out | 0.00% | −0.12 |
| OMDA Omada Health Inc. | Reduce -61.6% | 0.07% | −0.11 |
| WVE Wave Life Sciences Ltd. | Reduce -8.8% | 0.67% | −0.10 |
| LPX Louisiana-Pacific Corp. | Sold out | 0.00% | −0.09 |
| WSBC Wesbanco Inc. | Reduce -21.4% | 0.18% | −0.09 |
| UMBF Umb Financial Corp. | Reduce -6.9% | 0.69% | −0.09 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.09 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -1.3% | 0.35% | −0.07 |
| RNST Renasant Corp. | Sold out | 0.00% | −0.07 |
| INSM Insmed Inc. | Reduce -51.5% | 0.09% | −0.06 |
| ONB Old National Bancorp | Sold out | 0.00% | −0.06 |
| MPB Mid Penn Bancorp Inc. | Reduce -8.3% | 0.21% | −0.06 |
| TRIN Trinity Capital Inc. | Reduce -4.9% | 0.44% | −0.06 |
| FLOC Flowco Holdings Inc. Class A | Sold out | 0.00% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| BE Bloom Energy Corp. Class A | Add +93.1% | 1.79% | +1.48 |
| SMTC Semtech Corp. | New | 0.92% | +0.92 |
| AGX Argan Inc. | New | 0.73% | +0.73 |
| NKTR Nektar Therapeutics | New | 0.69% | +0.69 |
| MOD Modine Manufacturing Co. | Add +26.1% | 1.72% | +0.60 |
| HIMS Hims & Hers Health Inc. | New | 0.54% | +0.54 |
| EVLV Evolv Technologies Holdings | New | 0.53% | +0.53 |
| CUBI Customers Bancorp Inc. | New | 0.49% | +0.49 |
| MRCY Mercury Systems Inc. | Add +27.7% | 1.34% | +0.48 |
| GH Guardant Health Inc. | Add +33.7% | 1.79% | +0.48 |
| AMSC American Superconductor Corp. | Add +43.9% | 0.94% | +0.47 |
| CVLT Commvault Systems Inc. | Add +119.0% | 0.91% | +0.46 |
| TVTX Travere Therapeutics Inc. | Add +5.2% | 1.48% | +0.45 |
| LASR Nlight Inc. | New | 0.45% | +0.45 |
| IONQ Ionq Inc. | Add +58.9% | 0.88% | +0.42 |
| COMP Compass Inc. Class A | Add +1992.8% | 0.44% | +0.42 |
| ESE Esco Technologies Inc. | Add +87.5% | 0.95% | +0.41 |
| VC Visteon Corp. | New | 0.38% | +0.38 |
| SITM Sitime Corp. | Add +10.6% | 1.54% | +0.38 |
| STRL Sterling Infrastructure Inc. | Add +42.9% | 0.86% | +0.38 |
| COGT Cogent Biosciences Inc. | Add +14.2% | 0.76% | +0.37 |
| IPGP Ipg Photonics Corp. | New | 0.34% | +0.34 |
| EYE National Vision Holdings Inc. | Add +15.5% | 1.46% | +0.28 |
| SKYT Skywater Technology Inc. | Add +1.5% | 0.70% | +0.27 |
| IMAX Imax Corp. | New | 0.25% | +0.25 |
| HTFL Heartflow Inc. | New | 0.23% | +0.23 |
| CADE Cadence Bank | Add +125.7% | 0.41% | +0.22 |
| BRCB Black Rock Coffee Bar Inc. Class A | New | 0.21% | +0.21 |
| RSI Rush Street Interactive Inc. | Add +11.0% | 0.87% | +0.20 |
| CECO Ceco Environmental Corp. | New | 0.19% | +0.19 |
| ALGT Allegiant Travel Co. | Add +34.8% | 0.82% | +0.17 |
| AIR Aar Corp. | Add +8.7% | 0.98% | +0.16 |
| MIRM Mirum Pharmaceuticals Inc. | Add +0.7% | 0.83% | +0.15 |
| FWRG First Watch Restaurant Group | Add +92.7% | 0.40% | +0.15 |
| HAPN Happen Inc. | New | 0.15% | +0.15 |
| KRRO Korro Bio Inc. | New | 0.15% | +0.15 |
| QBTS D-Wave Quantum Inc. | Add +2.4% | 0.46% | +0.15 |
| MIR Mirion Technologies Inc. | Add +27.3% | 0.85% | +0.12 |
| PWP Perella Weinberg Partners | Add +34.7% | 0.54% | +0.11 |
| VSEC Vse Corp. | Add +2.3% | 1.16% | +0.11 |
| KLIC Kulicke & Soffa Industries | Add +27.9% | 0.47% | +0.10 |
| UTHR United Therapeutics Corp. | Add +112.2% | 0.12% | +0.07 |
| HOOD Robinhood Markets Inc. Class A | Add +127.4% | 0.11% | +0.07 |
| LIVN Livanova PLC | Add +8.1% | 0.95% | +0.06 |
| ICUI Icu Medical Inc. | New | 0.06% | +0.06 |
| RKT Rocket Cos Inc. Class A | New | 0.05% | +0.05 |
| SPXC SPX Technologies Inc. | Add +12.5% | 0.90% | +0.05 |
| FIGR Figure Technology Solut Class A | New | 0.05% | +0.05 |
| KALV Kalvista Pharmaceuticals Inc. | Add +19.4% | 0.58% | +0.05 |
| PGY Pagaya Technologies Ltd. Class A | New | 0.05% | +0.05 |
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 |