Emerald Mutual Fund Advisers Trust
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Emerald Mutual Fund Advisers Trust reported 189 stock positions worth $2.1 billion. Its top holding was F/M Emr Life Sciences in ETF (LFSC) at 3.6% of the portfolio, followed by Guardant Health (GH, 2.6%) and Credo Technology Group Holdi (CRDO, 2.1%). Compared with Q3 2025, it opened 19 new positions, sold out of 49, added to 68 and reduced 49. The biggest buy was Cogent Biosciences (COGT, shares +2%) and the biggest sale Kratos Defense & Security (KTOS, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- LEOLA, PA
- CIK
- 0001352895
- Portfolio Value
- $2.1B (Q4 2025)
- SEC Filing
- 0001104659-26-011929 ↗ filed Feb 9, 2026
Holdings Value
Holdings 189 stocks · $2.1B
| LFSC F/M Emr Life Sciences in ETF | 3.56% | 1,997,035 | $73.1M | No change |
| GH Guardant Health Inc. | 2.61% | 523,932 | $53.5M | Reduce -5.8% |
| CRDO Credo Technology Group Holdi | 2.07% | 295,387 | $42.5M | Reduce -15.5% |
| KTOS Kratos Defense & Security | 1.93% | 522,224 | $39.6M | Reduce -11.0% |
| TTMI TTM Technologies | 1.84% | 547,363 | $37.8M | Reduce -10.2% |
| COGT Cogent Biosciences Inc. | 1.80% | 1,038,494 | $36.9M | Add +1.5% |
| TVTX Travere Therapeutics Inc. | 1.77% | 948,459 | $36.2M | Reduce -21.0% |
| RMBS Rambus Inc. | 1.75% | 391,215 | $35.9M | No change |
| LITE Lumentum Holdings Inc. | 1.56% | 86,925 | $32.0M | Reduce -59.7% |
| MOD Modine Manufacturing Co. | 1.53% | 235,425 | $31.4M | Add +0.6% |
| BE Bloom Energy Corp. Class A | 1.49% | 351,401 | $30.5M | Reduce -14.2% |
| AVAV Aerovironment Inc. | 1.48% | 125,692 | $30.4M | Reduce -11.2% |
| FN Fabrinet | 1.46% | 65,816 | $30.0M | No change |
| AX Axos Financial Inc. | 1.43% | 341,262 | $29.4M | No change |
| VSEC Vse Corp. | 1.42% | 168,352 | $29.1M | Add +24.2% |
| LIVN Livanova PLC | 1.37% | 456,263 | $28.1M | Add +30.5% |
| TMDX Transmedics Group Inc. | 1.36% | 229,901 | $28.0M | Reduce -3.6% |
| MC Moelis & Co. Class A | 1.22% | 363,523 | $25.0M | Add +33.0% |
| MRCY Mercury Systems Inc. | 1.20% | 336,058 | $24.5M | No change |
| AGYS Agilysys Inc. | 1.19% | 205,857 | $24.5M | No change |
| BBIO Bridgebio Pharma Inc. | 1.18% | 316,784 | $24.2M | Reduce -23.0% |
| EYE National Vision Holdings Inc. | 1.18% | 937,540 | $24.2M | Reduce -3.0% |
| WVE Wave Life Sciences Ltd. | 1.17% | 1,414,665 | $24.0M | Reduce -19.9% |
| TBBK The Bancorp Inc. | 1.16% | 353,602 | $23.9M | Reduce -1.0% |
| VITL Vital Farms Inc. | 1.09% | 698,053 | $22.3M | Add +12.8% |
| PLMR Palomar Holdings Inc. | 1.06% | 161,717 | $21.8M | Add +0.9% |
| ATI Ati Inc. | 1.03% | 183,555 | $21.1M | No change |
| SMTC Semtech Corp. | 1.02% | 285,037 | $21.0M | Add +14.7% |
| AIR Aar Corp. | 1.02% | 252,772 | $20.9M | Add +19.7% |
| OLLI Ollie's Bargain Outlet Holdi | 0.99% | 185,623 | $20.3M | No change |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 0.99% | 281,749 | $20.3M | Reduce -5.2% |
| SKWD Skyward Specialty Insurance | 0.99% | 397,401 | $20.3M | Add +1.6% |
| IMAX Imax Corp. | 0.95% | 525,986 | $19.4M | Add +252.1% |
| ESE Esco Technologies Inc. | 0.94% | 98,502 | $19.2M | Add +12.7% |
| BOOT Boot Barn Holdings Inc. | 0.94% | 108,944 | $19.2M | Add +11.2% |
| ATEC Alphatec Holdings Inc. | 0.93% | 910,053 | $19.1M | Reduce -4.8% |
| MIRM Mirum Pharmaceuticals Inc. | 0.93% | 242,320 | $19.1M | Add +10.6% |
| RSI Rush Street Interactive Inc. | 0.93% | 981,901 | $19.1M | Add +19.0% |
| SITM Sitime Corp. | 0.91% | 52,825 | $18.7M | Reduce -46.5% |
| SPXC SPX Technologies Inc. | 0.91% | 93,074 | $18.6M | No change |
| AGX Argan Inc. | 0.90% | 58,943 | $18.5M | Add +12.6% |
| UMBF Umb Financial Corp. | 0.89% | 158,617 | $18.2M | Add +40.0% |
| VRNS Varonis Systems Inc. | 0.89% | 555,882 | $18.2M | No change |
| COLL Collegium Pharmaceutical Inc. | 0.88% | 391,670 | $18.1M | Reduce -1.0% |
| ALGT Allegiant Travel Co. | 0.88% | 211,825 | $18.1M | Reduce -18.8% |
| RDNT Radnet Inc. | 0.87% | 251,246 | $17.9M | Reduce -32.6% |
| EVLV Evolv Technologies Holdings | 0.87% | 2,502,489 | $17.9M | Add +84.0% |
| ARLO Arlo Technologies Inc. | 0.84% | 1,238,321 | $17.3M | Add +26.4% |
| PI Impinj Inc. | 0.84% | 99,487 | $17.3M | Add +11.4% |
| PDFS PDF Solutions Inc. | 0.83% | 594,610 | $17.0M | No change |
| PIPR Piper Sandler Cos | 0.81% | 49,246 | $16.7M | New |
| MIR Mirion Technologies Inc. | 0.80% | 704,496 | $16.5M | No change |
| LASR Nlight Inc. | 0.79% | 429,772 | $16.1M | Add +47.6% |
| TTI Tetra Technologies Inc. | 0.79% | 1,720,205 | $16.1M | Add +3073.6% |
| TRVI Trevi Therapeutics Inc. | 0.78% | 1,272,373 | $15.9M | New |
| CECO Ceco Environmental Corp. | 0.76% | 260,598 | $15.6M | Add +262.7% |
| CUBI Customers Bancorp Inc. | 0.76% | 212,357 | $15.5M | Add +46.4% |
| SYNA Synaptics Inc. | 0.75% | 208,859 | $15.5M | New |
| FRPT Freshpet Inc. | 0.75% | 252,306 | $15.4M | Add +12.2% |
| STRL Sterling Infrastructure Inc. | 0.73% | 48,875 | $15.0M | No change |
| KLIC Kulicke & Soffa Industries | 0.72% | 322,457 | $14.7M | Add +45.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.71% | 24,996 | $14.6M | Reduce -28.8% |
| CRS Carpenter Technology | 0.71% | 46,062 | $14.5M | No change |
| SVRA Savara Inc. | 0.70% | 2,396,458 | $14.5M | Add +11.4% |
| SEI Solaris Energy Infrastructur | 0.70% | 312,027 | $14.3M | Add +1.1% |
| AAOI Applied Optoelectronics Inc. | 0.68% | 399,050 | $13.9M | Add +5.1% |
| KALV Kalvista Pharmaceuticals Inc. | 0.67% | 855,461 | $13.8M | Reduce -6.8% |
| SYRE Spyre Therapeutics Inc. | 0.66% | 412,371 | $13.5M | Add +33.8% |
| SKYT Skywater Technology Inc. | 0.65% | 729,156 | $13.2M | Add +0.6% |
| ACAD Acadia Pharmaceuticals Inc. | 0.63% | 484,506 | $12.9M | Add +53.6% |
| CVLT Commvault Systems Inc. | 0.63% | 102,780 | $12.9M | Add +10.6% |
| BJRI Bj's Restaurants Inc. | 0.62% | 323,573 | $12.7M | No change |
| AMSC American Superconductor Corp. | 0.61% | 435,246 | $12.5M | Add +41.4% |
| IONQ Ionq Inc. | 0.61% | 277,668 | $12.5M | No change |
| OSW Onespaworld Holdings Ltd. | 0.61% | 600,025 | $12.4M | No change |
| AXSM Axsome Therapeutics Inc. | 0.60% | 67,608 | $12.3M | Add +3.2% |
| CCB Coastal Financial Corp. | 0.60% | 107,737 | $12.3M | Add +37.8% |
| ONTO Onto Innovation Inc. | 0.58% | 75,385 | $11.9M | No change |
| TREE Lendingtree Inc. | 0.56% | 218,269 | $11.6M | Reduce -1.1% |
| COMP Compass Inc. Class A | 0.55% | 1,073,746 | $11.3M | Add +0.4% |
| EVER Everquote Inc. Class A | 0.54% | 411,606 | $11.1M | Reduce -1.2% |
| ARHS Arhaus Inc. | 0.54% | 990,215 | $11.1M | Add +6.0% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.53% | 577,591 | $10.9M | Add +207.0% |
| LMRI Lumexa Imaging Holdings Inc. | 0.53% | 588,665 | $10.9M | New |
| SLNO Soleno Therapeutics Inc. | 0.52% | 232,485 | $10.8M | Reduce -38.8% |
| NKTR Nektar Therapeutics | 0.52% | 253,125 | $10.7M | Add +8.5% |
| FOUR SHIFT4 Payments Inc. Class A | 0.51% | 165,269 | $10.4M | Reduce -2.6% |
| FA First Advantage Corp. | 0.48% | 672,716 | $9.8M | Reduce -12.9% |
| IDCC Interdigital Inc. | 0.47% | 30,367 | $9.7M | Reduce -50.4% |
| BLLN Billiontoone Inc. Class A | 0.47% | 118,134 | $9.7M | New |
| LTH Life Time Group Holdings Inc. | 0.46% | 355,492 | $9.4M | Reduce -13.4% |
| QBTS D-Wave Quantum Inc. | 0.46% | 358,640 | $9.4M | No change |
| PWP Perella Weinberg Partners | 0.46% | 541,284 | $9.4M | Add +9.4% |
| MMSI Merit Medical Systems Inc. | 0.45% | 105,651 | $9.3M | Reduce -36.3% |
| FIVE Five Below | 0.44% | 47,695 | $9.0M | No change |
| IPGP Ipg Photonics Corp. | 0.43% | 122,225 | $8.8M | Add +45.6% |
| FWRG First Watch Restaurant Group | 0.42% | 569,418 | $8.6M | Add +14.3% |
| ATRO Astronics Corp. | 0.41% | 156,719 | $8.5M | New |
| TRIN Trinity Capital Inc. | 0.39% | 549,260 | $8.0M | No change |
| AVAH Aveanna Healthcare Holdings | 0.39% | 980,433 | $8.0M | New |
Portfolio Sells Q3 2025 → Q4 2025
| KTOS Kratos Defense & Security | Reduce -11.0% | 1.93% | −0.84 |
| AVAV Aerovironment Inc. | Reduce -11.2% | 1.48% | −0.82 |
| SLNO Soleno Therapeutics Inc. | Reduce -38.8% | 0.52% | −0.80 |
| SITM Sitime Corp. | Reduce -46.5% | 0.91% | −0.63 |
| IDCC Interdigital Inc. | Reduce -50.4% | 0.47% | −0.62 |
| RDNT Radnet Inc. | Reduce -32.6% | 0.87% | −0.59 |
| LIF LIFE360 Inc. | Sold out | 0.00% | −0.57 |
| CRDO Credo Technology Group Holdi | Reduce -15.5% | 2.07% | −0.56 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.55 |
| MTSI Macom Technology Solutions H | Sold out | 0.00% | −0.51 |
| RHP Ryman Hospitality Properties | Sold out | 0.00% | −0.43 |
| NSSC Napco Security Technologies | Sold out | 0.00% | −0.42 |
| CADE Cadence Bank | Sold out | 0.00% | −0.41 |
| ETNB 89BIO Inc. | Sold out | 0.00% | −0.39 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.32 |
| HIMS Hims & Hers Health Inc. | Reduce -19.6% | 0.23% | −0.30 |
| BE Bloom Energy Corp. Class A | Reduce -14.2% | 1.49% | −0.30 |
| EYE National Vision Holdings Inc. | Reduce -3.0% | 1.18% | −0.28 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| TENB Tenable Holdings Inc. | Reduce -62.2% | 0.11% | −0.27 |
| MMSI Merit Medical Systems Inc. | Reduce -36.3% | 0.45% | −0.26 |
| LITE Lumentum Holdings Inc. | Reduce -59.7% | 1.56% | −0.25 |
| RARE Ultragenyx Pharmaceutical Inc. | Reduce -50.4% | 0.14% | −0.24 |
| ITGR Integer Holdings Corp. | Reduce -58.0% | 0.10% | −0.23 |
| TBBK The Bancorp Inc. | Reduce -1.0% | 1.16% | −0.22 |
| TREE Lendingtree Inc. | Reduce -1.1% | 0.56% | −0.17 |
| CCOI Cogent Communications Holdin | Sold out | 0.00% | −0.17 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -2.6% | 0.51% | −0.17 |
| BOW Bowhead Specialty Holdings I | Reduce -92.3% | 0.01% | −0.15 |
| FA First Advantage Corp. | Reduce -12.9% | 0.48% | −0.14 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.13 |
| LTH Life Time Group Holdings Inc. | Reduce -13.4% | 0.46% | −0.12 |
| ASIC Ategrity Specialty Holdings | Reduce -69.2% | 0.05% | −0.12 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -28.8% | 0.71% | −0.12 |
| QTWO Q2 Holdings Inc. | Reduce -5.2% | 0.99% | −0.12 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.11 |
| UTZ Utz Brands Inc. | Reduce -66.8% | 0.04% | −0.10 |
| PAL Proficient Auto Logistics Inc. | Sold out | 0.00% | −0.10 |
| BWIN Baldwin Insurance Group Inc./ | Sold out | 0.00% | −0.08 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.07 |
| OMDA Omada Health Inc. | Sold out | 0.00% | −0.07 |
| AAPL Apple Inc. | Sold out | 0.00% | −0.06 |
| OFIX Orthofix Medical Inc. | Sold out | 0.00% | −0.05 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.04 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.04 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.04 |
| ZVIA Zevia PBC-A | Reduce -13.4% | 0.09% | −0.04 |
| FINW Finwise Bancorp | Reduce -36.4% | 0.05% | −0.04 |
| RXO Rxo Inc. | Sold out | 0.00% | −0.04 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| COGT Cogent Biosciences Inc. | Add +1.5% | 1.80% | +1.04 |
| PIPR Piper Sandler Cos | New | 0.81% | +0.81 |
| TRVI Trevi Therapeutics Inc. | New | 0.78% | +0.78 |
| TTI Tetra Technologies Inc. | Add +3073.6% | 0.79% | +0.77 |
| SYNA Synaptics Inc. | New | 0.75% | +0.75 |
| IMAX Imax Corp. | Add +252.1% | 0.95% | +0.69 |
| CECO Ceco Environmental Corp. | Add +262.7% | 0.76% | +0.57 |
| LMRI Lumexa Imaging Holdings Inc. | New | 0.53% | +0.53 |
| BLLN Billiontoone Inc. Class A | New | 0.47% | +0.47 |
| LIVN Livanova PLC | Add +30.5% | 1.37% | +0.42 |
| ATRO Astronics Corp. | New | 0.41% | +0.41 |
| SYRE Spyre Therapeutics Inc. | Add +33.8% | 0.66% | +0.39 |
| AVAH Aveanna Healthcare Holdings | New | 0.39% | +0.39 |
| HAPN Happen Inc. | Add +207.0% | 0.53% | +0.39 |
| CDNL Cardinal Infrastructure GR-A | New | 0.35% | +0.35 |
| EVLV Evolv Technologies Holdings | Add +84.0% | 0.87% | +0.34 |
| LASR Nlight Inc. | Add +47.6% | 0.79% | +0.34 |
| SVRA Savara Inc. | Add +11.4% | 0.70% | +0.31 |
| ACAD Acadia Pharmaceuticals Inc. | Add +53.6% | 0.63% | +0.28 |
| CUBI Customers Bancorp Inc. | Add +46.4% | 0.76% | +0.27 |
| VSEC Vse Corp. | Add +24.2% | 1.42% | +0.25 |
| KLIC Kulicke & Soffa Industries | Add +45.2% | 0.72% | +0.25 |
| MC Moelis & Co. Class A | Add +33.0% | 1.22% | +0.21 |
| UMBF Umb Financial Corp. | Add +40.0% | 0.89% | +0.20 |
| AXSM Axsome Therapeutics Inc. | Add +3.2% | 0.60% | +0.19 |
| SBCF Seacoast Banking Corp. | Add +928.1% | 0.21% | +0.19 |
| SLDE Slide Insurance Holdings Inc. | Add +81.6% | 0.35% | +0.18 |
| BRCB Black Rock Coffee Bar Inc. Class A | Add +108.6% | 0.38% | +0.17 |
| AGX Argan Inc. | Add +12.6% | 0.90% | +0.17 |
| AAOI Applied Optoelectronics Inc. | Add +5.1% | 0.68% | +0.17 |
| CCB Coastal Financial Corp. | Add +37.8% | 0.60% | +0.16 |
| NP Neptune Insurance Holdi Class A | Add +397.2% | 0.17% | +0.15 |
| ENVA Enova International Inc. | New | 0.13% | +0.13 |
| COMP Compass Inc. Class A | Add +0.4% | 0.55% | +0.11 |
| FRPT Freshpet Inc. | Add +12.2% | 0.75% | +0.11 |
| SMTC Semtech Corp. | Add +14.7% | 1.02% | +0.11 |
| MIRM Mirum Pharmaceuticals Inc. | Add +10.6% | 0.93% | +0.10 |
| BOOT Boot Barn Holdings Inc. | Add +11.2% | 0.94% | +0.10 |
| ICUI Icu Medical Inc. | Add +140.6% | 0.15% | +0.10 |
| PLMR Palomar Holdings Inc. | Add +0.9% | 1.06% | +0.10 |
| BYRN Byrna Technologies Inc. | New | 0.09% | +0.09 |
| IPGP Ipg Photonics Corp. | Add +45.6% | 0.43% | +0.08 |
| UTHR United Therapeutics Corp. | Add +38.8% | 0.18% | +0.06 |
| SEI Solaris Energy Infrastructur | Add +1.1% | 0.70% | +0.06 |
| GDOT Green Dot Corp. Class A | New | 0.06% | +0.06 |
| RSI Rush Street Interactive Inc. | Add +19.0% | 0.93% | +0.06 |
| IVVD Invivyd Inc. | New | 0.05% | +0.05 |
| AIR Aar Corp. | Add +19.7% | 1.02% | +0.04 |
| BWMN Bowman Consulting Group Ltd. | Add +92.1% | 0.12% | +0.04 |
| MVBF MVB Financial Corp. | New | 0.03% | +0.03 |
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 |