EM
Emerald Mutual Fund Advisers Trust 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Emerald Mutual Fund Advisers TrustCIK: 0001352895
Diversified strategyLong-term holderQuality / disciplined sizing
Total reported value
$2.8B
Reporting period: 2026-06-30 · Number of holdings: 197
EMERALD MUTUAL FUND ADVISERS TRUST disclosed 197 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.8B and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 4.29
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 66.79
- Diversification
- 100
- Sizing Uniformity
- 89.41
Emerald Mutual Fund Advisers Trust's disclosed holdings carry a Herfindahl concentration index of 0.011 — mathematically equivalent to about 93 equally-sized positions, well below its 197 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.06), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 45% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BE
-99.7% -$47.4M
Sold out FN
Trim CRDO
-98.1% -$26.7M
Trim TTMI
-69.8% -$19.2M
New buy LGN
Add ACLS
+362.8% $37.2M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | LFSC | F/m Emr Life Sciences In ETF | ETF-Other | 3.17% | -0.22% | — | |
| 2 | TVTX | Travere Therapeutics Inc | Stock-Other | 2.06% | +0.70% | +9.21% | |
| 3 | CDNL | Cardinal Infrastructure Gr-a | Stock-Other | 1.82% | +1.13% | +52.98% | |
| 4 | MRCY | Mercury Systems Inc | Stock-Industrials | 1.77% | +0.44% | +9.82% | |
| 5 | AIR | Aar CORP | Stock-Industrials | 1.69% | +0.20% | +20.40% | |
| 6 | VSEC | Vse CORP | Stock-Industrials | 1.68% | -0.07% | +7.00% | |
| 7 | KLIC | Kulicke & Soffa Industries | Stock-Tech | 1.64% | +0.53% | — | |
| 8 | AGX | Argan Inc | Stock-Industrials | 1.63% | +0.07% | -1.40% | |
| 9 | CECO | Ceco Environmental CORP | Stock-Other | 1.50% | +0.59% | +50.07% | |
| 10 | IDCC | Interdigital Inc | Stock-Tech | 1.48% | +0.59% | +144.34% | |
| 11 | SMTC | Semtech CORP | Stock-Tech | 1.46% | +0.40% | -9.71% | |
| 12 | ACLS | Axcelis Technologies Inc | Stock-Tech | 1.46% | +1.25% | +362.84% | |
| 13 | ESE | Esco Technologies Inc | Stock-Tech | 1.43% | +0.09% | +18.23% | |
| 14 | GH | Guardant Health Inc | Stock-Healthcare | 1.43% | -0.90% | -47.77% | |
| 15 | LIVN | LivaNova PLC | Stock-Other | 1.42% | +0.02% | +8.48% | |
| 16 | PLXS | Plexus CORP | Stock-Tech | 1.42% | +0.42% | +31.74% | |
| 17 | CORT | Corcept Therapeutics Inc | Stock-Healthcare | 1.42% | +1.07% | +158.84% | |
| 18 | PDFS | Pdf Solutions Inc | Stock-Other | 1.41% | +0.47% | -4.74% | |
| 19 | COGT | Cogent Biosciences Inc | Stock-Other | 1.40% | -0.52% | +0.25% | |
| 20 | COHU | Cohu Inc | Stock-Other | 1.39% | +0.66% | +8.94% | |
| 21 | ALGT | Allegiant Travel Co | Stock-Other | 1.30% | +0.47% | +48.08% | |
| 22 | LGN | Legence Corp-cl A | Stock-Other | 1.27% | +1.27% | NEW | |
| 23 | AX | Axos Financial Inc | Stock-Financials | 1.26% | -0.14% | +8.90% | |
| 24 | SYRE | Spyre Therapeutics Inc | Stock-Other | 1.25% | +0.25% | -1.68% | |
| 25 | MOD | Modine Manufacturing Co | Stock-Consumer Disc | 1.23% | -1.25% | -44.43% | |
| 26 | MIRM | Mirum Pharmaceuticals Inc | Stock-Other | 1.19% | +0.07% | +15.56% | |
| 27 | UMBF | Umb Financial CORP | Stock-Financials | 1.18% | +0.31% | +48.59% | |
| 28 | SEI | Solaris Energy Infrastructur | Stock-Energy | 1.15% | +0.29% | +28.76% | |
| 29 | BOOT | Boot Barn Holdings Inc | Stock-Consumer Disc | 1.14% | +0.22% | +52.47% | |
| 30 | LASR | Nlight Inc | Stock-Other | 1.10% | -0.09% | +4.34% | |
| 31 | RSI | Rush Street Interactive Inc | Stock-Other | 1.05% | +0.01% | +2.65% | |
| 32 | AGYS | Agilysys Inc | Stock-Other | 1.02% | +0.31% | +34.88% | |
| 33 | SXT | Sensient Technologies CORP | Stock-Materials | 1.02% | +1.02% | NEW | |
| 34 | COMP | Compass Inc - Class A | Stock-Real Estate | 0.95% | +0.43% | +49.44% | |
| 35 | ATRO | Astronics CORP | Stock-Other | 0.93% | +0.03% | +17.24% | |
| 36 | TTMI | Ttm Technologies | Stock-Tech | 0.93% | -1.29% | -69.76% | |
| 37 | FRPT | Freshpet Inc | Stock-Consumer Staples | 0.93% | +0.07% | +48.25% | |
| 38 | LTH | Life Time Group Holdings Inc | Stock-Other | 0.91% | +0.45% | +78.02% | |
| 39 | MANE | Veradermics Inc | Stock-Other | 0.91% | +0.58% | +92.09% | |
| 40 | TEX | Terex CORP | Stock-Industrials | 0.91% | +0.91% | NEW | |
| 41 | FA | First Advantage CORP | Stock-Other | 0.90% | +0.52% | +111.96% | |
| 42 | IPGP | Ipg Photonics CORP | Stock-Tech | 0.87% | -0.20% | +9.53% | |
| 43 | EYE | National Vision Holdings Inc | Stock-Other | 0.87% | -0.31% | +38.47% | |
| 44 | BLLN | Billiontoone Inc Cl A | Stock-Other | 0.86% | +0.35% | +54.30% | |
| 45 | DIOD | Diodes Inc | Stock-Other | 0.85% | +0.47% | +94.03% | |
| 46 | HRI | Herc Holdings Inc | Stock-Other | 0.85% | +0.85% | NEW | |
| 47 | CYTK | Cytokinetics Inc | Stock-Healthcare | 0.84% | +0.41% | +106.53% | |
| 48 | MXL | Maxlinear Inc | Stock-Other | 0.82% | +0.82% | NEW | |
| 49 | VRNS | Varonis Systems Inc | Stock-Tech | 0.82% | +0.24% | — | |
| 50 | TRVI | Trevi Therapeutics Inc | Stock-Other | 0.79% | +0.06% | -4.08% |
1–50 of 197
Portfolio Performance
Performance for Q3 2026
-3.7%
Performance Last 4 Quarters
+40.6%
- Stdev
- +25.1%
- Beta
- +1.59
- Alpha
- -5.2%
- Max Drawdown
- -21.1%
- Annualized Perf
- +26.3%
- Batting Avg vs S&P
- +50%
- Sortino
- +1.96
- Stutzer
- +0.31
- Treynor
- +0.17
- Sterling
- +1.12
- Calmar
- +1.25
- Information Ratio
- +0.41
- Tracking Error
- +16.3%
- Stdev Down
- +13.6%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +86.4%
- Worst 12 Months
- -0.8%
- Efficiency Ratio
- +0.45
- Sharpe
- +1.06
- Stdev Sectors
- +11.1%
- Skewness
- -0.04
- Kurtosis
- -0.68
- Upside Potential
- +3.77
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 197 | $2.8B | 0 | ||
| 2026 Q1 | 199 | $2.1B | 35 | ||
| 2025 Q4 | 189 | $2.1B | 37 | ||
| 2025 Q3 | 219 | $1.9B | 69 | ||
| 2025 Q2 | 212 | $1.6B | 0 | ||
| 2025 Q1 | 210 | $1.4B | 100 | ||
| 2024 Q4 | 212 | $1.6B | 0 | ||
| 2024 Q3 | 225 | $1.9B | 0 | ||
| 2024 Q2 | 223 | $1.9B | 0 | ||
| 2024 Q1 | 229 | $1.9B | 0 | ||
| 2023 Q4 | 240 | $1.9B | 0 | ||
| 2023 Q3 | 236 | $1.7B | 0 | ||
| 2023 Q2 | 238 | $1.8B | 0 | ||
| 2023 Q1 | 217 | $1.7B | 0 | ||
| 2022 Q4 | 219 | $1.6B | 0 | ||
| 2022 Q3 | 214 | $1.6B | 0 | ||
| 2022 Q2 | 211 | $1.7B | 0 | ||
| 2022 Q1 | 208 | $2.3B | 0 | ||
| 2021 Q4 | 216 | $2.8B | 0 | ||
| 2021 Q3 | 207 | $2.9B | 0 | ||
| 2021 Q2 | 217 | $3.1B | 100 | ||
| 2021 Q1 | 208 | $3.0B | 45 | ||
| 2020 Q4 | 226 | $2.9B | 54 | ||
| 2020 Q3 | 313 | $2.3B | 46 | ||
| 2020 Q2 | 310 | $2.1B | 51 | ||
| 2020 Q1 | 217 | $1.6B | 63 | ||
| 2019 Q4 | 287 | $2.4B | 38 | ||
| 2019 Q3 | 204 | $2.3B | 29 | ||
| 2019 Q2 | 203 | $2.5B | 30 | ||
| 2019 Q1 | 213 | $2.5B | 34 | ||
| 2018 Q4 | 214 | $2.1B | 51 | ||
| 2018 Q3 | 240 | $3.0B | 38 | ||
| 2018 Q2 | 231 | $2.8B | 44 | ||
| 2018 Q1 | 233 | $2.6B | 38 | ||
| 2017 Q4 | 242 | $2.5B | 42 | ||
| 2017 Q3 | 261 | $2.4B | 35 | ||
| 2017 Q2 | 258 | $2.3B | 32 | ||
| 2017 Q1 | 260 | $2.2B | 34 | ||
| 2016 Q4 | 288 | $2.1B | 48 | ||
| 2016 Q3 | 283 | $2.0B | 42 | ||
| 2016 Q2 | 267 | $1.8B | 39 | ||
| 2016 Q1 | 267 | $1.8B | 29 | ||
| 2015 Q4 | 278 | $1.9B | 42 | ||
| 2015 Q3 | 274 | $1.5B | 36 | ||
| 2015 Q2 | 254 | $1.3B | 37 | ||
| 2015 Q1 | 219 | $1.2B | 47 | ||
| 2014 Q4 | 212 | $1.2B | 39 | ||
| 2014 Q3 | 217 | $1.0B | 43 | ||
| 2014 Q2 | 226 | $1.1B | 44 | ||
| 2014 Q1 | 221 | $1.0B | 48 | ||
| 2013 Q4 | 208 | $793.0M | 49 | ||
| 2013 Q3 | 212 | $723.8M | 48 | 162936P255402X3063904 | |
| 2013 Q2 | 206 | $590.4M | — |
Holding changes this quarter
Emerald Mutual Fund Advisers Trust's most significant position changes for 2026-06-30: New buy: Legence Corp-cl A (LGN); Sold out: Fabrinet (FN); New buy: Sensient Technologies CORP (SXT); New buy: Terex CORP (TEX); New buy: Herc Holdings Inc (HRI).
Showing top 200 changes by size (of 227 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LGN | Legence Corp-cl A | +1.3% | NEW | New buy |
| 2 | ACLS | Axcelis Technologies Inc | +1.3% | +362.84% | Add |
| 3 | CDNL | Cardinal Infrastructure Gr-a | +1.1% | +52.98% | Add |
| 4 | CORT | Corcept Therapeutics Inc | +1.1% | +158.84% | Add |
| 5 | SXT | Sensient Technologies CORP | +1% | NEW | New buy |
| 6 | TEX | Terex CORP | +0.9% | NEW | New buy |
| 7 | HRI | Herc Holdings Inc | +0.9% | NEW | New buy |
| 8 | MXL | Maxlinear Inc | +0.8% | NEW | New buy |
| 9 | TVTX | Travere Therapeutics Inc | +0.7% | +9.21% | Add |
| 10 | COHU | Cohu Inc | +0.7% | +8.94% | Add |
| 11 | MTRN | Materion CORP | +0.6% | NEW | New buy |
| 12 | NPKI | Npk International Inc | +0.6% | NEW | New buy |
| 13 | CECO | Ceco Environmental CORP | +0.6% | +50.07% | Add |
| 14 | IDCC | Interdigital Inc | +0.6% | +144.34% | Add |
| 15 | MANE | Veradermics Inc | +0.6% | +92.09% | Add |
| 16 | RXO | Rxo Inc | +0.5% | +175.80% | Add |
| 17 | KLIC | Kulicke & Soffa Industries | +0.5% | — | Unchanged |
| 18 | FA | First Advantage CORP | +0.5% | +111.96% | Add |
| 19 | AMBQ | Ambiq Micro Inc | +0.5% | NEW | New buy |
| 20 | HIMS | Hims & Hers Health Inc | +0.5% | NEW | New buy |
| 21 | PDFS | Pdf Solutions Inc | +0.5% | -4.74% | Trim |
| 22 | ALGT | Allegiant Travel Co | +0.5% | +48.08% | Add |
| 23 | DIOD | Diodes Inc | +0.5% | +94.03% | Add |
| 24 | LTH | Life Time Group Holdings Inc | +0.5% | +78.02% | Add |
| 25 | DNTH | Dianthus Therapeutics Inc | +0.5% | NEW | New buy |
| 26 | MRCY | Mercury Systems Inc | +0.4% | +9.82% | Add |
| 27 | COMP | Compass Inc - Class A | +0.4% | +49.44% | Add |
| 28 | PLXS | Plexus CORP | +0.4% | +31.74% | Add |
| 29 | CYTK | Cytokinetics Inc | +0.4% | +106.53% | Add |
| 30 | SMTC | Semtech CORP | +0.4% | -9.71% | Trim |
| 31 | ✓ | +0.4% | NEW | New buy | |
| 32 | QBTS | D-wave Quantum Inc | +0.4% | +107.47% | Add |
| 33 | POWI | Power Integrations Inc | +0.4% | +180.93% | Add |
| 34 | BLLN | Billiontoone Inc Cl A | +0.4% | +54.30% | Add |
| 35 | LPTH | Lightpath Technologies Inc-a | +0.4% | NEW | New buy |
| 36 | HNGE | Hinge Health Inc-a | +0.3% | +25.54% | Add |
| 37 | UMBF | Umb Financial CORP | +0.3% | +48.59% | Add |
| 38 | AGYS | Agilysys Inc | +0.3% | +34.88% | Add |
| 39 | SEI | Solaris Energy Infrastructur | +0.3% | +28.76% | Add |
| 40 | ✓ | +0.3% | NEW | New buy | |
| 41 | VRDN | Viridian Therapeutics Inc | +0.3% | NEW | New buy |
| 42 | SYRE | Spyre Therapeutics Inc | +0.3% | -1.68% | Trim |
| 43 | ✓ | +0.3% | NEW | New buy | |
| 44 | VRNS | Varonis Systems Inc | +0.2% | — | Unchanged |
| 45 | DAVE | Dave Inc | +0.2% | +702.82% | Add |
| 46 | BOOT | Boot Barn Holdings Inc | +0.2% | +52.47% | Add |
| 47 | AIR | Aar CORP | +0.2% | +20.40% | Add |
| 48 | DFTX | Definium Therapeutics Inc | +0.2% | NEW | New buy |
| 49 | AMBA | Ambarella, Inc. | +0.2% | NEW | New buy |
| 50 | ✓ | +0.2% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is Emerald Mutual Fund Advisers Trust and what type of investor is it?
Emerald Mutual Fund Advisers Trust is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.8B, spread across 197 disclosed positions.
What are Emerald Mutual Fund Advisers Trust's largest equity positions?
Based on the latest 13F filing, Emerald Mutual Fund Advisers Trust's top holdings by market value are:
1. F/m Emr Life Sciences In ETF (LFSC) — $90.3M (3.2%)
2. Travere Therapeutics Inc (TVTX) — $58.6M (2.1%)
3. Cardinal Infrastructure Gr-a (CDNL) — $51.7M (1.8%)
4. Mercury Systems Inc (MRCY) — $50.4M (1.8%)
5. Aar CORP (AIR) — $48.2M (1.7%)
What changes did Emerald Mutual Fund Advisers Trust make in its most recent portfolio filing?
In the latest reported quarter, Emerald Mutual Fund Advisers Trust made 169 notable position adjustments: 28 new positions were initiated, 76 existing holdings were added to, 36 positions were partially reduced, and 29 were completely exited. The largest of these moves: New buy: Legence Corp-cl A (LGN); Sold out: Fabrinet (FN); New buy: Sensient Technologies CORP (SXT); New buy: Terex CORP (TEX); New buy: Herc Holdings Inc (HRI)
What sectors does Emerald Mutual Fund Advisers Trust focus on?
Emerald Mutual Fund Advisers Trust is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 37.1%
• Industrials: 21.8%
• Health Care: 14.1%
• Financials: 10.8%
• Consumer Discretionary: 5.4%
• Consumer Staples: 3.8%
Investment Profile
Emerald Mutual Fund Advisers Trust returned an annualized 26.3% over the trailing 36 months — underperforming the S&P 500 by 5.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.59 (more volatile than the market) and a 50% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 37.1% of the portfolio concentrated in Information Technology.
It has added to its CDNL position over the past two quarters (+$44.5M, now $51.7M), while trimming CRDO over the same stretch (-$40.9M, still holding $1.6M).
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Developer Access
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REST API
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