EMERALD MUTUAL FUND ADVISERS TRUST

$2.1B reported 13(f) long value · latest quarter 2026-03-31 · CIK 1352895 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away: $2.1B
ALL retained default holdings for this (filer, period), including NULL-value ones: 199
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 24
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 14

A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ methodology §13F ↗

Position changes — into 2026-03-31

by shares · Δ value · filing link · how changes are classified §

Position changes into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated `shares_unit_mismatch`	Prev value	Curr value	Prev shares	Curr shares
position key `pos:10427` · issuer key `iss:1241` COM	ADD	+$19.7M	+646	$31.4M	$51.2M	235,425	236,071
position key `pos:17626` · issuer key `iss:860` COM	TRIM	−$5.5M	−4,387	$53.5M	$48.0M	523,932	519,545
position key `pos:18254` · issuer key `iss:289` COM	ADD	+$17.2M	+777	$30.5M	$47.7M	351,401	352,178
position key `pos:15471` · issuer key `iss:1750` COM	TRIM	+$8.0M	−77,358	$37.8M	$45.8M	547,363	470,005
position key `pos:17421` · issuer key `iss:475` COM	TRIM	+$2.7M	−9,662	$36.9M	$39.6M	1,038,494	1,028,832
position key `pos:10637` · issuer key `iss:1883` COM	ADD	+$7.0M	+27,563	$29.1M	$36.1M	168,352	195,915
position key `pos:12719` · issuer key `iss:1076` COM	TRIM	−$3.6M	−11,568	$39.6M	$36.0M	522,224	510,656
position key `pos:17169` · issuer key `iss:2104` COM	TRIM	+$3.9M	−806	$30.0M	$33.9M	65,816	65,010
position key `pos:10581` · issuer key `iss:2` COM	ADD	+$9.7M	+27,485	$20.9M	$30.7M	252,772	280,257
position key `pos:10996` · issuer key `iss:2155` COM	TRIM	+$803K	−1,934	$28.1M	$28.9M	456,263	454,329
position key `pos:10311` · issuer key `iss:211` COM	TRIM	−$750K	−4,522	$29.4M	$28.7M	341,262	336,740
position key `pos:15416` · issuer key `iss:2080` COM	ADD	−$14.2M	+5,950	$42.5M	$28.3M	295,387	301,337
position key `pos:17702` · issuer key `iss:1818` COM	TRIM	−$8.2M	−3,426	$36.2M	$28.1M	948,459	945,033
position key `pos:17669` · issuer key `iss:1215` COM	ADD	+$2.8M	+39,414	$24.5M	$27.4M	336,058	375,472
position key `pos:17656` · issuer key `iss:1520` COM	TRIM	−$9.5M	−83,967	$35.9M	$26.4M	391,215	307,248
position key `pos:14584` · issuer key `iss:311` COM	ADD	−$452K	+3,427	$24.2M	$23.8M	316,784	320,211
position key `pos:11504` · issuer key `iss:1236` COM	ADD	+$4.0M	+8,079	$19.1M	$23.1M	242,320	250,399
position key `pos:17760` · issuer key `iss:150` COM	TRIM	+$9.1M	−127,290	$13.9M	$23.0M	399,050	271,760
position key `pos:10808` · issuer key `iss:1080` COM	ADD	+$8.3M	+26,838	$14.7M	$23.0M	322,457	349,295
position key `pos:17678` · issuer key `iss:1814` COM	TRIM	−$5.2M	−575	$28.0M	$22.8M	229,901	229,326
position key `pos:14561` · issuer key `iss:945` COM	ADD	+$13.3M	+70,232	$8.8M	$22.1M	122,225	192,457
position key `pos:12235` · issuer key `iss:1463` COM	NEW	+$20.7M	+102,278	$0	$20.7M	—	102,278
position key `pos:13625` · issuer key `iss:45` COM	TRIM	+$7.1M	−4,258	$13.5M	$20.6M	412,371	408,113
position key `pos:14209` · issuer key `iss:50` COM	TRIM	−$9.8M	−13,285	$30.4M	$20.6M	125,692	112,407
position key `sid:sec:prov:28e254365142be8fd90b9ce105380aad` · issuer key `cusip6:60786M` COM	TRIM	−$5.5M	−21,058	$25.0M	$19.5M	363,523	342,465
position key `pos:12910` · issuer key `iss:1407` COM	ADD	−$2.3M	+1,553	$21.8M	$19.5M	161,717	163,270
position key `pos:10870` · issuer key `iss:301` COM	ADD	−$307K	+20,316	$19.2M	$18.9M	108,944	129,260
position key `pos:11882` · issuer key `iss:350` COM	ADD	+$3.1M	+53,407	$15.6M	$18.7M	260,598	314,005
position key `pos:15801` · issuer key `iss:182` COM	ADD	+$10.1M	+122,440	$8.5M	$18.6M	156,719	279,159
position key `sid:sec:prov:8689270ade82a464b05b5b23e79f9006` · issuer key `cusip6:640268` COM	ADD	+$7.7M	+2,981	$10.7M	$18.4M	253,125	256,106
position key `pos:16557` · issuer key `iss:988` COM	ADD	+$8.7M	+30,309	$9.7M	$18.3M	30,367	60,676
position key `pos:14287` · issuer key `iss:1357` COM	ADD	−$2.2M	+11,850	$20.3M	$18.2M	185,623	197,473
position key `sid:sec:prov:c72165ad5416fb78154dd267d5db39ec` · issuer key `cusip6:04206A` COM	ADD	+$553K	+17,968	$17.3M	$17.9M	1,238,321	1,256,289
position key `sid:sec:prov:ff305e5d71d778fecd58cf4c7769a673` · issuer key `cusip6:83418M` COM	ADD	+$3.4M	+2,755	$14.3M	$17.8M	312,027	314,782
position key `pos:10327` · issuer key `iss:780` COM	ADD	+$2.4M	+48,626	$15.4M	$17.7M	252,306	300,932
position key `pos:16880` · issuer key `iss:228` COM	TRIM	−$6.2M	−24,757	$23.9M	$17.7M	353,602	328,845
position key `sid:sec:prov:e7b2a30be78670ddd0114593421f781f` · issuer key `cusip6:830940` COM	ADD	−$2.8M	+4,498	$20.3M	$17.6M	397,401	401,899
position key `pos:11540` · issuer key `iss:1457` COM	NEW	+$17.2M	+225,192	$0	$17.2M	—	225,192
position key `sid:sec:prov:2dda9d8b442761526a5c940db228e370` · issuer key `cusip6:23204G` COM	ADD	+$1.3M	+29,956	$15.5M	$16.8M	212,357	242,313
position key `pos:16048` · issuer key `iss:1235` COM	ADD	−$262K	+168,970	$16.5M	$16.2M	704,496	873,466
position key `pos:10126` · issuer key `cusip6:483497` COM	TRIM	+$2.4M	−49,699	$13.8M	$16.2M	855,461	805,762
position key `pos:14087` · issuer key `iss:699` COM	ADD	−$1.8M	+165,100	$17.9M	$16.1M	2,502,489	2,667,589
position key `pos:17822` · issuer key `iss:1820` COM	TRIM	−$869K	−9,881	$15.9M	$15.1M	1,272,373	1,262,492
position key `pos:13904` · issuer key `iss:479` COM	NEW	+$15.0M	+489,850	$0	$15.0M	—	489,850
position key `pos:15739` · issuer key `iss:111` COM	ADD	+$2.3M	+3,629	$12.5M	$14.9M	435,246	438,875
position key `pos:17216` · issuer key `iss:1366` COM	TRIM	+$2.6M	−4,455	$11.9M	$14.5M	75,385	70,930
position key `sid:sec:prov:4e60623d878358c122cd34c6290e634f` · issuer key `cusip6:14154A` COM	ADD	+$7.0M	+59,068	$7.3M	$14.2M	299,995	359,063
position key `pos:12212` · issuer key `iss:1668` COM	TRIM	−$4.4M	−11,655	$18.7M	$14.2M	52,825	41,170
position key `pos:15744` · issuer key `iss:402` COM	TRIM	−$362K	−10,186	$14.5M	$14.1M	46,062	35,876
position key `pos:11138` · issuer key `iss:1519` COM	TRIM	−$3.9M	−649	$17.9M	$14.0M	251,246	250,597
position key `pos:15226` · issuer key `iss:1788` COM	TRIM	−$2.1M	−78,929	$16.1M	$14.0M	1,720,205	1,641,276
position key `pos:15521` · issuer key `iss:76` COM	TRIM	−$7.4M	−89,708	$21.1M	$13.7M	183,555	93,847
position key `sid:sec:prov:306a1219dc3e80453ba2cb392e4281b0` · issuer key `cusip6:697947` COM	NEW	+$13.2M	+105,820	$0	$13.2M	—	105,820
position key `sid:sec:prov:2bc6a25d40cf07124e3a03bdecf4a4df` · issuer key `cusip6:805111` COM	TRIM	−$1.5M	−27,789	$14.5M	$12.9M	2,396,458	2,368,669
position key `pos:11116` · issuer key `cusip6:02081G` COM	ADD	−$6.6M	+246,773	$19.1M	$12.6M	910,053	1,156,826
position key `sid:sec:prov:442c499b4018bf3df3569f8f6e78aea2` · issuer key `cusip6:19046P` COM	ADD	−$423K	+48,927	$12.3M	$11.9M	107,737	156,664
position key `pos:14685` · issuer key `iss:960` COM	ADD	−$5.9M	+11,800	$17.3M	$11.4M	99,487	111,287
position key `pos:13067` · issuer key `iss:210` COM	TRIM	−$1.0M	−554	$12.3M	$11.3M	67,608	67,054
position key `pos:13704` · issuer key `iss:272` COM	TRIM	−$1.4M	−1,000	$12.7M	$11.3M	323,573	322,573
position key `sid:sec:prov:72b4ea0ec6166297019be4ec090847f5` · issuer key `cusip6:71367G` COM	ADD	+$1.9M	+80,490	$9.4M	$11.3M	541,284	621,774
position key `pos:10694` · issuer key `iss:500` COM	ADD	−$657K	+388,937	$11.3M	$10.7M	1,073,746	1,462,683
position key `pos:18210` · issuer key `iss:263` COM	ADD	+$768K	+14,072	$9.7M	$10.4M	118,134	132,206
position key `pos:17586` · issuer key `iss:483` COM	TRIM	−$8.0M	−85,596	$18.1M	$10.1M	391,670	306,074
position key `sid:sec:prov:54ff01ed84a3eef6b053335394e8f08e` · issuer key `cusip6:52603A` COM	ADD	−$907K	+123,040	$10.9M	$10.0M	577,591	700,631
position key `sid:sec:prov:4268c1572c3020d3547a1559b21d7f64` · issuer key `cusip6:811707` COM	ADD	+$5.6M	+189,714	$4.3M	$9.9M	136,802	326,516
position key `pos:13811` · issuer key `iss:494` COM	ADD	−$3.2M	+21,453	$12.9M	$9.7M	102,780	124,233
position key `pos:15672` · issuer key `iss:1507` COM	TRIM	−$10.7M	−77,934	$20.3M	$9.6M	281,749	203,815
position key `sid:sec:prov:9fc93d517b8a0512dbd9eed996146eec` · issuer key `cusip6:09681N` COM	NEW	+$9.0M	+764,745	$0	$9.0M	—	764,745
position key `pos:12465` · issuer key `iss:548` COM	NEW	+$8.9M	+135,464	$0	$8.9M	—	135,464
position key `pos:14357` · issuer key `iss:1170` COM	TRIM	−$5.9M	−8,496	$14.6M	$8.6M	24,996	16,500
position key `sid:sec:prov:b5636cec35adcd138d01ae5f5ffcf62b` · issuer key `cusip6:831349` COM	ADD	+$1.1M	+91,610	$7.2M	$8.3M	368,210	459,820
position key `pos:16826` · issuer key `iss:586` COM	NEW	+$7.8M	+114,097	$0	$7.8M	—	114,097
position key `pos:16094` · issuer key `iss:512` COM	TRIM	+$477K	−14,742	$6.8M	$7.2M	194,349	179,607
position key `sid:sec:prov:15b122a1959cdc720dffb69686bc9994` · issuer key `cusip6:433313` COM	NEW	+$7.0M	+181,766	$0	$7.0M	—	181,766
position key `pos:14234` · issuer key `iss:1897` COM	NEW	+$6.9M	+109,283	$0	$6.9M	—	109,283
position key `sid:sec:prov:9c654c0b85e21e330a7ebfd2ced217c7` · issuer key `cusip6:834203` COM	TRIM	−$4.0M	−31,758	$10.8M	$6.7M	232,485	200,727
position key `sid:sec:prov:990effbc09610fc927e1edc54d252d9d` · issuer key `cusip6:221015` COM	NEW	+$6.7M	+459,253	$0	$6.7M	—	459,253
position key `pos:11016` · issuer key `iss:701` COM	ADD	+$1.2M	+4,827	$5.2M	$6.3M	184,338	189,165
position key `pos:14827` · issuer key `iss:201` COM	TRIM	−$1.7M	−4,514	$8.0M	$6.3M	980,433	975,919
position key `pos:14281` · issuer key `iss:2313` COM	TRIM	−$18.1M	−600,136	$24.0M	$5.9M	1,414,665	814,529
position key `pos:15849` · issuer key `iss:274` COM	ADD	−$2.0M	+101,945	$7.8M	$5.9M	351,789	453,734
position key `sid:sec:prov:9e0f507ae4c750638fbe313997f8baa5` · issuer key `cusip6:550249` COM	ADD	−$5.3M	+64,677	$10.9M	$5.6M	588,665	653,342
position key `sid:sec:prov:c4820522eeded41be49e41def525e3e2` · issuer key `cusip6:59540G` COM	ADD	+$433K	+8,000	$4.8M	$5.2M	154,411	162,411
position key `pos:15743` · issuer key `iss:1675` COM	TRIM	−$8.2M	−545,893	$13.2M	$5.0M	729,156	183,263
position key `pos:15016` · issuer key `iss:1868` COM	ADD	+$1.3M	+784	$3.7M	$5.0M	7,600	8,384
position key `sid:sec:prov:1e1b9784b442e2cb8535f5afc42314d5` · issuer key `cusip6:342909` COM	NEW	+$4.8M	+231,287	$0	$4.8M	—	231,287
position key `pos:13261` · issuer key `iss:208` COM	NEW	+$4.4M	+47,412	$0	$4.4M	—	47,412
position key `sid:sec:prov:d098da9cde6fc64dba200764245cc1f6` · issuer key `cusip6:74982T` COM	NEW	+$4.0M	+275,932	$0	$4.0M	—	275,932
position key `pos:14101` · issuer key `iss:1804` COM	NEW	+$3.9M	+237,910	$0	$3.9M	—	237,910
position key `pos:16354` · issuer key `iss:1363` COM	NEW	+$3.5M	+212,247	$0	$3.5M	—	212,247
position key `sid:sec:prov:2b6ed84d18f4069783bd62114eb5a5d9` · issuer key `cusip6:36166F` COM	ADD	−$187K	+19,311	$3.3M	$3.2M	98,689	118,000
position key `pos:13245` · issuer key `cusip6:739276` COM	NEW	+$3.1M	+61,294	$0	$3.1M	—	61,294
position key `sid:sec:prov:84ea8c25e66fa9b49c75b71aa1e394f9` · issuer key `cusip6:12448X` COM	ADD	+$1.1M	+207,781	$1.9M	$2.9M	112,370	320,151
position key `pos:10411` · issuer key `iss:661` COM	ADD	+$93.3K	+3,299	$2.6M	$2.7M	16,603	19,902
position key `pos:14223` · issuer key `iss:941` COM	TRIM	−$616K	−2,467	$3.1M	$2.5M	21,987	19,520
position key `sid:sec:prov:bcacedf27046f20b2ba69aa114befa19` · issuer key `cusip6:66405S` COM	TRIM	−$276K	−4,134	$2.3M	$2.0M	22,289	18,155
position key `pos:17353` · issuer key `iss:1287` COM	TRIM	−$1.6M	−40,228	$3.6M	$2.0M	123,107	82,879
position key `sid:sec:prov:aa082f49684a9580cf596b1d876b3d84` · issuer key `cusip6:29667J` COM	TRIM	−$354K	−4,455	$2.3M	$2.0M	22,968	18,513
position key `pos:13665` · issuer key `iss:1222` COM	TRIM	−$321K	−6,301	$2.2M	$1.9M	29,370	23,069
position key `sid:sec:prov:cbac4e0e9b5354acc3ec2877ce133230` · issuer key `cusip6:59100U` COM	ADD	+$737K	+4,878	$1.2M	$1.9M	16,572	21,450

Flags: no row carries a flag.

1–20 of the 100 changes on this page

Mark-to-market only (no share change) · 61

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
position key `sid:sec:prov:39d54bbb0d4cc49f978f2062b27bef51` · issuer key `cusip6:74933W` FM EMERALD LIFE	NO CHANGE	−$3.3M	$73.1M	$69.9M	1,997,035	1,997,035
position key `pos:12496` · issuer key `iss:163` COM	NO CHANGE	+$13.6M	$18.5M	$32.1M	58,943	58,943
position key `pos:15735` · issuer key `iss:685` COM	NO CHANGE	+$8.5M	$19.2M	$27.7M	98,502	98,502
position key `pos:11929` · issuer key `iss:1316` COM	NO CHANGE	+$8.4M	$16.1M	$24.5M	429,772	429,772
position key `pos:16788` · issuer key `iss:1280` COM	NO CHANGE	+$75.0K	$24.2M	$24.3M	937,540	937,540
position key `pos:11125` · issuer key `iss:1642` COM	NO CHANGE	+$912K	$21.0M	$21.9M	285,037	285,037
position key `pos:12240` · issuer key `iss:1583` COM	NO CHANGE	+$2.3M	$19.1M	$21.4M	981,901	981,901
position key `sid:sec:prov:9ad1f37e45baa2c0731276ae62c8a2e0` · issuer key `cusip6:45245E` COM	NO CHANGE	+$552K	$19.4M	$20.0M	525,986	525,986
position key `pos:17743` · issuer key `iss:1718` COM	NO CHANGE	+$4.9M	$15.0M	$19.9M	48,875	48,875
position key `pos:18138` · issuer key `iss:1390` COM	NO CHANGE	+$2.5M	$17.0M	$19.4M	594,610	594,610
position key `pos:12239` · issuer key `iss:1607` COM	NO CHANGE	−$11.2K	$18.6M	$18.6M	93,074	93,074
position key `pos:10340` · issuer key `iss:1842` COM	NO CHANGE	−$357K	$18.2M	$17.9M	158,617	158,617
position key `pos:14014` · issuer key `iss:77` COM	NO CHANGE	−$896K	$18.1M	$17.2M	211,825	211,825
position key `pos:11885` · issuer key `iss:55` COM	NO CHANGE	−$9.8M	$24.5M	$14.6M	205,857	205,857
position key `pos:15763` · issuer key `iss:1738` COM	NO CHANGE	−$831K	$15.5M	$14.6M	208,859	208,859
position key `sid:sec:prov:4994e26ecf3c5fa83ff3e0780bfd74bf` · issuer key `cusip6:P73684` COM	NO CHANGE	+$1.3M	$12.4M	$13.8M	600,025	600,025
position key `sid:sec:prov:e450ba78a514e6108813f95acb9e7fdb` · issuer key `cusip6:922280` COM	NO CHANGE	−$6.3M	$18.2M	$11.9M	555,882	555,882
position key `pos:12270` · issuer key `iss:750` COM	NO CHANGE	+$1.9M	$9.0M	$10.9M	47,695	47,695
position key `pos:16668` · issuer key `iss:1119` COM	NO CHANGE	+$128K	$9.4M	$9.6M	355,492	355,492
position key `sid:sec:prov:15d754625325066d365f8f3ceadc3952` · issuer key `cusip6:52603B` COM	NO CHANGE	−$2.2M	$11.6M	$9.4M	218,269	218,269
position key `pos:15009` · issuer key `iss:1824` COM	NO CHANGE	+$33.0K	$8.0M	$8.1M	549,260	549,260
position key `pos:10533` · issuer key `iss:1004` COM	NO CHANGE	−$4.5M	$12.5M	$8.0M	277,668	277,668
position key `pos:13520` · issuer key `iss:736` COM	NO CHANGE	−$1.9M	$9.8M	$7.9M	672,716	672,716
position key `pos:14543` · issuer key `iss:166` COM	NO CHANGE	−$4.4M	$11.1M	$6.7M	990,215	990,215
position key `pos:16531` · issuer key `iss:697` COM	NO CHANGE	−$4.8M	$11.1M	$6.3M	411,606	411,606
position key `sid:sec:prov:6856231d3a1b8fc57bce381ccfd3e94f` · issuer key `cusip6:33748L` COM	NO CHANGE	−$2.6M	$8.6M	$6.0M	569,418	569,418
position key `pos:11025` · issuer key `iss:1924` COM	NO CHANGE	−$247K	$5.9M	$5.6M	61,970	61,970
position key `pos:15916` · issuer key `iss:615` COM	NO CHANGE	−$4.2M	$9.4M	$5.2M	358,640	358,640
position key `sid:sec:prov:9478b0f6d6c76fc9444b079915085046` · issuer key `cusip6:51819L` COM	NO CHANGE	−$630K	$4.1M	$3.5M	642,554	642,554
position key `pos:15175` · issuer key `iss:108` COM	NO CHANGE	−$266K	$3.6M	$3.3M	171,429	171,429
position key `sid:sec:prov:5c9dafc33c07d8edc9231c0ecacc39e5` · issuer key `cusip6:42238D` COM	NO CHANGE	−$633K	$3.8M	$3.2M	131,262	131,262
position key `sid:sec:prov:909ab807a85afe3c3f5170c1a7ba0aec` · issuer key `cusip6:950810` COM	NO CHANGE	+$114K	$3.0M	$3.1M	90,898	90,898
position key `sid:sec:prov:9668e072ca862faa0b74cbb95c8442c6` · issuer key `cusip6:103002` COM	NO CHANGE	−$355K	$2.6M	$2.2M	77,533	77,533
position key `pos:12987` · issuer key `iss:1979` COM	NO CHANGE	−$7.7K	$1.2M	$1.2M	8,733	8,733
position key `sid:sec:prov:3c15289757d2e17755aba234409e5674` · issuer key `cusip6:74727A` COM	NO CHANGE	+$28.2K	$1.1M	$1.1M	13,110	13,110
position key `pos:16486` · issuer key `iss:762` COM	NO CHANGE	−$192K	$1.1M	$946K	27,860	27,860
position key `sid:sec:prov:04d8d5f0565653968d96ee5517e4182f` · issuer key `cusip6:43785V` COM	NO CHANGE	+$7.3K	$885K	$892K	60,462	60,462
position key `sid:sec:prov:0976d319cc3342b4979e55f045a76d2a` · issuer key `cusip6:31813A` COM	NO CHANGE	−$113K	$975K	$862K	54,364	54,364
position key `pos:11811` · issuer key `iss:1566` COM	NO CHANGE	−$276K	$1.0M	$770K	54,049	54,049
position key `sid:sec:prov:4d447c08508794b93a56d5c7ab4cc814` · issuer key `cusip6:669549` COM	NO CHANGE	+$34.3K	$701K	$736K	25,000	25,000
position key `sid:sec:prov:986b103e8469966c8077768c00274060` · issuer key `cusip6:88422P` COM	NO CHANGE	−$3.4K	$726K	$723K	19,108	19,108
position key `sid:sec:prov:a30fa13c230da6b8ef0b1000ba96d292` · issuer key `cusip6:553810` COM	NO CHANGE	−$27.3K	$705K	$678K	27,293	27,293
position key `pos:10474` · issuer key `iss:627` COM	NO CHANGE	−$35.5K	$710K	$674K	6,314	6,314
position key `sid:sec:prov:de0907d604dc0fc94b1a3f8dd009ab9f` · issuer key `cusip6:00534A` COM	NO CHANGE	−$502K	$1.1M	$558K	428,847	428,847
position key `pos:18191` · issuer key `iss:1654` COM	NO CHANGE	−$172K	$652K	$481K	4,053	4,053
position key `pos:12323` · issuer key `iss:1544` COM	NO CHANGE	+$52.7K	$389K	$441K	28,159	28,159
position key `sid:sec:prov:771ead8a3cb1548a126f8ba824832b38` · issuer key `cusip6:23834J` COM	NO CHANGE	−$117K	$549K	$431K	2,478	2,478
position key `sid:sec:prov:37887c8b950d1adb46988d59d8273b28` · issuer key `cusip6:06652N` COM	NO CHANGE	−$11.5K	$428K	$416K	10,435	10,435
position key `pos:12938` · issuer key `iss:120` COM	NO CHANGE	+$16.5K	$330K	$346K	4,442	4,442
position key `pos:10384` · issuer key `iss:52` COM	NO CHANGE	−$187K	$485K	$299K	6,520	6,520
position key `cusip:74274F100` · issuer key `cusip6:74274F` COM	NO CHANGE	+$38.5K	$211K	$250K	3,676	3,676
position key `pos:17707` · issuer key `iss:271` COM	NO CHANGE	−$85.2K	$314K	$229K	11,558	11,558
position key `pos:16467` · issuer key `iss:480` COM	NO CHANGE	−$64.5K	$283K	$218K	1,251	1,251
position key `pos:13090` · issuer key `iss:452` COM	NO CHANGE	+$36.8K	$181K	$218K	2,282	2,282
position key `sid:sec:prov:f9f5437cb9c311669eefc5fba8065a10` · issuer key `cusip6:10240L` COM	NO CHANGE	−$54.5K	$254K	$200K	8,914	8,914
position key `pos:16916` · issuer key `iss:1062` COM	NO CHANGE	−$26.4K	$208K	$182K	533	533
position key `pos:11133` · issuer key `iss:2061` COM	NO CHANGE	−$10.7K	$189K	$179K	5,000	5,000
position key `sid:sec:prov:e78f22fc639d2f296ebe1403c443d28f` · issuer key `cusip6:126128` COM	NO CHANGE	+$14.4K	$135K	$149K	5,156	5,156
position key `pos:17639` · issuer key `iss:1224` COM	NO CHANGE	−$13.7K	$111K	$97.3K	2,500	2,500
position key `sid:sec:prov:16689294b15a6ce7d5dff156afc5b1fa` · issuer key `cusip6:87318A` COM	NO CHANGE	−$50.9K	$141K	$90.1K	4,900	4,900
position key `sid:sec:prov:e9b255125f6aa090f39fda6a22a68207` · issuer key `cusip6:683712` COM	NO CHANGE	−$19.1K	$96.6K	$77.6K	16,576	16,576

Flags: no row carries a flag.

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Truncated by Public Filings. Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗

Reported positions — 2026-03-31

1–100 of 199 positions · $2.1B disclosed value over 199 rows · 0 undisclosed-value rows

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This build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.

Positions EMERALD MUTUAL FUND ADVISERS TRUST reported for the quarter ended 2026-03-31, as that filer reported them
This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.	a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing	value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0	Shares	Wt
—	RBB FD INC · FM EMERALD LIFE CUSIP 74933W221 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$69.9M	1,997,035	3.4%
—	MODINE MANUFACTURING CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$51.2M	236,071	2.5%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	GUARDANT HEALTH INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$48.0M	519,545	2.3%
—	BLOOM ENERGY CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$47.7M	352,178	2.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	TTM TECHNOLOGIES INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$45.8M	470,005	2.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	COGENT BIOSCIENCES INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$39.6M	1,028,832	1.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	VSE CORPORATION · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$36.1M	195,915	1.8%
—	KRATOS DEFENSE AND SECURITY · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$36.0M	510,656	1.7%
—	FABRINET · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$33.9M	65,010	1.6%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ARGAN INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$32.1M	58,943	1.6%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AAR CORPORATION · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$30.7M	280,257	1.5%
—	LIVANOVA PLC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$28.9M	454,329	1.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AXOS FINANCIAL INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$28.7M	336,740	1.4%
—	CREDO TECHNOLOGY GROUP HOLDINGS · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$28.3M	301,337	1.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	TRAVERE THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$28.1M	945,033	1.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ESCO TECHNOLOGIES INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$27.7M	98,502	1.3%
—	MERCURY SYSTEMS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$27.4M	375,472	1.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	RAMBUS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$26.4M	307,248	1.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	NLIGHT INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$24.5M	429,772	1.2%
—	NATIONAL VISION HOLDINGS · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$24.3M	937,540	1.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	BRIDGEBIO PHARMA INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$23.8M	320,211	1.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	MIRUM PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$23.1M	250,399	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	APPLIED OPTOELECTRONICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$23.0M	271,760	1.1%
—	KULICKE AND SOFFA INDUSTRIES · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$23.0M	349,295	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	TRANSMEDICS GROUP INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$22.8M	229,326	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	IPG PHOTONICS CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$22.1M	192,457	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	SEMTECH CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$21.9M	285,037	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	RUSH STREET INTERACTIVE INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$21.4M	981,901	1.0%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	PLEXUS CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$20.7M	102,278	1.0%
—	SPYRE THERAPEUTICS · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$20.6M	408,113	1.0%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AEROVIRONMENT INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$20.6M	112,407	1.0%
—	IMAX CORP · COM CUSIP 45245E109 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$20.0M	525,986	1.0%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	STERLING INFRASTRUCTURE INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$19.9M	48,875	1.0%
—	MOELIS & CO · COM CUSIP 60786M105 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$19.5M	342,465	0.9%
—	PALOMAR HOLDINGS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$19.5M	163,270	0.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	PDF SOLUTIONS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$19.4M	594,610	0.9%
—	BOOT BARN HOLDINGS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$18.9M	129,260	0.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CECO ENVIRONMENTAL CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$18.7M	314,005	0.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ASTRONICS CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$18.6M	279,159	0.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	SPX TECHNOLOGIES INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$18.6M	93,074	0.9%
—	NEKTAR THERAPEUTICS · COM CUSIP 640268306 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$18.4M	256,106	0.9%
—	INTERDIGITAL INC PA COM · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$18.3M	60,676	0.9%
—	OLLIE'S BARGAIN OUTLET HOLDINGS · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$18.2M	197,473	0.9%
—	UMB FINANCIAL CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.9M	158,617	0.9%
—	ARLO TECHNOLOGIES · COM CUSIP 04206A101 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.9M	1,256,289	0.9%
—	SOLARIS ENERGY INFRASTRUCTURE INC · COM CUSIP 83418M103 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.8M	314,782	0.9%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	FRESHPET INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$17.7M	300,932	0.9%
—	THE BANCORP INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.7M	328,845	0.9%
—	SKYWARD SPECIALTY INSURANCE · COM CUSIP 830940102 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.6M	401,899	0.9%
—	PIPER SANDLER CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$17.2M	225,192	0.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ALLEGIANT TRAVEL CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$17.2M	211,825	0.8%
—	CUSTOMERS BANCORP INC · COM CUSIP 23204G100 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$16.8M	242,313	0.8%
—	MIRION TECHNOLOGIES INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$16.2M	873,466	0.8%
—	KALVISTA PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$16.2M	805,762	0.8%
—	EVOLV TECHNOLOGIES · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$16.1M	2,667,589	0.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	TREVI THERAPEUTICS · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$15.1M	1,262,492	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	COHU INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$15.0M	489,850	0.7%
—	AMERICAN SEMICONDUCTOR CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$14.9M	438,875	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AGILYSYS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.6M	205,857	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	SYNAPTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.6M	208,859	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ONTO INNOVATION INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.5M	70,930	0.7%
—	CARDINAL INFRASTRUCTURE GROUP · COM CUSIP 14154A102 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$14.2M	359,063	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	SITIME CORPORATION · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.2M	41,170	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CARPENTER TECHNOLOGY CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.1M	35,876	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	RADNET INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$14.0M	250,597	0.7%
—	TETRA TECHNOLOGIES · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$14.0M	1,641,276	0.7%
—	ONESPAWORLD HOLDINGS LIMITED · COM CUSIP P73684113 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$13.8M	600,025	0.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ATI Inc · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$13.7M	93,847	0.7%
—	PALVELLA THERAPEUTICS INC · COM CUSIP 697947109 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$13.2M	105,820	0.6%
—	SAVARA INC · COM CUSIP 805111101 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$12.9M	2,368,669	0.6%
—	ALPHATEC HOLDINGS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$12.6M	1,156,826	0.6%
—	VARONIS SYSTEMS INC · COM CUSIP 922280102 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$11.9M	555,882	0.6%
—	COASTAL FINANCIAL CORP · COM CUSIP 19046P209 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$11.9M	156,664	0.6%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	IMPINJ INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$11.4M	111,287	0.6%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AXSOME THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$11.3M	67,054	0.5%
—	BJ'S RESTAURANT INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$11.3M	322,573	0.5%
—	PERELLA WEINBERG PARTNERS · COM CUSIP 71367G102 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$11.3M	621,774	0.5%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	FIVE BELOW · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$10.9M	47,695	0.5%
—	COMPASS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$10.7M	1,462,683	0.5%
—	BILLIONTOONE INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$10.4M	132,206	0.5%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	COLLEGIUM PHARMACEUTICAL INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$10.1M	306,074	0.5%
—	LENDINGCLUB CORP · COM CUSIP 52603A208 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$10.0M	700,631	0.5%
—	SEACOAST BANKING CORPORATION OF FLORIDA · COM CUSIP 811707801 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.9M	326,516	0.5%
—	COMMVAULT SYSTEMS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.7M	124,233	0.5%
—	Q2 HOLDINGS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.6M	203,815	0.5%
—	LIFETIME GROUP HOLDINGS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.6M	355,492	0.5%
—	LENDINGTREE INC · COM CUSIP 52603B107 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.4M	218,269	0.5%
—	BOBS DISCOUNT FURNITURE · COM CUSIP 09681N106 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$9.0M	764,745	0.4%
—	CYTOKENETICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$8.9M	135,464	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	MADRIGAL PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$8.6M	16,500	0.4%
—	SLIDE INSURANCE HOLDINGS INC · COM CUSIP 831349105 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$8.3M	459,820	0.4%
—	TRINITY CAPITAL INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$8.1M	549,260	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	IONQ INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$8.0M	277,668	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	FIRST ADVANTAGE CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$7.9M	672,716	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	DIODES INCORPORATED · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$7.8M	114,097	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CORCEPT THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗	$7.2M	179,607	0.4%
—	HINGE HEALTH INC · COM CUSIP 433313103 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$7.0M	181,766	0.3%
—	VERADERMICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$6.9M	109,283	0.3%
—	SOLENO THERAPEUTICS INC · COM CUSIP 834203309 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$6.7M	200,727	0.3%
—	CORVUS PHARMACEUTICALS INC · COM CUSIP 221015100 quarter ended 2026-03-31 filed filed 2026-05-04 +34d src ↗ ticker not yet mapped	$6.7M	459,253	0.3%

1–20 of the 100 positions on this page

Change kind and share change are in Position changes above; Congress overlap is planned.

One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗

Book shape

2026-03-31 · concentration · vs tracked median · tick = median

Top-25 concentration: 40.3%below median 80.0%
Concentration index: 112 bpsbelow median 446 bps
Positions with value: 199 / 199median book 97.5 positions

Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.

holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 40.3% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 112 · QoQ moves: 213

Filing history

AVAILABLE QUARTERS

Available filing periods
Period	Source
2026-03-31	EDGAR ↗

PLANNED sector rotation · Congress overlap · signals for this filer

Complete source filings on SEC EDGAR

The complete filing on EDGAR.

The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.

Open EMERALD MUTUAL FUND ADVISERS TRUST's 13F filings on SEC EDGAR ↗

Notes on this data

Reported positions

Quarter-end holdings as filed

Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.

Share changes

Compare consecutive quarters

Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.

Coverage

A snapshot, not current holdings

Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).