EMERALD MUTUAL FUND ADVISERS TRUST
Long book
$2.06B
Q1 2026
Positions
199
Top-10 weight
21%
concentration
Last quarter
+32.7%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsEMERALD MUTUAL FUND ADVISERS TRUST is an institutional manager, running a $2.06B US long book across 199 positions.
The portfolio is broadly diversified across 199 positions (top 10 only 21%). Turnover is modest: positions are typically held for years. Current anchor positions: F/M EMR LIFE SCIENCES IN ETF, MODINE MANUFACTURING CO, GUARDANT HEALTH INC, BLOOM ENERGY CORP- A, TTM TECHNOLOGIES.
Over the last 9 quarters its long book ran on average 4.1pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.6%
Q2 2024
+6.8%
Q3 2024
+2.7%
Q4 2024
-14.1%
Q1 2025
+20.8%
Q2 2025
+18.2%
Q3 2025
+7.0%
Q4 2025
-0.2%
Q1 2026
+32.7%
Sector allocation
Technology 26%
Healthcare 23%
Industrials 21%
Financials 14%
Services media 5%
Other 4%
Consumer discretionary 4%
Consumer staples 1%
Long book by quarter
What does EMERALD MUTUAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MOD MODINE MANUFACTURING CO | Industrials | 236.1K | $51.2M | 2.5% | +0.3% |
| GH GUARDANT HEALTH INC | Healthcare | 519.5K | $48.0M | 2.3% | -0.8% |
| BE BLOOM ENERGY CORP- A | Industrials | 352.2K | $47.7M | 2.3% | +0.2% |
| TTMI TTM TECHNOLOGIES | Technology | 470.0K | $45.8M | 2.2% | -14.1% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 1.0M | $39.6M | 1.9% | -0.9% |
| VSEC VSE CORP | Services media | 195.9K | $36.1M | 1.8% | +16.4% |
| KTOS KRATOS DEFENSE & SECURITY | Industrials | 510.7K | $36.0M | 1.7% | -2.2% |
| FN FABRINET | Technology | 65.0K | $33.9M | 1.6% | -1.2% |
| AGX ARGAN INC | Industrials | 58.9K | $32.1M | 1.6% | Held |
| AIR AAR CORP | Industrials | 280.3K | $30.7M | 1.5% | +10.9% |
| LIVN LIVANOVA PLC | Healthcare | 454.3K | $28.9M | 1.4% | -0.4% |
| AX AXOS FINANCIAL INC | Financials | 336.7K | $28.7M | 1.4% | -1.3% |
| CRDO CREDO TECHNOLOGY GROUP HOLDI | Technology | 301.3K | $28.3M | 1.4% | +2.0% |
| TVTX TRAVERE THERAPEUTICS INC | Healthcare | 945.0K | $28.1M | 1.4% | -0.4% |
| ESE ESCO TECHNOLOGIES INC | Technology | 98.5K | $27.7M | 1.3% | Held |
| MRCY MERCURY SYSTEMS INC | Technology | 375.5K | $27.4M | 1.3% | +11.7% |
| RMBS RAMBUS INC | Technology | 307.2K | $26.4M | 1.3% | -21.5% |
| LASR NLIGHT INC | Technology | 429.8K | $24.5M | 1.2% | Held |
| EYE NATIONAL VISION HOLDINGS INC | Healthcare | 937.5K | $24.3M | 1.2% | Held |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 320.2K | $23.8M | 1.2% | +1.1% |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 250.4K | $23.1M | 1.1% | +3.3% |
| AAOI APPLIED OPTOELECTRONICS INC | Technology | 271.8K | $23.0M | 1.1% | -31.9% |
| KLIC KULICKE & SOFFA INDUSTRIES | Technology | 349.3K | $23.0M | 1.1% | +8.3% |
| TMDX TRANSMEDICS GROUP INC | Healthcare | 229.3K | $22.8M | 1.1% | -0.3% |
| IPGP IPG PHOTONICS CORP | Technology | 192.5K | $22.1M | 1.1% | +57.5% |
| SMTC SEMTECH CORP | Technology | 285.0K | $21.9M | 1.1% | Held |
| RSI RUSH STREET INTERACTIVE INC | Services media | 981.9K | $21.4M | 1.0% | Held |
| PLXS PLEXUS CORP | Technology | 102.3K | $20.7M | 1.0% | New |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 408.1K | $20.6M | 1.0% | -1.0% |
| AVAV AEROVIRONMENT INC | Industrials | 112.4K | $20.6M | 1.0% | -10.6% |
| IMAX IMAX CORP | Other | 526.0K | $20.0M | 1.0% | Held |
| STRL STERLING INFRASTRUCTURE INC | Industrials | 48.9K | $19.9M | 1.0% | Held |
| MC MOELIS & CO - CLASS A | Financials | 342.5K | $19.5M | 0.9% | -5.8% |
| PLMR PALOMAR HOLDINGS INC | Financials | 163.3K | $19.5M | 0.9% | +1.0% |
| PDFS PDF SOLUTIONS INC | Technology | 594.6K | $19.4M | 0.9% | Held |
| BOOT BOOT BARN HOLDINGS INC | Consumer discretionary | 129.3K | $18.9M | 0.9% | +18.6% |
| CECO CECO ENVIRONMENTAL CORP | Industrials | 314.0K | $18.7M | 0.9% | +20.5% |
| ATRO ASTRONICS CORP | Industrials | 279.2K | $18.6M | 0.9% | +78.1% |
| SPXC SPX TECHNOLOGIES INC | Industrials | 93.1K | $18.6M | 0.9% | Held |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 256.1K | $18.4M | 0.9% | +1.2% |
| IDCC INTERDIGITAL INC | Financials | 60.7K | $18.3M | 0.9% | +99.8% |
| OLLI OLLIE'S BARGAIN OUTLET HOLDI | Consumer discretionary | 197.5K | $18.2M | 0.9% | +6.4% |
| UMBF UMB FINANCIAL CORP | Financials | 158.6K | $17.9M | 0.9% | Held |
| ARLO ARLO TECHNOLOGIES INC | Services media | 1.3M | $17.9M | 0.9% | +1.5% |
| SEI SOLARIS ENERGY INFRASTRUCTUR | Industrials | 314.8K | $17.8M | 0.9% | +0.9% |
| FRPT FRESHPET INC | Consumer staples | 300.9K | $17.7M | 0.9% | +19.3% |
| TBBK BANCORP INC/THE | Financials | 328.8K | $17.7M | 0.9% | -7.0% |
| SKWD SKYWARD SPECIALTY INSURANCE | Financials | 401.9K | $17.6M | 0.9% | +1.1% |
| PIPR PIPER SANDLER COS | Financials | 225.2K | $17.2M | 0.8% | New |
| ALGT ALLEGIANT TRAVEL CO | Industrials | 211.8K | $17.2M | 0.8% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 199 | $2.06B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 189 | $2.05B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 30, 2025 | 219 | $1.94B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 4, 2025 | 212 | $1.64B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 1, 2025 | 210 | $1.41B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 212 | $1.64B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 29, 2024 | 225 | $1.92B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 6, 2024 | 223 | $1.91B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 229 | $1.92B | canonical | SEC ↗ |
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