1y return+70.4%S&P 500 +20.9%
3y return+124.3%S&P 500 +68.5%
5y return+83.3%S&P 500 +74.5%
10y return+323.7%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $424 against $357 in the S&P 500.2
Emerald Mutual Fund Advisers TrustS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| LFSCRbb Fd Inc | $90.3M | 3.2% | |
| TVTXTravere Therapeutics Inc | $58.6M | 2.1% | +9.2% |
| CDNLCardinal Infrastructure Group | $51.7M | 1.8% | +53.0% |
| MRCYMercury Systems Inc | $50.4M | 1.8% | +9.8% |
| AIRAar Corporation | $48.2M | 1.7% | +20.4% |
| VSECVse Corporation | $47.9M | 1.7% | +7.0% |
| KLICKulicke And Soffa Industries | $46.7M | 1.6% | |
| AGXArgan Inc | $46.4M | 1.6% | −1.4% |
| CECOCeco Environmental Corp | $42.8M | 1.5% | +50.1% |
| IDCCInterdigital Inc Pa Com | $42.0M | 1.5% | +144.3% |
| SMTCSemtech Corp | $41.7M | 1.5% | −9.7% |
| ACLSAxcelis Technologies Inc | $41.6M | 1.5% | +362.8% |
| ESEEsco Technologies Inc | $40.8M | 1.4% | +18.2% |
| GHGuardant Health Inc | $40.7M | 1.4% | −47.8% |
| Livanova PLCCUSIP G5509L101 | $40.5M | 1.4% | +8.5% |
| PLXSPlexus Corp | $40.5M | 1.4% | +31.7% |
| CORTCorcept Therapeutics Inc | $40.4M | 1.4% | +158.8% |
| PDFSPdf Solutions Inc | $40.1M | 1.4% | −4.7% |
| COGTCogent Biosciences Inc | $39.9M | 1.4% | |
| COHUCohu Inc | $39.4M | 1.4% | +8.9% |
| ALGTAllegiant Travel Co | $36.9M | 1.3% | +48.1% |
| LGNLegence Corp | $36.3M | 1.3% | New |
| AXAxos Financial Inc | $35.7M | 1.3% | +8.9% |
| SYRESpyre Therapeutics | $35.6M | 1.3% | −1.7% |
| MODModine Manufacturing Co | $35.0M | 1.2% | −44.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TTMITtm Technologies Inc | September 30, 2024 | +924.8% | $26.6M |
| COGTCogent Biosciences Inc | June 30, 2025 | +439.0% | $39.9M |
| CDNLCardinal Infrastructure Group | December 31, 2025 | +289.6% | $51.7M |
| TVTXTravere Therapeutics Inc | June 30, 2023 | +269.9% | $58.6M |
| GHGuardant Health Inc | March 31, 2025 | +252.2% | $40.7M |
| PDFSPdf Solutions Inc | June 30, 2022 | +229.1% | $40.1M |
| AIRAar Corporation | December 31, 2022 | +218.3% | $48.2M |
| SYRESpyre Therapeutics | September 30, 2024 | +201.9% | $35.6M |
| AGXArgan Inc | September 30, 2025 | +195.7% | $46.4M |
| SEISolaris Energy Infrastructure Inc | December 31, 2024 | +179.6% | $32.6M |
Sold off last quarter
- FabrinetCUSIP G3323L100 was $33.9M
- STRLSterling Infrastructure Inc was $19.9M
- SPXCSpx Technologies Inc was $18.6M
- Kalvista Pharmaceuticals IncCUSIP 483497103 was $16.2M
- SITMSitime Corporation was $14.2M
- CRSCarpenter Technology Corp was $14.1M
- ATIATI Inc was $13.7M
- FIVEFive Below was $10.9M
- COLLCollegium Pharmaceutical Inc was $10.1M
- MDGLMadrigal Pharmaceuticals Inc was $8.6M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +37.9% | +14.8% |
| March 31, 2026 | −0.4% | −4.6% |
| December 31, 2025 | +6.6% | +2.4% |
| September 30, 2025 | +16.3% | +7.8% |
| June 30, 2025 | +20.9% | +10.5% |
| March 31, 2025 | −10.3% | −4.6% |
| December 31, 2024 | +2.7% | +2.1% |
| September 30, 2024 | +6.3% | +5.4% |
| June 30, 2024 | +3.4% | +4.0% |
| March 31, 2024 | +3.0% | +10.0% |
| December 31, 2023 | +15.2% | +11.2% |
| September 30, 2023 | −9.4% | −3.6% |
| June 30, 2023 | +8.2% | +8.3% |
| March 31, 2023 | +3.5% | +7.0% |
| December 31, 2022 | +7.2% | +7.1% |
| September 30, 2022 | −0.6% | −5.3% |
| June 30, 2022 | −21.3% | −16.5% |
| March 31, 2022 | −12.2% | −4.9% |
| December 31, 2021 | +0.9% | +10.7% |
| September 30, 2021 | −1.8% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Emerald Mutual Fund Advisers Trust Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1352895&type=13F-HR&dateb=&owner=include&count=40CIK 1352895
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1352895/000110465926090961/Filed August 5, 2026 · accession 0001104659-26-090961