EMERALD MUTUAL FUND ADVISERS TRUST's Q3 2026 13F: 16 new positions, 29 exits
Form 13F-HR for the quarter ended Sep 30, 2026 · filed Nov 9, 2026 · 184 reported positions · accession 0001104659-26-124247
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | MODINE MANUFACTURING CO (MOD) | 1.2% | — | −1.2 pts | −131K sh | −100% |
| Exited | TTM TECHNOLOGIES INC (TTMI) | 0.9% | — | −0.9 pts | −142K sh | −100% |
| New | PRAXIS PRECISION MEDICINES INC (PRAX) | — | 0.9% | +0.9 pts | +75,066 sh | new |
| New | REPLIMUNE GROUP INC (REPL) | — | 0.9% | +0.9 pts | +1.6M sh | new |
| Exited | SYNAPTICS INC (SYNA) | 0.8% | — | −0.8 pts | −178K sh | −100% |
| New | FREQUENCY ELECTRONICS INC (FEIM) | — | 0.7% | +0.7 pts | +195K sh | new |
| New | RED VIOLET INC (RDVT) | — | 0.7% | +0.7 pts | +204K sh | new |
| Exited | RAMBUS INC (RMBS) | 0.6% | — | −0.6 pts | −139K sh | −100% |
| New | AXT INC (AXTI) | — | 0.6% | +0.6 pts | +197K sh | new |
| Reduced | GUARDANT HEALTH INC (GH) | 1.4% | 1.4% | −0.1 pts | −84,693 sh | −31% |
| Increased | NEOGENOMICS INC (NEO) | 0.0% | 0.6% | +0.6 pts | +819K sh | +1880% |
| Reduced | ONTO INNOVATION INC (ONTO) | 0.8% | 0.2% | −0.6 pts | −44,006 sh | −76% |
| Exited | MIRION TECHNOLOGIES INC (MIR) | 0.6% | — | −0.6 pts | −873K sh | −100% |
| Reduced | SEMTECH CORP (SMTC) | 1.5% | 1.4% | −0.1 pts | −67,508 sh | −26% |
| Exited | HIMS & HERS HEALTH INC (HIMS) | 0.5% | — | −0.5 pts | −399K sh | −100% |
| New | AEHR TEST SYSTEMS (AEHR) | — | 0.4% | +0.4 pts | +105K sh | new |
| Increased | MAXLINEAR INC CLASS A (MXL) | 0.8% | 1.1% | +0.3 pts | +112K sh | +61% |
| New | BRIGHTSPRING HEALTH SERVICES (BTSG) | — | 0.4% | +0.4 pts | +169K sh | new |
| Increased | SENSIENT TECHNOLOGIES CORP (SXT) | 1.0% | 1.6% | +0.6 pts | +71,554 sh | +30% |
| New | HARMONY BIOSCIENCES HOLDINGS (HRMY) | — | 0.4% | +0.4 pts | +227K sh | new |
| Exited | LENDINGTREE INC (TREE) | 0.3% | — | −0.3 pts | −218K sh | −100% |
| Reduced | PIPER SANDLER CO (PIPRZZZZ) | 0.6% | 0.3% | −0.3 pts | −112K sh | −50% |
| Increased | FIVE STAR BANCORP (FSBC) | 0.0% | 0.3% | +0.3 pts | +166K sh | +1609% |
| Exited | VISTEON CORP (VC) | 0.3% | — | −0.3 pts | −75,500 sh | −100% |
| Reduced | IMPINJ INC (PI) | 0.6% | 0.6% | 0.0 pts | −35,539 sh | −32% |
| Increased | MATERION CORP (MTRN) | 0.6% | 0.9% | +0.3 pts | +23,371 sh | +38% |
| New | REFORMATION INC (REF) | — | 0.3% | +0.3 pts | +515K sh | new |
| Increased | VARONIS SYSTEMS INC (VRNS) | 0.8% | 1.3% | +0.5 pts | +130K sh | +23% |
| Exited | AEVEX CORP (AVEX) | 0.3% | — | −0.3 pts | −341K sh | −100% |
| New | StoneX Group Inc (SNEX) | — | 0.2% | +0.2 pts | +91,889 sh | new |
| Reduced | COASTAL FINANCIAL CORP (CCB) | 0.4% | 0.0% | −0.4 pts | −136K sh | −87% |
| Increased | BILLIONTOONE INC (BLLN) | 0.9% | 1.1% | +0.2 pts | +50,328 sh | +25% |
| Exited | DEFINIUM THERAPEUTICS INC (DFTX) | 0.2% | — | −0.2 pts | −121K sh | −100% |
| Exited | AMBARELLA INC (AMBA) | 0.2% | — | −0.2 pts | −65,731 sh | −100% |
| Reduced | LIVANOVA PLC (LIVN) | 1.4% | 1.3% | −0.1 pts | −62,913 sh | −13% |
| Increased | DAVE INC (DAVE) | 0.3% | 0.4% | +0.2 pts | +14,276 sh | +72% |
| Increased | ASTRONICS CORP (ATRO) | 0.9% | 1.1% | +0.1 pts | +65,981 sh | +20% |
| Increased | TWIST BIOSCIENCE CORP (TWST) | 0.1% | 0.3% | +0.3 pts | +22,256 sh | +123% |
| Exited | ASTRONICS CORPORATION - CL B (ATROB) | 0.2% | — | −0.2 pts | −65,459 sh | −100% |
| New | CACTUS INC (WHD) | — | 0.2% | +0.2 pts | +68,909 sh | new |
| Exited | FLOWCO HOLDINGS INC (FLOC) | 0.2% | — | −0.2 pts | −231K sh | −100% |
| Reduced | MOELIS & CO (MC) | 0.8% | 0.6% | −0.2 pts | −72,545 sh | −21% |
| New | SERVICE TITAN INC (TTAN) | — | 0.2% | +0.2 pts | +62,233 sh | new |
| Reduced | FIRST ADVANTAGE CORP (FA) | 0.9% | 0.9% | 0.0 pts | −229K sh | −16% |
| Increased | COMMVAULT SYSTEMS INC (CVLT) | 0.6% | 0.9% | +0.3 pts | +24,911 sh | +20% |
| Increased | NPK INTERNATIONAL INC (NPKI) | 0.6% | 0.6% | 0.0 pts | +311K sh | +29% |
| Reduced | AVEANNA HEALTHCARE HOLDINGS (AVAH) | 0.3% | 0.3% | +0.1 pts | −285K sh | −29% |
| Increased | ALAMAR BIOSCIENCES INC (ALMR) | 0.4% | 0.7% | +0.3 pts | +95,614 sh | +23% |
| Exited | METALLUS INC (MTUS) | 0.1% | — | −0.1 pts | −197K sh | −100% |
| Reduced | SPYRE THERAPEUTICS (SYRE) | 1.3% | 1.3% | +0.1 pts | −35,142 sh | −9% |
The 50 largest of 165 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- WAVE LIFE SCIENCES LTD (WVE): Y95308105 → 94352A104, 848K → 844K shares
Top 10 positions — 19.0% of the equity book
Changes in the top 10 this quarter: CORT entered · SXT entered · COHU entered · PLXS entered · COGT entered · CDNL left · VSEC left · KLIC left · AGX left · CECO left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | RBB FD INC (LFSC) | 3.2% | 3.6% | |
| 2 | TRAVERE THERAPEUTICS INC (TVTX) | 2.1% | 2.4% | |
| 3 | CORCEPT THERAPEUTICS INC (CORT) | 1.4% | 2.2% | Entered the top 10 |
| 4 | INTERDIGITAL INC PA COM (IDCC) | 1.5% | 2.0% | |
| 5 | SENSIENT TECHNOLOGIES CORP (SXT) | 1.0% | 1.6% | Entered the top 10 |
| 6 | COHU INC (COHU) | 1.4% | 1.5% | Entered the top 10 |
| 7 | PLEXUS CORP (PLXS) | 1.4% | 1.4% | Entered the top 10 |
| 8 | COGENT BIOSCIENCES INC (COGT) | 1.4% | 1.4% | Entered the top 10 |
| 9 | MERCURY SYSTEMS INC (MRCY) | 1.8% | 1.4% | |
| 10 | AAR CORPORATION (AIR) | 1.7% | 1.4% | |
| — | CARDINAL INFRASTRUCTURE GROUP (CDNL) | 1.8% | 0.7% | Left the top 10 |
| — | VSE CORPORATION (VSEC) | 1.7% | 1.4% | Left the top 10 |
| — | KULICKE AND SOFFA INDUSTRIES (KLIC) | 1.6% | 1.3% | Left the top 10 |
| — | ARGAN INC (AGX) | 1.6% | 0.8% | Left the top 10 |
| — | CECO ENVIRONMENTAL CORP (CECO) | 1.5% | 1.3% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).