EMERALD MUTUAL FUND ADVISERS TRUST

CIK 0001352895 · Q2 2026

13F Equity AUM

$2.8B

+38.0% QoQ

Positions

197

-2 QoQ

AUM Rank

#1,235

Top 14%

Skill Alpha (FF)

-0.3%/yr^ns

No Clear Edge

Rank #3,182 · Top 38%

vs S&P +0.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 10.5%Top 10: 18.4%Top 20: 32.7%

LFSC3.2%

TVTX2.1%

CDNL1.8%

MRCY1.8%

AIR1.7%

VSEC1.7%

KLIC1.6%

AGX1.6%

CECO1.5%

IDI1.5%

Others (187)81.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology26.3%

Industrials20.7%

Healthcare18.8%

Financial Services13.6%

Consumer Cyclical7.6%

Unclassified3.5%

Energy2.7%

Other6.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 197Median: 0.35%Avg: 0.51%

0–0.5%

109(12.4%)

0.5–1%

55(39.7%)

1–3%

32(44.7%)

3–5%

1(3.2%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 197vs 20 funds

0%Low

197

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New28Increased84Decreased38Exited30

New Positions

LGN1.3%

+426K

SSF1.0%

+235K

TEX0.9%

+356K

HRI0.8%

+169K

MXL0.8%

+183K

MTRN0.6%

+61K

NPKI0.6%

+1.1M

AMBQ0.5%

+159K

HIMS0.5%

+399K

DNTH0.5%

+131K

Increased

FA0.9%

+753K(+112%)

COMP0.9%

+723K(+49%)

ARHS0.5%

+586K(+59%)

RXO0.7%

+485K(+176%)

QBTS0.6%

+385K(+107%)

EYE0.9%

+361K(+38%)

TTI0.8%

+329K(+20%)

HTD1.4%

+285K(+159%)

BOBS DISCOUNT FURNIT…0.6%

+285K(+37%)

LTH0.9%

+277K(+78%)

Decreased

PWP0.0%

-616,011(-99%)

LMRI0.0%

-557,296(-85%)

BE0.0%

-351,043(-100%)

TTMI0.9%

-327,885(-70%)

BBIO0.1%

-301,470(-94%)

CRDO0.1%

-295,607(-98%)

SWIM0.1%

-290,900(-45%)

GH1.4%

-248,165(-48%)

RMBS*0.7%

-167,973(-55%)

AII0.0%

-159,805(-93%)

Exited

-65,010

-48,875

-93,074

-805,762

-41,170

-35,876

-93,847

-47,695

-306,074

-16,500

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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