DaveManuel.com · Institutional Ownership · 13F Holdings

EMERALD MUTUAL FUND ADVISERS TRUST

Reported holdings as of Q2 2026, from 31 quarterly filings.

CIK

1352895

Reported value

$2.8B

Positions

197

Top 10 weight

18.5%

Filed

2026-08-05

Days after quarter end

Holdings

Download these holdings as CSV

Security	Ticker	Value	Shares	Weight	Weight change	Held	Change
RBB FD INC	LFSC	$90.3M	1,997,035	3.17%	-0.22pp	7q	HELD
TRAVERE THERAPEUTICS INC	TVTX	$58.6M	1,032,024	2.06%	+0.70pp	13q	+9.2%+$4.9M
CARDINAL INFRASTRUCTURE GROU	CDNL	$51.7M	549,297	1.82%	+1.13pp	3q	+53.0%+$17.9M
MERCURY SYS INC	MRCY	$50.4M	412,354	1.77%	+0.44pp	5q	+9.8%+$4.5M
AAR CORP	AIR	$48.2M	337,416	1.69%	+0.21pp	15q	+20.4%+$8.2M
VSE CORP	VSEC	$47.9M	209,628	1.68%	-0.07pp	6q	+7.0%+$3.1M
KULICKE & SOFFA INDS INC	KLIC	$46.7M	349,295	1.64%	+0.53pp	12q	HELD
ARGAN INC	AGX	$46.4M	58,115	1.63%	+0.07pp	4q	-1.4%-$661.2K
CECO ENVIRONMENTAL CORP	CECO	$42.8M	471,220	1.50%	+0.60pp	4q	+50.1%+$14.3M
INTERDIGITAL INC	IDCC	$42.0M	148,255	1.48%	+0.59pp	10q	+144.3%+$24.8M
SEMTECH CORP	SMTC	$41.7M	257,359	1.46%	+0.40pp	4q	-9.7%-$4.5M
AXCELIS TECHNOLOGIES INC	ACLS	$41.6M	219,443	1.46%	+1.25pp	2q	+362.8%+$32.6M
ESCO TECHNOLOGIES INC	ESE	$40.8M	116,457	1.43%	+0.09pp	5q	+18.2%+$6.3M
GUARDANT HEALTH INC	GH	$40.7M	271,380	1.43%	-0.90pp	6q	-47.8%-$37.2M
LIVANOVA PLC	LIVN	$40.5M	492,868	1.42%	+0.02pp	14q	+8.5%+$3.2M
PLEXUS CORP	PLXS	$40.5M	134,746	1.42%	+0.42pp	2q	+31.7%+$9.8M
CORCEPT THERAPEUTICS INC	CORT	$40.4M	464,902	1.42%	+1.07pp	6q	+158.8%+$24.8M
PDF SOLUTIONS INC	PDFS	$40.1M	566,429	1.41%	+0.47pp	17q	-4.7%-$2.0M
COGENT BIOSCIENCES INC	COGT	$39.9M	1,031,378	1.40%	-0.52pp	5q	HELD
COHU INC	COHU	$39.4M	533,619	1.39%	+0.66pp	2q	+8.9%+$3.2M
ALLEGIANT TRAVEL CO	ALGT	$36.9M	313,661	1.30%	+0.46pp	7q	+48.1%+$12.0M
LEGENCE CORP	LGN	$36.3M	425,628	1.27%	-	new	NEW
AXOS FINANCIAL INC	AX	$35.7M	366,712	1.26%	-0.13pp	21q	+8.9%+$2.9M
SPYRE THERAPEUTICS INC	SYRE	$35.6M	401,271	1.25%	+0.25pp	8q	-1.7%-$607.4K
MODINE MFG CO	MOD	$35.0M	131,187	1.23%	-1.25pp	9q	-44.4%-$28.0M
MIRUM PHARMACEUTICALS INC	MIRM	$33.9M	289,372	1.19%	+0.07pp	5q	+15.6%+$4.6M
UMB FINL CORP	UMBF	$33.6M	235,696	1.18%	+0.31pp	8q	+48.6%+$11.0M
SOLARIS ENERGY INFRAS INC	SEI	$32.6M	405,313	1.15%	+0.28pp	7q	+28.8%+$7.3M
BOOT BARN HLDGS INC	BOOT	$32.4M	197,079	1.14%	+0.22pp	7q	+52.5%+$11.1M
NLIGHT INC	LASR	$31.2M	448,422	1.10%	-0.09pp	4q	+4.3%+$1.3M
RUSH STREET INTERACTIVE INC	RSI	$30.0M	1,007,943	1.05%	+0.02pp	7q	+2.7%+$774.5K
AGILYSYS INC	AGYS	$29.0M	277,666	1.02%	+0.31pp	13q	+34.9%+$7.5M
SENSIENT TECHNOLOGIES CORP	SXT	$29.0M	235,343	1.02%	-	new	NEW
COMPASS INC	COMP	$27.0M	2,185,814	0.95%	+0.43pp	8q	+49.4%+$8.9M
ASTRONICS CORP	ATRO	$26.6M	327,295	0.93%	+0.03pp	3q	+17.2%+$3.9M
TTM TECHNOLOGIES INC	TTMI	$26.6M	142,120	0.93%	-1.29pp	8q	-69.8%-$61.3M
FRESHPET INC	FRPT	$26.4M	446,119	0.93%	+0.07pp	31q	+48.2%+$8.6M
LIFE TIME GROUP HOLDINGS INC	LTH	$25.8M	632,840	0.91%	+0.44pp	6q	+78.0%+$11.3M
VERADERMICS INC	MANE	$25.8M	209,924	0.91%	+0.57pp	2q	+92.1%+$12.4M
TEREX CORP NEW	TEX	$25.8M	356,029	0.91%	-	new	NEW
FIRST ADVANTAGE CORP NEW	FA	$25.7M	1,425,858	0.90%	+0.52pp	21q	+112.0%+$13.6M
IPG PHOTONICS CORP	IPGP	$24.7M	210,791	0.87%	-0.20pp	4q	+9.5%+$2.2M
NATIONAL VISION HLDGS INC	EYE	$24.7M	1,298,228	0.87%	-0.31pp	26q	+38.5%+$6.9M
BILLIONTOONE INC	BLLN	$24.5M	203,990	0.86%	+0.35pp	3q	+54.3%+$8.6M
DIODES INC	DIOD	$24.2M	221,380	0.85%	+0.47pp	2q	+94.0%+$11.7M
HERC HLDGS INC	HRI	$24.2M	168,972	0.85%	-	new	NEW
CYTOKINETICS INC	CYTK	$23.8M	279,769	0.84%	+0.40pp	2q	+106.5%+$12.3M
MAXLINEAR INC	MXL	$23.4M	182,695	0.82%	-	new	NEW
VARONIS SYS INC	VRNS	$23.3M	555,882	0.82%	+0.24pp	31q	HELD
TREVI THERAPEUTICS INC	TRVI	$22.6M	1,210,965	0.79%	+0.06pp	3q	-4.1%-$961.0K
MOELIS & CO	MC	$22.4M	342,465	0.79%	-0.16pp	31q	HELD
AMERICAN SUPERCONDUCTOR CORP	AMSC	$22.4M	538,955	0.79%	+0.07pp	7q	+22.8%+$4.2M
OLLIES BARGAIN OUTLET HLDGS	OLLI	$22.3M	290,675	0.79%	-0.10pp	12q	+47.2%+$7.2M
TETRA TECHNOLOGIES INC DEL	TTI	$22.3M	1,970,377	0.78%	+0.11pp	22q	+20.1%+$3.7M
KRATOS DEFENSE & SEC SOLUTIO	KTOS	$22.1M	443,152	0.78%	-0.97pp	31q	-13.2%-$3.4M
SYNAPTICS INC	SYNA	$22.1M	177,551	0.78%	+0.07pp	3q	-15.0%-$3.9M
ONTO INNOVATION INC	ONTO	$21.9M	57,893	0.77%	+0.06pp	5q	-18.4%-$4.9M
RXO INC	RXO	$21.0M	761,015	0.74%	+0.54pp	2q	+175.8%+$13.4M
IMAX CORP	IMAX	$21.0M	525,986	0.74%	-0.23pp	4q	HELD
PALOMAR HLDGS INC	PLMR	$20.7M	163,622	0.73%	-0.22pp	28q	HELD
BANCORP INC DEL	TBBK	$20.6M	328,845	0.72%	-0.13pp	31q	HELD
APPLIED OPTOELECTRONICS INC	AAOI	$20.3M	136,959	0.71%	-0.40pp	10q	-49.6%-$20.0M
TRANSMEDICS GROUP INC	TMDX	$20.1M	302,074	0.71%	-0.40pp	29q	+31.7%+$4.8M
PALVELLA THERAPEUTICS INC NE	PVLA	$19.8M	129,847	0.70%	+0.06pp	2q	+22.7%+$3.7M
BJS RESTAURANTS INC	BJRI	$19.6M	322,573	0.69%	+0.14pp	22q	HELD
CUSTOMERS BANCORP INC	CUBI	$19.0M	240,511	0.67%	-0.15pp	4q	-0.7%-$142.5K
HINGE HEALTH INC	HNGE	$18.9M	228,197	0.67%	+0.33pp	2q	+25.5%+$3.9M
AEROVIRONMENT INC	AVAV	$18.9M	114,482	0.66%	-0.33pp	15q	+1.8%+$342.5K
RAMBUS INC DEL	RMBS	$18.5M	139,275	0.65%	-0.63pp	14q	-54.7%-$22.3M
MATERION CORP	MTRN	$18.2M	61,247	0.64%	-	new	NEW
HAPPEN INC	HAPN	$18.1M	871,131	0.63%	+0.15pp	4q	+24.3%+$3.5M
COMMVAULT SYS INC	CVLT	$17.9M	126,126	0.63%	+0.16pp	8q	+1.5%+$268.3K
D-WAVE QUANTUM INC	QBTS	$17.9M	744,084	0.63%	+0.38pp	5q	+107.5%+$9.2M
NEKTAR THERAPEUTICS	NKTR	$17.8M	255,587	0.63%	-0.27pp	4q	HELD
ARLO TECHNOLOGIES INC	ARLO	$17.1M	1,270,713	0.60%	-0.27pp	9q	+1.1%+$194.4K
NPK INTERNATIONAL INC	NPKI	$17.1M	1,074,368	0.60%	-	new	NEW
ONESPAWORLD HOLDINGS LIMITED	OSW	$16.9M	600,025	0.60%	-0.07pp	12q	HELD
BOBS DISC FURNITURE INC COM SHS	BOBS	$16.6M	1,049,648	0.58%	+0.15pp	2q	+37.3%+$4.5M
AXSOME THERAPEUTICS INC	AXSM	$16.4M	67,195	0.58%	+0.03pp	5q	HELD
PIPER SANDLER COMPANIES	PIPR	$16.3M	225,192	0.57%	-0.26pp	2q	HELD
IMPINJ INC	PI	$15.9M	111,287	0.56%	+0.01pp	13q	HELD
MIRION TECHNOLOGIES INC	MIR	$15.7M	873,466	0.55%	-0.24pp	7q	HELD
SKYWARD SPECIALTY INS GROUP	SKWD	$15.5M	266,150	0.55%	-0.31pp	14q	-33.8%-$7.9M
EVOLV TECHNOLOGIES HLDNGS IN	EVLV	$15.5M	2,667,589	0.54%	-0.24pp	4q	HELD
RADNET INC	RDNT	$15.5M	250,764	0.54%	-0.14pp	12q	HELD
SAVARA INC	SVRA	$14.6M	2,375,999	0.51%	-0.11pp	7q	HELD
SEACOAST BKG CORP FLA	SBCF	$14.4M	433,797	0.51%	+0.03pp	5q	+32.9%+$3.6M
POWER INTEGRATIONS INC	POWI	$14.4M	172,196	0.51%	+0.35pp	2q	+180.9%+$9.3M
AMBIQ MICRO INC	AMBQ	$14.1M	159,131	0.49%	-	new	NEW
HIMS & HERS HEALTH INC	HIMS	$13.8M	398,842	0.49%	-	new	NEW
ARHAUS INC	ARHS	$13.3M	1,576,486	0.47%	+0.14pp	19q	+59.2%+$4.9M
DIANTHUS THERAPEUTICS INC	DNTH	$12.8M	131,018	0.45%	-	new	NEW
COASTAL FINL CORP WA	CCB	$12.1M	156,664	0.43%	-0.15pp	20q	HELD
ALAMAR BIOSCIENCES INC COMMON STOCK	ALMR	$11.4M	422,127	0.40%	-	new	NEW
EXCELERATE ENERGY INC	EE	$11.4M	299,991	0.40%	+0.09pp	5q	+58.6%+$4.2M
ALPHATEC HLDGS INC	ATEC	$10.9M	1,258,086	0.38%	-0.23pp	11q	+8.8%+$875.9K
FIRST WATCH RESTAURANT GROUP	FWRG	$10.6M	823,954	0.37%	+0.08pp	5q	+44.7%+$3.3M
LightPath Technologies, Inc.	LPTH	$9.9M	607,882	0.35%	-	new	NEW
TRINITY CAP INC	TRIN	$9.8M	549,260	0.35%	-0.05pp	22q	HELD
Q2 HLDGS INC	QTWO	$9.8M	203,815	0.34%	-0.12pp	11q	HELD
LENDINGTREE INC	TREE	$9.7M	218,269	0.34%	-0.11pp	11q	HELD
EVERQUOTE INC	EVER	$9.5M	397,268	0.33%	+0.02pp	6q	-3.5%-$341.1K
SLIDE INS HLDGS INC	SLDE	$8.9M	459,820	0.31%	-0.09pp	5q	HELD
AVEANNA HEALTHCARE HLDGS INC	AVAH	$8.3M	967,108	0.29%	-0.01pp	3q	-0.9%-$75.5K
CORVUS PHARMACEUTICALS INC	CRVS	$7.9M	526,389	0.28%	-0.05pp	2q	+14.6%+$1.0M
VISTEON CORP	VC	$7.5M	75,500	0.26%	-0.01pp	4q	+21.8%+$1.3M
DAVE INC	DAVE	$7.4M	19,894	0.26%	+0.24pp	4q	+702.8%+$6.5M
WHITEHAWK MINERALS CORP	WHK	$7.3M	263,810	0.26%	-	new	NEW
VIRIDIAN THERAPEUTICS INC	VRDN	$7.3M	395,546	0.26%	-	new	NEW
AEVEX CORP	AVEX	$7.1M	341,108	0.25%	-	new	NEW
DEFINIUM THERAPEUTICS INC	DFTX	$5.7M	121,249	0.20%	-	new	NEW
MID PENN BANCORP INC	MPB	$5.7M	162,411	0.20%	-0.05pp	21q	HELD
AMBARELLA INC	AMBA	$5.6M	65,731	0.20%	-	new	NEW
FIRST CAROLINA FINL SVCS	FCBM	$5.5M	414,090	0.19%	-	new	NEW
ASTRONICS CORP CL B	ATROB	$5.0M	65,459	0.17%	-	new	NEW
FLOWCO HLDGS INC	FLOC	$4.9M	231,287	0.17%	-0.06pp	2q	HELD
WAVE LIFE SCIENCES LTD	WVE	$4.9M	847,999	0.17%	-0.11pp	9q	+4.1%+$194.5K
WESBANCO INC	WSBC	$4.7M	120,647	0.17%	+0.01pp	6q	+32.7%+$1.2M
UNITED THERAPEUTICS CORP DEL	UTHR	$4.3M	7,928	0.15%	-0.09pp	8q	-5.4%-$247.1K
HAWKEYE 360 INC COM SHS	HAWK	$4.2M	205,363	0.15%	-	new	NEW
BLACK ROCK COFFEE BAR INC	BRCB	$3.8M	453,734	0.13%	-0.15pp	4q	HELD
METALLUS INC	MTUS	$3.7M	196,964	0.13%	-0.06pp	2q	-17.2%-$765.3K
GBANK FINL HLDGS INC	GBFH	$3.6M	118,000	0.13%	-0.03pp	7q	HELD
BOWMAN CONSULTING GROUP LTD	BWMN	$2.8M	95,573	0.10%	-0.01pp	10q	+23.3%+$526.8K
HEARTFLOW INC	HTFL	$2.8M	94,099	0.10%	-0.06pp	4q	-28.3%-$1.1M
ONCE UPON A FARM PBC	OFRM	$2.7M	129,422	0.09%	-0.08pp	2q	-39.0%-$1.7M
EROCK INC	EROC	$2.6M	182,249	0.09%	-	new	NEW
ICU MED INC	ICUI	$2.4M	16,409	0.08%	-0.04pp	4q	-15.9%-$456.1K
LATHAM GROUP INC	SWIM	$2.3M	351,654	0.08%	-0.09pp	7q	-45.3%-$1.9M
ESQUIRE FINL HLDGS INC	ESQ	$2.2M	18,513	0.08%	-0.02pp	17q	HELD
METROPOLITAN BK HLDG CORP	MCB	$2.1M	21,735	0.08%	-0.02pp	21q	-5.8%-$131.7K
NORTHEAST BK PORTLAND ME	NBN	$2.1M	16,094	0.07%	-0.02pp	17q	-11.4%-$273.1K
PATHWARD FINANCIAL INC	CASH	$1.9M	21,450	0.07%	-0.03pp	20q	HELD
TWIST BIOSCIENCE CORP	TWST	$1.9M	18,050	0.07%	+0.02pp	2q	+1.1%+$20.6K
Neptune Ins HLDGS Inc Class A	NP	$1.7M	55,248	0.06%	-0.04pp	4q	-33.3%-$870.4K
CERIBELL INC	CBLL	$1.7M	89,348	0.06%	-0.02pp	7q	+1.1%+$19.3K
CREDO TECHNOLOGY GROUP HOLDI	CRDO	$1.6M	5,730	0.05%	-1.32pp	17q	-98.1%-$80.4M
ENOVA INTL INC	ENVA	$1.5M	6,371	0.05%	-0.08pp	3q	-68.0%-$3.3M
PINNACLE FINL PARTNERS INC	PNFP	$1.4M	14,343	0.05%	-0.01pp	2q	HELD
WINTRUST FINL CORP	WTFC	$1.4M	8,733	0.05%	-0.01pp	15q	HELD
BRIDGEBIO PHARMA INC	BBIO	$1.4M	18,741	0.05%	-1.10pp	13q	-94.1%-$22.5M
GLOBUS MED INC	GMED	$1.3M	16,440	0.05%	-0.02pp	6q	+1.1%+$14.4K
QCR HOLDINGS INC	QCRH	$1.3M	13,110	0.04%	-0.01pp	12q	HELD
INSMED INC	INSM	$1.2M	11,218	0.04%	-0.02pp	15q	+36.3%+$318.6K
ROBINHOOD MKTS INC	HOOD	$1.2M	11,694	0.04%	-0.03pp	6q	-41.2%-$820.5K
WAYSTAR HLDG CORP	WAY	$1.1M	55,775	0.04%	-0.02pp	3q	+1.1%+$12.7K
SEZZLE INC	SEZL	$1.1M	6,378	0.04%	-	new	NEW
LUMEXA IMAGING HOLDINGS INC	LMRI	$1.1M	96,046	0.04%	-0.23pp	3q	-85.3%-$6.3M
AMAZON COM INC	AMZN	$1.1M	4,504	0.04%	-	new	NEW
HOMESTREET INC	MCHB	$961.3K	60,462	0.03%	-0.01pp	6q	HELD
WESTERN ALLIANCE BANCORP	WAL	$942.9K	11,471	0.03%	-0.01pp	13q	HELD
FORBRIGHT INC -A	FRBT	$914.5K	50,000	0.03%	-	new	NEW
OPPFI INC	OPFI	$907.9K	91,433	0.03%	-	new	NEW
TAKE-TWO INTERACTIVE SOFTWAR	TTWO	$896.7K	3,587	0.03%	+0.01pp	6q	+33.7%+$226.0K
FIGURE TECHNOLOGY SOLUTIO	FIGR	$855.6K	27,860	0.03%	-0.02pp	4q	HELD
PORCH GROUP INC	PRCH	$847.0K	56,315	0.03%	+0.01pp	7q	HELD
KORRO BIO INC	KRRO	$837.7K	63,562	0.03%	-0.01pp	4q	+1.1%+$9.3K
EAST WEST BANCORP INC	EWBC	$815.1K	6,314	0.03%	flat	14q	HELD
MVB FINL CORP	MVBF	$791.8K	27,293	0.03%	-0.01pp	3q	HELD
FINWISE BANCORP	FINW	$788.3K	54,364	0.03%	-0.01pp	19q	HELD
THIRD COAST BANCSHARES INC	TCBX	$772.0K	19,108	0.03%	-0.01pp	13q	HELD
MASTEC INC	MTZ	$771.0K	1,853	0.03%	flat	6q	+8.8%+$62.4K
BIOGEN INC	BIIB	$732.2K	3,389	0.03%	flat	4q	+8.7%+$58.8K
NEOGENOMICS INC	NEO	$635.5K	43,554	0.02%	+0.01pp	3q	+1.1%+$7.0K
BROADCOM INC	AVGO	$632.7K	1,675	0.02%	flat	10q	+8.8%+$51.4K
REMITLY GLOBAL INC	RELY	$631.0K	28,159	0.02%	flat	4q	HELD
STARBUCKS CORP	SBUX	$605.5K	5,925	0.02%	flat	2q	+55.4%+$215.8K
PAGAYA TECHNOLOGIES LTD	PGY	$541.1K	29,648	0.02%	-0.02pp	4q	-60.3%-$821.1K
MONGODB INC	MDB	$534.4K	1,591	0.02%	flat	13q	+8.7%+$43.0K
AFFIRM HLDGS INC	AFRM	$531.7K	6,520	0.02%	flat	4q	HELD
BWX TECHNOLOGIES INC	BWXT	$516.0K	2,651	0.02%	-0.01pp	5q	+8.9%+$42.0K
INDIE SEMICONDUCTOR INC	INDI	$511.7K	113,971	0.02%	flat	14q	+8.9%+$42.0K
BANK7 CORP	BSVN	$510.8K	10,435	0.02%	flat	4q	HELD
EVERPURE INC	P	$508.5K	6,454	0.02%	-	new	NEW
FIVE STAR BANCORP	FSBC	$501.0K	10,289	0.02%	flat	15q	HELD
FAIR ISAAC CORP	FICO	$474.3K	397	0.02%	flat	2q	+8.8%+$38.2K
FTAI AVIATION LTD	FTAI	$465.6K	1,721	0.02%	flat	13q	-3.1%-$14.9K
ROCKET COS INC	RKT	$449.6K	28,548	0.02%	-0.02pp	4q	-47.2%-$401.6K
AMERIS BANCORP	ABCB	$400.9K	4,442	0.01%	flat	13q	HELD
MATTHEWS INTL CORP CLASS A	MATW	$395.8K	14,704	0.01%	flat	3q	+8.9%+$32.3K
UNITY SOFTWARE INC	U	$379.1K	13,266	0.01%	flat	2q	+8.9%+$31.0K
INVIVYD INC	IVVD	$374.1K	428,847	0.01%	-0.01pp	3q	HELD
BOEING CO	BA	$369.9K	1,709	0.01%	flat	2q	+8.6%+$29.4K
TSS INC DEL	TSSI	$350.0K	28,456	0.01%	-	new	NEW
BLOOM ENERGY CORP	BE	$343.6K	1,135	0.01%	-2.30pp	8q	-99.7%-$106.3M
UNITED BANKSHARES INC WEST V	UBSI	$287.7K	6,277	0.01%	flat	6q	HELD
PRIVATE BANCORP OF AMER INC	PBAM	$272.0K	3,676	0.01%	flat	10q	HELD
BOWHEAD SPECIALTY HLDGS INC	BOW	$266.8K	8,914	0.01%	flat	9q	HELD
PIXELWORKS INC COM	PXLW	$252.9K	40,561	0.01%	flat	3q	+8.9%+$20.7K
AMERICAN INTEGRITY INS GROUP	AII	$218.9K	11,624	0.01%	-0.15pp	5q	-93.2%-$3.0M
ATEGRITY SPECIALTY IN CO HO	ASIC	$178.1K	7,410	0.01%	flat	5q	HELD
CNB FINL CORP PA	CCNE	$173.8K	5,156	0.01%	flat	16q	HELD
NCINO INC	NCNO	$124.5K	7,612	0.00%	-	new	NEW
TWFG INC	TWFG	$117.8K	4,900	0.00%	flat	8q	HELD
PERELLA WEINBERG PARTNERS	PWP	$92.0K	5,763	0.00%	-0.54pp	6q	-99.1%-$9.8M
OPENDOOR TECHNOLOGIES INC	OPEN	$76.6K	16,576	0.00%	flat	3q	HELD
SABLE OFFSHORE CORP	SOC	$34.9K	11,337	0.00%	flat	2q	+112.1%+$18.5K

By sector

Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.

Sector	Value	Share
Semiconductors & Electronics	$499.1M	17.5%
Biotech & Pharma	$410.1M	14.4%
Banks & Lending	$213.5M	7.5%
Software & IT Services	$199.6M	7.0%
Autos & Aerospace	$170.8M	6.0%
Industrials	$166.4M	5.8%
Construction & Building	$135.2M	4.8%
Retail & Consumer	$120.3M	4.2%
Business Services	$112.8M	4.0%
Medical Devices	$104.4M	3.7%
Healthcare Services	$103.9M	3.6%
Instruments & Controls	$98.0M	3.4%
Other sectors	$419.3M	14.7%
Not classified	$92.4M	3.2%

What the disclosed book did

This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.

Quarter	Book	Market	Difference	Priced
Q2 2026	+37.9%	+14.8%	+23.1%	99%
Q1 2026	-0.9%	-4.6%	+3.7%	100%
Q4 2025	+6.3%	+2.4%	+3.9%	96%
Q3 2025	+17.0%	+7.8%	+9.1%	97%
Q2 2025	+20.8%	+10.5%	+10.3%	97%
Q1 2025	-11.8%	-4.6%	-7.2%	97%
Q4 2024	+2.2%	+2.1%	+0.1%	99%
Q3 2024	+6.4%	+5.4%	+1.0%	99%

Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.

Quarter by quarter

Quarter	Value	Positions	New	Added	Trimmed	Exited	Top 10	Days to file
Q2 2026	$2.8B	197	28	79	37	30	18.5%	36
Q1 2026	$2.1B	199	24	58	48	14	21.4%	34
Q4 2025	$2.1B	189	19	67	49	49	20.4%	40
Q3 2025	$1.9B	219	39	64	89	32	21.8%	30
Q2 2025	$1.6B	212	29	60	69	27	22.0%	35
Q1 2025	$1.4B	210	25	46	66	27	21.0%	31
Q4 2024	$1.6B	212	30	26	112	43	23.2%	45
Q3 2024	$1.9B	225	27	42	81	25	21.1%	29
Q2 2024	$1.9B	223	23	40	68	29	21.5%	37
Q1 2024	$1.9B	229	22	47	93	33	20.8%	38
Q4 2023	$1.9B	240	22	75	63	18	19.1%	36
Q3 2023	$1.7B	236	22	55	63	24	18.2%	27
Q2 2023	$1.8B	238	69	55	48	48	17.1%	41
Q1 2023	$1.7B	217	59	69	66	61	18.0%	34
Q4 2022	$1.6B	219	41	53	89	36	17.4%	34
Q3 2022	$1.6B	214	22	59	96	19	18.9%	25
Q2 2022	$1.7B	211	26	69	55	23	19.2%	29
Q1 2022	$2.3B	208	26	33	128	34	18.7%	29
Q4 2021	$2.8B	216	40	73	69	31	18.2%	33
Q3 2021	$2.9B	207	32	30	60	42	19.7%	28
Q2 2021	$3.1B	217	54	44	52	44	17.1%	29
Q1 2021	$3.0B	207	40	69	42	59	17.5%	29
Q4 2020	$2.9B	226	57	92	55	144	19.2%	29
Q3 2020	$2.3B	313	74	47	105	71	21.3%	28
Q2 2020	$2.1B	310	131	87	52	38	20.2%	28
Q1 2020	$1.6B	217	59	50	82	129	21.4%	30
Q4 2019	$2.4B	287	106	44	56	23	18.4%	29
Q3 2019	$2.3B	204	24	34	69	23	18.2%	31
Q2 2019	$2.5B	203	15	40	50	25	18.0%	31
Q1 2019	$2.5B	213	25	49	59	26	17.0%	31
Q4 2018	$2.1B	214	0	0	0	0	17.3%	31

Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.

Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.

Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.