EMERALD MUTUAL FUND ADVISERS TRUST

CIK 0001352895 · Q1 2026

13F Equity AUM

$2.1B

+0.4% QoQ

Positions

199

+10 QoQ

AUM Rank

#1,770

Top 14%

Skill Alpha (FF)

-0.6%/yr^ns

No Clear Edge

Rank #3,082 · Top 38%

vs S&P -2.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 12.7%Top 10: 21.4%Top 20: 34.7%

LFSC3.4%

MOD2.5%

GH2.3%

BE2.3%

TTMI2.2%

COGT1.9%

VSEC1.8%

KTOS1.8%

FN1.6%

AGX1.6%

Others (189)78.6%

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

Sector Allocation

Technology24.5%

Healthcare21.6%

Industrials20.3%

Financial Services14.8%

Consumer Cyclical8.7%

Consumer Defensive2.0%

Other8.0%

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

Position Sizing

Positions: 199Median: 0.33%Avg: 0.50%

0–0.5%

119(16.6%)

0.5–1%

51(38.9%)

1–3%

28(41.1%)

3–5%

1(3.4%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 196Unique: 3vs 20 funds

2.7%Low

199

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

GEODE CAPITAL MANAGEMENT, LLC

5.7%

VANGUARD CAPITAL MANAGEMENT LLC

5.7%

STATE STREET CORP

5.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

6.7%

MORGAN STANLEY

3.6%

BANK OF AMERICA CORP /DE/

JPMORGAN CHASE & CO

3.4%

FMR LLC

5.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New24Increased60Decreased54Exited14

New Positions

PLXS1.0%

+102K

PIPER SANDLER CO0.8%

+225K

COHU0.7%

+490K

PVLA0.6%

+106K

BOBS DISCOUNT FURNIT…0.4%

+765K

CYTK0.4%

+135K

DIOD0.4%

+114K

HNGE0.3%

+182K

VERADERMICS INC0.3%

+109K

CRVS0.3%

+459K

Increased

COMP0.5%

+389K(+36%)

ATEC0.6%

+247K(+27%)

BYRN0.1%

+208K(+185%)

SBG10.5%

+190K(+139%)

MIR0.8%

+169K(+24%)

EVLV0.8%

+165K(+7%)

LC0.5%

+123K(+21%)

ATRO0.9%

+122K(+78%)

BRCB0.3%

+102K(+29%)

SLDE0.4%

+92K(+25%)

Decreased

WVE0.3%

-600,136(-42%)

SKYT0.2%

-545,893(-75%)

ACAD0.0%

-467,930(-97%)

AAOI1.1%

-127,290(-32%)

ATD0.7%

-89,708(-49%)

LITE0.0%

-85,682(-99%)

COLL0.5%

-85,596(-22%)

RMBS*1.3%

-83,967(-21%)

TTI0.7%

-78,929(-5%)

QTWO0.5%

-77,934(-28%)

Exited

-698,053

-49,246

-165,269

-105,651

-147,460

-120,505

-93,572

-800,124

-95,976

-72,163

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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