Emerald Advisers, LLC
Emerald Advisers, LLC, managed by Kenneth Mertz II, reported 237 positions worth $4.25B in its 2026 Q2 13F filing: 28 new and 39 closed.
Estimated return
Since 2025 Q2 the disclosed positions returned an estimated +114.7% against +34.4% for the S&P 500. Price-only return of the fund's top 100 US longs at each quarter start, vs the S&P 500 over the same windows. Not the fund's actual return (no trades, fees, shorts, derivatives, cash).
| Quarter | Fund | S&P 500 |
|---|---|---|
| 2025 Q2 | +22.3% | +11.4% |
| 2025 Q3 | +17.7% | +7.6% |
| 2025 Q4 | +6.6% | +3.1% |
| 2026 Q1 | +0.4% | -5.8% |
| 2026 Q2 | +39.3% | +15.5% |
Top holdings, 2026 Q2
| Ticker | Company | Value | Portfolio % | Change |
|---|---|---|---|---|
| TVTX | TRAVERE THERAPEUTICS INC | $90.95M | 2.10% | +2.8% |
| CDNL | CARDINAL INFRASTRUCTURE GROUP | $79.88M | 1.90% | +46.6% |
| MRCY | MERCURY SYSTEMS INC | $78.13M | 1.80% | +7.3% |
| AIR | AAR CORPORATION | $74.60M | 1.80% | +17.1% |
| VSEC | VSE CORPORATION | $73.84M | 1.70% | +2.7% |
| KLIC | KULICKE AND SOFFA INDUSTRIES | $73.77M | 1.70% | -3.1% |
| AGX | ARGAN INC | $71.31M | 1.70% | -6.3% |
| CECO | CECO ENVIRONMENTAL CORP | $66.86M | 1.60% | +40.9% |
| CORT | CORCEPT THERAPEUTICS INC | $65.07M | 1.50% | +264% |
| LIVN | LIVANOVA PLC | $64.72M | 1.50% | +17.4% |
| SMTC | SEMTECH CORP | $63.61M | 1.50% | -14% |
| IDCC | INTERDIGITAL INC PA COM | $63.28M | 1.50% | +114.8% |
| ESE | ESCO TECHNOLOGIES INC | $62.94M | 1.50% | +10.5% |
| ACLS | AXCELIS TECHNOLOGIES INC | $62.61M | 1.50% | +243.4% |
| PDFS | PDF SOLUTIONS INC | $62.60M | 1.50% | +2.7% |
| PLXS | PLEXUS CORP | $62.45M | 1.50% | +24.7% |
| COHU | COHU INC | $62.35M | 1.50% | +8.1% |
| COGT | COGENT BIOSCIENCES INC | $62.05M | 1.50% | +1% |
| ALGT | ALLEGIANT TRAVEL CO | $55.87M | 1.30% | +40.6% |
| LGN | LEGENCE CORP | $55.72M | 1.30% | NEW |
| MIRM | MIRUM PHARMACEUTICALS INC | $54.82M | 1.30% | +17.9% |
| GH | GUARDANT HEALTH INC | $54.61M | 1.30% | -56.8% |
| MOD | MODINE MANUFACTURING CO | $54.14M | 1.30% | -46.4% |
| AX | AXOS FINANCIAL INC | $52.22M | 1.20% | +8% |
| SEI | SOLARIS ENERGY INFRASTRUCTURE INC | $51.54M | 1.20% | +7.7% |
| LASR | NLIGHT INC | $51.30M | 1.20% | -1.3% |
| SYRE | SPYRE THERAPEUTICS | $50.38M | 1.20% | -7.5% |
| UMBF | UMB FINANCIAL CORP | $49.35M | 1.20% | +29.3% |
| BOOT | BOOT BARN HOLDINGS INC | $49.32M | 1.20% | +44% |
| RSI | RUSH STREET INTERACTIVE INC | $48.76M | 1.10% | +4.2% |
| SXT | SENSIENT TECHNOLOGIES CORP | $48.69M | 1.10% | NEW |
| BLLN | BILLIONTOONE INC | $45.10M | 1.10% | +56.9% |
| AGYS | AGILYSYS INC | $44.71M | 1.10% | +32.3% |
| ATRO | ASTRONICS CORP | $41.77M | 0.98% | +14.4% |
| TTMI | TTM TECHNOLOGIES INC | $41.45M | 0.98% | -70.5% |
| COMP | COMPASS INC | $40.65M | 0.96% | +24% |
| FRPT | FRESHPET INC | $39.83M | 0.94% | +40.2% |
| LTH | LIFETIME GROUP HOLDINGS INC | $39.68M | 0.93% | +48% |
| FA | FIRST ADVANTAGE CORP | $39.51M | 0.93% | +90.7% |
| TEX | TEREX CORP NEW | $39.46M | 0.93% | NEW |
| CYTK | CYTOKENETICS INC | $39.01M | 0.92% | +130.3% |
| IPGP | IPG PHOTONICS CORP | $38.33M | 0.90% | +7.1% |
| EYE | NATIONAL VISION HOLDINGS | $38.15M | 0.90% | +33.5% |
| DIOD | DIODES INCORPORATED | $37.81M | 0.89% | +90.8% |
| HRI | HERC HOLDINGS INC | $37.43M | 0.88% | NEW |
| SYNA | SYNAPTICS INC | $37.09M | 0.87% | -9.5% |
| MXL | MAXLINEAR INC CLASS A | $35.89M | 0.84% | NEW |
| MANE | VERADERMICS INC | $35.45M | 0.83% | +117.6% |
| VRNS | VARONIS SYSTEMS INC | $35.30M | 0.83% | -3.2% |
| PVLA | PALVELLA THERAPEUTICS INC | $35.07M | 0.83% | +42.1% |
All funds · Hedge Fund Tracker
Source: SEC EDGAR 13F filings, reported as of quarter end and filed up to 45 days later. Not investment advice.