Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers Trust as of Dec. 31, 2013

Portfolio Holdings for Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust holds 210 positions in its portfolio as reported in the December 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
MWI Veterinary Supply 3.0 $27M 150k 178.89
Spirit Airlines (SAVE) 2.2 $20M 424k 46.06
Bank of the Ozarks 2.2 $19M 330k 58.10
Trex Company (TREX) 2.2 $19M 286k 66.93
Acadia Healthcare (ACHC) 2.0 $18M 346k 50.99
SVB Financial (SIVBQ) 1.9 $16M 147k 110.91
Alnylam Pharmaceuticals (ALNY) 1.8 $16M 186k 83.37
Proofpoint 1.7 $15M 438k 34.91
Middleby Corporation (MIDD) 1.7 $15M 61k 242.09
Magnum Hunter Resources Corporation 1.6 $14M 1.7M 8.11
Homeaway 1.5 $14M 339k 39.83
Epam Systems (EPAM) 1.5 $14M 329k 41.10
Multimedia Games 1.5 $13M 393k 32.86
NPS Pharmaceuticals 1.4 $13M 344k 36.73
First Nbc Bank Holding 1.4 $12M 372k 31.94
Imperva 1.3 $12M 220k 53.65
Infoblox 1.3 $12M 345k 33.70
Acuity Brands (AYI) 1.3 $11M 89k 127.46
CalAmp 1.3 $11M 392k 28.39
Cambrex Corporation 1.2 $11M 583k 17.95
PolyOne Corporation 1.2 $10M 292k 35.50
Wesco Aircraft Holdings 1.2 $10M 477k 21.49
Channeladvisor 1.1 $10M 229k 43.83
Roadrunner Transportation Services Hold. 1.1 $9.9M 378k 26.18
ISIS Pharmaceuticals 1.1 $9.7M 198k 48.86
Amtrust Financial Services 1.1 $9.5M 298k 31.84
Evercore Partners (EVR) 1.1 $9.3M 166k 56.10
Ultimate Software 1.1 $9.3M 59k 155.86
8x8 (EGHT) 1.0 $9.2M 921k 9.94
USG Corporation 1.0 $8.9M 294k 30.42
Cepheid 1.0 $8.9M 190k 46.56
Fifth & Pac Cos 1.0 $8.9M 322k 27.57
Tile Shop Hldgs (TTSH) 1.0 $8.6M 632k 13.61
Cornerstone Ondemand 0.9 $8.4M 155k 54.23
Qlik Technologies 0.9 $8.3M 315k 26.28
Jack in the Box (JACK) 0.9 $7.9M 159k 49.79
WESCO International (WCC) 0.9 $8.0M 94k 84.96
CoBiz Financial 0.9 $7.8M 738k 10.63
H&E Equipment Services (HEES) 0.9 $7.6M 253k 30.20
Red Robin Gourmet Burgers (RRGB) 0.8 $7.5M 121k 62.10
Cavium 0.8 $7.4M 213k 34.86
Rex Energy Corporation 0.8 $7.2M 390k 18.55
Gigamon 0.8 $7.2M 257k 28.08
Aruba Networks 0.8 $7.1M 350k 20.33
Rally Software Development 0.8 $7.2M 362k 19.81
Lumber Liquidators Holdings (LL) 0.8 $6.7M 75k 88.74
IPG Photonics Corporation (IPGP) 0.8 $6.6M 94k 70.08
Primoris Services (PRIM) 0.8 $6.6M 214k 31.09
Customers Ban (CUBI) 0.7 $6.4M 312k 20.40
Nanostring Technologies (NSTGQ) 0.7 $6.3M 347k 18.25
Global Eagle Acquisition Cor 0.7 $6.2M 392k 15.72
Intrexon 0.7 $6.2M 187k 32.99
Penske Automotive (PAG) 0.7 $6.1M 146k 41.60
Omnicell (OMCL) 0.7 $6.1M 242k 25.29
FARO Technologies (FARO) 0.7 $6.0M 115k 52.16
Ixia 0.7 $6.0M 470k 12.81
Saba Software 0.7 $5.8M 437k 13.31
Proto Labs (PRLB) 0.7 $5.8M 80k 73.29
Intercept Pharmaceuticals In 0.7 $5.8M 19k 299.88
Macrogenics (MGNX) 0.7 $5.8M 157k 37.11
Meritage Homes Corporation (MTH) 0.7 $5.7M 121k 47.49
Apogee Enterprises (APOG) 0.7 $5.7M 166k 34.62
Sarepta Therapeutics (SRPT) 0.7 $5.7M 235k 24.28
Pacific Premier Ban (PPBI) 0.6 $5.6M 358k 15.66
Cynosure 0.6 $5.6M 212k 26.24
Chuys Hldgs (CHUY) 0.6 $5.4M 149k 36.10
Diamondback Energy (FANG) 0.6 $5.3M 108k 48.59
Gulfport Energy Corporation 0.6 $5.2M 92k 56.41
Methode Electronics (MEI) 0.6 $5.1M 153k 33.39
PacWest Ban 0.6 $5.1M 127k 40.47
PDF Solutions (PDFS) 0.6 $5.0M 210k 23.69
DepoMed 0.6 $4.9M 410k 11.91
Us Silica Hldgs (SLCA) 0.6 $4.8M 160k 30.17
Gray Television (GTN) 0.5 $4.7M 437k 10.83
Portola Pharmaceuticals 0.5 $4.7M 175k 27.05
Synageva Biopharma 0.5 $4.6M 52k 87.32
Microsemi Corporation 0.5 $4.5M 193k 23.28
Guidewire Software (GWRE) 0.5 $4.5M 96k 46.82
Verastem 0.5 $4.5M 368k 12.33
Lithia Motors (LAD) 0.5 $4.3M 78k 55.55
Applied Optoelectronics (AAOI) 0.5 $4.3M 318k 13.61
Carmike Cinemas 0.5 $4.1M 158k 26.05
Bind Therapeutics 0.5 $4.1M 319k 12.92
Surgical Care Affiliates 0.5 $4.1M 126k 32.69
Black Diamond 0.5 $4.1M 387k 10.48
Five Below (FIVE) 0.5 $4.0M 111k 36.36
Astronics Corporation (ATRO) 0.5 $3.9M 68k 57.58
Thoratec Corporation 0.4 $3.8M 112k 34.53
Neonode 0.4 $3.9M 707k 5.53
Christopher & Banks Corporation (CBKCQ) 0.4 $3.6M 538k 6.72
Inphi Corporation 0.4 $3.6M 320k 11.34
Taylor Morrison Hom (TMHC) 0.4 $3.4M 166k 20.47
Financial Engines 0.4 $3.4M 57k 59.31
Akorn 0.4 $3.2M 149k 21.78
Aegerion Pharmaceuticals 0.4 $3.3M 57k 57.59
Epizyme 0.4 $3.3M 107k 30.71
Insys Therapeutics 0.4 $3.1M 57k 55.52
Chegg (CHGG) 0.4 $3.2M 477k 6.74
Sanchez Energy Corp C ommon stocks 0.3 $3.0M 113k 26.71
Ciena Corporation (CIEN) 0.3 $2.8M 122k 22.88
Flagstar Ban 0.3 $2.6M 126k 20.84
Independent Bank (IBTX) 0.3 $2.7M 53k 50.25
Ldr Hldg 0.3 $2.6M 98k 26.30
Signature Bank (SBNY) 0.3 $2.5M 21k 121.32
Control4 0.3 $2.5M 106k 23.32
Orbcomm 0.3 $2.4M 331k 7.17
California Republic Ban 0.3 $2.4M 102k 23.45
Everbank Finl 0.2 $2.1M 117k 17.76
Tillys (TLYS) 0.2 $2.1M 189k 11.31
Connectone Ban 0.2 $2.1M 46k 46.35
First Internet Bancorp (INBK) 0.2 $2.1M 101k 20.53
Gsv Cap Corp 0.2 $2.0M 154k 12.70
Restoration Hardware Hldgs I 0.2 $1.9M 34k 54.97
Chart Industries (GTLS) 0.2 $1.7M 21k 82.66
BofI Holding 0.2 $1.7M 21k 79.99
Bankunited (BKU) 0.2 $1.7M 55k 30.99
Howard Ban 0.2 $1.6M 178k 9.25
First Financial 0.2 $1.7M 27k 61.01
TransAct Technologies Incorporated (TACT) 0.2 $1.6M 131k 11.88
Home BancShares (HOMB) 0.2 $1.6M 51k 31.06
Eagle Ban (EGBN) 0.2 $1.6M 48k 33.54
Texas Capital Bancshares (TCBI) 0.2 $1.4M 24k 58.93
HEALTH INSURANCE Common equity Innovations shares 0.2 $1.4M 129k 11.24
First Financial Bankshares (FFIN) 0.1 $1.3M 21k 61.80
United Ins Hldgs (ACIC) 0.1 $1.3M 98k 13.11
Meta Financial (CASH) 0.1 $1.2M 30k 40.98
Old Line Bancshares 0.1 $1.2M 74k 16.44
Cu Bancorp Calif 0.1 $1.2M 70k 17.26
Blackhawk Network Hldgs Inc cl a 0.1 $1.2M 46k 26.33
Diversified Restaurant Holdi 0.1 $1.2M 238k 5.08
Hilltop Holdings (HTH) 0.1 $1.2M 49k 23.76
PrivateBan 0.1 $1.2M 40k 28.51
Apollo Global Management 'a' 0.1 $1.1M 35k 31.66
First of Long Island Corporation (FLIC) 0.1 $1.0M 26k 40.08
Lakeland Financial Corporation (LKFN) 0.1 $1.0M 28k 37.15
Ameris Ban (ABCB) 0.1 $1.1M 54k 19.92
Ofg Ban (OFG) 0.1 $1.1M 74k 14.78
Tandem Diabetes Care 0.1 $1.1M 44k 24.75
Center Ban 0.1 $985k 54k 18.10
Bridge Ban 0.1 $948k 39k 24.62
BNC Ban 0.1 $941k 57k 16.57
First Business Financial Services (FBIZ) 0.1 $987k 25k 39.28
Liposcience 0.1 $953k 226k 4.21
Diamond Resorts International 0.1 $931k 54k 17.30
Vantagesouth Bancshares 0.1 $1.0M 171k 5.85
Tree 0.1 $871k 27k 32.16
Investors Ban 0.1 $866k 34k 25.30
Western Alliance Bancorporation (WAL) 0.1 $883k 38k 23.10
Cass Information Systems (CASS) 0.1 $889k 15k 59.18
Elmira Savings Bank 0.1 $872k 36k 24.11
Atlantic Coast Financial Cor 0.1 $925k 226k 4.10
Sterling Bancorp 0.1 $884k 70k 12.68
East West Ban (EWBC) 0.1 $795k 23k 34.24
Prosperity Bancshares (PB) 0.1 $760k 12k 62.91
Pinnacle Financial Partners (PNFP) 0.1 $801k 24k 32.96
Shore Bancshares (SHBI) 0.1 $802k 84k 9.54
Heritage Oaks Ban 0.1 $804k 107k 7.55
American Business Bank (AMBZ) 0.1 $781k 26k 30.59
Silvercrest Asset Mgmt Groupcl (SAMG) 0.1 $770k 50k 15.40
Independent Bank Corporation (IBCP) 0.1 $665k 50k 13.30
Farmers Natl Banc Corp (FMNB) 0.1 $726k 105k 6.95
CapitalSource 0.1 $616k 45k 13.83
Chemical Financial Corporation 0.1 $587k 20k 29.35
Peoples Ban (PEBO) 0.1 $616k 27k 22.71
QCR Holdings (QCRH) 0.1 $625k 36k 17.24
Artisan Partners (APAM) 0.1 $659k 10k 64.08
Physicians Realty Trust 0.1 $654k 53k 12.34
Santander Consumer Usa 0.1 $599k 23k 25.63
Independent Bank (INDB) 0.1 $549k 15k 36.00
Bryn Mawr Bank 0.1 $515k 18k 28.16
First PacTrust Ban 0.1 $532k 42k 12.79
Uni-Pixel 0.1 $518k 53k 9.77
Northeast Bancorp 0.1 $489k 52k 9.37
Federated National Holding C 0.1 $525k 40k 13.12
Washington Banking Company 0.1 $436k 24k 17.91
Geron Corporation (GERN) 0.1 $444k 103k 4.33
United Community Financial 0.1 $449k 125k 3.59
KKR & Co 0.1 $436k 18k 23.93
Heritage Financial 0.1 $397k 22k 18.50
Meridian Interstate Ban 0.1 $483k 21k 23.25
Peoples Financial Corporation (PFBX) 0.1 $438k 33k 13.11
First Capital Ban 0.1 $419k 90k 4.65
First Bank (FRBA) 0.1 $404k 65k 6.21
DiamondRock Hospitality Company (DRH) 0.0 $320k 28k 11.52
Renasant (RNST) 0.0 $369k 13k 28.69
Enterprise Financial Services (EFSC) 0.0 $389k 21k 18.70
Cascade Bancorp 0.0 $358k 72k 4.99
Safeguard Scientifics 0.0 $353k 19k 18.42
Mackinac Financial Corporation 0.0 $373k 36k 10.24
WisdomTree Investments (WT) 0.0 $389k 27k 14.53
Citizens Financial Services (CZFS) 0.0 $386k 7.6k 50.98
Central Valley Community Ban 0.0 $395k 35k 11.42
Kingstone Companies (KINS) 0.0 $357k 50k 7.14
Home Fed Bancorp Inc La (HFBL) 0.0 $326k 19k 17.60
Atlas Financial Holdings (AFHIF) 0.0 $388k 32k 12.26
Tristate Capital Hldgs 0.0 $372k 27k 13.66
Hersha Hospitality Trust 0.0 $239k 44k 5.39
Flushing Financial Corporation (FFIC) 0.0 $257k 13k 20.56
Saul Centers (BFS) 0.0 $233k 5.1k 46.05
Bridge Capital Holdings 0.0 $237k 11k 22.05
Guaranty Ban 0.0 $294k 23k 13.06
Heritage Financial Corporation (HFWA) 0.0 $256k 15k 17.24
Home Ban (HBCP) 0.0 $248k 12k 21.23
Lpl Financial Holdings (LPLA) 0.0 $242k 4.6k 53.19
Marcus & Millichap (MMI) 0.0 $288k 18k 15.88
HopFed Ban 0.0 $180k 16k 11.25
Southern National Banc. of Virginia 0.0 $211k 21k 10.24
shares First Bancorp P R (FBP) 0.0 $182k 37k 4.97
Cortland Ban 0.0 $218k 20k 10.94
Doral Financial Corp Common St 0.0 $154k 11k 13.75