Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers Trust as of Dec. 31, 2014

Portfolio Holdings for Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust holds 212 positions in its portfolio as reported in the December 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spirit Airlines (SAVE) 2.7 $31M 412k 75.58
MWI Veterinary Supply 2.7 $31M 180k 169.91
Bank of the Ozarks 2.4 $28M 742k 37.92
Amtrust Financial Services 1.9 $22M 389k 56.25
Acadia Healthcare (ACHC) 1.9 $22M 355k 61.21
FARO Technologies (FARO) 1.8 $21M 337k 62.68
Proofpoint 1.7 $20M 415k 48.23
Imperva 1.6 $19M 384k 49.43
Opus Bank 1.6 $18M 629k 28.37
Epam Systems (EPAM) 1.5 $17M 364k 47.75
PolyOne Corporation 1.5 $17M 454k 37.91
Apogee Enterprises (APOG) 1.5 $17M 400k 42.37
Alnylam Pharmaceuticals (ALNY) 1.4 $16M 166k 97.00
Trex Company (TREX) 1.4 $16M 377k 42.58
Bluebird Bio (BLUE) 1.4 $16M 174k 91.72
Brunswick Corporation (BC) 1.4 $16M 309k 51.26
Jack in the Box (JACK) 1.4 $16M 197k 79.96
Kforce (KFRC) 1.4 $16M 643k 24.13
First Nbc Bank Holding 1.4 $16M 443k 35.20
Cepheid 1.3 $16M 286k 54.14
Microsemi Corporation 1.3 $15M 538k 28.38
Red Robin Gourmet Burgers (RRGB) 1.3 $15M 196k 76.98
Qlik Technologies 1.3 $15M 488k 30.89
PacWest Ban 1.3 $15M 323k 45.46
Fcb Financial Holdings-cl A 1.2 $14M 561k 24.64
Ultimate Software 1.1 $13M 89k 146.81
IPG Photonics Corporation (IPGP) 1.1 $13M 169k 74.92
MicroStrategy Incorporated (MSTR) 1.1 $13M 78k 162.39
Homeaway 1.1 $13M 427k 29.78
CoBiz Financial 1.1 $12M 945k 13.13
Tutor Perini Corporation (TPC) 1.1 $12M 508k 24.07
Astronics Corporation (ATRO) 1.0 $11M 205k 55.31
Macrogenics (MGNX) 1.0 $11M 323k 35.07
WellCare Health Plans 1.0 $11M 136k 82.06
Channeladvisor 1.0 $11M 520k 21.58
Connectone Banc (CNOB) 0.9 $11M 569k 19.00
Cavium 0.9 $11M 173k 61.82
Intrexon 0.9 $11M 380k 27.53
DepoMed 0.9 $10M 647k 16.11
Square 1 Financial 0.9 $10M 417k 24.70
Inogen (INGN) 0.9 $10M 327k 31.37
K2m Group Holdings 0.9 $10M 491k 20.87
Acuity Brands (AYI) 0.9 $10M 72k 140.07
Neurocrine Biosciences (NBIX) 0.9 $10M 455k 22.34
NPS Pharmaceuticals 0.9 $9.9M 278k 35.77
Portola Pharmaceuticals 0.8 $9.5M 337k 28.32
Talmer Ban 0.8 $9.2M 657k 14.04
MarineMax (HZO) 0.8 $9.1M 455k 20.05
Moelis & Co (MC) 0.8 $9.0M 256k 34.93
ISIS Pharmaceuticals 0.8 $8.7M 141k 61.74
Guidewire Software (GWRE) 0.7 $8.4M 166k 50.63
Puma Biotechnology (PBYI) 0.7 $8.2M 44k 189.26
Sequential Brands 0.7 $8.3M 637k 13.07
8x8 (EGHT) 0.7 $8.1M 879k 9.16
Epizyme 0.7 $8.1M 428k 18.87
Ldr Hldg 0.7 $8.0M 245k 32.78
Glu Mobile 0.7 $7.7M 2.0M 3.90
Customers Ban (CUBI) 0.7 $7.7M 395k 19.46
Horizon Pharma 0.7 $7.8M 602k 12.89
Pacific Premier Ban (PPBI) 0.7 $7.5M 430k 17.33
WESCO International (WCC) 0.6 $7.2M 95k 76.21
Proto Labs (PRLB) 0.6 $7.2M 108k 67.16
Diamondback Energy (FANG) 0.6 $7.3M 122k 59.78
Tennant Company (TNC) 0.6 $7.1M 98k 72.17
Virgin America 0.6 $6.8M 157k 43.25
California Republic Ban 0.6 $6.4M 239k 27.00
H&E Equipment Services (HEES) 0.6 $6.3M 225k 28.09
Arc Document Solutions (ARC) 0.6 $6.4M 624k 10.22
Intercept Pharmaceuticals In 0.5 $6.3M 40k 155.99
Methode Electronics (MEI) 0.5 $6.1M 168k 36.51
Inphi Corporation 0.5 $6.2M 333k 18.48
Marcus & Millichap (MMI) 0.5 $6.1M 183k 33.25
Chuys Hldgs (CHUY) 0.5 $6.0M 303k 19.67
Five Below (FIVE) 0.5 $5.7M 141k 40.83
Scientific Games (LNW) 0.5 $5.7M 447k 12.73
Zs Pharma 0.5 $5.7M 137k 41.57
BofI Holding 0.5 $5.5M 71k 77.82
Korn/Ferry International (KFY) 0.5 $5.4M 188k 28.76
Orbcomm 0.5 $5.1M 784k 6.54
4068594 Enphase Energy (ENPH) 0.5 $5.1M 360k 14.29
Everyday Health 0.5 $5.2M 354k 14.75
AtriCure (ATRC) 0.4 $5.0M 251k 19.96
Nanostring Technologies (NSTGQ) 0.4 $5.0M 357k 13.93
Malibu Boats (MBUU) 0.4 $4.8M 249k 19.27
Abaxis 0.4 $4.7M 83k 56.83
Dave & Buster's Entertainmnt (PLAY) 0.4 $4.7M 172k 27.30
Knoll 0.4 $4.6M 217k 21.17
Christopher & Banks Corporation (CBKCQ) 0.4 $4.5M 792k 5.71
Gtt Communications 0.4 $4.4M 331k 13.23
Black Diamond 0.4 $4.1M 472k 8.75
Primoris Services (PRIM) 0.3 $4.0M 174k 23.24
Ultragenyx Pharmaceutical (RARE) 0.3 $4.1M 93k 43.88
Signature Bank (SBNY) 0.3 $3.8M 30k 125.96
Chegg (CHGG) 0.3 $3.8M 552k 6.91
Bellicum Pharma 0.3 $3.9M 167k 23.04
Ovascience 0.3 $3.7M 84k 44.23
Adamas Pharmaceuticals 0.3 $3.7M 212k 17.37
Sanchez Energy Corp C ommon stocks 0.3 $3.5M 376k 9.29
SVB Financial (SIVBQ) 0.3 $3.3M 28k 116.08
Tillys (TLYS) 0.3 $3.4M 348k 9.69
Noodles & Co (NDLS) 0.3 $3.3M 123k 26.35
Inventure Foods 0.3 $3.1M 240k 12.74
Diversified Restaurant Holdi 0.3 $3.1M 598k 5.16
Sientra 0.3 $3.2M 188k 16.79
Peoples Ban (PEBO) 0.3 $3.0M 116k 25.93
Great Wastern Ban 0.2 $2.8M 125k 22.79
Inc Resh Hldgs Inc cl a 0.2 $2.9M 114k 25.69
Eagle Ban (EGBN) 0.2 $2.7M 77k 35.52
Magnum Hunter Resources Corporation 0.2 $2.6M 828k 3.14
Adept Technology 0.2 $2.7M 307k 8.68
Servisfirst Bancshares (SFBS) 0.2 $2.6M 80k 32.96
Roadrunner Transportation Services Hold. 0.2 $2.5M 107k 23.35
Bankunited (BKU) 0.2 $2.5M 88k 28.98
Ameris Ban (ABCB) 0.2 $2.4M 94k 25.64
Independent Bank (IBTX) 0.2 $2.4M 61k 39.05
Vonage Holdings 0.2 $2.3M 593k 3.81
Sterling Bancorp 0.2 $2.3M 160k 14.38
Kate Spade & Co 0.2 $2.3M 73k 32.01
Alerus Finl (ALRS) 0.2 $2.2M 112k 19.75
Ladder Capital Corp Class A (LADR) 0.2 $2.2M 110k 19.61
Pixelworks (PXLW) 0.2 $2.1M 458k 4.56
Howard Ban 0.2 $2.0M 178k 11.40
PrivateBan 0.2 $1.9M 57k 33.39
Heritage Financial Corporation (HFWA) 0.2 $1.8M 103k 17.55
Heritage Financial 0.2 $1.8M 71k 25.91
Reis 0.2 $1.8M 70k 26.18
Marinus Pharmaceuticals 0.1 $1.7M 163k 10.57
Home BancShares (HOMB) 0.1 $1.6M 51k 32.15
Stonegate Bk Ft Lauderdale 0.1 $1.6M 55k 29.61
BNC Ban 0.1 $1.6M 95k 17.21
Diamond Resorts International 0.1 $1.5M 54k 27.90
C1 Financial 0.1 $1.5M 80k 18.29
First Business Financial Services (FBIZ) 0.1 $1.4M 29k 47.92
Gsv Cap Corp 0.1 $1.3M 154k 8.63
Washingtonfirst Bankshares, In c 0.1 $1.3M 88k 15.14
Tree 0.1 $1.3M 27k 48.33
PDF Solutions (PDFS) 0.1 $1.3M 84k 14.86
Bridge Ban 0.1 $1.3M 47k 26.75
Simmons First National Corporation (SFNC) 0.1 $1.3M 32k 40.64
First Sec Group 0.1 $1.3M 561k 2.26
Main Street Bank 0.1 $1.3M 141k 8.90
Cu Bancorp Calif 0.1 $1.3M 59k 21.68
South State Corporation (SSB) 0.1 $1.2M 18k 67.10
First of Long Island Corporation (FLIC) 0.1 $1.1M 39k 28.37
ZIOPHARM Oncology 0.1 $1.1M 224k 5.07
Old Line Bancshares 0.1 $1.2M 74k 15.83
Icad (ICAD) 0.1 $1.2M 126k 9.17
Atlas Financial Holdings (AFHIF) 0.1 $1.2M 74k 16.32
James River Group Holdings L (JRVR) 0.1 $1.1M 50k 22.76
Meta Financial (CASH) 0.1 $1.0M 30k 35.05
Zafgen 0.1 $1.1M 35k 30.83
Ethan Allen Interiors (ETD) 0.1 $906k 29k 30.97
East West Ban (EWBC) 0.1 $899k 23k 38.72
Pinnacle Financial Partners (PNFP) 0.1 $961k 24k 39.55
Atlantic Coast Financial Cor 0.1 $896k 226k 3.97
Everbank Finl 0.1 $979k 51k 19.07
Federated National Holding C 0.1 $966k 40k 24.15
Communityone Ban 0.1 $960k 84k 11.45
Texas Capital Bancshares (TCBI) 0.1 $767k 14k 54.32
Cass Information Systems (CASS) 0.1 $800k 15k 53.26
Shore Bancshares (SHBI) 0.1 $785k 84k 9.34
Cascade Bancorp 0.1 $782k 151k 5.19
Elmira Savings Bank 0.1 $832k 36k 23.01
Commercewest Bank Na 0.1 $806k 90k 9.01
Royal Bancshares of Pennsylvania 0.1 $775k 482k 1.61
American Business Bank (AMBZ) 0.1 $851k 31k 27.78
Investors Ban 0.1 $755k 67k 11.22
Neff Corp-class A 0.1 $845k 75k 11.27
First Financial Bankshares (FFIN) 0.1 $636k 21k 29.87
HEICO Corporation (HEI) 0.1 $710k 12k 60.37
Independent Bank (INDB) 0.1 $653k 15k 42.82
Independent Bank Corporation (IBCP) 0.1 $653k 50k 13.06
Farmers Natl Banc Corp (FMNB) 0.1 $725k 87k 8.35
United Ins Hldgs (ACIC) 0.1 $690k 31k 21.95
Silvercrest Asset Mgmt Groupcl (SAMG) 0.1 $707k 45k 15.64
Veritex Hldgs (VBTX) 0.1 $690k 49k 14.16
Western Alliance Bancorporation (WAL) 0.1 $572k 21k 27.79
OSI Systems (OSIS) 0.1 $551k 7.8k 70.82
West Pharmaceutical Services (WST) 0.1 $545k 10k 53.22
Greenhill & Co 0.1 $629k 14k 43.59
Bryn Mawr Bank 0.1 $572k 18k 31.27
Seacoast Commerce Bank 0.1 $533k 44k 12.06
Investar Holding (ISTR) 0.1 $620k 45k 13.84
Ban (TBBK) 0.0 $406k 37k 10.88
Evercore Partners (EVR) 0.0 $469k 9.0k 52.34
Aspen Technology 0.0 $495k 14k 35.01
LeMaitre Vascular (LMAT) 0.0 $436k 57k 7.65
Mackinac Financial Corporation 0.0 $432k 36k 11.86
Citizens Financial Services (CZFS) 0.0 $410k 7.6k 53.62
Peoples Financial Corporation (PFBX) 0.0 $416k 33k 12.45
First Bank (FRBA) 0.0 $406k 65k 6.24
Dicerna Pharmaceuticals 0.0 $502k 31k 16.46
Sun Bancorp Inc New Jers 0.0 $426k 22k 19.40
Meridian Ban 0.0 $515k 46k 11.23
On Deck Capital 0.0 $503k 22k 22.43
Renasant (RNST) 0.0 $372k 13k 28.93
Southside Bancshares (SBSI) 0.0 $302k 10k 28.95
First Ban (FBNC) 0.0 $403k 22k 18.47
Sussex Ban 0.0 $315k 31k 10.20
First Capital Ban 0.0 $397k 90k 4.40
Southern Missouri Ban (SMBC) 0.0 $326k 8.6k 37.99
Home Fed Bancorp Inc La (HFBL) 0.0 $361k 19k 19.49
Guaranty Bancorp Del 0.0 $325k 23k 14.44
John Marshall Bank 0.0 $310k 18k 17.71
Lendingclub 0.0 $302k 12k 25.31
Matthews International Corporation (MATW) 0.0 $215k 4.4k 48.64
Flushing Financial Corporation (FFIC) 0.0 $253k 13k 20.24
Bridge Capital Holdings 0.0 $263k 12k 22.38
HopFed Ban 0.0 $204k 16k 12.75
Home Ban (HBCP) 0.0 $268k 12k 22.95
Southern National Banc. of Virginia 0.0 $234k 21k 11.36
Community National Bank 0.0 $110k 14k 7.97