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Institutional Investment Manager
EMERALD MUTUAL FUND ADVISERS TRUST
EMERALD MUTUAL FUND ADVISERS TRUST (CIK: 0001352895) incorporated in Delaware, located at 3175 Oregon Pike, Leola, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q3)
Portfolio Summary: 283 holdings with a total value of $1,964,630,000.
#
Name
Shares
Value ($)
%
Options
Notes
201 First Busey Corp 36,040 815,000 0.04%
202 STERLING BANCORP DEL COM 45,843 802,000 0.04%
203 MidWestOne Finl Group Inc NE 25,908 787,000 0.04%
204 TRIUMPH BANCORP INC 39,610 786,000 0.04%
205 FEDERATED NATL HLDG CO COM 40,000 748,000 0.04%
206 NUTANIX INC 20,000 740,000 0.04%
207 ARRIS INTL INC 26,033 738,000 0.04%
208 SUNSHINE BANCORP INC 49,746 735,000 0.04%
209 CIVISTA BANCSHARES INC 51,319 728,000 0.04%
210 BANKUNITED INC 23,945 723,000 0.04%
211 FIRST NBC BK HLDG CO 76,520 722,000 0.04%
212 MERIDIAN BANCORP INC MD COM 45,870 714,000 0.04%
213 E L F BEAUTY INC 25,250 710,000 0.04%
214 UNITED BANKSHARES INC WEST VA COM 18,300 689,000 0.04%
215 WATERSTONE FINL INC MD 40,000 680,000 0.03%
216 CNB FINANCIAL CORP (PA) COM 30,402 643,000 0.03%
217 COUNTY BANCORP INC 30,814 617,000 0.03%
218 NMI HLDGS INC CL A 75,340 574,000 0.03%
219 BANC OF CALIFORNIA INC COM 32,662 570,000 0.03%
220 VIAD CORP 14,591 538,000 0.03%
221 UNITED INS HLDGS CORP 31,441 534,000 0.03%
222 VERITEX HLDGS INC 30,517 531,000 0.03%
223 CORPORATE OFFICE 18,646 529,000 0.03%
224 Mercer International 62,195 527,000 0.03%
225 APPTIO INC 24,280 527,000 0.03%
226 EMCOR GROUP INC 8,679 517,000 0.03%
227 FIRST MERCHANTS CORP COM 19,036 509,000 0.03%
228 SUSSEX BANCORP 30,890 504,000 0.03%
229 PERFICIENT INC COM 24,805 500,000 0.03%
230 DUCOMMUN INC DEL COM 21,750 497,000 0.03%
231 CEDAR REALTY TRUST INC COM NEW 68,095 490,000 0.02%
232 GRAY TELEVISION INC COM 47,222 489,000 0.02%
233 EVERI HLDGS INC 192,434 475,000 0.02%
234 RAMCO-GERSHENSON PPTYS TR 25,316 474,000 0.02%
235 MASTEC INC 15,885 472,000 0.02%
236 Carriage Services Inc. 19,614 464,000 0.02%
237 SYNAPTICS INC 7,894 462,000 0.02%
238 West Corp 20,365 450,000 0.02%
239 PROVIDENT FINL SVCS INC COM 21,074 447,000 0.02%
240 PACIFIC MERCANTILE BANCORP 60,410 445,000 0.02%
241 HOME FED BANCORP INC LA NEW 18,520 432,000 0.02%
242 CARDINAL FINL CORP COM 16,094 420,000 0.02%
243 RUDOLPH TECHNOLOGIES INC 23,117 410,000 0.02%
244 FIRST FINL BANCORP OH COM 18,443 403,000 0.02%
245 Guaranty Bancorp Del 22,506 402,000 0.02%
246 XCERRA CORP 61,287 371,000 0.02%
247 KOPPERS HOLDINGS INC COM 11,506 370,000 0.02%
248 INTERVAL LEISURE GROUP INC 21,268 365,000 0.02%
249 CUBIC CORP COM 7,692 360,000 0.02%
250 EMPLOYERS HOLDINGS INC 11,703 349,000 0.02%
Page 5 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-16-129841, filed 2016.10.27).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.