9AT: EMERALD MUTUAL FUND ADVISERS TRUST

EMERALD MUTUAL FUND ADVISERS TRUST

other names

EMERALD MUTUAL FUND ADVISERS TRUST

Adviser Profile

As of Date	03/30/2026
ADV Location	LEOLA, PA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	10
of those in investment advisory functions	5
Registration	SEC, Approved, 04/28/2005

AUM^*	2,087,155,055 9%
of that, discretionary	2,087,155,055 9%
Private Fund GAV^*	0
Avg Account Size	417,431,011 9%
SMA’s	No
Private Funds	0
Contact Info	717 xxxxxxx
Websites

Client Types

- Investment companies

Advisory Activities

- Portfolio management for investment companies

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

3B 3B 2B 2B 1B 861M 430M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Brochure Summary

Overview

Emerald Mutual Fund Advisers Trust (“EMFAT”) is a registered investment adviser investing our client’s assets primarily in U.S. domestic equity securities. Our investment strategies include small cap growth, small cap value, mid and large capitalization stocks. EMFAT has been providing discretionary advisory services to Registered Investment Companies since it was founded in 2005. EMFAT is a wholly-owned subsidiary of Emerald Advisers, LLC. As of December 31, 2023, EMFAT had approximately $1.9 billion in discretionary assets under management. Advisory Services: For EMFAT’s Small Capitalization products we seek to maximize returns and minimize risks by capitalizing on the inefficiencies inherent in today’s small cap markets. Our Small Cap Growth product objective is to outperform its Russell 2000 Growth Index benchmark by investing in companies with the following attributes: Capitalization less than or equal to the largest in the Russell 2000 Competitive advantages Leadership position Growth rate exceeds peer group Differentiated growth drivers Under-researched by the Street The Small Cap product and Insights Fund will include some form of general economic overview, but will concentrate more heavily on fundamental, bottom-up research to identify unrecognized, under-researched companies and their suitability for our client’s objectives. We will review a company’s annual report, 10-k filings and other published

information gained from news sources, brokerage reports and recommendations. Whenever possible we will seek to discuss a particular company with its senior management, employees, customers, competitors and brokerage researchers who specifically follow that company or its industry. In-person visits with company management are desirable whenever possible. Emerald also leverages the use of adaptable video-conferencing capabilities when such on-site meetings are not feasible. For EMFAT’s Diversified Financial Services product, through our stock selection process, provides a broad industry mix of financial stocks resulting in diversification within the financial sector. With fewer industry analysts covering community banks, portfolio management seeks to capitalize on undervalued and under-researched opportunities. This product has a growth stock orientation as portfolio management seeks growing companies in a traditional value sector. The selection process incorporates a focus on high asset quality and attractive valuation along with the following key factors: Strong management & corporate governance Focused & disciplined business strategy Growing & defensible market niche Strong financial condition - Not interested in turnarounds or acquisitions. Undervalued EMFAT may accept client-imposed restrictions in our investment adviser accounts. Certain restrictions such as no tobacco or adherence to MacBride principles are accepted.