# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005994
**Filing Date:** 2025-8
**Character Count:** 12391
**Document Hash:** a8d60adc5f017c14037e2e879c383ccf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005994.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005994

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251261251

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

### Spyglass Growth Fund (Series ID: S000060175)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000196940 | Institutional Shares | SPYGX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Spyglass Growth Fund

- **b. EDGAR series identifier (if any):** S000060175

- **c. LEI of Series:** 549300VSBO6U4TKNS090

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $893433890.83

**Total Liabilities:** $3134267.37

**Net Assets:** $890299623.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196940 | 2.35%                | 11.77%               | 5.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5249660.46             | $24054220.30                               |
| Month 2  | $6329848.88              | $85548789.69                               |
| Month 3  | $12577592.53             | $37784264.68                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CoStar Group Inc                       | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    419392 | NS      | $33719116.80  | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                               | AAON Inc                               | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    371650 | NS      | $27409187.50  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                           | DoorDash Inc                           | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    122988 | NS      | $30317771.88  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                           | Illumina Inc                           | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    364679 | NS      | $34794023.39  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc              | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     76032 | NS      | $36791884.80  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                            | MongoDB Inc                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    180188 | NS      | $37837678.12  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                  | Robinhood Markets Inc                  | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    478594 | NS      | $44810756.22  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                         | Sweetgreen Inc                         | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2036108 | NS      | $30297287.04  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                    | Exact Sciences Corp                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    709363 | NS      | $37695549.82  | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                      | Veeva Systems Inc                      | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    107097 | NS      | $30841794.06  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                    | Global-e Online Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |    810755 | NS      | $27192722.70  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                        | Astera Labs Inc                        | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    383528 | NS      | $34678601.76  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                            | HubSpot Inc                            | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     45769 | NS      | $25476398.47  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                  | CyberArk Software Ltd                  | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |     67477 | NS      | $27455041.76  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                          | AppLovin Corp                          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    133243 | NS      | $46645709.44  | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                              | nCino Inc                              | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |    715298 | NS      | $20006885.06  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                       | ACV Auctions Inc                       | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1565603 | NS      | $25394080.66  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                         | API Group Corp                         | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    878129 | NS      | $44828485.45  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                    | Affirm Holdings Inc                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    907953 | NS      | $62775870.42  | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc             | Cadence Design Systems Inc             | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     67103 | NS      | $20677789.45  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                           | Duolingo Inc                           | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42775 | NS      | $17538605.50  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                   | Medpace Holdings Inc                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |    117202 | NS      | $36785019.72  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc               | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    468916 | NS      | $32083232.72  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                    | Shift4 Payments Inc                    | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    536320 | NS      | $53154675.20  | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                          | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    260998 | NS      | $58403522.46  | 6.56%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  15761534 | NS      | $15761534.35  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President