# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006273
**Filing Date:** 2026-2
**Character Count:** 34305
**Document Hash:** 4892f7949dd9e395af887aa0aebdf73e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006273.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006273

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**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:** 26686427

**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

### Hood River International Opportunity Fund (Series ID: S000073660)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      | HRIIX           |

## 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:** Hood River International Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073660

- **c. LEI of Series:** 549300O0VSYG3SRE2F79

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $219989295.25

**Total Liabilities:** $23551088.76

**Net Assets:** $196438206.49

**Delayed Delivery Securities:** $1679438.11

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230725 | 9.44%                | -4.63%               | 2.10%                |
| Class ID C000230726 | 9.47%                | -4.70%               | 2.16%                |
| Class ID C000230727 | 9.44%                | -4.72%               | 2.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4107564.11              | $13209043.39                               |
| Month 2  | $4231396.29              | $-13359541.48                              |
| Month 3  | $2099179.00              | $2065440.77                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Falabella SA                              | Falabella SA                                | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               | CORP              | CL        |    374280 | NS      | $2610869.32   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund    | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  10417512 | NS      | $10417511.70  | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest SA                           | Grupo Cibest SA                             | CUSIP: 40090E106<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EC               | CORP              | CO        |     45876 | NS      | $2918172.36   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                   | Heidelberg Materials AG                     | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      9043 | NS      | $2344458.67   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Ocean Co Ltd                       | Hanwha Ocean Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     18459 | NS      | $1457529.78   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Engineering & Construc            | Hyundai Engineering & Construction Co Ltd   | CUSIP: N/A<br>LEI: 988400CEQG9N710HN313       | Long             | EC               | CORP              | KR        |     33377 | NS      | $1626585.26   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Electric Co Ltd                | HD Hyundai Electric Co Ltd                  | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |      3392 | NS      | $1821667.74   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corp             | Hyosung Heavy Industries Corp               | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |      2558 | NS      | $3160006.87   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                     | Hanwha Systems Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     41000 | NS      | $1548550.05   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Gorilla Technology Group Inc              | Gorilla Technology Group Inc                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     37100 | NS      | $405132.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Jumia Technologies AG                     | Jumia Technologies AG                       | CUSIP: 48138M105<br>LEI: 391200JWCL5VCOSXNT56 | Long             | EC               | CORP              | DE        |    110365 | NS      | $1378458.85   | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Kaspi.KZ JSC                              | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     24193 | NS      | $1890199.09   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Japan Steel Works Ltd/The                 | Japan Steel Works Ltd/The                   | CUSIP: N/A<br>LEI: 529900AWFTILIHHO0936       | Long             | EC               | CORP              | JP        |     15300 | NS      | $753508.05    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                           | Kandenko Co Ltd                             | CUSIP: N/A<br>LEI: 35380080NSN7GCYZ3X14       | Long             | EC               | CORP              | JP        |    138900 | NS      | $4461232.99   | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| IP Group PLC                              | IP Group PLC                                | CUSIP: N/A<br>LEI: 213800HG22UM138WFG43       | Long             | EC               | CORP              | GB        |   1240000 | NS      | $979474.14    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Jenoptik AG                               | Jenoptik AG                                 | CUSIP: N/A<br>LEI: 529900P34GDHGXK6VB37       | Long             | EC               | CORP              | DE        |     88000 | NS      | $1998028.98   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IperionX Ltd                              | IperionX Ltd                                | CUSIP: N/A<br>LEI: 98450096B1C9E094C832       | Long             | EC               | CORP              | AU        |    180000 | NS      | $669910.86    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| WEB Travel Group Ltd                      | WEB Travel Group Ltd                        | CUSIP: Q9570B108<br>LEI: 21380064YZG4XMO4CW38 | Long             | EC               | CORP              | AU        |    797558 | NS      | $2536804.59   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                 | InPost SA                                   | CUSIP: N/A<br>LEI: 2221003M23QLERR89585       | Long             | EC               | CORP              | PL        |    115000 | NS      | $1413201.09   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| IREN Ltd                                  | IREN Ltd                                    | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |     58634 | NS      | $2214606.18   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Sanrio Co Ltd                             | Sanrio Co Ltd                               | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125       | Long             | EC               | CORP              | JP        |     41400 | NS      | $1295415.62   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Credito Emiliano SpA                      | Credito Emiliano SpA                        | CUSIP: N/A<br>LEI: 8156004B244AA70DE787       | Long             | EC               | CORP              | IT        |     54850 | NS      | $979952.95    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Winfarm SAS                               | Winfarm SAS                                 | CUSIP: N/A<br>LEI: 969500NPTXP45WNXHW18       | Long             | EC               | CORP              | FR        |    111540 | NS      | $519083.35    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Craneware PLC                             | Craneware PLC                               | CUSIP: N/A<br>LEI: 213800O2CTJ1YFXNXG05       | Long             | EC               | CORP              | GB        |     30769 | NS      | $801891.69    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Circus SE                                 | Circus SE                                   | CUSIP: N/A<br>LEI: 98450020CA9F13FUED64       | Long             | EC               | CORP              | DE        |    211816 | NS      | $2970818.97   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen UUGreenPower Co Ltd              | Shenzhen UUGreenPower Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     39919 | NS      | $1012805.78   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Schaeffler AG                             | Schaeffler AG                               | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | EC               | CORP              | DE        |    256408 | NS      | $2496327.38   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| A2Z Cust2Mate Solutions Corp              | A2Z Cust2Mate Solutions Corp                | CUSIP: 002205102<br>LEI: 875500SPYFJB375QFG54 | Long             | EC               | CORP              | IL        |    227721 | NS      | $1482463.71   | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Credicorp Ltd                             | Credicorp Ltd                               | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      7432 | NS      | $2132984.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Sequans Communications SA                 | Sequans Communications SA                   | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | N/A              | EC               | CORP              | FR        |     24080 | NS      | $108116.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                      | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    561364 | NS      | $4945616.84   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                        | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    350000 | NS      | $8582000.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Indra Sistemas SA                         | Indra Sistemas SA                           | CUSIP: N/A<br>LEI: 95980020140005308793       | Long             | EC               | CORP              | ES        |     31000 | NS      | $1762203.66   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| AIXTRON SE                                | AIXTRON SE                                  | CUSIP: N/A<br>LEI: 5299004UJ4D51M25LD67       | Long             | EC               | CORP              | DE        |    173882 | NS      | $3491108.64   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                  | Infineon Technologies AG                    | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     39229 | NS      | $1711596.97   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                  | IHI Corp                                    | CUSIP: N/A<br>LEI: 549300ETQIESIUQ2OE26       | Long             | EC               | CORP              | JP        |    207100 | NS      | $3640941.12   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd             | ASE Technology Holding Co Ltd               | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    273600 | NS      | $2157314.57   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Implantica AG                             | Implantica AG                               | CUSIP: N/A<br>LEI: 5493007VLX358PSHF006       | Long             | EC               | CORP              | LI        |     83204 | NS      | $452780.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BPM SpA                             | Banco BPM SpA                               | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |     91702 | NS      | $1392487.09   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Avio SpA                                  | Avio SpA                                    | CUSIP: N/A<br>LEI: 8156008F25C4B0E7C860       | Long             | EC               | CORP              | IT        |     71355 | NS      | $2433922.97   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kitron ASA                                | Kitron ASA                                  | CUSIP: N/A<br>LEI: 5967007LIEEXZXIG6009       | Long             | EC               | CORP              | NO        |    251500 | NS      | $1811604.73   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co Ltd              | King Yuan Electronics Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    243000 | NS      | $1912866.85   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| KITS Eyecare Ltd                          | KITS Eyecare Ltd                            | CUSIP: 49804N104<br>LEI: 254900QPUEPAYH33G850 | Long             | EC               | CORP              | CA        |    110666 | NS      | $1477911.76   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Meitav Investment House Ltd               | Meitav Investment House Ltd                 | CUSIP: N/A<br>LEI: 213800ZFO2DPAZ4UAL65       | Long             | EC               | CORP              | IL        |     20000 | NS      | $726670.48    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| MEC Co Ltd                                | MEC Co Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    109300 | NS      | $3560262.78   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi                       | Maruwa Co Ltd/Aichi                         | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |      4900 | NS      | $1331643.80   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt            | Mitsubishi Heavy Industries Ltd             | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    126100 | NS      | $3078408.64   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  20716786 | NS      | $20716786.00  | 10.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Parrot SA                                 | Parrot SA                                   | CUSIP: N/A<br>LEI: 9695000KELLFSASOM232       | Long             | EC               | CORP              | FR        |    157000 | NS      | $1357284.11   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                           | Minth Group Ltd                             | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |    444300 | NS      | $1820282.55   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd                               | Plus500 Ltd                                 | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |     46230 | NS      | $2258028.00   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila OYJ Abp                          | Wartsila OYJ Abp                            | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |     94363 | NS      | $3340881.92   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                               | Cameco Corp                                 | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     52640 | NS      | $4816033.60   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                        | Denison Mines Corp                          | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |    663637 | NS      | $1765274.42   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Energy Fuels Inc/Canada                   | Energy Fuels Inc/Canada                     | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | US        |     56000 | NS      | $814240.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca SPA                            | BPER Banca SPA                              | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |     93351 | NS      | $1261402.04   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Dan Co Ltd                            | Dai-Dan Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    263200 | NS      | $4164626.75   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Projekt SA                             | CD Projekt SA                               | CUSIP: N/A<br>LEI: 259400TYO5Q8SH8TL437       | Long             | EC               | CORP              | PL        |     26700 | NS      | $1783718.20   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Boku Inc                                  | Boku Inc                                    | CUSIP: N/A<br>LEI: 549300Y4P2ZPFKCZ0C60       | Long             | EC               | CORP              | US        |    510000 | NS      | $1443649.16   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cury Construtora e Incorporado            | Cury Construtora e Incorporadora SA         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    130565 | NS      | $768013.58    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Chrysos Corp Ltd                          | Chrysos Corp Ltd                            | CUSIP: N/A<br>LEI: 984500AAZB77B0753848       | Long             | EC               | CORP              | AU        |    320000 | NS      | $1573882.52   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In            | Establishment Labs Holdings Inc             | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     58166 | NS      | $4239138.08   | 2.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Kraken Robotics Inc                       | Kraken Robotics Inc                         | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    536831 | NS      | $2503164.47   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zedcor Inc                                | Zedcor Inc                                  | CUSIP: 98923V109<br>LEI: 254900C8YEKAFZG8P027 | Long             | EC               | CORP              | CA        |    724685 | NS      | $3326301.77   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Orizon Valorizacao de Residuos            | Orizon Valorizacao de Residuos SA           | CUSIP: N/A<br>LEI: 894500ACAMVLSLV62B28       | Long             | EC               | CORP              | BR        |    248206 | NS      | $3158832.69   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                  | Wise PLC                                    | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |    102500 | NS      | $1227948.26   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Union Technology Corp              | Taiwan Union Technology Corp                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    164400 | NS      | $2585365.64   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanki Engineering Co Ltd                  | Sanki Engineering Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     76300 | NS      | $2794698.88   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group Spa                     | Lottomatica Group Spa                       | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | EC               | CORP              | IT        |     37000 | NS      | $969665.59    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Next Vision Stabilized Systems            | Next Vision Stabilized Systems Ltd          | CUSIP: N/A<br>LEI: 2549001OCAI48UYCZD40       | Long             | EC               | CORP              | IL        |     43471 | NS      | $2865391.82   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Pensionbee Group PLC                      | Pensionbee Group PLC                        | CUSIP: N/A<br>LEI: 2138008663P5FHPGZV74       | Long             | EC               | CORP              | GB        |    525000 | NS      | $1145007.68   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Zip Co Ltd                                | Zip Co Ltd                                  | CUSIP: N/A<br>LEI: 254900RM95URFC15G140       | Long             | EC               | CORP              | AU        |    820000 | NS      | $1779937.82   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| YINGLIU                                   | Anhui Yingliu Electromechanical Co Ltd      | CUSIP: N/A<br>LEI: 300300D1M9RNSPEHDR92       | Long             | EC               | CORP              | CN        |    339000 | NS      | $2020418.32   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KRN Heat Exchanger And Refrige            | KRN Heat Exchanger And Refrigeration Ltd    | CUSIP: N/A<br>LEI: 3358007L1G6EOZQYBZ22       | Long             | EC               | CORP              | IN        |    163000 | NS      | $1321420.44   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Lens Technology Co Ltd                    | Lens Technology Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    427000 | NS      | $1382133.44   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                             | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |     46601 | NS      | $1872428.18   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Shibaura Mechatronics Corp                | Shibaura Mechatronics Corp                  | CUSIP: N/A<br>LEI: 529900K56IZ9LT5WLM42       | Long             | EC               | CORP              | JP        |     14100 | NS      | $1703856.35   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Tool Co                             | Union Tool Co                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     31800 | NS      | $1732875.80   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                           | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     24386 | NS      | $3421073.23   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Revo Insurance SpA                        | Revo Insurance SpA                          | CUSIP: N/A<br>LEI: 815600BF2EA41687F764       | Long             | EC               | CORP              | IT        |     84256 | NS      | $1892831.66   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Theon International PLC                   | Theon International PLC                     | CUSIP: N/A<br>LEI: 2138002Y6CEIWHLN8775       | Long             | EC               | CORP              | CY        |     48000 | NS      | $1503422.48   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                                    | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: N/A<br>LEI: 8368003UTQ4F88XERZ23       | Long             | EC               | CORP              | CN        |    237000 | NS      | $1170577.04   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                     | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     48412 | NS      | $5684537.04   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                              | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |    352108 | NS      | $1334489.32   | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| GFL Environmental Inc                     | GFL Environmental Inc                       | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     60469 | NS      | $2597143.55   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd                              | Fujikura Ltd                                | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |     23300 | NS      | $2583863.54   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV              | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     29157 | NS      | $4558285.29   | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Biwin Storage Technology Co Lt            | Biwin Storage Technology Co Ltd             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     60000 | NS      | $983699.98    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| flatexDEGIRO AG                           | flatexDEGIRO AG                             | CUSIP: N/A<br>LEI: 529900IRBZTADXJB6757       | Long             | EC               | CORP              | DE        |     31664 | NS      | $1356545.12   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    276963 | NS      | $3052132.26   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President