# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-010035
**Filing Date:** 2025-9
**Character Count:** 18946
**Document Hash:** 00e30920b838a4bc2c9e70f594ddbe11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010035.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-010035

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** 251355459

**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

### Hardman Johnston International Growth Fund (Series ID: S000061218)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198300 | Institutional Shares | HJIGX           |
| C000198301 | Retail Shares        | HJIRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hardman Johnston International Growth Fund** | **Hardman Johnston International Growth Fund** | **Hardman Johnston International Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.6%** | **Shares** | **Value**  |
| **Communication Services - 4.5%** | **Communication Services - 4.5%** | |
| Deutsche Telekom AG | 135641 | $4864893 |
| **Consumer Discretionary - 14.4%** | **Consumer Discretionary - 14.4%** |  |
| LVMH Moet Hennessy Louis Vuitton SE | 4310 | 2313662 |
| MercadoLibre, Inc. <sup>(a)</sup> | 1246 | 2957867 |
| Prosus NV | 104665 | 5979076 |
| Suzuki Motor Corp. | 388567 | 4269409 |
|  |  | 15520014 |
| **Financials - 16.7%** | **Financials - 16.7%** |  |
| Commerzbank AG | 173657 | 6332557 |
| HDFC Bank Ltd. - ADR | 33405 | 2564502 |
| ICICI Bank Ltd. - ADR | 94793 | 3194524 |
| Standard Chartered PLC | 330978 | 5933458 |
|  |  | 18025041 |
| **Health Care - 15.9%** | **Health Care - 15.9%** |  |
| AstraZeneca PLC | 36482 | 5322440 |
| Sandoz Group AG | 103962 | 5945476 |
| UCB SA | 27059 | 5813768 |
|  |  | 17081684 |
| **Industrials - 30.4%<sup>(b)</sup>** | **Industrials - 30.4%<sup>(b)</sup>** |  |
| Airbus SE | 26533 | 5334600 |
| Hitachi Ltd. | 183552 | 5616811 |
| Leonardo SpA | 45337 | 2443809 |
| Mitsubishi Heavy Industries Ltd. | 214474 | 5120866 |
| Nexans SA | 26761 | 3846104 |
| Rheinmetall AG | 2477 | 4903221 |
| Safran SA | 16819 | 5546093 |
|  |  | 32811504 |
| **Information Technology - 15.7%** | **Information Technology - 15.7%** |  |
| ASML Holding NV | 4178 | 2895664 |
| Atlassian Corp. - Class A <sup>(a)</sup> | 4882 | 936270 |
| Infineon Technologies AG | 141807 | 5570631 |
| STMicroelectronics NV | 85010 | 2160443 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 140277 | 5400564 |
|  |  | 16963572 |
| **TOTAL COMMON STOCKS** (Cost $76,752,289) | **TOTAL COMMON STOCKS** (Cost $76,752,289) | 105266708 |
| **SHORT-TERM INVESTMENTS - 2.6%** | **Shares** | **Value** |
| **Money Market Funds – 2.6%**<br> First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 2856639 | 2856639 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,856,639) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,856,639) | 2856639 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $79,608,928**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $79,608,928**)** | 108123347 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (211163) |
| **TOTAL NET ASSETS - 100.0%** |  | $107912184 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) The rate shown represents the 7-day annualized effective yield as of July 31, 2025. <br>

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Hardman Johnston International Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $9653162 | $95613546 | $– | $105266708 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2856639 | – | – | 2856639 |
| Total Investments | $12509801 | $95613546 | $– | $108123347 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** Hardman Johnston International Growth Fund

- **b. EDGAR series identifier (if any):** S000061218

- **c. LEI of Series:** 549300HQ3J3PKKWI0D48

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $108842784.61

**Total Liabilities:** $929227.63

**Net Assets:** $107913556.98

**Cash Not Reported:** $161157.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198300 | 9.76%                | 4.04%                | -0.85%               |
| Class ID C000198301 | 9.71%                | 4.03%                | -0.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $264689.88               | $6693592.82                                |
| Month 2  | $508746.46               | $3648778.44                                |
| Month 3  | $-1461234.91             | $631325.72                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     36482 | NS      | $5322440.26   | 4.93%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   2695481 | NS      | $2695481.33   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                     | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    330978 | NS      | $5933457.73   | 5.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                             | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      2477 | NS      | $4903220.73   | 4.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     16819 | NS      | $5546093.11   | 5.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |    183552 | NS      | $5616811.04   | 5.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexans SA                      | Nexans SA                                  | CUSIP: N/A<br>LEI: 96950015FU78G84UIV14       | Long             | EC               | CORP              | FR        |     26761 | NS      | $3846104.25   | 3.56%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     33405 | NS      | $2564501.85   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     94793 | NS      | $3194524.10   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                        | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    135641 | NS      | $4864892.86   | 4.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt | Mitsubishi Heavy Industries Ltd            | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    214474 | NS      | $5120866.42   | 4.75%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                     | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |     26929 | NS      | $5785837.15   | 5.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    388567 | NS      | $4269408.58   | 3.96%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    140277 | NS      | $5400564.55   | 5.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                | Sandoz Group AG                            | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |    103452 | NS      | $5916309.26   | 5.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1246 | NS      | $2957866.94   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                   | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    141117 | NS      | $5543525.94   | 5.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      4178 | NS      | $2895663.68   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV                      | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | CH        |     85010 | NS      | $2160443.09   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                             | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      4882 | NS      | $936269.96    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank AG                 | Commerzbank AG                             | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |    172827 | NS      | $6302290.48   | 5.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     26533 | NS      | $5334600.04   | 4.94%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE        | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      4310 | NS      | $2313661.58   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                   | Leonardo SpA                               | CUSIP: N/A<br>LEI: 529900X4EEX1U9LN3U39       | Long             | EC               | CORP              | IT        |     45337 | NS      | $2443808.70   | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                      | Prosus NV                                  | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |    104665 | NS      | $5979076.54   | 5.54%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President