# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006211
**Filing Date:** 2026-2
**Character Count:** 12392
**Document Hash:** 374eeea88a32ff671162dfcca857b650
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006211.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006211

**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**: 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:** 26686297

**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:** 2025-12-31

**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:** $1160619133.29

**Total Liabilities:** $2030934.21

**Net Assets:** $1158588199.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196940 | 1.80%                | -0.20%               | -1.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13554013.88             | $6831132.21                                |
| Month 2  | $-17903880.00            | $13171544.16                               |
| Month 3  | $26078052.39             | $-31575655.59                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                               | AAON Inc                               | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    689811 | NS      | $52598088.75  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                          | AppLovin Corp                          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     69416 | NS      | $46773889.12  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                           | Duolingo Inc                           | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166265 | NS      | $29179507.50  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                            | HubSpot Inc                            | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |    152849 | NS      | $61338303.70  | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                           | Illumina Inc                           | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    232399 | NS      | $30481452.84  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                            | Samsara Inc                            | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1359611 | NS      | $48198209.95  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                    | Shift4 Payments Inc                    | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    985319 | NS      | $62045537.43  | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                             | Carvana Co                             | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    104667 | NS      | $44171567.34  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                   | Medpace Holdings Inc                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     40091 | NS      | $22517110.15  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc               | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    624696 | NS      | $45440387.04  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                    | Global-e Online Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |   1546818 | NS      | $60805415.58  | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                    | Ascendis Pharma A/S                    | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    241129 | NS      | $51418347.96  | 4.44%             |  |  |  | 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        |   9918922 | NS      | $9918921.72   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc              | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113455 | NS      | $44374519.60  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                    | Exact Sciences Corp                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    271296 | NS      | $27552821.76  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                          | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    190433 | NS      | $41773382.88  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                    | Affirm Holdings Inc                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    837297 | NS      | $62320015.71  | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                         | API Group Corp                         | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |   1324859 | NS      | $50689105.34  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc             | Cadence Design Systems Inc             | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    156208 | NS      | $48827496.64  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                       | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    908181 | NS      | $61066090.44  | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                           | DoorDash Inc                           | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    156591 | NS      | $35464729.68  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                        | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     28708 | NS      | $48534318.96  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                      | Loar Holdings Inc                      | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    523050 | NS      | $35567400.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                            | MongoDB Inc                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    152622 | NS      | $64053927.18  | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                              | nCino Inc                              | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |   1674237 | NS      | $42927436.68  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding         | Credo Technology Group Holding Ltd     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    225924 | NS      | $32508204.36  | 2.81%             |  |  |  | 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