# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005983
**Filing Date:** 2025-8
**Character Count:** 31963
**Document Hash:** 8309bc89980f9b27a12fd6ecc1d7f9aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005983.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005983

**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**: 20250630

**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:** 251261115

**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:** 2025-06-30

- **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:** $163944251.11

**Total Liabilities:** $21502857.68

**Net Assets:** $142441393.43

**Cash Not Reported:** $21189.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230725 | 4.99%                | 9.32%                | 10.61%               |
| Class ID C000230726 | 4.90%                | 9.34%                | 10.64%               |
| Class ID C000230727 | 4.91%                | 9.27%                | 10.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-989645.04              | $9211201.53                                |
| Month 2  | $204410.42               | $10059071.06                               |
| Month 3  | $876629.32               | $12683012.98                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WEB Travel Group Ltd                      | WEB Travel Group Ltd                        | CUSIP: Q9570B108<br>LEI: 21380064YZG4XMO4CW38 | Long             | EC               | CORP              | AU        |    752258 | NS      | $2199852.99   | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Zedcor Inc                                | Zedcor Inc                                  | CUSIP: 98923V109<br>LEI: 254900C8YEKAFZG8P027 | Long             | EC               | CORP              | CA        |     36300 | NS      | $109026.62    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Winfarm SAS                               | Winfarm SAS                                 | CUSIP: N/A<br>LEI: 969500NPTXP45WNXHW18       | Long             | EC               | CORP              | FR        |    145683 | NS      | $632073.70    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Mediobanca Banca di Credito Fi            | Mediobanca Banca di Credito Finanziario SpA | CUSIP: N/A<br>LEI: PSNL19R2RXX5U3QWHI44       | Long             | EC               | CORP              | IT        |     68400 | NS      | $1591737.77   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Karat Packaging Inc                       | Karat Packaging Inc                         | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     55555 | NS      | $1564428.80   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                              | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     12835 | NS      | $1089563.15   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd                     | Lynas Rare Earths Ltd                       | CUSIP: N/A<br>LEI: 529900SGT9M1FJPXXI35       | Long             | EC               | CORP              | AU        |    140746 | NS      | $802283.51    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Musashi Seimitsu Industry Co L            | Musashi Seimitsu Industry Co Ltd            | CUSIP: N/A<br>LEI: 353800J742CBBV9MSZ43       | Long             | EC               | CORP              | JP        |    141000 | NS      | $2993545.92   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Steel Works Ltd/The                 | Japan Steel Works Ltd/The                   | CUSIP: N/A<br>LEI: 529900AWFTILIHHO0936       | Long             | EC               | CORP              | JP        |     15300 | NS      | $875321.21    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                           | Kandenko Co Ltd                             | CUSIP: N/A<br>LEI: 35380080NSN7GCYZ3X14       | Long             | EC               | CORP              | JP        |    131000 | NS      | $3023625.72   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kawasaki Heavy Industries Ltd             | Kawasaki Heavy Industries Ltd               | CUSIP: N/A<br>LEI: 5493008FFSI8SQ74AT93       | Long             | EC               | CORP              | JP        |     43000 | NS      | $3250696.26   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kurabo Industries Ltd                     | Kurabo Industries Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     37000 | NS      | $1916298.31   | 1.35%             |  |  |  | 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      | $1404432.61   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt            | Mitsubishi Heavy Industries Ltd             | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    119000 | NS      | $2977902.19   | 2.09%             |  |  |  | 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        |  20143599 | NS      | $20143598.75  | 14.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Cencosud SA                               | Cencosud SA                                 | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               | CORP              | CL        |    511821 | NS      | $1741551.13   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Circus SE                                 | Circus SE                                   | CUSIP: N/A<br>LEI: 98450020CA9F13FUED64       | Long             | EC               | CORP              | DE        |     76190 | NS      | $1301349.93   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Just Group PLC                            | Just Group PLC                              | CUSIP: N/A<br>LEI: 5493006456YEZEELRR90       | Long             | EC               | CORP              | GB        |    686494 | NS      | $1249919.07   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraken Robotics Inc                       | Kraken Robotics Inc                         | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    503400 | NS      | $1134891.13   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Karnov Group AB                           | Karnov Group AB                             | CUSIP: N/A<br>LEI: 549300P7312749LJS754       | Long             | EC               | CORP              | SE        |     99688 | NS      | $1134127.93   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Orizon Valorizacao de Residuos            | Orizon Valorizacao de Residuos SA           | CUSIP: N/A<br>LEI: 894500ACAMVLSLV62B28       | Long             | EC               | CORP              | BR        |     99919 | NS      | $995677.36    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Chile                            | Banco de Chile                              | CUSIP: N/A<br>LEI: 8B4EZFY8IHJC44TT2K84       | Long             | EC               | CORP              | CL        |  14610885 | NS      | $2209766.48   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV              | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     18500 | NS      | $2766745.07   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM SpA                             | Banco BPM SpA                               | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |     91702 | NS      | $1070396.95   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                             | BBB Foods Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     56067 | NS      | $1556419.92   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KITS Eyecare Ltd                          | KITS Eyecare Ltd                            | CUSIP: 49804N104<br>LEI: 254900QPUEPAYH33G850 | Long             | EC               | CORP              | CA        |     15800 | NS      | $176477.33    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoscripta SE                            | Innoscripta SE                              | CUSIP: N/A<br>LEI: 894500BA6B025ZEF0T83       | Long             | EC               | CORP              | DE        |      2000 | NS      | $237004.23    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KRN Heat Exchanger And Refrige            | KRN Heat Exchanger And Refrigeration Ltd    | CUSIP: N/A<br>LEI: 3358007L1G6EOZQYBZ22       | Long             | EC               | CORP              | IN        |     66800 | NS      | $661630.32    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Kornit Digital Ltd                        | Kornit Digital Ltd                          | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |     80531 | NS      | $1603372.21   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                             | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |     25597 | NS      | $1931805.59   | 1.36%             |  |  |  | No            |                  1 | On Loan: —       |
| IREN Ltd                                  | IREN Ltd                                    | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |    115367 | NS      | $1680897.19   | 1.18%             |  |  |  | No            |                  1 | On Loan: —       |
| BITCOIN TREASURY CORPORATION              | BITCOIN TREASURY CORPORATION                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    100000 | NS      | $718193.50    | 0.50%             |  |  |  | No            |                  3 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                              | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |    352108 | NS      | $1612654.64   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Cameco Corp                               | Cameco Corp                                 | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     46794 | NS      | $3473518.62   | 2.44%             |  |  |  | No            |                  1 | On Loan: —       |
| BPER Banca SPA                            | BPER Banca SPA                              | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |     93351 | NS      | $847282.19    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                 | Capitec Bank Holdings Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | ZA        |      4485 | NS      | $896757.36    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Projekt SA                             | CD Projekt SA                               | CUSIP: N/A<br>LEI: 259400TYO5Q8SH8TL437       | Long             | EC               | CORP              | PL        |     35835 | NS      | $2796614.28   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital Power Corp                        | Capital Power Corp                          | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |     22066 | NS      | $887987.37    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Canatu Plc                                | Canatu Plc                                  | CUSIP: N/A<br>LEI: 743700CKOP7IHGI98B12       | Long             | EC               | CORP              | FI        |     51364 | NS      | $571161.53    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                        | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    866481 | NS      | $8725463.67   | 6.13%             |  |  |  | No            |                  1 | On Loan: —       |
| AIXTRON SE                                | AIXTRON SE                                  | CUSIP: N/A<br>LEI: 5299004UJ4D51M25LD67       | Long             | EC               | CORP              | DE        |    164000 | NS      | $3016652.82   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Avio SpA                                  | Avio SpA                                    | CUSIP: N/A<br>LEI: 8156008F25C4B0E7C860       | Long             | EC               | CORP              | IT        |     53000 | NS      | $1478703.93   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Union Technology Corp              | Taiwan Union Technology Corp                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    155000 | NS      | $1207570.90   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanki Engineering Co Ltd                  | Sanki Engineering Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     72000 | NS      | $2021598.68   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Densetsu Co Ltd                  | Sumitomo Densetsu Co Ltd                    | CUSIP: N/A<br>LEI: 3538004TJPF8WYKHK431       | Long             | EC               | CORP              | JP        |     66000 | NS      | $2821669.95   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Verona Pharma PLC                         | Verona Pharma PLC                           | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     20707 | NS      | $1958468.06   | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Falabella SA                              | Falabella SA                                | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               | CORP              | CL        |    353010 | NS      | $1875646.85   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund    | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   5269777 | NS      | $5269777.03   | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd                          | GDS Holdings Ltd                            | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | CN        |     25297 | NS      | $773329.29    | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| GFL Environmental Inc                     | GFL Environmental Inc                       | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     52520 | NS      | $2650159.20   | 1.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Cibest SA                           | Grupo Cibest SA                             | CUSIP: 40090E106<br>LEI: N/A                  | Long             | EC               | CORP              | CO        |     38836 | NS      | $1793834.84   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                   | Heidelberg Materials AG                     | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      8530 | NS      | $2008793.57   | 1.41%             |  |  |  | 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      | $1081253.67   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Dan Co Ltd                            | Dai-Dan Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     86000 | NS      | $2643879.45   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Credito Emiliano SpA                      | Credito Emiliano SpA                        | CUSIP: N/A<br>LEI: 8156004B244AA70DE787       | Long             | EC               | CORP              | IT        |     55114 | NS      | $813323.53    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Craneware PLC                             | Craneware PLC                               | CUSIP: N/A<br>LEI: 213800O2CTJ1YFXNXG05       | Long             | EC               | CORP              | GB        |     45769 | NS      | $1331882.17   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Heavy Industries Corp             | Hyosung Heavy Industries Corp               | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |      2412 | NS      | $1588549.86   | 1.12%             |  |  |  | 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      | $1758809.04   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Cury Construtora e Incorporado            | Cury Construtora e Incorporadora SA         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    180906 | NS      | $985591.58    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hacksaw AB                                | Hacksaw AB                                  | CUSIP: N/A<br>LEI: 636700SMLZDCBPNPMJ36       | Long             | EC               | CORP              | SE        |    175000 | NS      | $1405785.92   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| flatexDEGIRO AG                           | flatexDEGIRO AG                             | CUSIP: N/A<br>LEI: 529900IRBZTADXJB6757       | Long             | EC               | CORP              | DE        |     31664 | NS      | $896634.27    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                             | Credicorp Ltd                               | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      6000 | NS      | $1341120.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In            | Establishment Labs Holdings Inc             | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     53124 | NS      | $2268926.04   | 1.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Fabrinet                                  | Fabrinet                                    | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |     16931 | NS      | $4989227.08   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    243392 | NS      | $2531276.80   | 1.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Infineon Technologies AG                  | Infineon Technologies AG                    | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     60000 | NS      | $2560330.18   | 1.80%             |  |  |  | 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      | $1937988.93   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                               | Pandora A/S                                 | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      7500 | NS      | $1321465.38   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd                               | Plus500 Ltd                                 | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |     43603 | NS      | $2034664.64   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Spyrosoft SA                              | Spyrosoft SA                                | CUSIP: N/A<br>LEI: 259400S74NHLG59KC394       | Long             | EC               | CORP              | PL        |      2381 | NS      | $387805.48    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                           | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     36230 | NS      | $4234608.18   | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Pensionbee Group PLC                      | Pensionbee Group PLC                        | CUSIP: N/A<br>LEI: 2138008663P5FHPGZV74       | Long             | EC               | CORP              | GB        |    348517 | NS      | $796520.07    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustpilot Group PLC                      | Trustpilot Group PLC                        | CUSIP: N/A<br>LEI: 2138002ILUNMGNPSGG46       | Long             | EC               | CORP              | GB        |    358900 | NS      | $1194301.18   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                  | IHI Corp                                    | CUSIP: N/A<br>LEI: 549300ETQIESIUQ2OE26       | Long             | EC               | CORP              | JP        |     27900 | NS      | $3017769.07   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Implantica AG                             | Implantica AG                               | CUSIP: N/A<br>LEI: 5493007VLX358PSHF006       | Long             | EC               | CORP              | LI        |     60000 | NS      | $258084.77    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Revo Insurance SpA                        | Revo Insurance SpA                          | CUSIP: N/A<br>LEI: 815600BF2EA41687F764       | Long             | EC               | CORP              | IT        |     79468 | NS      | $1479190.02   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Theon International PLC                   | Theon International PLC                     | CUSIP: N/A<br>LEI: 2138002Y6CEIWHLN8775       | Long             | EC               | CORP              | CY        |     61876 | NS      | $2219410.55   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SANHUA                                    | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: N/A<br>LEI: 8368003UTQ4F88XERZ23       | Long             | EC               | CORP              | CN        |    237000 | NS      | $759310.57    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Redcare Pharmacy NV                       | Redcare Pharmacy NV                         | CUSIP: N/A<br>LEI: 529900JK6UXHY1YKZ082       | Long             | EC               | CORP              | NL        |      8455 | NS      | $935357.92    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagseguro Digital Ltd                     | Pagseguro Digital Ltd                       | CUSIP: N/A<br>LEI: 391200VY4YW47I4HGH62       | Long             | EC               | CORP              | BR        |     57000 | NS      | $549480.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                               | StoneCo Ltd                                 | CUSIP: N/A<br>LEI: 549300O1A9LEF0XZCR35       | Long             | EC               | CORP              | BR        |     41600 | NS      | $667264.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                       | Viking Holdings Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     26674 | NS      | $1421457.46   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SimilarWeb Ltd                            | SimilarWeb Ltd                              | CUSIP: N/A<br>LEI: 254900GWO7PNBAYCPJ12       | Long             | EC               | CORP              | IL        |     78446 | NS      | $615016.64    | 0.43%             |  |  |  | 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