# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001145549-23-017283
**Filing Date:** 2023-3
**Character Count:** 20343
**Document Hash:** 33c27c0ee898a480cb7c093956a2e288
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017283.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001145549-23-017283

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 23751966

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Nuance Concentrated Value Fund (Series ID: S000031968)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000099506 | Institutional Class Shares | NCVLX           |
| C000115524 | Investor Class             | NCAVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Nuance Concentrated Value Fund** | | |
| **Schedule of Investments** | | |
| **January 31, 2023 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Value** |
| **COMMON STOCKS - 91.9%** | | |
| **Consumer Staples<sup>#</sup> - 27.3%** | | |
| Beiersdorf AG - ADR | 378723 | $9191607 |
| Cal-Maine Foods, Inc. | 26102 | 1493557 |
| Clorox Co. | 120677 | 17460755 |
| Henkel AG & Co. KGaA - ADR | 1550700 | 25757127 |
| Kimberly-Clark Corp. | 180668 | 23488647 |
| Mission Produce, Inc. \* | 302307 | 3766745 |
|  |  | 81158438 |
| **Financials - 12.0%** |  |  |
| Chubb Ltd. | 16182 | 3681243 |
| Hartford Financial Services Group Inc. | 18944 | 1470244 |
| Northern Trust Corp. | 138429 | 13423460 |
| Reinsurance Group of America, Inc. | 35622 | 5406351 |
| Travelers Companies, Inc. | 60960 | 11650675 |
|  |  | 35631973 |
| **Healthcare<sup>+</sup> - 28.2%** |  |  |
| Dentsply Sirona, Inc. | 655435 | 24139671 |
| ICU Medical, Inc. \* | 62875 | 12149337 |
| Medtronic PLC | 109690 | 9179956 |
| Smith & Nephew - ADR | 757095 | 21047241 |
| Universal Health Services, Inc. - Class B | 85529 | 12676253 |
| Zimmer Biomet Holdings, Inc. | 35227 | 4485806 |
|  |  | 83678264 |
| **Industrials - 14.4%** |  |  |
| 3M Co. | 142757 | 16428476 |
| Aerojet Rocketdyne Holdings, Inc. \* | 78909 | 4412591 |
| Knorr-Bremse AG | 732011 | 11917139 |
| Mueller Water Products, Inc.- Class A | 780564 | 9874135 |
|  |  | 42632341 |
| **Information Technology - 1.5%** |  |  |
| Amphenol Corp. - Class A | 37269 | 2972948 |
| Applied Materials, Inc. | 14413 | 1606905 |
|  |  | 4579853 |
| **Materials - 1.8%** |  |  |
| AptarGroup, Inc. | 45210 | 5228084 |
| **Real Estate - 4.6%** |  |  |
| Equity Commonwealth | 126920 | 3238998 |
| Healthcare Realty Trust, Inc. | 481152 | 10359203 |
|  |  | 13598201 |
| **Utilities - 2.1%** |  |  |
| SJW Group | 31452 | 2434699 |
| United Utilities Group PLC - ADR | 147449 | 3832200 |
|  |  | 6266899 |
| **Total Common Stock** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $258,532,028)** |  | 272774053 |
| **SHORT-TERM INVESTMENT - 7.7%** |  |  |
| First American Government Obligations Fund, Class X, 4.14%^ |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $22,869,810)** | 22869810 | 22869810 |
| **Total Investments - 99.6%** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $281,401,838)** |  | **295643863** |
| **Other Assets and Liabilities, Net - 0.4%** |  | **1213161** |
| **Total Net Assets - 100.0%** |  | $**296857024** |

---

---

| | |
|:---|:---|
| # <br>| The Fund is significantly invested in this sector and therefore is subject to additional risks. Changes in domestic and international economies, interest rates, competition, consumer confidence, consumer <br> spending, government regulation, marketing, and supply and demand may affect companies in this sector. |
| + <br>| The Fund is significantly invested in this sector and therefore is subject to additional risks. Companies in this sector are subject to litigation, intellectual property issues, competition, government regulation, <br> product approval or rejection, and product obsolescence. |
| \* <br>| Non-income producing security |
| ^ <br>| The rate shown is the annualized seven day effective yield as of January 31, 2023. |
| ADR - <br>| American Depositary Receipt |
| **Summary of Fair Value Exposure** | **Summary of Fair Value Exposure** |
| The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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 Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. | 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 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 would be based on the best information available. | 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 would be based on the best information available. |
| The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. | The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
| The following is a summary of the inputs used to value the Fund's securities as of January 31, 2023: | The following is a summary of the inputs used to value the Fund's securities as of January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $272774053 | $- | $- | $272774053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment | 22869810 | - | - | 22869810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $295643863 | $- | $- | $295643863 |
| Refer to the Schedule of Investments for further information on the classification of investments. |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Managed Portfolio Series

- **b. Investment Company Act file number:** 811-22525

- **c. CIK number of Registrant:** 0001511699

- **d. LEI of Registrant:** 254900SQ3GG01NP4WM65

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1712

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

- **a. Name of Series:** Nuance Concentrated Value Fund

- **b. EDGAR series identifier (if any):** S000031968

- **c. LEI of Series:** 254900C5NNQJ5IJNSM39

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $297882176.64

**Total Liabilities:** $924788.31

**Net Assets:** $296957388.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000099506 | 6.55%                | -1.59%               | 4.74%                |
| Class ID C000115524 | 6.55%                | -1.59%               | 4.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-82693.02               | $19858895.83                               |
| Month 2  | $-1536335.76             | $-3934801.41                               |
| Month 3  | $-8056137.92             | $21581535.60                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     14413 | NS      | $1606905.37   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     45210 | NS      | $5228084.40   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                | Knorr-Bremse AG                            | CUSIP: 499180107<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    741415 | NS      | $12070236.20  | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc            | Mission Produce Inc                        | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |    302307 | NS      | $3766745.22   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                      | SJW Group                                  | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31452 | NS      | $2434699.32   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     60960 | NS      | $11650675.20  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings In | Aerojet Rocketdyne Holdings Inc            | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |     78909 | NS      | $4412591.28   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                              | CUSIP: 07724U103<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |    378723 | NS      | $9191607.21   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     26102 | NS      | $1493556.44   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                              | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |    120677 | NS      | $17460755.13  | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc            | DENTSPLY SIRONA Inc                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |    655435 | NS      | $24139671.05  | 8.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth            | Equity Commonwealth                        | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |    131310 | NS      | $3351031.20   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  23397923 | NS      | $23397922.58  | 7.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Gr | Hartford Financial Services Group Inc/The  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     18944 | NS      | $1470243.84   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc    | Healthcare Realty Trust Inc                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    481152 | NS      | $10359202.56  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical Inc                            | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     62875 | NS      | $12149336.25  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     37269 | NS      | $2972948.13   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Henkel AG & Co KGaA            | Henkel AG & Co KGaA                        | CUSIP: 42550U109<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |   1550700 | NS      | $25757127.00  | 8.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    180668 | NS      | $23488646.68  | 7.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products Inc                 | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    780564 | NS      | $9874134.60   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    138429 | NS      | $13423460.13  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     35622 | NS      | $5406350.94   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                         | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    757095 | NS      | $21047241.00  | 7.09%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |    142757 | NS      | $16428475.56  | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC     | United Utilities Group PLC                 | CUSIP: 91311E102<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    147449 | NS      | $3832199.51   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     85529 | NS      | $12676253.09  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc                 | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     35227 | NS      | $4485806.18   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    109690 | NS      | $9179956.10   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     16182 | NS      | $3681243.18   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-22

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer