# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-009085
**Filing Date:** 2026-3
**Character Count:** 18911
**Document Hash:** 5d80037082846b1f9ffeef9eae490dff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-009085.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000894189-26-009085

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**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:** 26805379

**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** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 99.9%** | **Shares** | **Value**  |
| **Consumer Discretionary - 13.9%** | **Consumer Discretionary - 13.9%** | |
| LVMH Moet Hennessy Louis Vuitton SE | 8254 | $5327187 |
| MercadoLibre, Inc. <sup>(a)</sup> | 1292 | 2774945 |
| Prosus NV | 92155 | 5299046 |
| Suzuki Motor Corp. | 404867 | 5520391 |
|  |  | 18921569 |
| **Energy - 3.7%** | **Energy - 3.7%** |  |
| Cameco Corp. | 41026 | 5062198 |
| **Financials - 12.3%** | **Financials - 12.3%** |  |
| Commerzbank AG | 157417 | 6470603 |
| HDFC Bank Ltd. - ADR | 50240 | 1626771 |
| ICICI Bank Ltd. - ADR | 53677 | 1572200 |
| Standard Chartered PLC | 271578 | 6948685 |
|  |  | 16618259 |
| **Health Care - 16.3%** | **Health Care - 16.3%** |  |
| AstraZeneca PLC | 36912 | 6877199 |
| Sandoz Group AG | 107772 | 8538328 |
| UCB SA | 21969 | 6694541 |
|  |  | 22110068 |
| **Industrials - 34.5% <sup>(b)</sup>** | **Industrials - 34.5% <sup>(b)</sup>** |  |
| Airbus SE | 27553 | 6308280 |
| Hitachi Ltd. | 191152 | 6633000 |
| Leonardo SpA | 52313 | 3495913 |
| Mitsubishi Heavy Industries Ltd. | 230574 | 6789007 |
| Prysmian SpA | 60820 | 7203751 |
| Rheinmetall AG | 3032 | 6424366 |
| Safran SA | 17479 | 6245117 |
| Weir Group PLC | 84090 | 3714136 |
|  |  | 46813570 |
| **Information Technology - 19.2%** | **Information Technology - 19.2%** |  |
| ASML Holding NV | 5428 | 7783267 |
| Infineon Technologies AG | 146387 | 7155788 |
| STMicroelectronics NV | 112780 | 3184699 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 144277 | 7977932 |
|  |  | 26101686 |
| **TOTAL COMMON STOCKS** (Cost $88,531,750) | **TOTAL COMMON STOCKS** (Cost $88,531,750) | 135627350 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.61% <sup>(c)</sup> | 457132 | 457132 |
| **TOTAL MONEY MARKET FUNDS** (Cost $457,132) | **TOTAL MONEY MARKET FUNDS** (Cost $457,132) | 457132 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $88,988,882**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $88,988,882**)** | 136084482 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (249167) |
| **TOTAL NET ASSETS - 100.0%** |  | $135835315 |
| 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 industries or sectors 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 yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $11036114 | $124591236 | $– | $135627350 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 457132 | – | – | 457132 |
| Total Investments | $11493246 | $124591236 | $– | $136084482 |
| 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $136177880.26

**Total Liabilities:** $301027.64

**Net Assets:** $135876852.62

**Cash Not Reported:** $25375.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198300 | -1.30%               | 1.82%                | 7.08%                |
| Class ID C000198301 | -1.29%               | 1.77%                | 7.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $567395.78               | $-1880302.04                               |
| Month 2  | $-224631.75              | $2428122.82                                |
| Month 3  | $253675.16               | $8696351.41                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     17479 | NS      | $6245116.69   | 4.60%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     50240 | NS      | $1626771.20   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV          | STMicroelectronics NV                      | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | CH        |    112780 | NS      | $3184699.29   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     27553 | NS      | $6308280.01   | 4.64%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      5428 | NS      | $7783266.71   | 5.73%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     53677 | NS      | $1572199.33   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1292 | NS      | $2774944.68   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |    191152 | NS      | $6633000.39   | 4.88%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    144277 | NS      | $7977931.91   | 5.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                 | Commerzbank AG                             | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |    157417 | NS      | $6470603.18   | 4.76%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     36912 | NS      | $6877199.32   | 5.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt | Mitsubishi Heavy Industries Ltd            | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    230574 | NS      | $6789006.86   | 5.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                      | Prosus NV                                  | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     92155 | NS      | $5299046.64   | 3.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                   | Leonardo SpA                               | CUSIP: N/A<br>LEI: 529900X4EEX1U9LN3U39       | Long             | EC               | CORP              | IT        |     52313 | NS      | $3495913.10   | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC         | Standard Chartered PLC                     | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |    271578 | NS      | $6948685.14   | 5.11%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    431757 | NS      | $431756.58    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                 | Rheinmetall AG                             | CUSIP: N/A<br>LEI: 5299001OU9CSE29O6S05       | Long             | EC               | CORP              | DE        |      3032 | NS      | $6424366.51   | 4.73%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                         | UCB SA                                     | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |     21969 | NS      | $6694540.54   | 4.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                          | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |    404867 | NS      | $5520390.94   | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                               | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |     60820 | NS      | $7203750.84   | 5.30%             |  |  |  | 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        |      8254 | NS      | $5327186.88   | 3.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                | Sandoz Group AG                            | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |    107772 | NS      | $8538328.12   | 6.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC/The             | Weir Group PLC/The                         | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |     84090 | NS      | $3714135.55   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                   | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    146387 | NS      | $7155787.78   | 5.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     41026 | NS      | $5062198.14   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Manager Directed Portfolios

**Title:** President