# EDGAR Filing Document

**Accession Number:** 0001600999
**File Stem:** 0001600999-23-000001
**Filing Date:** 2023-2
**Character Count:** 10839
**Document Hash:** cd7cb64c1531dd821fa11456b315332e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001600999-23-000001.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001600999-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANAGED ASSET PORTFOLIOS, LLC
- **CENTRAL INDEX KEY:** 0001600999
- **IRS NUMBER:** 383567816
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16090
- **FILM NUMBER:** 23593110

**BUSINESS ADDRESS:**
- **STREET 1:** 950 W. UNIVERSITY DRIVE
- **STREET 2:** SUITE 100
- **CITY:** ROCHESTER
- **STATE:** MI
- **ZIP:** 48307
- **BUSINESS PHONE:** 248-601-6677

**MAIL ADDRESS:**
- **STREET 1:** 950 W. UNIVERSITY DRIVE
- **STREET 2:** SUITE 100
- **CITY:** ROCHESTER
- **STATE:** MI
- **ZIP:** 48307

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MANAGED ASSET PORTFOLIOS LLC<br>**Address:** 950 W. UNIVERSITY DRIVE<br>SUITE 100<br>ROCHESTER, MI 48307

**Form 13F File Number:** 028-16090

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael S. Dzialo<br>**Title:** President and Chief Investment Officer<br>**Phone:** 248-601-6677

**Signature, Place, and Date of Signing:**

/s/ Michael S. Dzialo  Rochester, MI  02-07-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 73

**Form 13F Information Table Value Total:** $639451

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                   | Form 13F File Number   |
|:---|:---|:---|
|  | Guardian Partners Inc. | 028-21632              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Anglo American Plc - ADR | COM | 03485P300 |  | 10474 | 534101 | SH |  | SOLE |  | 461231 | 0 | 72870 |
| Apple Inc. | COM | 037833100 |  | 11731 | 90283 | SH |  | SOLE |  | 65212 | 0 | 25071 |
| Apple Inc. | COM | 037833100 |  | 521 | 4012 | SH |  | OTR | 01 | 4012 | 0 | 0 |
| Applied Materials | COM | 038222105 |  | 15421 | 158364 | SH |  | SOLE |  | 119255 | 0 | 39109 |
| Applied Materials | COM | 038222105 |  | 811 | 8333 | SH |  | OTR | 01 | 8333 | 0 | 0 |
| AT Inc. | COM | 00206R102 |  | 17013 | 924124 | SH |  | SOLE |  | 681965 | 0 | 242159 |
| AT Inc. | COM | 00206R102 |  | 304 | 16500 | SH |  | OTR | 01 | 16500 | 0 | 0 |
| Bunge LTD | COM | G16962105 |  | 39232 | 393220 | SH |  | SOLE |  | 300599 | 0 | 92620 |
| Bunge LTD | COM | G16962105 |  | 1298 | 13010 | SH |  | OTR | 01 | 13010 | 0 | 0 |
| Campbell Soup Co | COM | 134429109 |  | 7015 | 123617 | SH |  | SOLE |  | 92873 | 0 | 30745 |
| Campbell Soup Co | COM | 134429109 |  | 353 | 6228 | SH |  | OTR | 01 | 6228 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 9034 | 50329 | SH |  | SOLE |  | 37985 | 0 | 12344 |
| Chevron Corporation | COM | 166764100 |  | 342 | 1905 | SH |  | OTR | 01 | 1905 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 29916 | 627965 | SH |  | SOLE |  | 484882 | 0 | 143084 |
| Cisco Systems Inc | COM | 17275R102 |  | 1143 | 24000 | SH |  | OTR | 01 | 24000 | 0 | 0 |
| eBay Inc | COM | 278642103 |  | 13149 | 317079 | SH |  | SOLE |  | 242459 | 0 | 74620 |
| eBay Inc | COM | 278642103 |  | 549 | 13250 | SH |  | OTR | 01 | 13250 | 0 | 0 |
| Electronic Arts Inc | COM | 285512109 |  | 5530 | 45260 | SH |  | SOLE |  | 31455 | 0 | 13806 |
| Electronic Arts Inc | COM | 285512109 |  | 319 | 2613 | SH |  | OTR | 01 | 2613 | 0 | 0 |
| Freeport-McMoran Inc | COM | 35671D857 |  | 8203 | 215862 | SH |  | SOLE |  | 157633 | 0 | 58228 |
| Freeport-McMoran Inc | COM | 35671D857 |  | 534 | 14060 | SH |  | OTR | 01 | 14060 | 0 | 0 |
| Hess Corporation | COM | 42809h107 |  | 5025 | 35433 | SH |  | SOLE |  | 24536 | 0 | 10897 |
| Hess Corporation | COM | 42809h107 |  | 339 | 2387 | SH |  | OTR | 01 | 2387 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 14581 | 46162 | SH |  | SOLE |  | 34683 | 0 | 11479 |
| Home Depot Inc | COM | 437076102 |  | 582 | 1844 | SH |  | OTR | 01 | 1844 | 0 | 0 |
| iShares MSCI ACWI ETF | COM | 464288257 |  | 2859 | 33680 | SH |  | SOLE |  | 33680 | 0 | 0 |
| Ishares MSCI Eurozone ETF | COM | 464286608 |  | 1713 | 43385 | SH |  | SOLE |  | 8000 | 0 | 35385 |
| ISHARES TR RUSSELL 2000 RUSSEL | COM | 464287630 |  | 208 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 29888 | 169196 | SH |  | SOLE |  | 128688 | 0 | 40508 |
| Johnson  Johnson | COM | 478160104 |  | 618 | 3500 | SH |  | OTR | 01 | 3500 | 0 | 0 |
| Kratos Defense  Security | COM | 50077B207 |  | 9460 | 916697 | SH |  | SOLE |  | 665605 | 0 | 251092 |
| Kratos Defense  Security | COM | 50077B207 |  | 640 | 62000 | SH |  | OTR | 01 | 62000 | 0 | 0 |
| Labor Smart INC | COM | 50541A108 |  | 0 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MDU Resources Group Inc. | COM | 552690109 |  | 16761 | 552454 | SH |  | SOLE |  | 425766 | 0 | 126687 |
| MDU Resources Group Inc. | COM | 552690109 |  | 762 | 25123 | SH |  | OTR | 01 | 25123 | 0 | 0 |
| Medtronic PLC | COM | G5960L103 |  | 11773 | 151478 | SH |  | SOLE |  | 115882 | 0 | 35596 |
| Medtronic PLC | COM | G5960L103 |  | 478 | 6150 | SH |  | OTR | 01 | 6150 | 0 | 0 |
| Meta Platforms Inc. | COM | 30303M102 |  | 8486 | 70517 | SH |  | SOLE |  | 50093 | 0 | 20424 |
| Meta Platforms Inc. | COM | 30303M102 |  | 617 | 5128 | SH |  | OTR | 01 | 5128 | 0 | 0 |
| Micron Technology Inc | COM | 595112103 |  | 16849 | 337112 | SH |  | SOLE |  | 261487 | 0 | 75625 |
| Micron Technology Inc | COM | 595112103 |  | 580 | 11599 | SH |  | OTR | 01 | 11599 | 0 | 0 |
| Microsoft | COM | 594918104 |  | 30456 | 126994 | SH |  | SOLE |  | 98650 | 0 | 28344 |
| Microsoft | COM | 594918104 |  | 1259 | 5250 | SH |  | OTR | 01 | 5250 | 0 | 0 |
| Mosaic Co | COM | 61945C103 |  | 26531 | 604758 | SH |  | SOLE |  | 460215 | 0 | 144543 |
| Mosaic Co | COM | 61945C103 |  | 780 | 17780 | SH |  | OTR | 01 | 17780 | 0 | 0 |
| National Fuel Gas Company | COM | 636180101 |  | 28350 | 447861 | SH |  | SOLE |  | 343853 | 0 | 104008 |
| National Fuel Gas Company | COM | 636180101 |  | 887 | 14020 | SH |  | OTR | 01 | 14020 | 0 | 0 |
| Nokia Corporation | COM | 654902204 |  | 16888 | 3639685 | SH |  | SOLE |  | 3174472 | 0 | 465213 |
| Nokia Corporation | COM | 654902204 |  | 738 | 159040 | SH |  | OTR | 01 | 159040 | 0 | 0 |
| Novartis AG-ADR | COM | 66987V109 |  | 36767 | 405280 | SH |  | SOLE |  | 311054 | 0 | 94227 |
| Novartis AG-ADR | COM | 66987V109 |  | 1084 | 11950 | SH |  | OTR | 01 | 11950 | 0 | 0 |
| Orange - ADR | COM | 684060106 |  | 16018 | 1621260 | SH |  | SOLE |  | 1377466 | 0 | 243793 |
| Orange - ADR | COM | 684060106 |  | 565 | 57190 | SH |  | OTR | 01 | 57190 | 0 | 0 |
| Sanofi ADR | COM | 80105N105 |  | 29175 | 602420 | SH |  | SOLE |  | 532002 | 0 | 70417 |
| Sanofi ADR | COM | 80105N105 |  | 1146 | 23660 | SH |  | OTR | 01 | 23660 | 0 | 0 |
| SPDR Bloomberg Barclays 1-3 Mo | COM | 78468R663 |  | 12394 | 135496 | SH |  | SOLE |  | 76137 | 0 | 59359 |
| Sprott Physical Gold  Silver | COM | 85208R101 |  | 27241 | 1519274 | SH |  | SOLE |  | 1198167 | 0 | 321106 |
| Sprott Physical Gold  Silver | COM | 85208R101 |  | 1082 | 60350 | SH |  | OTR | 01 | 60350 | 0 | 0 |
| Synaptics Inc | COM | 87157D109 |  | 386 | 4057 | SH |  | SOLE |  | 1742 | 0 | 2315 |
| Takeda Pharmaceutical Company | COM | 874060205 |  | 22480 | 1441018 | SH |  | SOLE |  | 1114906 | 0 | 326112 |
| Takeda Pharmaceutical Company | COM | 874060205 |  | 443 | 28410 | SH |  | OTR | 01 | 28410 | 0 | 0 |
| Tetra Tech Inc | COM | 88162G103 |  | 27807 | 191521 | SH |  | SOLE |  | 144550 | 0 | 46971 |
| Tetra Tech Inc | COM | 88162G103 |  | 1051 | 7240 | SH |  | OTR | 01 | 7240 | 0 | 0 |
| UGI Corporation | COM | 902681105 |  | 20816 | 561527 | SH |  | SOLE |  | 429934 | 0 | 131593 |
| UGI Corporation | COM | 902681105 |  | 806 | 21730 | SH |  | OTR | 01 | 21730 | 0 | 0 |
| Unilever PLC - Sponsored ADR | COM | 904767704 |  | 9370 | 186097 | SH |  | SOLE |  | 162413 | 0 | 23684 |
| Unilever PLC - Sponsored ADR | COM | 904767704 |  | 252 | 5000 | SH |  | OTR | 01 | 5000 | 0 | 0 |
| Vodafone Group PLC - SP  ADR | COM | 92857W308 |  | 11611 | 1147360 | SH |  | SOLE |  | 1009986 | 0 | 137374 |
| Vodafone Group PLC - SP  ADR | COM | 92857W308 |  | 458 | 45300 | SH |  | OTR | 01 | 45300 | 0 | 0 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 13288 | 93719 | SH |  | SOLE |  | 68005 | 0 | 25714 |
| Wal-Mart Stores Inc. | COM | 931142103 |  | 892 | 6292 | SH |  | OTR | 01 | 6292 | 0 | 0 |
| Warner  Bros. Discovery Inc. | COM | 934423104 |  | 3191 | 336584 | SH |  | SOLE |  | 264293 | 0 | 72291 |
| Warner  Bros. Discovery Inc. | COM | 934423104 |  | 128 | 13471 | SH |  | OTR | 01 | 13471 | 0 | 0 |

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