# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-247691
**Filing Date:** 2026-5
**Character Count:** 18721
**Document Hash:** 46442b67f0a3910efdbd680c9e5c4ea6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247691.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247691

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042629

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Spyglass Growth Fund** | **Spyglass Growth Fund** | **Spyglass Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.9%** | **Shares**  | **Value**  |
| **Communication Services - 3.1%** | **Communication Services - 3.1%** | |
| ROBLOX Corp. - Class A <sup>(a)</sup> | 458330 | $25923145 |
| **Consumer Discretionary - 11.0%** | **Consumer Discretionary - 11.0%** |  |
| Carvana Co. <sup>(a)</sup> | 98360 | 30922417 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 175229 | 26310634 |
| Global-e Online Ltd. <sup>(a)</sup> | 1138470 | 35121799 |
|  |  | 92354850 |
| **Financials - 15.7%** | **Financials - 15.7%** |  |
| Affirm Holdings, Inc. <sup>(a)</sup> | 976643 | 44749782 |
| Chime Financial, Inc. - Class A <sup>(a)</sup> | 761933 | 14271005 |
| Kinsale Capital Group, Inc. | 80507 | 27506022 |
| Shift4 Payments, Inc. - Class A <sup>(a)</sup> | 1029041 | 44999963 |
|  |  | 131526772 |
| **Health Care - 10.6%** | **Health Care - 10.6%** |  |
| Ascendis Pharma AS - ADR <sup>(a)</sup> | 216236 | 49459660 |
| Illumina, Inc. <sup>(a)</sup> | 191012 | 23544139 |
| Medpace Holdings, Inc. <sup>(a)</sup> | 32763 | 15732465 |
|  |  | 88736264 |
| **Industrials - 10.9%** | **Industrials - 10.9%** |  |
| AAON, Inc. | 504691 | 41763180 |
| API Group Corp. <sup>(a)</sup> | 746792 | 30260012 |
| Loar Holdings, Inc. <sup>(a)</sup> | 343272 | 19666053 |
|  |  | 91689245 |
| **Information Technology - 44.5% <sup>(b)</sup>** | **Information Technology - 44.5% <sup>(b)</sup>** |  |
| AppLovin Corp. - Class A <sup>(a)</sup> | 97866 | 38950668 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 137094 | 38094310 |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | 347804 | 32648361 |
| Fair Isaac Corp. <sup>(a)</sup> | 33100 | 35335574 |
| HubSpot, Inc. <sup>(a)</sup> | 184459 | 45026442 |
| MongoDB, Inc. <sup>(a)</sup> | 148742 | 36407579 |
| nCino, Inc. <sup>(a)</sup> | 1812958 | 27158111 |
| Procore Technologies, Inc. <sup>(a)</sup> | 590791 | 33675087 |
| Samsara, Inc. - Class A <sup>(a)</sup> | 1731508 | 54871489 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | 207006 | 31220645 |
|  |  | 373388266 |
| **Real Estate - 3.1%** | **Real Estate - 3.1%** |  |
| CoStar Group, Inc. <sup>(a)</sup> | 652702 | 26329999 |
| **TOTAL COMMON STOCKS** (Cost $947,236,522) | **TOTAL COMMON STOCKS** (Cost $947,236,522) | 829948541 |
| **TOTAL INVESTMENTS - 98.9% (**Cost $947,236,522**)** | **TOTAL INVESTMENTS - 98.9% (**Cost $947,236,522**)** | 829948541 |
| Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | 9272584 |
| **TOTAL NET ASSETS - 100.0%** |  | $839221125 |
| Percentages are stated as a percent of net assets.<br> 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. | Percentages are stated as a percent of net assets.<br> 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>

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Spyglass 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 March 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 | $829948541 | $– | $– | $829948541 |
| Total Investments | $829948541 | $– | $– | $829948541 |
| 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:** 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $839617607.31

**Total Liabilities:** $1116598.54

**Net Assets:** $838501008.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000196940 | -9.29%               | -8.06%               | -9.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14997248.82             | $-119159814.84                             |
| Month 2  | $-1107547.81             | $-80834828.37                              |
| Month 3  | $-36837144.43            | $-48788248.32                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Snowflake Inc                          | Snowflake Inc                          | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    207006 | NS      | $31220644.92  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                               | AAON Inc                               | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    504691 | NS      | $41763180.25  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                    | Affirm Holdings Inc                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    976643 | NS      | $44749782.26  | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                      | Loar Holdings Inc                      | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343272 | NS      | $19666052.88  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                              | nCino Inc                              | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |   1812958 | NS      | $27158110.84  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc             | Cadence Design Systems Inc             | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    137094 | NS      | $38094309.78  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc              | Kinsale Capital Group Inc              | CUSIP: 49714P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80507 | NS      | $27506021.62  | 3.28%             |  |  |  | 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        |   9595999 | NS      | $9595999.09   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                          | AppLovin Corp                          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     97866 | NS      | $38950668.00  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                    | Ascendis Pharma A/S                    | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    216236 | NS      | $49459660.28  | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                             | Carvana Co                             | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |     98360 | NS      | $30922416.80  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                       | CoStar Group Inc                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    652702 | NS      | $26329998.68  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                        | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     33100 | NS      | $35335574.00  | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc               | Procore Technologies Inc               | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    590791 | NS      | $33675087.00  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                            | ROBLOX Corp                            | CUSIP: 771049103<br>LEI: 529900ANZDBDFU91SO19 | Long             | EC               | CORP              | US        |    458330 | NS      | $25923144.80  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                            | Samsara Inc                            | CUSIP: 79589L106<br>LEI: 529900IE80DQBIFK3M88 | Long             | EC               | CORP              | US        |   1731508 | NS      | $54871488.52  | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                    | Shift4 Payments Inc                    | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1029041 | NS      | $44999962.93  | 5.37%             |  |  |  | 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        |    347804 | NS      | $32648361.48  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd                    | Global-e Online Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |   1138470 | NS      | $35121799.50  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                         | API Group Corp                         | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    746792 | NS      | $30260011.84  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                           | DoorDash Inc                           | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    175229 | NS      | $26310634.35  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                            | HubSpot Inc                            | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |    184459 | NS      | $45026441.90  | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                           | Illumina Inc                           | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    191012 | NS      | $23544139.12  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                   | Medpace Holdings Inc                   | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     32763 | NS      | $15732464.97  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chime Financial Inc                    | Chime Financial Inc                    | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    761933 | NS      | $14271005.09  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                            | MongoDB Inc                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    148742 | NS      | $36407579.34  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President