# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005984
**Filing Date:** 2025-8
**Character Count:** 38731
**Document Hash:** e39cebfc2defc8c2597b239c8f9ec573
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005984.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005984

**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:** 251261116

**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 New Opportunities Fund (Series ID: S000086255)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000251704 | Institutional Shares | HRNOX           |
| C000251705 | Investor Shares      | HRNIX           |
| C000251706 | Retirement Shares    | HRNRX           |

## 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 New Opportunities Fund

- **b. EDGAR series identifier (if any):** S000086255

- **c. LEI of Series:** 529900TR41M9QT3U9N96

**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:** $206402496.55

**Total Liabilities:** $39552650.79

**Net Assets:** $166849845.76

**Cash Not Reported:** $325992.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251704 | 0.45%                | 10.67%               | 11.00%               |
| Class ID C000251705 | 0.45%                | 10.60%               | 11.03%               |
| Class ID C000251706 | 0.45%                | 10.67%               | 11.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5779882.73             | $6099186.38                                |
| Month 2  | $-3219062.50             | $15610311.57                               |
| Month 3  | $-760328.87              | $16485635.73                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     31650 | NS      | $1615732.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     63416 | NS      | $2911428.56   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                     | Antero Resources Corp                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     49392 | NS      | $1989509.76   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    353614 | NS      | $3560892.98   | 2.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Ategrity Specialty Holdings LL            | Ategrity Specialty Holdings LLC           | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |      5594 | NS      | $120382.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66909 | NS      | $2192607.93   | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1837 | NS      | $1520925.78   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      7687 | NS      | $802445.93    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| BioCryst Pharmaceuticals Inc              | BioCryst Pharmaceuticals Inc              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     25745 | NS      | $230675.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     10627 | NS      | $722210.92    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     68243 | NS      | $3443541.78   | 2.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     31778 | NS      | $1653727.12   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                          | Hinge Health Inc                          | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10108 | NS      | $523089.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                        | Hippo Holdings Inc                        | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64012 | NS      | $1787855.16   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     27552 | NS      | $2772833.28   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                              | Kaspi.KZ JSC                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |      9271 | NS      | $787015.19    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15488 | NS      | $780130.56    | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     14680 | NS      | $1664858.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     50733 | NS      | $2356547.85   | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      9993 | NS      | $1373637.78   | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7510 | NS      | $646460.80    | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Lantheus Holdings Inc                     | Lantheus Holdings Inc                     | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      3582 | NS      | $293222.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     20303 | NS      | $994643.97    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64898 | NS      | $1968356.34   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     50981 | NS      | $4846253.86   | 2.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      4635 | NS      | $1402736.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     32708 | NS      | $5574424.44   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics               | MoonLake Immunotherapeutics               | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     14547 | NS      | $686618.40    | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| NANO Nuclear Energy Inc                   | NANO Nuclear Energy Inc                   | CUSIP: 63010H108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33413 | NS      | $1152414.37   | 0.69%             |  |  |  | No            |                  1 | 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        |  39372326 | NS      | $39372325.75  | 23.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                           | Amer Sports Inc                           | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |     30304 | NS      | $1174583.04   | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| BBB Foods Inc                             | BBB Foods Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     37787 | NS      | $1048967.12   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    225082 | NS      | $2340852.80   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                                  | IREN Ltd                                  | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |    102682 | NS      | $1496076.74   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Twilio Inc                                | Twilio Inc                                | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     17268 | NS      | $2147448.48   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      8040 | NS      | $940197.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6256478 | NS      | $6256478.46   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13238 | NS      | $1788983.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |       885 | NS      | $260791.80    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29097 | NS      | $1349809.83   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Chart Industries Inc                      | Chart Industries Inc                      | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      7457 | NS      | $1227795.05   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     30307 | NS      | $2464868.31   | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96785 | NS      | $2122495.05   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     34492 | NS      | $1081669.12   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      5699 | NS      | $3055860.79   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Inc              | Community Health Systems Inc              | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89265 | NS      | $303501.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                               | Corning Inc                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     21428 | NS      | $1126898.52   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     18792 | NS      | $540457.92    | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Curtiss-Wright Corp                       | Curtiss-Wright Corp                       | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      1635 | NS      | $798779.25    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     23680 | NS      | $1390963.20   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42006 | NS      | $11274830.46  | 6.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     19194 | NS      | $548180.64    | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| DuPont de Nemours Inc                     | DuPont de Nemours Inc                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     13343 | NS      | $915196.37    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      3554 | NS      | $718298.94    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4942 | NS      | $762352.92    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      6915 | NS      | $1326781.05   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     41767 | NS      | $1828976.93   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                     | CyberArk Software Ltd                     | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |      3451 | NS      | $1404142.88   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     31964 | NS      | $4212215.92   | 2.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Ondas Holdings Inc                        | Ondas Holdings Inc                        | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |    960961 | NS      | $1845045.12   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Parsons Corp                              | Parsons Corp                              | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     20667 | NS      | $1483270.59   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Priority Technology Holdings I            | Priority Technology Holdings Inc          | CUSIP: 74275G107<br>LEI: 549300ZS6DXD7ROBKB40 | Long             | EC               | CORP              | US        |    125343 | NS      | $975168.54    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14476 | NS      | $810511.24    | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     16720 | NS      | $2684897.60   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                  | National HealthCare Corp                  | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      6149 | NS      | $658004.49    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     10151 | NS      | $1275879.19   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                  | Okta Inc                                  | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     11677 | NS      | $1167349.69   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corp                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21983 | NS      | $898445.21    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     12529 | NS      | $977011.42    | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                       | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      6306 | NS      | $1030211.22   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     22866 | NS      | $2887747.14   | 1.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     52407 | NS      | $1770832.53   | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Viking Holdings Ltd                       | Viking Holdings Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     26655 | NS      | $1420444.95   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     61875 | NS      | $1497375.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Varonis Systems Inc                       | Varonis Systems Inc                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     33544 | NS      | $1702358.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                         | Verona Pharma PLC                         | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     32655 | NS      | $3088509.90   | 1.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Vertiv Holdings Co                        | Vertiv Holdings Co                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      9189 | NS      | $1179959.49   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     11848 | NS      | $578656.32    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     27693 | NS      | $1576008.63   | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     24307 | NS      | $1556134.14   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                            | Red Violet Inc                            | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |      8266 | NS      | $406687.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwire Corp                              | Redwire Corp                              | CUSIP: 75776W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49391 | NS      | $805073.30    | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     18250 | NS      | $671417.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      9969 | NS      | $629941.11    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93301 | NS      | $1390184.90   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     39440 | NS      | $1396964.80   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Select Medical Holdings Corp              | Select Medical Holdings Corp              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36712 | NS      | $557288.16    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     46907 | NS      | $2117381.98   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Senseonics Holdings Inc                   | Senseonics Holdings Inc                   | CUSIP: 81727U105<br>LEI: 549300RCH6Z07TBHJ258 | Long             | EC               | CORP              | US        |    973139 | NS      | $463603.42    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    179227 | NS      | $3860549.58   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc              | Slide Insurance Holdings Inc              | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |     20059 | NS      | $434477.94    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                     | SoFi Technologies Inc                     | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     83507 | NS      | $1520662.47   | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Sprouts Farmers Market Inc                | Sprouts Farmers Market Inc                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     14747 | NS      | $2427946.08   | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Symbotic Inc                              | Symbotic Inc                              | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54961 | NS      | $2135234.85   | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Take-Two Interactive Software             | Take-Two Interactive Software Inc         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      8466 | NS      | $2055968.10   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                  | Tandem Diabetes Care Inc                  | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     32485 | NS      | $605520.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Tapestry Inc                              | Tapestry Inc                              | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      6736 | NS      | $591488.16    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     11340 | NS      | $408126.60    | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     14494 | NS      | $1942340.94   | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |     10641 | NS      | $846491.55    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Butterfly Network Inc                     | Butterfly Network Inc                     | CUSIP: 124155102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    662966 | NS      | $1325932.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Cadence Design Systems Inc                | Cadence Design Systems Inc                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      3798 | NS      | $1170353.70   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                | CareDx Inc                                | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     38113 | NS      | $744728.02    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                           | Bit Digital Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    350876 | NS      | $768418.44    | 0.46%             |  |  |  | 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