# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-014437
**Filing Date:** 2023-3
**Character Count:** 23686
**Document Hash:** 14e5c0a45eef3a19b3076ea3a27cf1b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014437.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014437

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 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:** 23693646

**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 International Opportunity Fund (Series ID: S000073660)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |

## 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 International Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073660

- **c. LEI of Series:** 549300O0VSYG3SRE2F79

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1935295.11

**Total Liabilities:** $47448.17

**Net Assets:** $1887846.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230725 | 6.81%                | 7.91%                | -2.57%               |
| Class ID C000230726 | 6.82%                | 7.92%                | -2.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22317.45               | $137963.09                                 |
| Month 2  | $-60772.70               | $204113.61                                 |
| Month 3  | $-13240.60               | $-55568.20                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CVR Partners LP                          | CVR Partners LP                              | CUSIP: 126633205<br>LEI: 529900LE0OS06MYQRP11 | Long             | EC               | CORP              | US        |       422 | NS      | $42444.76     | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                       | Denison Mines Corp                           | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |     24170 | NS      | $27795.50     | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Exscientia Plc                           | Exscientia Plc                               | CUSIP: 30223G102<br>LEI: 213800XOQHH5CV85AD30 | Long             | EC               | CORP              | GB        |      1004 | NS      | $5351.32      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund     | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     16559 | NS      | $16559.06     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                    | GFL Environmental Inc                        | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |      3105 | NS      | $90759.15     | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinaxis Inc                              | Kinaxis Inc                                  | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |        86 | NS      | $9648.64      | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Payfare Inc                              | Payfare Inc                                  | CUSIP: 70437C109<br>LEI: 984500BA0D5FD364F462 | Long             | EC               | CORP              | CA        |      4818 | NS      | $15265.30     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexus Industrial REIT                    | Nexus Industrial REIT                        | CUSIP: 65344U101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4346 | NS      | $30941.98     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust            | Sprott Physical Uranium Trust                | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               | RF                | CA        |      3235 | NS      | $37849.50     | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PowerCell Sweden AB                      | PowerCell Sweden AB                          | CUSIP: N/A<br>LEI: 54930075IJ7TGOK3VC02       | Long             | EC               | CORP              | SE        |       945 | NS      | $10826.87     | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                       | Cellnex Telecom SA                           | CUSIP: N/A<br>LEI: 5493008T4YG3AQUI7P67       | Long             | EC               | CORP              | ES        |       556 | NS      | $18443.15     | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco del Bajio SA                       | Banco del Bajio SA                           | CUSIP: N/A<br>LEI: 4469000001BD95FFLY16       | Long             | EC               | CORP              | MX        |     12500 | NS      | $39373.41     | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son L           | Bank of NT Butterfield & Son Ltd/The         | CUSIP: N/A<br>LEI: 549300V8RVM0EMTDPF28       | Long             | EC               | CORP              | BM        |       910 | NS      | $27127.10     | 1.44%             |  |  |  | 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        |      2101 | NS      | $27964.31     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In           | Establishment Labs Holdings Inc              | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |       522 | NS      | $34269.30     | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                 | Fabrinet                                     | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |       376 | NS      | $48210.72     | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                        | FTAI Aviation Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      1600 | NS      | $27392.00     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ReNew Energy Global PLC                  | ReNew Energy Global PLC                      | CUSIP: N/A<br>LEI: 254900SL77LA2KAG7R65       | Long             | EC               | CORP              | IN        |      4054 | NS      | $22297.00     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                        | CNH Industrial NV                            | CUSIP: N20944109<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |      1448 | NS      | $23254.88     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                    | NXP Semiconductors NV                        | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |       502 | NS      | $79331.06     | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Playa Hotels & Resorts NV                | Playa Hotels & Resorts NV                    | CUSIP: N/A<br>LEI: 529900BUP3KWPCJNLS49       | Long             | EC               | CORP              | US        |      2845 | NS      | $18577.85     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                      | Scorpio Tankers Inc                          | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MC        |       427 | NS      | $22959.79     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspired Entertainment Inc               | Inspired Entertainment Inc                   | CUSIP: 45782N108<br>LEI: 549300ZUGYK6NBIU6D69 | Long             | EC               | CORP              | US        |      2590 | NS      | $32815.30     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| KraneShares Global Carbon Stra           | KraneShares Global Carbon Strategy ETF       | CUSIP: 500767678<br>LEI: 549300N19OWO53YWFA13 | Long             | EC               | RF                | US        |       546 | NS      | $19912.62     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LION ELECTRIC CO/THE                     | Lion Electric Co/The                         | CUSIP: 536221120<br>LEI: 894500XKOKXHCZ99CE73 | N/A              | DE               | CORP              | CA        |     12122 | NS      | $8485.40      | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVA Optical Networking SE               | ADVA Optical Networking SE                   | CUSIP: N/A<br>LEI: 5299001QZNN0TKI9J120       | Long             | EC               | CORP              | DE        |      5762 | NS      | $136218.81    | 7.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Webjet Ltd                               | Webjet Ltd                                   | CUSIP: Q9570B108<br>LEI: 21380064YZG4XMO4CW38 | Long             | EC               | CORP              | AU        |     10578 | NS      | $44027.43     | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Queensland Ltd                   | Bank of Queensland Ltd                       | CUSIP: N/A<br>LEI: 549300WFIN7T02UKDG08       | Long             | EC               | CORP              | AU        |      5500 | NS      | $25718.95     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| United Tractors Tbk PT                   | United Tractors Tbk PT                       | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |     11600 | NS      | $19444.79     | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ciputra Development Tbk PT               | Ciputra Development Tbk PT                   | CUSIP: N/A<br>LEI: 2549000JMJUYB9U5Y204       | Long             | EC               | CORP              | ID        |    340000 | NS      | $20529.95     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iwatani Corp                             | Iwatani Corp                                 | CUSIP: N/A<br>LEI: 353800TSKIDNENNV2L96       | Long             | EC               | CORP              | JP        |       500 | NS      | $21898.30     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Steel Works Ltd/The                | Japan Steel Works Ltd/The                    | CUSIP: N/A<br>LEI: 529900AWFTILIHHO0936       | Long             | EC               | CORP              | JP        |       800 | NS      | $15715.50     | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| NexGen Energy Ltd                        | NexGen Energy Ltd                            | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               | CORP              | CA        |      4499 | NS      | $19930.57     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                            | Marubeni Corp                                | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |     10109 | NS      | $115808.19    | 6.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt           | Mitsubishi Heavy Industries Ltd              | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |       700 | NS      | $27661.59     | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BNI Tbk PT                               | Bank Negara Indonesia Persero Tbk PT         | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |     44400 | NS      | $26305.56     | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Tosei Corp                               | Tosei Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1700 | NS      | $17591.14     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc                    | TFI International Inc                        | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |       456 | NS      | $45709.44     | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                         | WNS Holdings Ltd                             | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |      1085 | NS      | $86789.15     | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaccord Genuity Group Inc              | Canaccord Genuity Group Inc                  | CUSIP: 134801109<br>LEI: 5493002DR5KW4JP7YS87 | Long             | EC               | CORP              | CA        |      4312 | NS      | $26719.11     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale Indonesia Tbk PT                    | Vale Indonesia Tbk PT                        | CUSIP: N/A<br>LEI: 5299002HHYBH7C6WBQ62       | Long             | EC               | CORP              | ID        |     81600 | NS      | $37119.04     | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| KOC Holding AS                           | KOC Holding AS                               | CUSIP: N/A<br>LEI: 7890005U0H950VH19H45       | Long             | EC               | CORP              | TR        |      9600 | NS      | $43068.92     | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Vecima Networks Inc                      | Vecima Networks Inc                          | CUSIP: 92241Y101<br>LEI: 549300L8DMJG6F2WB423 | Long             | EC               | CORP              | CA        |      1370 | NS      | $19619.13     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alchip Technologies Ltd                  | Alchip Technologies Ltd                      | CUSIP: N/A<br>LEI: 529900HKE9RIY07SLX84       | Long             | EC               | CORP              | TW        |      1205 | NS      | $30607.33     | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Enerplus Corp                            | Enerplus Corp                                | CUSIP: 292766102<br>LEI: 549300OEXJU0X6FYBQ42 | Long             | EC               | CORP              | CA        |      2200 | NS      | $38833.09     | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mills Estruturas e Servicos de           | Mills Estruturas e Servicos de Engenharia SA | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     18900 | NS      | $40905.09     | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd                             | Nexon Co Ltd                                 | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |       900 | NS      | $20205.64     | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fibra Uno Administracion SA de           | Fibra Uno Administracion SA de CV            | CUSIP: P3515D163<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     16000 | NS      | $18884.87     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIBRA Macquarie Mexico                   | FIBRA Macquarie Mexico                       | CUSIP: P3515D155<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     17799 | NS      | $26214.63     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de           | Corp Inmobiliaria Vesta SAB de CV            | CUSIP: P9781N108<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |     13659 | NS      | $32369.72     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Saratoga Investama Sedaya Tbk            | Saratoga Investama Sedaya Tbk PT             | CUSIP: N/A<br>LEI: 254900LIRX29G7OOIT03       | Long             | EC               | CORP              | ID        |    112000 | NS      | $18208.44     | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| BFF Bank SpA                             | BFF Bank SpA                                 | CUSIP: N/A<br>LEI: 815600522538355AE429       | Long             | EC               | CORP              | IT        |      2500 | NS      | $19834.55     | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV           | BE Semiconductor Industries NV               | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |       300 | NS      | $18282.21     | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Regional SAB de CV                       | Regional SAB de CV                           | CUSIP: P8008V109<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      5200 | NS      | $37626.05     | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Thumb Industries Inc               | Green Thumb Industries Inc                   | CUSIP: 39342L108<br>LEI: 529900Q0L3K192QQY915 | Long             | EC               | CORP              | US        |       700 | NS      | $6193.50      | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlorenzo SpA/Ameglia                   | Sanlorenzo SpA/Ameglia                       | CUSIP: N/A<br>LEI: 8156006C71E895860132       | Long             | EC               | CORP              | IT        |       513 | NS      | $20276.37     | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| eDreams ODIGEO SA                        | eDreams ODIGEO SA                            | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | EC               | CORP              | ES        |      4553 | NS      | $19220.11     | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Italian Sea Group SPA/The                | Italian Sea Group SPA/The                    | CUSIP: N/A<br>LEI: 8156007833AB49068789       | Long             | EC               | CORP              | IT        |      1500 | NS      | $9104.14      | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC             | Baltic Classifieds Group PLC                 | CUSIP: N/A<br>LEI: 213800I1RPHCFSSQS969       | Long             | EC               | CORP              | GB        |     18015 | NS      | $30684.94     | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Scott Ostrowski

**Title:** President