Form NPORT-P Manager Directed Portfol For: Mar 31

May 18, 2022 3:12 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001359057
          XXXXXXXX
        
      
      
      
      
        S000060175
        C000196940
      
      
      
    
  
  
    
      Manager Directed Portfolios
      811-21897
      0001359057
      549300J0JL5T81OQ6O93
      615 E. Michigan Street
      Milwaukee
      
      53202
      4147654339
      Spyglass Growth Fund
      S000060175
      549300VSBO6U4TKNS090
      2022-12-31
      2022-03-31
      N
    
    
      1751837254.270000000000
      10681879.800000000000
      1741155374.470000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      15851506.050000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
      
      
        
        
          N/A
          N/A
          
        
        
      
    
    
      
        GoDaddy Inc
        549300J8H1TB0I2CB447
        GoDaddy Inc
        380237107
        
          
          
        
        1044803.000000000000
        NS
        USD
        87450011.100000000000
        5.0225277067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Leslie's Inc
        N/A
        Leslie's Inc
        527064109
        
          
          
        
        2519217.000000000000
        NS
        USD
        48772041.120000000000
        2.8011308948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lyft Inc
        549300H7I5VN334XVZ52
        Lyft Inc
        55087P104
        
          
          
        
        2243138.000000000000
        NS
        USD
        86136499.200000000000
        4.9470886093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Match Group Inc
        15OMOPB0A8K0EFUVD031
        Match Group Inc
        57667L107
        
          
          
        
        327565.000000000000
        NS
        USD
        35619418.100000000000
        2.0457346095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Momentive Global Inc
        549300PR9RG3VC9OH575
        Momentive Global Inc
        60878Y108
        
          
          
        
        4227673.000000000000
        NS
        USD
        68741962.980000000000
        3.9480659789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nutanix Inc
        549300X7J6E8TKVIXW09
        Nutanix Inc
        67059N108
        
          
          
        
        3599643.000000000000
        NS
        USD
        96542425.260000000000
        5.5447334957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        Pacira BioSciences Inc
        695127100
        
          
          
        
        1104377.000000000000
        NS
        USD
        84286052.640000000000
        4.8408116746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        Palo Alto Networks Inc
        697435105
        
          
          
        
        131981.000000000000
        NS
        USD
        82159492.310000000000
        4.7186766623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Peloton Interactive Inc
        5493002YS021166W0339
        Peloton Interactive Inc
        70614W100
        
          
          
        
        1736677.000000000000
        NS
        USD
        45883006.340000000000
        2.6352045896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Splunk Inc
        549300XGDSGBP6UEI867
        Splunk Inc
        848637104
        
          
          
        
        838849.000000000000
        NS
        USD
        124661349.890000000000
        7.1596913014
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransDigm Group Inc
        N/A
        TransDigm Group Inc
        893641100
        
          
          
        
        94081.000000000000
        NS
        USD
        61297534.740000000000
        3.5205091768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twitter Inc
        549300I8RX485XMK6836
        Twitter Inc
        90184L102
        
          
          
        
        1566868.000000000000
        NS
        USD
        60622122.920000000000
        3.4817181631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ulta Beauty Inc
        529900CIV6HN8M28YM82
        Ulta Beauty Inc
        90384S303
        
          
          
        
        162970.000000000000
        NS
        USD
        64897913.400000000000
        3.7272901863
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vail Resorts Inc
        529900PSZHRNU9HKH870
        Vail Resorts Inc
        91879Q109
        
          
          
        
        224815.000000000000
        NS
        USD
        58512600.050000000000
        3.3605616654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zendesk Inc
        549300SLI6BN94BKKO36
        Zendesk Inc
        98936J101
        
          
          
        
        599229.000000000000
        NS
        USD
        72081256.410000000000
        4.1398520469
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Affiliated Managers Group Inc
        2JE75BUE3T1BLCYYGK54
        Affiliated Managers Group Inc
        008252108
        
          
          
        
        711174.000000000000
        NS
        USD
        100239975.300000000000
        5.7570953615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Affirm Holdings Inc
        N/A
        Affirm Holdings Inc
        00827B106
        
          
          
        
        1406949.000000000000
        NS
        USD
        65113599.720000000000
        3.7396777263
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AppLovin Corp
        549300LLVXMUAOL3SQ07
        AppLovin Corp
        03831W108
        
          
          
        
        1790633.000000000000
        NS
        USD
        98610159.310000000000
        5.6634899306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ascendis Pharma A/S
        549300B66JN3W3J8GH73
        Ascendis Pharma A/S
        04351P101
        
          
          
        
        710572.000000000000
        NS
        USD
        83392729.920000000000
        4.7895053562
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        Beyond Meat Inc
        549300XQ946NCE51DR09
        Beyond Meat Inc
        08862E109
        
          
          
        
        1054948.000000000000
        NS
        USD
        50964537.880000000000
        2.9270528425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bright Horizons Family Solutio
        N/A
        Bright Horizons Family Solutions Inc
        109194100
        
          
          
        
        448675.000000000000
        NS
        USD
        59534685.750000000000
        3.4192632446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cable One Inc
        549300648QS85T0XSH18
        Cable One Inc
        12685J105
        
          
          
        
        8641.000000000000
        NS
        USD
        12652497.840000000000
        0.7266725317
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Everbridge Inc
        549300WCY0UMR64ATW81
        Everbridge Inc
        29978A104
        
          
          
        
        398915.000000000000
        NS
        USD
        17408650.600000000000
        0.9998332633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exact Sciences Corp
        549300VM3X1FYD4N9Z14
        Exact Sciences Corp
        30063P105
        
          
          
        
        1404528.000000000000
        NS
        USD
        98204597.760000000000
        5.6401972621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Five Below Inc
        529900AAXP5Z6BGI7418
        Five Below Inc
        33829M101
        
          
          
        
        385756.000000000000
        NS
        USD
        61092177.720000000000
        3.5087148807
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-13
      Manager Directed Portfolios
      /s/ Scott Ostrowski
      Manager Directed Portfolios
      President
    
  
  XXXX




 
Spyglass Growth Fund
           
 
Schedule of Investments
           
 
March 31, 2022 (Unaudited)
           
     
Number of
       
     
Shares
   
Value
 
 
COMMON STOCKS - 99.2%
           
 
COMMUNICATION SERVICES - 6.5%
           
 
Cable One, Inc.
   
11,836
     
17,330,745
 
 
Match Group, Inc. (a)
   
327,565
     
35,619,418
 
 
Twitter, Inc. (a)
   
1,566,868
     
60,622,123
 
 
TOTAL COMMUNICATION SERVICES
           
113,572,286
 
                   
 
CONSUMER DISCRETIONARY - 19.4%
               
 
Bright Horizons Family Solutions, Inc. (a)
   
448,675
     
59,534,686
 
 
Five Below, Inc. (a)
   
385,756
     
61,092,178
 
 
Leslie's, Inc. (a)
   
2,519,217
     
48,772,041
 
 
Peloton Interactive, Inc. (a)
   
1,736,677
     
45,883,006
 
 
Ulta Beauty, Inc. (a)
   
162,970
     
64,897,913
 
 
Vail Resorts, Inc.
   
224,815
     
58,512,600
 
 
TOTAL CONSUMER DISCRETIONARY
           
338,692,424
 
                   
 
CONSUMER STAPLES - 2.9%
               
 
Beyond Meat, Inc. (a)
   
1,054,948
     
50,964,538
 
 
TOTAL CONSUMER STAPLES
           
50,964,538
 
                   
 
FINANCIALS - 5.3%
               
 
Affiliated Managers Group, Inc.
   
655,263
     
92,359,320
 
 
TOTAL FINANCIALS
           
92,359,320
 
                   
 
HEALTH CARE - 15.3%
               
 
Ascendis Pharma A/S - ADR (a)
   
710,572
     
83,392,730
 
 
Exact Sciences Corp. (a)
   
1,404,528
     
98,204,598
 
 
Pacira BioSciences, Inc. (a)
   
1,104,377
     
84,286,052
 
 
TOTAL HEALTH CARE
           
265,883,380
 
                   
 
INDUSTRIALS - 9.2%
               
 
Lyft, Inc. (a)
   
2,551,793
     
97,988,851
 
 
TransDigm Group, Inc. (a)
   
94,081
     
61,297,535
 
 
TOTAL INDUSTRIALS
           
159,286,386
 
                   
 
INFORMATION TECHNOLOGY - 40.6%
               
 
Affirm Holdings, Inc. (a)
   
1,406,949
     
65,113,600
 
 
AppLovin Corp. (a)
   
1,790,633
     
98,610,159
 
 
Everbridge, Inc. (a)
   
398,915
     
17,408,651
 
 
GoDaddy, Inc. (a)
   
968,343
     
81,050,309
 
 
Momentive Global, Inc. (a)
   
4,227,673
     
68,741,963
 
 
Nutanix, Inc. (a)
   
3,599,643
     
96,542,425
 
 
Palo Alto Networks, Inc. (a)
   
131,981
     
82,159,492
 
 
Splunk, Inc. (a)
   
838,849
     
124,661,350
 
 
Zendesk, Inc. (a)
   
599,229
     
72,081,257
 
 
TOTAL INFORMATION TECHNOLOGY
           
706,369,206
 
 
TOTAL COMMON STOCKS (Cost $1,736,401,158)
           
1,727,127,540
 
 
TOTAL INVESTMENTS (Cost $1,736,401,158) - 99.2%
           
1,727,127,540
 
 
Other Assets in Excess of Liabilities - 0.8%
           
14,744,796
 
 
TOTAL NET ASSETS - 100.00%
         
$
1,741,872,336
 

   
Percentages are stated as a percent of net assets.
     
   
ADR - American Depositary Receipt
     
 
(a)
Non-income producing security.
     
             
   
The Global Industry Classification Standard (GICS®) was developed by and/or is the
   
exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").
   
GICS is a service mark of MSCI and S&P and has been licensed for use by U.S.  Bank Global
   
Fund Services.
     



 
Summary of Fair Value Measurements at March 31, 2022 (Unaudited)
               
 
    The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative 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:
 
 

       
 
    Level 1 -
Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement.
       
   

                 
 
    Level 2 -
Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
   
   

                 
 
    Level 3 -
Significant 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 would be based on the best information available.
   
                           
 
    The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.  The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2022:
 

     
Level 1
   
Level 2
   
Level 3
   
Total
 
 
Common Stocks
                       
 
Communication Services
 
$
113,572,286
   
$
-
   
$
-
   
$
113,572,286
 
 
Consumer Descretionary
   
338,692,424
     
-
     
-
     
338,692,424
 
 
Consumer Staples
   
50,964,538
     
-
     
-
     
50,964,538
 
 
Financials
   
92,359,320
     
-
     
-
     
92,359,320
 
 
Health Care
   
265,883,380
     
-
     
-
     
265,883,380
 
 
Industrials
   
159,286,386
     
-
     
-
     
159,286,386
 
 
Information Technology
   
706,369,206
     
-
     
-
     
706,369,206
 
 
Total Common Stocks
   
1,727,127,540
     
-
     
-
     
1,727,127,540
 
 
Total Investments in Securities
 
$
1,727,127,540
   
$
-
   
$
-
   
$
1,727,127,540
 
                                   
                                   





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