Form NPORT-P Manager Directed Portfol For: Mar 31

May 18, 2022 3:26 PM EDT

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    NPORT-P
    false
    
      
      
        
          0001359057
          XXXXXXXX
        
      
      
      
      
        S000073660
        C000230725
        C000230726
      
      
      
    
  
  
    
      Manager Directed Portfolios
      811-21897
      0001359057
      549300J0JL5T81OQ6O93
      615 E. Michigan Street
      Milwaukee
      
      53202
      4147654339
      Hood River International Opportunity Fund
      S000073660
      549300O0VSYG3SRE2F79
      2022-06-30
      2022-03-31
      N
    
    
      2729126.400000000000
      71477.660000000000
      2657648.740000000000
      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
      520.560000000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
      
      
        
        
          N/A
          N/A
          
        
        
      
    
    
      
        Diploma PLC
        2138008OGI7VYG8FGR19
        Diploma PLC
        G27664112
        
          
          
        
        673.000000000000
        NS
        
        23104.550000000000
        0.8693605612
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CVR Partners LP
        529900LE0OS06MYQRP11
        CVR Partners LP
        126633205
        
          
          
        
        509.000000000000
        NS
        USD
        70226.730000000000
        2.6424383683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denison Mines Corp
        529900JWGSW17LJK6586
        Denison Mines Corp
        248356107
        
          
          
        
        29196.000000000000
        NS
        USD
        46713.600000000000
        1.7577040674
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Exscientia Plc
        213800XOQHH5CV85AD30
        Exscientia Plc
        30223G102
        
          
          
        
        1213.000000000000
        NS
        USD
        17467.200000000000
        0.6572426121
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Treasury Obliga
        N/A
        First American Treasury Obligations Fund
        31846V542
        
          
          
        
        279081.200000000000
        NS
        USD
        279081.200000000000
        10.5010566596
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Judges Scientific PLC
        2138004EXWWPTW1JOL31
        Judges Scientific PLC
        G51983107
        
          
          
        
        501.000000000000
        NS
        
        45016.550000000000
        1.6938487514
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        GFL Environmental Inc
        549300FYK4MBXWIVZU26
        GFL Environmental Inc
        36168Q104
        
          
          
        
        3750.000000000000
        NS
        USD
        122025.000000000000
        4.5914645590
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Inspired Entertainment Inc
        549300ZUGYK6NBIU6D69
        Inspired Entertainment Inc
        45782N108
        
          
          
        
        4620.000000000000
        NS
        USD
        56826.000000000000
        2.1382058187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KraneShares Global Carbon Stra
        549300N19OWO53YWFA13
        KraneShares Global Carbon Stra
        500767678
        
          
          
        
        660.000000000000
        NS
        USD
        30795.600000000000
        1.1587535831
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Webjet Ltd
        21380064YZG4XMO4CW38
        Webjet Ltd
        Q9570B108
        
          
          
        
        12778.000000000000
        NS
        
        53042.420000000000
        1.9958401275
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Central Automotive Products Lt
        353800X9460YZVHWB065
        Central Automotive Products Ltd
        J05418108
        
          
          
        
        4058.000000000000
        NS
        
        83201.380000000000
        3.1306387013
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Disco Corp
        N/A
        Disco Corp
        J12327102
        
          
          
        
        181.000000000000
        NS
        
        50614.380000000000
        1.9044796718
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ibiden Co Ltd
        52990051DBFIQEY37C91
        Ibiden Co Ltd
        J23059116
        
          
          
        
        652.000000000000
        NS
        
        31786.260000000000
        1.1960293895
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ITOCHU Corp
        J48DJYXDTLHM30UMYI18
        ITOCHU Corp
        J2501P104
        
          
          
        
        2346.000000000000
        NS
        
        79355.700000000000
        2.9859363582
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        JSR Corp
        353800TL8FC0AWR22506
        JSR Corp
        J2856K106
        
          
          
        
        772.000000000000
        NS
        
        22733.790000000000
        0.8554098839
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NexGen Energy Ltd
        529900N0IXNXB3IP7F06
        NexGen Energy Ltd
        65340P106
        
          
          
        
        5435.000000000000
        NS
        USD
        30762.100000000000
        1.1574930704
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Nice Ltd
        254900YTY4EF5Z4W0A51
        Nice Ltd
        653656108
        
          
          
        
        102.000000000000
        NS
        USD
        22338.000000000000
        0.8405173966
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Marubeni Corp
        4P4N3ORD02UGQT1T1W12
        Marubeni Corp
        J39788138
        
          
          
        
        12209.000000000000
        NS
        
        141773.450000000000
        5.3345443236
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        RumbleON Inc
        549300HTVW82DG77Y276
        RumbleON Inc
        781386305
        
          
          
        
        1310.000000000000
        NS
        USD
        44815.100000000000
        1.6862687429
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silicon Motion Technology Corp
        5299005RBVBZQJTYFC89
        Silicon Motion Technology Corp
        82706C108
        
          
          
        
        222.000000000000
        NS
        USD
        14834.040000000000
        0.5581640559
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        SiTime Corp
        N/A
        SiTime Corp
        82982T106
        
          
          
        
        201.000000000000
        NS
        USD
        49811.820000000000
        1.8742815501
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TFI International Inc
        5493007R9W7KO7SJN678
        TFI International Inc
        87241L109
        
          
          
        
        550.000000000000
        NS
        USD
        58580.500000000000
        2.2042228199
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Teck Resources Ltd
        T8KI5SQ2JRWHL7XY0E11
        Teck Resources Ltd
        878742204
        
          
          
        
        1225.000000000000
        NS
        USD
        49477.750000000000
        1.8617114164
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        WNS Holdings Ltd
        529900RM7QHUD3W9DM42
        WNS Holdings Ltd
        92932M101
        
          
          
        
        1048.000000000000
        NS
        USD
        89593.520000000000
        3.3711573186
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Alliance Bancorp
        5493003VJXZ5JXT9S762
        Western Alliance Bancorp
        957638109
        
          
          
        
        1109.000000000000
        NS
        USD
        91847.380000000000
        3.4559638607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Canaccord Genuity Group Inc
        5493002DR5KW4JP7YS87
        Canaccord Genuity Group Inc
        134801109
        
          
          
        
        7750.000000000000
        NS
        
        76560.810000000000
        2.8807723477
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Monex Group Inc
        353800SGXKLYGPUJ4648
        Monex Group Inc
        J4656U102
        
          
          
        
        9673.000000000000
        NS
        
        51233.590000000000
        1.9277788381
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Holland Colours NV
        7245003GZ2696Y0W1X57
        Holland Colours NV
        N39099168
        
          
          
        
        270.000000000000
        NS
        
        46744.840000000000
        1.7588795425
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Crombie Real Estate Investment
        549300OGQML2MCFAPT83
        Crombie Real Estate Investment Trust
        227107109
        
          
          
        
        3977.000000000000
        NS
        
        58375.350000000000
        2.1965035906
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Software Inc/Can
        549300B6PYHMCTDWQV29
        Constellation Software Inc/Canada
        21037X100
        
          
          
        
        14.000000000000
        NS
        
        23931.530000000000
        0.9004775402
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Samse SA
        969500OP0AFORNKIGP59
        Samse SA
        F81179107
        
          
          
        
        225.000000000000
        NS
        
        52768.410000000000
        1.9855298861
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Gerard Perrier Industrie SA
        969500IJO9LS9EG0DV72
        Gerard Perrier Industrie SA
        F72038106
        
          
          
        
        454.000000000000
        NS
        
        47411.470000000000
        1.7839629928
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        LG Innotek Co Ltd
        988400KTHH2LMUX7EB48
        LG Innotek Co Ltd
        Y5S54X104
        
          
          
        
        41.000000000000
        NS
        
        12945.380000000000
        0.4870989836
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        SDI Group PLC
        213800YA3XW7JRE46Z70
        SDI Group PLC
        G78963108
        
          
          
        
        10334.000000000000
        NS
        
        24091.100000000000
        0.9064817196
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Alchip Technologies Ltd
        529900HKE9RIY07SLX84
        Alchip Technologies Ltd
        G02242108
        
          
          
        
        1455.000000000000
        NS
        
        54970.290000000000
        2.0683805641
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        LX Semicon Co Ltd
        N/A
        LX Semicon Co Ltd
        Y7935F104
        
          
          
        
        112.000000000000
        NS
        
        13258.800000000000
        0.4988921147
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Basic-Fit NV
        724500HUXGTQC07CAZ61
        Basic-Fit NV
        N10058100
        
          
          
        
        877.000000000000
        NS
        
        39012.290000000000
        1.4679249900
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Aritzia Inc
        549300U83HKFRL1EX527
        Aritzia Inc
        04045U102
        
          
          
        
        892.000000000000
        NS
        
        36410.640000000000
        1.3700320683
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        SP Group A/S
        549300WCUCPUNXAFH710
        SP Group A/S
        K9235W139
        
          
          
        
        488.000000000000
        NS
        
        25584.740000000000
        0.9626832777
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Social Chain AG /The
        529900ZARRZWUT1YO213
        Social Chain AG /The
        N/A
        
          
          
        
        1229.000000000000
        NS
        
        24724.260000000000
        0.9303057860
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        CubicFarm Systems Corp
        N/A
        CubicFarm Systems Corp
        22968P108
        
          
          
        
        20166.000000000000
        NS
        
        19195.730000000000
        0.7222824338
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanlorenzo SpA/Ameglia
        8156006C71E895860132
        Sanlorenzo SpA/Ameglia
        T2R0BA101
        
          
          
        
        423.000000000000
        NS
        
        17122.890000000000
        0.6442871754
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        WildBrain Ltd
        549300WVVSC8SXM80J15
        WildBrain Ltd
        96810C101
        
          
          
        
        10279.000000000000
        NS
        
        27379.970000000000
        1.0302328366
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Precia SA
        969500RU6K8AVTCX7818
        Precia SA
        N/A
        
          
          
        
        1320.000000000000
        NS
        
        49408.030000000000
        1.8590880449
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Dye & Durham Ltd
        N/A
        Dye & Durham Ltd
        267488104
        
          
          
        
        962.000000000000
        NS
        
        19768.650000000000
        0.7438398349
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Carbon Streaming Corp
        549300FNZHP0V62MUV66
        Carbon Streaming Corp
        14116K404
        
          
          
        
        1213.000000000000
        NS
        
        8596.710000000000
        0.3234705125
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Voyager Digital Ltd
        89450014YCEFUBAZJM38
        Voyager Digital Ltd
        92919V405
        
          
          
        
        3145.000000000000
        NS
        
        16880.330000000000
        0.6351603109
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprott Physical Uranium Trust
        N/A
        Sprott Physical Uranium Trust
        85210A104
        
          
          
        
        2400.000000000000
        NS
        USD
        35880.000000000000
        1.3500655470
        Long
        EC
        RF
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Fevertree Drinks PLC
        2138007AJRLHRVQZLD07
        Fevertree Drinks PLC
        G33929103
        
          
          
        
        1623.000000000000
        NS
        
        37895.080000000000
        1.4258874557
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        PowerCell Sweden AB
        54930075IJ7TGOK3VC02
        PowerCell Sweden AB
        W6698X106
        
          
          
        
        945.000000000000
        NS
        
        18541.180000000000
        0.6976535206
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        SOITEC
        969500ZR92SQCU9TST26
        SOITEC
        F8582K389
        
          
          
        
        105.000000000000
        NS
        
        19696.480000000000
        0.7411242766
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Establishment Labs Holdings In
        549300BCBQ714JNJ7V58
        Establishment Labs Holdings Inc
        G31249108
        
          
          
        
        348.000000000000
        NS
        USD
        23451.720000000000
        0.8824236118
        Long
        EC
        CORP
        CR
        N
        
        1
        
          N
          N
          N
        
      
      
        Kornit Digital Ltd
        5299006DPCQWP3VTFK34
        Kornit Digital Ltd
        M6372Q113
        
          
          
        
        277.000000000000
        NS
        USD
        22905.130000000000
        0.8618569360
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Nova Ltd
        529900B2DSWE5V3SC292
        Nova Ltd
        M7516K103
        
          
          
        
        194.000000000000
        NS
        USD
        21122.720000000000
        0.7947897584
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        RADA Electronic Industries Ltd
        549300JBC0MVZ0GRX705
        RADA Electronic Industries Ltd
        M81863124
        
          
          
        
        1226.000000000000
        NS
        USD
        17078.180000000000
        0.6426048613
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        NXP Semiconductors NV
        N6596X109
        
          
          
        
        606.000000000000
        NS
        USD
        112158.480000000000
        4.2202145946
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-13
      Manager Directed Portfolios
      /s/ Scott Ostrowski
      Scott Ostrowski
      President
    
  
  XXXX




 
Hood River Small-Cap Growth Fund
           
 
Schedule of Investments
           
 
March 31, 2022 (Unaudited)
           
     
Number of
       
     
Shares
   
Value
 
 
COMMON STOCKS - 94.7%
           
 
CONSUMER DISCRETIONARY - 21.4%
           
 
Distributors - 0.8%
           
 
Funko, Inc. (a)(c)
   
563,848
     
9,726,378
 
                   
 
Hotels, Restaurants & Leisure - 9.5%
               
 
Caesars Entertainment, Inc. (a)
   
402,220
     
31,115,739
 
 
Cedar Fair LP (a)
   
91,761
     
5,028,503
 
 
Golden Entertainment, Inc. (a)(c)
   
288,426
     
16,748,898
 
 
Playa Hotels & Resorts NV - ADR (a)
   
1,439,399
     
12,450,801
 
 
SeaWorld Entertainment, Inc. (a)(c)
   
680,873
     
50,684,186
 
               
116,028,127
 
 
Household Durables - 1.5%
               
 
Lovesac Co. (a)(c)
   
335,357
     
18,129,399
 
                   
 
Internet & Direct Marketing Retail - 1.6%
               
 
RumbleON, Inc. (a)(c)
   
335,126
     
11,464,661
 
 
Shutterstock, Inc. (c)
   
89,354
     
8,317,070
 
               
19,781,731
 
 
Leisure Products - 1.2%
               
 
AMMO, Inc. (a)(c)
   
2,243,747
     
10,769,985
 
 
Clarus Corp. (c)
   
201,647
     
4,593,519
 
               
15,363,504
 
 
Multiline Retail - 2.2%
               
 
Franchise Group, Inc. (c)
   
647,331
     
26,818,923
 
                   
 
Specialty Retail - 4.5%
               
 
Academy Sports & Outdoors, Inc. (c)
   
633,419
     
24,956,709
 
 
Arhaus, Inc. (a)
   
336,853
     
2,866,619
 
 
Boot Barn Holdings, Inc. (a)(c)
   
284,452
     
26,963,205
 
               
54,786,533
 
 
Textiles, Apparel & Luxury Goods - 0.1%
               
 
Allbirds, Inc. (a)(c)
   
166,042
     
997,913
 
 
TOTAL CONSUMER DISCRETIONARY
           
261,632,508
 
                   
 
CONSUMER STAPLES - 2.7%
               
 
Beverages - 2.7%
               
 
Celsius Holdings, Inc. (a)(c)
   
605,234
     
33,396,812
 
 
TOTAL CONSUMER STAPLES
           
33,396,812
 
                   
 
ENERGY - 1.1%
               
 
Oil, Gas & Consumable Fuels - 1.1%
               
 
Denison Mines Corp. - ADR (a)(c)
   
8,184,800
     
13,095,680
 
 
TOTAL ENERGY
           
13,095,680
 
                   
 
FINANCIALS - 9.0%
               
 
Banks - 4.5%
               
 
Bancorp, Inc. (a)
   
207,477
     
5,877,823
 
 
Customers Bancorp, Inc. (a)(c)
   
123,846
     
6,457,331
 
 
OceanFirst Financial Corp.
   
574,784
     
11,553,158
 
 
Western Alliance Bancorp
   
371,036
     
30,729,202
 
               
54,617,514
 
 
Capital Markets - 2.0%
               
 
B Riley Financial, Inc. (c)
   
204,909
     
14,335,434
 
 
Open Lending Corp. (a)
   
507,408
     
9,595,085
 
               
23,930,519
 
 
Consumer Finance - 0.7%
               
 
FirstCash Holdings, Inc. (c)
   
127,272
     
8,952,312
 
                   
 
Insurance - 1.8%
               
 
HCI Group, Inc. (c)
   
86,760
     
5,915,297
 
 
Kinsale Capital Group, Inc. (c)
   
69,848
     
15,926,741
 
               
21,842,038
 
 
TOTAL FINANCIALS
           
109,342,383
 
                   
 
HEALTH CARE - 18.3%
               
 
Biotechnology - 5.4%
               
 
Amicus Therapeutics, Inc. (a)(c)
   
646,293
     
6,120,395
 
 
Arrowhead Pharmaceuticals, Inc. (a)(c)
   
131,931
     
6,067,506
 
 
Biohaven Pharmaceutical Holding Co Ltd. - ADR (a)
   
91,675
     
10,869,905
 
 
Cytokinetics, Inc. (a)(c)
   
309,533
     
11,393,910
 
 
Insmed, Inc. (a)(c)
   
169,096
     
3,973,756
 
 
Karuna Therapeutics, Inc. (a)(c)
   
43,676
     
5,537,680
 
 
Krystal Biotech, Inc. (a)(c)
   
146,335
     
9,737,131
 
 
Natera, Inc. (a)(c)
   
149,262
     
6,071,978
 
 
Neurocrine Biosciences, Inc. (a)(c)
   
68,416
     
6,414,000
 
               
66,186,261
 
 
Health Care Equipment & Supplies - 6.7%
               
 
Axonics, Inc. (a)(c)
   
412,349
     
25,813,047
 
 
Cerus Corp. (a)(c)
   
693,047
     
3,804,828
 
 
CONMED Corp. (c)
   
106,987
     
15,892,919
 
 
Lantheus Holdings, Inc. (a)
   
421,165
     
23,294,636
 
 
Tandem Diabetes Care, Inc. (a)
   
112,641
     
13,099,022
 
               
81,904,452
 
 
Health Care Providers & Services - 4.8%
               
 
Agiliti, Inc. (a)
   
63,002
     
1,329,342
 
 
Community Health Systems, Inc. (a)
   
1,167,735
     
13,861,015
 
 
DocGo, Inc. (a)(c)
   
1,073,458
     
9,929,487
 
 
Option Care Health, Inc. (a)(c)
   
618,972
     
17,677,840
 
 
Surgery Partners, Inc. (a)(c)
   
252,005
     
13,872,875
 
 
Tivity Health, Inc. (a)
   
51,752
     
1,664,862
 
               
58,335,421
 
 
Pharmaceuticals - 1.4%
               
 
Harmony Biosciences Holdings, Inc. (a)(c)
   
115,733
     
5,630,410
 
 
Intra-Cellular Therapies, Inc. (a)(c)
   
196,163
     
12,003,214
 
               
17,633,624
 
 
TOTAL HEALTH CARE
           
224,059,758
 
                   
 
INDUSTRIALS - 23.4%
               
 
Aerospace & Defense - 2.4%
               
 
Axon Enterprise, Inc. (a)
   
88,474
     
12,185,524
 
 
Kratos Defense & Security Solutions, Inc. (a)
   
556,705
     
11,401,319
 
 
RADA Electronic Industries Ltd. - ADR (a)
   
382,982
     
5,334,939
 
               
28,921,782
 
 
Air Freight & Logistics - 1.4%
               
 
GXO Logistics, Inc. (a)
   
118,833
     
8,477,546
 
 
XPO Logistics, Inc. (a)(c)
   
117,732
     
8,570,890
 
               
17,048,436
 
 
Commercial Services & Supplies - 2.0%
               
 
Clean Harbors, Inc. (a)
   
125,763
     
14,040,181
 
 
Viad Corp. (a)
   
284,753
     
10,148,597
 
               
24,188,778
 
 
Construction & Engineering - 3.0%
               
 
Comfort Systems USA, Inc.
   
34,286
     
3,051,797
 
 
MasTec, Inc. (a)(c)
   
389,328
     
33,910,469
 
               
36,962,266
 
 
Electrical Equipment - 1.2%
               
 
Babcock & Wilcox Enterprises, Inc. (a)(c)
   
984,841
     
8,036,302
 
 
Vicor Corp. (a)
   
104,223
     
7,352,933
 
               
15,389,235
 
 
Machinery - 5.9%
               
 
Chart Industries, Inc. (a)(c)
   
220,672
     
37,904,829
 
 
Colfax Corp. (a)
   
454,789
     
18,096,054
 
 
Hyzon Motors, Inc. (a)(c)
   
1,035,206
     
6,614,966
 
 
Kornit Digital Ltd. - ADR (a)
   
106,395
     
8,797,803
 
               
71,413,652
 
 
Marine - 1.3%
               
 
Kirby Corp. (a)
   
213,883
     
15,440,214
 
                   
 
Road & Rail - 3.4%
               
 
TFI International, Inc. - ADR (c)
   
389,527
     
41,488,521
 
                   
 
Trading Companies & Distributors - 2.8%
               
 
Fortress Transportation and Infrastructure Investors LLC
   
1,332,838
     
34,320,578
 
 
TOTAL INDUSTRIALS
           
285,173,462
 
                   
 
INFORMATION TECHNOLOGY - 17.0%
               
 
Communications Equipment - 2.4%
               
 
Calix, Inc. (a)
   
358,244
     
15,372,250
 
 
Lumentum Holdings, Inc. (a)(c)
   
144,068
     
14,061,037
 
               
29,433,287
 
 
Electronic Equipment, Instruments & Components - 0.5%
               
 
Jabil, Inc.
   
22,099
     
1,364,171
 
 
nLight, Inc. (a)
   
301,451
     
5,227,161
 
               
6,591,332
 
 
IT Services - 3.9%
               
 
I3 Verticals, Inc. (a)
   
244,435
     
6,809,959
 
 
Perficient, Inc. (a)(c)
   
180,074
     
19,824,347
 
 
WEX, Inc. (a)
   
33,662
     
6,006,984
 
 
WNS Holdings Ltd. - ADR (a)
   
176,605
     
15,097,961
 
               
47,739,251
 
 
Semiconductors & Semiconductor Equipment - 8.2%
               
 
Credo Technology Group Holding Ltd. - ADR (a)(c)
   
75,565
     
1,150,855
 
 
Onto Innovation, Inc. (a)(c)
   
479,725
     
41,683,305
 
 
Rambus, Inc. (a)(c)
   
220,599
     
7,034,902
 
 
Silicon Motion Technology Corp. - ADR
   
15,336
     
1,024,752
 
 
SiTime Corp. (a)(c)
   
184,206
     
45,649,931
 
 
Universal Display Corp. (c)
   
18,557
     
3,098,091
 
               
99,641,836
 
 
Software - 2.0%
               
 
Couchbase, Inc. (a)(c)
   
243,899
     
4,248,721
 
 
CS Disco, Inc. (a)(c)
   
186,823
     
6,346,377
 
 
Elastic NV - ADR (a)
   
72,736
     
6,469,867
 
 
NICE Ltd. - ADR (a)
   
31,658
     
6,933,102
 
               
23,998,067
 
 
TOTAL INFORMATION TECHNOLOGY
           
207,403,773
 
                   
 
MATERIALS - 1.8%
               
 
Construction Materials - 1.8%
               
 
Eagle Materials, Inc.
   
170,536
     
21,890,001
 
 
TOTAL MATERIALS
           
21,890,001
 
 
TOTAL COMMON STOCKS (Cost $930,364,745)
           
1,155,994,377
 
                   
 
REITS - 2.5%
               
 
Mortgage Real Estate Investment Trusts (REITs) - 2.5%
               
 
Chicago Atlantic Real Estate Finance, Inc. (a)(c)
   
264,461
     
4,688,894
 
 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (c)
   
276,414
     
13,110,316
 
 
iStar, Inc. (c)
   
385,466
     
9,023,759
 
 
Safehold, Inc. (c)
   
57,281
     
3,176,231
 
 
TOTAL REITS (Cost $29,307,595)
           
29,999,200
 
                   
 
SHORT-TERM INVESTMENT - 2.5%
               
 
MONEY MARKET FUND - 2.5%
               
 
First American Treasury Obligations Fund - Class Z, 0.18% (b)
   
30,974,274
     
30,974,274
 
 
TOTAL SHORT-TERM INVESTMENT (Cost $30,974,274)
           
30,974,274
 
                   
 
INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING - 33.5%
               
 
Mount Vernon Liquid Assets Portfolio, 0.41% (b)
   
408,819,706
     
408,819,706
 
 
TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING (Cost $408,819,706)
     
408,819,706
 
 
TOTAL INVESTMENTS (Cost $1,399,466,320) - 133.2%
           
1,625,787,557
 
 
Liabilities in Excess of Other Assets - (33.2)%
           
(405,185,689
)
 
TOTAL NET ASSETS - 100.0%
         
$
1,220,601,868
 

   
Percentages are stated as a percent of net assets.
     
   
 
       
   
ADR - American Depository Receipt
     
   
PLC - Public Limited Company
     
   
REIT - Real Estate Investment Trust
     
 
(a)
Non-income producing security.
     
 
(b)
The rate shown represents the fund's 7-day yield as of March 31, 2022.
     
 
(c)
This security or a portion of this security was out on loan at March 31, 2022.  As of March 31, 2022, the total value of loaned
   
securities was $395,187,958 or 32.4% of net assets.  The remaining contractual maturity of all the securities lending transactions
   
is overnight and continuous.
     
             
   
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 Hood River
     
   
Capital Management LLC.
     



   
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.
     
         
   
    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 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
                       
 
Consumer Discretionary
   
261,632,508
     
-
     
-
     
261,632,508
 
 
Consumer Staples
   
33,396,812
     
-
     
-
     
33,396,812
 
 
Energy
   
13,095,680
     
-
     
-
     
13,095,680
 
 
Financials
   
109,342,383
     
-
     
-
     
109,342,383
 
 
Health Care
   
224,059,758
     
-
     
-
     
224,059,758
 
 
Industrials
   
285,173,462
     
-
     
-
     
285,173,462
 
 
Information Technology
   
207,403,773
     
-
     
-
     
207,403,773
 
 
Materials
   
21,890,001
     
-
     
-
     
21,890,001
 
 
Total Common Stocks
   
1,155,994,377
     
-
     
-
     
1,155,994,377
 
 
REITs
   
29,999,200
     
-
     
-
     
29,999,200
 
 
Short-Term Investments
   
30,974,274
     
-
     
-
     
30,974,274
 
 
Investments Purchased with Cash Proceeds from Securities Lending
   
408,819,706
     
-
     
-
     
408,819,706
 
 
Total Investments in Securities
 
$
1,625,787,557
   
$
-
   
$
-
   
$
1,625,787,557
 

 
Secured Borrowings
                 
 
  The Fund participates in securities lending arrangements whereby it lends certain of its portfolio securities to brokers, dealers and financial
 
 
institutions (not with individuals) in order to receive additional income and increase the rate of return of its portfolio.  U.S. Bank, N.A. serves
 
 
as the Fund’s securities lending agent.
               
 
  U.S. Bank, N.A. oversees the securities lending process, which includes the screening, selection and ongoing review of borrowers, monitoring
 
 
the availability of securities, negotiating rebates, daily marking to market of loans, monitoring and maintaining cash collateral levels,
 
 
processing securities movements and reinvesting cash collateral as directed by the Adviser.
           
 
  The Fund may lend securities pursuant to agreements that require the loans to be secured by collateral consisting of cash, securities of the U.S.
 
 
Government or it agencies, or any combination of cash and such securities.  At that time of loans, the collateral value should at least be equal
 
 
to 102% of domestic securities and 105% of foreign securities.  The value of loaned securities will then be marked-to-market daily and the
 
 
collateral will be continuously secured by collateral equal to 100% of the market value of the loaned securities.   Such loans will not be made if,
 
 
as a result, the aggregate amount of all outstanding securities loans for the Fund exceeds one-third of the value of the Fund’s total assets taken
 
 
at fair market value.  The Fund will earn interest on the investment of the cash collateral in U.S. Government securities, short-term money
 
 
market instruments or such other approved vehicle.  However, the Fund will normally pay lending fees to such broker-dealers and related
 
 
expenses from the interest earned on invested collateral.  There may be risks of delay in receiving additional collateral or risks of delay in
 
 
recovery of the securities and even loss of rights in the collateral should the borrower of the securities fail financially.  However, loans are
 
 
made only to borrowers deemed by the adviser to be of good standing and when, in the judgment of the adviser, the consideration that can be
 
 
earned currently from such securities loans justifies the attendant risk.  Either party, upon reasonable notice to the other party, may terminate
 
 
the loan.
                     
                         
 
  As of March 31, 2022, the Fund had loaned securities that were collateralized by cash.  The cash collateral received was invested in securities as listed in the Fund’s Schedule of Investments.
 
                         
 
The following table presents the securities out on loan for the Fund, and the collateral delivered related to those securities, as of the end of  the reporting period.
 

 
Securities Lending Transactions
               
 
Overnight and Continuous
 
Asset Class out on Loan
Investments Purchased with Cash Proceeds from Securities Lending
Collateral Pledged From Counterparty^
Net Exposure
 
 
Hood River Small-Cap Growth Fund
 Common Stock
 
 $        408,819,706
 
 $        408,819,706
 
 $                           -
 
                         
 
The Fund paid $127,246 in securities lending fees to U.S. Bank, N.A. during the period.
       
                         
^
As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund's Schedule of Investments for details on the securities out on loan.
 
                         




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