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          <ccc>XXXXXXXX</ccc>
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        <classId>C000196940</classId>
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      <regCik>0001359057</regCik>
      <regLei>549300WAC9XE08QLVP90</regLei>
      <regStreet1>615 E. Michigan Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4145163123</regPhone>
      <seriesName>Spyglass Growth Fund</seriesName>
      <seriesId>S000060175</seriesId>
      <seriesLei>549300VSBO6U4TKNS090</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>933153.670000000000</totLiabs>
      <netAssets>993897187.680000000000</netAssets>
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      <assetsInvested>0.000000000000</assetsInvested>
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        <name>AppLovin Corp</name>
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        <name>CoStar Group Inc</name>
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        <name>Exact Sciences Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACV Auctions Inc</name>
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        <name>Ascendis Pharma A/S</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DoorDash Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Duolingo Inc</name>
        <lei>N/A</lei>
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        <name>Fair Isaac Corp</name>
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        <name>Illumina Inc</name>
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        <title>Illumina Inc</title>
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        <name>U.S. Bank Money Market Deposit Account</name>
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        <name>API Group Corp</name>
        <lei>213800NZT1VX6PZ7BT53</lei>
        <title>API Group Corp</title>
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        <name>Shift4 Payments Inc</name>
        <lei>N/A</lei>
        <title>Shift4 Payments Inc</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AAON Inc</name>
        <lei>N/A</lei>
        <title>AAON Inc</title>
        <cusip>000360206</cusip>
        <identifiers>
          <isin value="US0003602069"/>
          <ticker value="AAON"/>
        </identifiers>
        <balance>562176.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52529725.440000000000</valUSD>
        <pctVal>5.2852272942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Affirm Holdings Inc</name>
        <lei>N/A</lei>
        <title>Affirm Holdings Inc</title>
        <cusip>00827B106</cusip>
        <identifiers>
          <isin value="US00827B1061"/>
          <ticker value="AFRM"/>
        </identifiers>
        <balance>527968.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38583901.440000000000</valUSD>
        <pctVal>3.8820817604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cadence Design Systems Inc</name>
        <lei>GCT7RXJOGLXPV0NXZY22</lei>
        <title>Cadence Design Systems Inc</title>
        <cusip>127387108</cusip>
        <identifiers>
          <isin value="US1273871087"/>
          <ticker value="CDNS"/>
        </identifiers>
        <balance>61003.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21427913.780000000000</valUSD>
        <pctVal>2.1559487285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kinsale Capital Group Inc</name>
        <lei>529900QTUQHNZ6HOA508</lei>
        <title>Kinsale Capital Group Inc</title>
        <cusip>49714P108</cusip>
        <identifiers>
          <isin value="US49714P1084"/>
          <ticker value="KNSL"/>
        </identifiers>
        <balance>75424.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32074810.240000000000</valUSD>
        <pctVal>3.2271758727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MongoDB Inc</name>
        <lei>549300TPTG69WKWE1Z37</lei>
        <title>MongoDB Inc</title>
        <cusip>60937P106</cusip>
        <identifiers>
          <isin value="US60937P1066"/>
          <ticker value="MDB"/>
        </identifiers>
        <balance>178669.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55455284.220000000000</valUSD>
        <pctVal>5.5795795488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Procore Technologies Inc</name>
        <lei>5493005PTWY0RHYRAH22</lei>
        <title>Procore Technologies Inc</title>
        <cusip>74275K108</cusip>
        <identifiers>
          <isin value="US74275K1088"/>
          <ticker value="PCOR"/>
        </identifiers>
        <balance>496381.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36196102.520000000000</valUSD>
        <pctVal>3.6418356917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-11-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Manager Directed Portfolios</ncom:nameOfApplicant>
      <ncom:signature>/s/Ryan Frank</ncom:signature>
      <ncom:signerName>Ryan Frank</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
