NPORT-P false 0001359057 XXXXXXXX S000012813 C000034642 C000160233 C000179260 Manager Directed Portfolios 811-21897 0001359057 549300WAC9XE08QLVP90 615 E. Michigan Street Milwaukee 53202 4145163123 Hood River Small-Cap Growth Fund S000012813 549300URUI4QC4DIX544 2026-06-30 2025-09-30 N 5515731104.150000000000 908565822.250000000000 4607165281.900000000000 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 N N/A N/A Verona Pharma PLC 213800EVI6O6J3TIAL06 925050106 166075.000000000000 NS USD 17721863.250000000000 0.3846587254 Long EC CORP GB N 1 N N N Visteon Corp 549300MOVLYHRW4GGW78 92839U206 67375.000000000000 NS USD 8075567.500000000000 0.1752827825 Long EC CORP US N 1 N N N Krystal Biotech Inc 549300YONUY68210OE41 501147102 333964.000000000000 NS USD 58954664.920000000000 1.2796299093 Long EC CORP US N 1 N N N Kura Sushi USA Inc N/A 501270102 176438.000000000000 NS USD 10482181.580000000000 0.2275191129 Long EC CORP US N 1 N N Red Cat Holdings Inc 5493005OGSQW28V2PY05 75644T100 2292104.000000000000 NS USD 23723276.400000000000 0.5149213225 Long EC CORP US N 1 N N Revolution Medicines Inc 549300JU3X0LBCQ65892 76155X100 513668.000000000000 NS USD 23988295.600000000000 0.5206736492 Long EC CORP US N 1 N N Rhythm Pharmaceuticals Inc 529900JPNWXQ8DPLA551 76243J105 131859.000000000000 NS USD 13316440.410000000000 0.2890376098 Long EC CORP US N 1 N N N Rush Street Interactive Inc N/A 782011100 1200600.000000000000 NS USD 24588288.000000000000 0.5336966767 Long EC CORP US N 1 N N N Lumentum Holdings Inc 549300JLWRRC38DWEF52 55024U109 322069.000000000000 NS USD 52403846.990000000000 1.1374423053 Long EC CORP US N 1 N N Madrigal Pharmaceuticals Inc 549300CHIMT2EUSNJB60 558868105 134720.000000000000 NS USD 61790675.200000000000 1.3411864220 Long EC CORP US N 1 N N N MasTec Inc 549300TMDIT8WREDOF45 576323109 922267.000000000000 NS USD 196267640.270000000000 4.2600520767 Long EC CORP US N 1 N N N Mirion Technologies Inc 549300BNTOWVWFNVTJ65 60471A101 1812624.000000000000 NS USD 42161634.240000000000 0.9151317928 Long EC CORP US N 1 N N Modine Manufacturing Co Z35SZFYJR8GZZRSIUU09 607828100 347947.000000000000 NS USD 49464145.520000000000 1.0736351421 Long EC CORP US N 1 N N nCino Inc 549300WVRR2WR3L6MZ46 63947X101 794811.000000000000 NS USD 21547326.210000000000 0.4676916258 Long EC CORP US N 1 N N Neurocrine Biosciences Inc 549300FECER0XBN49756 64125C109 242984.000000000000 NS USD 34110093.920000000000 0.7403705279 Long EC CORP US N 1 N N N Mount Vernon Liquid Assets Portfolio, LLC N/A N/A 904218401.550000000000 NS USD 904218401.550000000000 19.6263503960 Long STIV PF US N 1 N N Bridgebio Pharma Inc 54930028YG89VTY2J114 10806X102 699339.000000000000 NS USD 36323667.660000000000 0.7884168559 Long EC CORP US N 1 N N CECO Environmental Corp 5493002CZCTL4HGLIY91 125141101 454402.000000000000 NS USD 23265382.400000000000 0.5049825864 Long EC CORP US N 1 N N N Calix Inc 5299002RQRZ4SXSCSJ58 13100M509 297463.000000000000 NS USD 18255304.310000000000 0.3962372347 Long EC CORP US N 1 N N N Camping World Holdings Inc 549300E828QQI7MWI432 13462K109 1697803.000000000000 NS USD 26808309.370000000000 0.5818829525 Long EC CORP US N 1 N N N Celsius Holdings Inc N/A 15118V207 741131.000000000000 NS USD 42607621.190000000000 0.9248120825 Long EC CORP US N 1 N N N Ciena Corp W0CZ7N0GH8UIGXDM1H41 171779309 624272.000000000000 NS USD 90937702.240000000000 1.9738319916 Long EC CORP US N 1 N N N Clean Harbors Inc 5493000SJVZVZJKHJF48 184496107 79604.000000000000 NS USD 18485640.880000000000 0.4012367638 Long EC CORP US N 1 N N N Clearwater Analytics Holdings N/A 185123106 2191906.000000000000 NS USD 39498146.120000000000 0.8573199289 Long EC CORP US N 1 N N N Enovis Corp 635400OP2DYYYMOIYL17 194014502 951917.000000000000 NS USD 28881161.780000000000 0.6268748789 Long EC CORP US N 1 N N Comfort Systems USA Inc 5299009DT1ZA5HTU6R38 199908104 128037.000000000000 NS USD 105653571.660000000000 2.2932446569 Long EC CORP US N 1 N N N Crinetics Pharmaceuticals Inc 549300Q1CNFXK5P31D28 22663K107 471731.000000000000 NS USD 19647596.150000000000 0.4264573756 Long EC CORP US N 1 N N Customers Bancorp Inc 549300WLBCHYKZ53FN68 23204G100 987181.000000000000 NS USD 64532021.970000000000 1.4006882328 Long EC CORP US N 1 N N N Dave Inc N/A 23834J201 529864.000000000000 NS USD 105628388.400000000000 2.2926980461 Long EC CORP US N 1 N N Denison Mines Corp 529900JWGSW17LJK6586 248356107 17021024.000000000000 NS USD 46807816.000000000000 1.0159786579 Long EC CORP CA N 1 N N DigitalOcean Holdings Inc 549300EPISPY3RE3DL21 25402D102 614772.000000000000 NS USD 21000611.520000000000 0.4558250081 Long EC CORP US N 1 N N N Eagle Materials Inc 529900KRXRGXL61SG039 26969P108 169956.000000000000 NS USD 39606546.240000000000 0.8596727883 Long EC CORP US N 1 N N N East West Bancorp Inc 254900O4X656YXFOYB11 27579R104 353895.000000000000 NS USD 37672122.750000000000 0.8176855061 Long EC CORP US N 1 N N N Ensign Group Inc/The 5493003K4HEEA8Q0BC72 29358P101 292054.000000000000 NS USD 50458169.580000000000 1.0952107531 Long EC CORP US N 1 N N ESCO Technologies Inc 5493007JJLP5MEWVDH10 296315104 156851.000000000000 NS USD 33112814.610000000000 0.7187242607 Long EC CORP US N 1 N N N ExlService Holdings Inc 81E3DTNF6OSH489ZOV15 302081104 1132089.000000000000 NS USD 49845878.670000000000 1.0819207825 Long EC CORP US N 1 N N N First American Treasury Obliga 549300UU586IAH2B8H03 31846V328 77485268.050000000000 NS USD 77485268.050000000000 1.6818425932 Long STIV RF US N 1 N N N Globalstar Inc 549300NEX8I0MSOW0R64 378973507 871251.000000000000 NS USD 31704823.890000000000 0.6881633705 Long EC CORP US N 1 N N N Granite Construction Inc 549300OM4BWMCIXVCZ39 387328107 541602.000000000000 NS USD 59386659.300000000000 1.2890064859 Long EC CORP US N 1 N N HCI Group Inc 549300CZF7EZJH0MPH74 40416E103 485466.000000000000 NS USD 93175489.380000000000 2.0224038792 Long EC CORP US N 1 N N N HA Sustainable Infrastructure 254900ZZRL7MWL1X8E92 41068X100 532501.000000000000 NS USD 16347780.700000000000 0.3548338230 Long EC CORP US N 1 N N Hut 8 Corp 98450066FEF9C1D3FC20 44812J104 1302818.000000000000 NS USD 45351094.580000000000 0.9843600523 Long EC CORP US N 1 N N Insmed Inc 529900Q55QAG41CCAC11 457669307 430803.000000000000 NS USD 62039940.030000000000 1.3465967951 Long EC CORP US N 1 N N N Interface Inc 549300VXZWQOIDFPU355 458665304 1046515.000000000000 NS USD 30286144.100000000000 0.6573704707 Long EC CORP US N 1 N N N Karman Holdings Inc N/A 485924104 355362.000000000000 NS USD 25657136.400000000000 0.5568963740 Long EC CORP US N 1 N N Kratos Defense & Security Solu 5493000EKBN0UY1F3F88 50077B207 1472405.000000000000 NS USD 134533644.850000000000 2.9200959075 Long EC CORP US N 1 N N Cariloha 15 12/31/2025 N/A N/A 6500000.000000000000 PA USD 6500000.000000000000 0.1410845846 Long DBT CORP US N 3 2025-12-31 Fixed 15.000000000000 N N N N N N Fabrinet 5493004TETZ6IYF7CV44 N/A 100665.000000000000 NS USD 36704472.300000000000 0.7966823427 Long EC CORP TH N 1 N N N Genius Sports Ltd N/A N/A 3135884.000000000000 NS USD 38822243.920000000000 0.8426492549 Long EC CORP GB N 1 N N N API Group Corp 213800NZT1VX6PZ7BT53 00187Y100 1217003.000000000000 NS USD 41828393.110000000000 0.9078986872 Long EC CORP US N 1 N N N Academy Sports & Outdoors Inc N/A 00402L107 504771.000000000000 NS USD 25248645.420000000000 0.5480299463 Long EC CORP US N 1 N N Akero Therapeutics Inc 549300SI3KG74LBE2955 00973Y108 98065.000000000000 NS USD 4656126.200000000000 0.1010627124 Long EC CORP US N 1 N N N Alignment Healthcare Inc N/A 01625V104 3877060.000000000000 NS USD 67654697.000000000000 1.4684668958 Long EC CORP US N 1 N N N Applied Digital Corp 2549004NE2B6RYXINZ02 038169207 11443376.000000000000 NS USD 262511045.440000000000 5.6978864308 Long EC CORP US N 1 N N FirstCash Holdings Inc N/A 33768G107 433837.000000000000 NS USD 68728457.540000000000 1.4917732127 Long EC CORP US N 1 N N N Five Below Inc 529900AAXP5Z6BGI7418 33829M101 117250.000000000000 NS USD 18138575.000000000000 0.3937035876 Long EC CORP US N 1 N N N Flowserve Corp 6Y0GK87T6V7NJKZJVM41 34354P105 398500.000000000000 NS USD 21176290.000000000000 0.4596381659 Long EC CORP US N 1 N N N Freshpet Inc 549300S4ZK8ZQ6HNPN59 358039105 264630.000000000000 NS USD 14583759.300000000000 0.3165451727 Long EC CORP US N 1 N N N Kirby Corp I7NO6FZO5GUCG585T325 497266106 173911.000000000000 NS USD 14512872.950000000000 0.3150065618 Long EC CORP US N 1 N N N Kornit Digital Ltd 5299006DPCQWP3VTFK34 N/A 1284032.000000000000 NS USD 17334432.000000000000 0.3762494059 Long EC CORP IL N 1 N N N Oklo Inc N/A 02156V109 369684.000000000000 NS USD 41267824.920000000000 0.8957313748 Long EC CORP US N 1 N N Landbridge Co LLC N/A 514952100 645110.000000000000 NS USD 34416618.500000000000 0.7470237422 Long EC CORP US N 1 N N Lattice Semiconductor Corp 549300LRBBPZDQ2II567 518415104 356975.000000000000 NS USD 26173407.000000000000 0.5681021930 Long EC CORP US N 1 N N N Life Time Group Holdings Inc N/A 53190C102 2374635.000000000000 NS USD 65539926.000000000000 1.4225651130 Long EC CORP US N 1 N N N Lovesac Co/The N/A 54738L109 633889.000000000000 NS USD 10731740.770000000000 0.2329358752 Long EC CORP US N 1 N N nLight Inc N/A 65487K100 372454.000000000000 NS USD 11035812.020000000000 0.2395358392 Long EC CORP US N 1 N N N Northern Oil & Gas Inc OKFF0PIZDDMNH4UCYE51 665531307 822520.000000000000 NS USD 20398496.000000000000 0.4427558976 Long EC CORP US N 1 N N OSI Systems Inc DDX3MPX1Y8YD30050X33 671044105 241803.000000000000 NS USD 60266979.720000000000 1.3081141229 Long EC CORP US N 1 N N Ollie's Bargain Outlet Holding 529900YO5DSQCPEFDZ05 681116109 589478.000000000000 NS USD 75688975.200000000000 1.6428534808 Long EC CORP US N 1 N N N Ondas Holdings Inc 549300JWLHDUB82V8607 68236H204 6030824.000000000000 NS USD 46557961.280000000000 1.0105554811 Long EC CORP US N 1 N N PTC Therapeutics Inc 549300UJLWOIWFDGB318 69366J200 549201.000000000000 NS USD 33704465.370000000000 0.7315662302 Long EC CORP US N 1 N N N PAR Technology Corp 549300HYPTHBJQINVG57 698884103 208842.000000000000 NS USD 8265966.360000000000 0.1794154508 Long EC CORP US N 1 N N N Parsons Corp 549300ZXH0VRBSEPX752 70202L102 404135.000000000000 NS USD 33510874.200000000000 0.7273642717 Long EC CORP US N 1 N N Pegasystems Inc 549300FMCOKPL06FYN26 705573103 848614.000000000000 NS USD 48795305.000000000000 1.0591177441 Long EC CORP US N 1 N N Q2 Holdings Inc 549300M9RKR9DZXWS696 74736L109 381934.000000000000 NS USD 27648202.260000000000 0.6001130971 Long EC CORP US N 1 N N N RXO Inc 549300KL8CA6GP8XPM30 74982T103 905332.000000000000 NS USD 13924006.160000000000 0.3022250192 Long EC CORP US N 1 N N RadNet Inc 529900RECG94V2IZJ970 750491102 738220.000000000000 NS USD 56259746.200000000000 1.2211358342 Long EC CORP US N 1 N N N Rambus Inc 2549000211GDCQSLV833 750917106 434366.000000000000 NS USD 45260937.200000000000 0.9824031575 Long EC CORP US N 1 N N Scholar Rock Holding Corp 549300Z1FLPGL4OWJ459 80706P103 1092837.000000000000 NS USD 40697249.880000000000 0.8833468606 Long EC CORP US N 1 N N Select Medical Holdings Corp N/A 81619Q105 769135.000000000000 NS USD 9875693.400000000000 0.2143550925 Long EC CORP US N 1 N N N Semtech Corp 549300J7WUY317SW6O61 816850101 1196933.000000000000 NS USD 85520862.850000000000 1.8562577554 Long EC CORP US N 1 N N N Sequans Communications SA 969500G8ZIY1D601KJ66 817323405 276396.200000000000 NS USD 2614708.050000000000 0.0567530768 Long EC CORP FR N 1 N N N QXO Inc N/A 82846H405 4715757.000000000000 NS USD 89882328.420000000000 1.9509247644 Long EC CORP US N 1 N N N SiTime Corp N/A 82982T106 303756.000000000000 NS USD 91524720.360000000000 1.9865734082 Long EC CORP US N 1 N N N Soleno Therapeutics Inc 5493003LCY77N7FXK844 834203309 338647.000000000000 NS USD 22892537.200000000000 0.4968898618 Long EC CORP US N 1 N N N TTM Technologies Inc 549300SC4BDOIS008048 87305R109 417904.000000000000 NS USD 24071270.400000000000 0.5224746439 Long EC CORP US N 1 N N N Tandem Diabetes Care Inc 549300JEPFOD0K4D3I05 875372203 1479430.000000000000 NS USD 17960280.200000000000 0.3898336418 Long EC CORP US N 1 N N TG Therapeutics Inc 529900X21UKABN9NJ529 88322Q108 933712.000000000000 NS USD 33730346.000000000000 0.7321279775 Long EC CORP US N 1 N N Transcat Inc 54930081E40TSSHUOS40 893529107 311556.000000000000 NS USD 22805899.200000000000 0.4950093562 Long EC CORP US N 1 N N N TransMedics Group Inc 549300060GVOSMWARH50 89377M109 365464.000000000000 NS USD 41005060.800000000000 0.8900279953 Long EC CORP US N 1 N N Unity Software Inc 549300D1ESJMGNQNG432 91332U101 1456307.000000000000 NS USD 58310532.280000000000 1.2656488038 Long EC CORP US N 1 N N N Universal Technical Institute 2549003YOJGAZ0PVFV48 913915104 954457.000000000000 NS USD 31067575.350000000000 0.6743316866 Long EC CORP US N 1 N N N Varonis Systems Inc 549300SHIVNRRH7STS26 922280102 1036934.000000000000 NS USD 59592596.980000000000 1.2934764293 Long EC CORP US N 1 N N N Sequans Communications (SQNS) N/A N/A 298327.800000000000 NS USD .000000000000 0.0000000000 N/A DE CORP US N 3 Unknown 969500G8ZIY1D601KJ66 Call Purchased Sequans Communications SA Sequans Communications SA 1.000000000000 0.010000000000 USD 2025-10-05 XXXX .000000000000 N N N Signet Jewelers Ltd 549300N3XPGE91WV7M22 N/A 450767.000000000000 NS USD 43237570.640000000000 0.9384853374 Long EC CORP US N 1 N N Oddity Tech Ltd 254900QH12XZS53G0V57 N/A 478146.000000000000 NS USD 29788495.800000000000 0.6465688548 Long EC CORP IL N 1 N N Tower Semiconductor Ltd 54930086ZSNXZOUX0C54 N/A 754641.000000000000 NS USD 54560544.300000000000 1.1842541121 Long EC CORP IL N 1 N N N Sequans Communications (SQNS) N/A N/A 678966.200000000000 NS USD 6423020.250000000000 0.1394137144 N/A DE CORP US N 3 Unknown 969500G8ZIY1D601KJ66 Call Purchased Sequans Communications SA Sequans Communications SA 1.000000000000 0.010000000000 USD 2030-09-30 XXXX -3014609.930000000000 N N N WaterBridge Infrastructure LLC N/A 940923105 323333.000000000000 NS USD 8154458.260000000000 0.1769951317 Long EC CORP US N 1 N N N Waystar Holding Corp N/A 946784105 542709.000000000000 NS USD 20579525.280000000000 0.4466851962 Long EC CORP US N 1 N N N WesBanco Inc N/A 950810101 554505.000000000000 NS USD 17705344.650000000000 0.3843001839 Long EC CORP US N 1 N N N Western Alliance Bancorp 5493003VJXZ5JXT9S762 957638109 370331.000000000000 NS USD 32115104.320000000000 0.6970686388 Long EC CORP US N 1 N N N XPO Inc 54930096DB9LCLPN7H13 983793100 609364.000000000000 NS USD 78772484.280000000000 1.7097820343 Long EC CORP US N 1 N N ACI Worldwide Inc 5493003BPVMZUJ6F5C02 004498101 1654236.000000000000 NS USD 87294033.720000000000 1.8947449978 Long EC CORP US N 1 N N N Applied Optoelectronics Inc 529900I8U6Q5SYDNLT48 03823U102 1031656.000000000000 NS USD 26750840.080000000000 0.5806355632 Long EC CORP US N 1 N N AtriCure Inc 254900B2I6GPHK2EXM59 04963C209 1637849.000000000000 NS USD 57734177.250000000000 1.2531388330 Long EC CORP US N 1 N N Aurinia Pharmaceuticals Inc 5299008YP2BW4570ML28 05156V102 346375.000000000000 NS USD 3827443.750000000000 0.0830758941 Long EC CORP CA N 1 N N N Axon Enterprise Inc 549300QP2IEEGFE16681 05464C101 37856.000000000000 NS USD 27166979.840000000000 0.5896680101 Long EC CORP US N 1 N N N Axsome Therapeutics Inc 549300EXGR0XLRJEIB95 05464T104 189665.000000000000 NS USD 23034814.250000000000 0.4999780308 Long EC CORP US N 1 N N N BioCryst Pharmaceuticals Inc 549300Z0INP1Z5NP6J59 09058V103 1988507.000000000000 NS USD 15092768.130000000000 0.3275933726 Long EC CORP US N 1 N N N BlackBerry Ltd 549300HJD8NEGT71RF07 09228F103 6943380.000000000000 NS USD 33883694.400000000000 0.7354564537 Long EC CORP CA N 1 N N 2025-11-25 Manager Directed Portfolios /s/ Ryan Frank Ryan Frank President XXXX