9AT: SPYGLASS CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	07/16/2026
Registration	SEC, Approved, 11/27/2017
Other registrations (2)	California, Terminated, 12/18/2021 California, ERA - Withdrawn, 05/16/2017
ADV Location	GREENBRAE, CA, United States
Contact Info	415 xxxxxxx
Websites

AUM^*	2,017,152,259 13%
of that, discretionary	2,017,152,259 13%
Number of Employees	11 10%
of those in investment advisory functions	5 25%
Private Fund GAV^*	0
Avg Account Size	26,196,783 17%
% High Net Worth	72.00% 5%
SMA’s	Yes
Private Funds	1 1

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- Other investment advisers
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser TWIN CAPITAL MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM837.8m	#Funds-
Adviser MOERUS CAPITAL MANAGEMENT LLC	Hedge Fund44.1m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV44.1m	AUM893.1m	#Funds3
Adviser EAGLE CAPITAL MANAGEMENT LLC	Hedge Fund190.7m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV190.7m	AUM35.8b	#Funds1
Adviser SAPIENCE INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM184.7m	#Funds-
Adviser VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund2.5m	Total Private Fund GAV2.5m	AUM12.2b	#Funds1
Adviser GOEHRING & ROZENCWAJG ASSOCIATES, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund9.5m	Total Private Fund GAV9.5m	AUM1.5b	#Funds4
Adviser BOSTON TRUST WALDEN INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.6b	#Funds-
Adviser DOLAN MCENIRY CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM13.8b	#Funds-
Adviser SAROFIM INTERNATIONAL MANAGEMENT CO	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.4b	#Funds-
Adviser SUPERFUND ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM4.8m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker79589L106	Stock NameSAMSARA INC	$ Position$93,379,212	% Position7.00%	$ Change12.00%	# Change26.00%
Stck Ticker04351P101	Stock NameASCENDIS PHARMA A/S	$ Position$84,166,236	% Position6.00%	$ Change-5.00%	# Change-11.00%
Stck Ticker127387108	Stock NameCADENCE DESIGN SYSTEM INC	$ Position$64,840,131	% Position5.00%	$ Change-24.00%	# Change-14.00%
Stck Ticker000360206	Stock NameAAON INC	$ Position$71,069,010	% Position5.00%	$ Change-22.00%	# Change-28.00%
Stck Ticker00827B106	Stock NameAFFIRM HLDGS INC	$ Position$76,167,732	% Position5.00%	$ Change-29.00%	# Change15.00%
Stck Ticker03831W108	Stock NameAPPLOVIN CORP	$ Position$66,289,686	% Position5.00%	$ Change-18.00%	# Change38.00%
Stck Ticker443573100	Stock NameHUBSPOT INC	$ Position$76,628,360	% Position5.00%	$ Change-28.00%	# Change18.00%
Stck Ticker82452J109	Stock NameSHIFT4 PMTS INC	$ Position$76,577,352	% Position5.00%	$ Change-28.00%	# Change3.00%
Stck Ticker833445109	Stock NameSNOWFLAKE INC	$ Position$53,129,060	% Position4.00%	$ Change-26.00%	# Change7.00%
Stck Ticker60937P106	Stock NameMONGODB INC	$ Position$61,969,400	% Position4.00%	$ Change-44.00%	# Change-5.00%

Brochure Summary

Overview

A. Description of the Company Spyglass is a California limited liability company founded in 2015 and principally owned by James A. Robillard, who is also the Firm’s Chief Investment Officer and Managing Member. Spyglass is an investment management firm with its principal place of business in San Francisco, California. B. Types of Advisory Services Offered Spyglass provides investment management and advisory services to family office clients, other high net worth clients, institutional investors, endowments, a Dublin Ireland based UCITS fund and Spyglass Growth Fund (“SGF”), a series of Manager Directed Portfolios (“Trust”) (each a “Client”, and collectively “Clients”). SGF is a registered investment company under the Investment Company Act of 1940, as amended. This is not a public offer of SGF. Spyglass invests Client portfolio assets pursuant to a long-only, concentrated, growth strategy with a long-term objective identifying companies with well-run management teams in industries experiencing significant growth or growth potential. Spyglass also offers model portfolio delivery services to select institutional managers. However, Spyglass does not execute nor have discretion over the transactions

effected. The model portfolio investment strategy is consistent with the investment strategy of the aforementioned Clients. C. Scope of Services We manage and supervise the investment operations and business affairs of SGF pursuant to an investment advisory agreement with the Trust, on behalf of SGF, subject to general oversight of the Trust’s Board of Trustees. Institutional investors may request and receive a summary of the SGF Prospectus and Statement of Additional Information (“SAI”) prior to investing. The most recent SAI is also available on our website. Our portfolio management services for separately managed account clients are based on the individual requirements of our clients and the suitability of the offering. Investment management agreements (“IMA”) with separately managed account clients may impose restrictions on investing in certain securities or types of securities. D. Wrap fee programs We do not offer wrap fee programs. E. Assets Under Management As of December 31, 2023, we manage approximately $1,403,600,000 of regulatory assets under management on a discretionary basis and we do not manage any assets on a non-discretionary basis, other than respecting restrictions documented in the IMA.

SPYGLASS CAPITAL MANAGEMENT, LLC

SPYGLASS CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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SPYGLASS CAPITAL MANAGEMENT, LLC SPYGLASS CAPITAL MANAGEMENT, LLC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

SPYGLASS CAPITAL MANAGEMENT, LLC

SPYGLASS CAPITAL MANAGEMENT, LLC