Vote Scores

Home / Filers / Manager Directed Portfolios

Form N-PX · fund registrantSEC filer no. 1359057

Manager Directed Portfolios

fund voting report

Vote records reported
7,650year to 30 June 2026
Against management
3.3%200 of 6,127 marked votes
Say-on-pay support
92.8%for, of for + against + abstain
Shareholder-proposal support
17.9%for, of for + against + abstain
95.0% for3.9% against1.1% other3.3% against management6,161 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

For the year to 30 June 2026, Manager Directed Portfolios reported 7,650 vote records on Form N-PX. 200 of the 6,127 votes that were marked for or against management went against management: 3.3%, 3.0 percentage points below the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 2.0%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 92.8% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 17.9% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (25.0% of 36), COMPENSATION (9.1% of 362) and SECTION 14A SAY-ON-PAY VOTES (7.2% of 460).

It reported 500.1 million shares out on loan at record dates, 20.74% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share3.3%6.2%10.6%
Say-on-pay support rate92.8%91.6%86.0%
Shareholder-proposal support rate17.9%27.5%33.9%
Shares on loan, share of shares held20.74%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Of the 7,650 vote records in this filing, 1,489 carry something the form does not expect: a missing vote source or category, a record with no vote line, a meeting date that cannot be read, or a security identifier this site could not use. They are counted as filed. What is checked

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS3,1113,027592.3%
SECTION 14A SAY-ON-PAY VOTES463399327.2%
AUDIT-RELATED54153600.0%
SHAREHOLDER RIGHTS AND DEFENSES3627825.0%
EXTRAORDINARY TRANSACTIONS10810621.9%
CAPITAL STRUCTURE734708263.1%
COMPENSATION363330339.1%
CORPORATE GOVERNANCE729690324.3%
ENVIRONMENT OR CLIMATE1301330.8%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE130130.0%
DIVERSITY, EQUITY, AND INCLUSION2020.0%
OTHER SOCIAL ISSUES4516290.0%
OTHER267256113.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20244,9737.3%82.1%38.8%
year to 30 June 20256,9736.5%85.6%42.7%
year to 30 June 20267,6503.3%92.8%17.9%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, Manager Directed Portfolios voted against management on 25 of the 330 it marked either way (7.6%) in the year to 30 June 2026.

A further 63 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 73 proposals from security holders that could be told apart in the filings and on which it cast a vote, Manager Directed Portfolios voted for 10 (13.7%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Digital Realty Trust, Inc.29 May 2026A stockholder proposal regarding enhanced water risk disclosure
NRG Energy, Inc.30 Apr 2026To vote on a stockholder proposal to give shareholders the ability to call for a special shareholder meeting
Carvana Co.5 May 2026To vote upon one stockholder proposal, as described in the Proxy Statement.
HubSpot, Inc.15 Jun 2026A stockholder proposal to change the Company's Sixth Amended and Restated Bylaws to allow 10% holders of...
MKS Instruments, Inc.11 May 2026A shareholder proposal to reduce the threshold percentage of shareholders required to call a special...
Five Below, Inc.16 Jun 2026Shareholder proposal requesting that provisions in the Company's governance documents requiring greater...
Eagle Materials Inc.4 Aug 2025Non-binding advisory stockholder proposal requesting the declassification of our Board of Directors.
Americold Realty Trust18 May 2026Other issues
Calix, Inc.14 May 2026To hold an advisory vote on a stockholder proposal relating to a simple majority vote.
Avio S.p.A.28 Apr 2026Shareholder proposal: AUDIT-RELATED

Shares on loan

Manager Directed Portfolios reported 500.1 million shares on loan at record dates against 1.91 billion shares voted: 20.74% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

10 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Vert Global Sustainable Real Estate ETF2,0074.8%85.0%not reported
Hood River International Opportunity Fund1,5344.3%90.5%40.0%
Hood River Small-Cap Growth Fund8512.2%99.0%50.0%
Hood River New Opportunities Fund8172.2%97.7%80.0%
SWP Growth & Income ETF6630.2%100.0%0.0%
Deepwater Beachfront Small Cap ETF645not reportednot reportednot reported
Hood River Emerging Markets Fund4602.0%not reportednot reported
Hardman Johnston International Growth Fund4495.1%84.2%not reported
Spyglass Growth Fund2102.7%100.0%40.0%
SanJac Alpha Core Plus Bond ETF140.0%not reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did Manager Directed Portfolios vote on executive pay?

In the year to 30 June 2026 Manager Directed Portfolios reported 430 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 399 were for (92.8%), 31 against and 0 abstentions. Counting one item per company meeting, it voted against management on 25 of the 330 say-on-pay items it marked either way. A further 63 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does Manager Directed Portfolios vote against management?

3.3% of the time in the year to 30 June 2026: 200 of the 6,127 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did Manager Directed Portfolios support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 9 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 17.9% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by Manager Directed Portfolios (filer no. 1359057), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.