0001145549-24-016645.txt : 20240318 0001145549-24-016645.hdr.sgml : 20240318 20240318141941 ACCESSION NUMBER: 0001145549-24-016645 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240318 DATE AS OF CHANGE: 20240318 PERIOD START: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Managed Portfolio Series CENTRAL INDEX KEY: 0001511699 ORGANIZATION NAME: IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22525 FILM NUMBER: 24758342 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-3700 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 0001511699 S000031968 Nuance Concentrated Value Fund C000099506 Institutional Class Shares NCVLX C000115524 Investor Class NCAVX NPORT-P 1 primary_doc.xml NPORT-P false 0001511699 XXXXXXXX S000031968 C000099506 C000115524 Managed Portfolio Series 811-22525 0001511699 254900SQ3GG01NP4WM65 615 East Michigan Street Milwaukee 53202 414-516-1712 Nuance Concentrated Value Fund S000031968 254900C5NNQJ5IJNSM39 2024-04-30 2024-01-31 N 201696014.030000000000 223339.320000000000 201472674.710000000000 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 108571.640000000000 N Lindsay Corp 549300ZFO0QG5H8TPI61 Lindsay Corp 535555106 11489.000000000000 NS USD 1494833.790000000000 0.7419536134 Long EC CORP US N 1 N N N Henry Schein Inc VGO3WGL8H45T73F4RR92 Henry Schein Inc 806407102 68625.000000000000 NS USD 5135895.000000000000 2.5491769578 Long EC CORP US N 1 N N N Knorr-Bremse AG 5299001GRRO0Z25YZT52 Knorr-Bremse AG 499180107 327759.000000000000 NS USD 5054043.780000000000 2.5085504956 Long EC CORP DE N 1 N N N Pennon Group PLC 213800V1CCTS41GWH423 Pennon Group PLC 708326202 456994.000000000000 NS USD 8129923.260000000000 4.0352485873 Long EC CORP GB N 1 N N N 3M Co LUZQVYP4VS22CLWDAR65 3M Co 88579Y101 230395.000000000000 NS USD 21737768.250000000000 10.7894374665 Long EC CORP US N 1 N N N Pernod Ricard SA 52990097YFPX9J0H5D87 Pernod Ricard SA 714264306 32498.000000000000 NS USD 1070809.100000000000 0.5314909834 Long EC CORP FR N 1 N N N Quest Diagnostics Inc 8MCWUBXQ0WE04KMXBX50 Quest Diagnostics Inc 74834L100 31594.000000000000 NS USD 4057617.420000000000 2.0139790301 Long EC CORP US N 1 N N N Reinsurance Group of America I LORM1GNEU1DKEW527V90 Reinsurance Group of America Inc 759351604 41782.000000000000 NS USD 7265471.980000000000 3.6061823225 Long EC CORP US N 1 N N N Werner Enterprises Inc 549300P6XRGOCHHJST37 Werner Enterprises Inc 950755108 100685.000000000000 NS USD 3982091.750000000000 1.9764922244 Long EC CORP US N 1 N N N DENTSPLY SIRONA Inc 9NHEHR1SOZCYXDO8HO28 DENTSPLY SIRONA Inc 24906P109 523959.000000000000 NS USD 18207575.250000000000 9.0372430287 Long EC CORP US N 1 N N N Equity Commonwealth 549300YPGVU9PR4L0606 Equity Commonwealth 294628102 188963.000000000000 NS USD 3611082.930000000000 1.7923437683 Long EC CORP US N 1 N N N California Water Service Group 529900QABDOBU6UVRQ36 California Water Service Group 130788102 68230.000000000000 NS USD 3088772.100000000000 1.5330972820 Long EC CORP US N 1 N N N Clorox Co/The 54930044KVSC06Z79I06 Clorox Co/The 189054109 31656.000000000000 NS USD 4598034.000000000000 2.2822122189 Long EC CORP US N 1 N N N Diageo PLC 213800ZVIELEA55JMJ32 Diageo PLC 25243Q205 28177.000000000000 NS USD 4066786.410000000000 2.0185300145 Long EC CORP GB N 1 N N N Mueller Water Products Inc 549300F7ZU4P1F8V8L60 Mueller Water Products Inc 624758108 466021.000000000000 NS USD 6389147.910000000000 3.1712230550 Long EC CORP US N 1 N N N Northern Trust Corp 549300GLF98S992BC502 Northern Trust Corp 665859104 119750.000000000000 NS USD 9536890.000000000000 4.7335898100 Long EC CORP US N 1 N N N Northrop Grumman Corp RIMU48P07456QXSO0R61 Northrop Grumman Corp 666807102 2318.000000000000 NS USD 1035589.680000000000 0.5140099924 Long EC CORP US N 1 N N N Travelers Cos Inc/The 549300Y650407RU8B149 Travelers Cos Inc/The 89417E109 9973.000000000000 NS USD 2107893.280000000000 1.0462427637 Long EC CORP US N 1 N N N Waters Corp 5T547R1474YC9HOD8Q74 Waters Corp 941848103 14416.000000000000 NS USD 4580107.360000000000 2.2733144168 Long EC CORP US N 1 N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V336 3315752.130000000000 NS USD 3315752.130000000000 1.6457577360 Long STIV RF US N 1 N N N Healthcare Realty Trust Inc 549300L0I14L7I0VLX84 Healthcare Realty Trust Inc 42226K105 426918.000000000000 NS USD 6877648.980000000000 3.4136882284 Long EC CORP US N 1 N N N Cal-Maine Foods Inc 549300NHE5WMIEIEMF53 Cal-Maine Foods Inc 128030202 72639.000000000000 NS USD 4025653.380000000000 1.9981138315 Long EC CORP US N 1 N N N Henkel AG & Co KGaA 549300VZCL1HTH4O4Y49 Henkel AG & Co KGaA 42550U109 1043606.000000000000 NS USD 17856098.660000000000 8.8627893017 Long EC CORP DE N 1 N N N Illumina Inc SQ95QG8SR5Q56LSNF682 Illumina Inc 452327109 29252.000000000000 NS USD 4183328.520000000000 2.0763751343 Long EC CORP US N 1 N N N Kimberly-Clark Corp MP3J6QPYPGN75NVW2S34 Kimberly-Clark Corp 494368103 101529.000000000000 NS USD 12281963.130000000000 6.0960937495 Long EC CORP US N 1 N N N McCormick & Co Inc/MD 549300JQQA6MQ4OJP259 McCormick & Co Inc/MD 579780206 15697.000000000000 NS USD 1069907.520000000000 0.5310434884 Long EC CORP US N 1 N N N Mission Produce Inc 54930016JOKVFT59L825 Mission Produce Inc 60510V108 353448.000000000000 NS USD 3530945.520000000000 1.7525679475 Long EC CORP US N 1 N N N Target Corp 8WDDFXB5T1Z6J0XC1L66 Target Corp 87612E106 11260.000000000000 NS USD 1566040.800000000000 0.7772968728 Long EC CORP US N 1 N N N Healthpeak Properties Inc 254900M6MTMZM0I22L81 Healthpeak Properties Inc 42250P103 102328.000000000000 NS USD 1893068.000000000000 0.9396152618 Long EC CORP US N 1 N N N Independent Bank Corp 549300C5K3W8THR3GE10 Independent Bank Corp 453836108 51576.000000000000 NS USD 2892897.840000000000 1.4358760284 Long EC CORP US N 1 N N N Thermo Fisher Scientific Inc HCHV7422L5HDJZCRFL38 Thermo Fisher Scientific Inc 883556102 6492.000000000000 NS USD 3499058.160000000000 1.7367408087 Long EC CORP US N 1 N N N Towne Bank/Portsmouth VA 54930039UO39UJGI7078 Towne Bank/Portsmouth VA 89214P109 104196.000000000000 NS USD 2928949.560000000000 1.4537701275 Long EC CORP US N 1 N N N United Utilities Group PLC 2138002IEYQAOC88ZJ59 United Utilities Group PLC 91311E102 398394.000000000000 NS USD 10756638.000000000000 5.3390059051 Long EC CORP GB N 1 N N N QIAGEN NV 54930036WK3GMCN17Z57 QIAGEN NV N/A 133619.440000000000 NS USD 5833824.750000000000 2.8955910564 Long EC CORP NL N 1 N N N Envista Holdings Corp 549300BX623VURJZ5269 Envista Holdings Corp 29415F104 124889.000000000000 NS USD 2934891.500000000000 1.4567193810 Long EC CORP US N 1 N N N 2024-03-18 Managed Portfolio Series /s/ Benjamin Eirich Managed Portfolio Series Treasurer XXXX NPORT-EX 2 cv.htm SOI

Nuance Concentrated Value Fund
  
Schedule of Investments
  
as of January 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.9%
  
Shares
    
Value
  
Consumer Staples - 24.8%
        
Cal-Maine Foods, Inc.
    
72,639
    
$
4,025,653
  
Clorox Co.
    
31,656
      
4,598,034
  
Diageo PLC - ADR
    
28,177
      
4,066,786
  
Henkel AG & Co. KGaA - ADR
    
1,043,606
      
17,856,099
  
Kimberly-Clark Corp.
    
101,529
      
12,281,963
  
McCormick & Co., Inc.
    
15,697
      
1,069,908
  
Mission Produce, Inc.(a)
    
352,225
      
3,518,728
  
Pernod Ricard SA - ADR
    
32,498
      
1,070,809
  
Target Corp.
    
11,260
      
1,566,041
  
             
50,054,021
  
                 
Financials - 12.3%
          
Independent Bank Corp.
    
51,576
      
2,892,898
  
Northern Trust Corp.
    
119,750
      
9,536,890
  
Reinsurance Group of America, Inc.
    
41,782
      
7,265,472
  
TowneBank
    
104,196
      
2,928,950
  
Travelers Companies, Inc.
    
9,973
      
2,107,893
  
             
24,732,103
  
                 
Health Care - 24.0%
          
Dentsply Sirona, Inc.
    
523,959
      
18,207,575
  
Envista Holdings Corp.(a)
    
124,889
      
2,934,892
  
Henry Schein, Inc.(a)
    
68,625
      
5,135,895
  
Illumina, Inc.(a)
    
29,252
      
4,183,329
  
Qiagen NV
    
133,619
      
5,833,825
  
Quest Diagnostics, Inc.
    
31,594
      
4,057,617
  
Thermo Fisher Scientific, Inc.
    
6,492
      
3,499,058
  
Waters Corp.(a)
    
14,416
      
4,580,107
  
             
48,432,298
  
                 
Industrials - 19.7%
          
3M Co.
    
230,395
      
21,737,768
  
Knorr-Bremse AG - ADR
    
327,759
      
5,054,044
  
Lindsay Corp.
    
11,489
      
1,494,834
  
Mueller Water Products, Inc. - Class A
    
466,021
      
6,389,147
  
Northrop Grumman Corp.
    
2,318
      
1,035,590
  
Werner Enterprises, Inc.
    
100,685
      
3,982,092
  
             
39,693,475
  
                 
Real Estate - 6.2%
          
Equity Commonwealth
    
188,963
      
3,611,083
  
Healthcare Realty Trust, Inc.
    
426,918
      
6,877,649
  
Healthpeak Properties, Inc.
    
102,328
      
1,893,068
  
             
12,381,800
  
                 
Utilities - 10.9%
          
California Water Service Group
    
68,230
      
3,088,772
  
Pennon Group PLC - ADR
    
456,994
      
8,129,923
  
United Utilities Group PLC - ADR
    
398,394
      
10,756,638
  
             
21,975,333
  
TOTAL COMMON STOCKS (Cost $193,470,578)
      
197,269,030
  
                 
SHORT-TERM INVESTMENTS - 1.7%
                
Money Market Funds - 1.7%
  
Shares
          
First American Government Obligations Fund - Class X, 5.25% (b)
    
3,424,324
      
3,424,324
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,424,324)
      
3,424,324
  
                 
TOTAL INVESTMENTS - 99.6% (Cost $196,894,902)
    
$
200,693,354
  
Other Assets in Excess of Liabilities - 0.4%
      
799,951
  
TOTAL NET ASSETS - 100.0%
          
$
201,493,305
  
               
Percentages are stated as a percent of net assets.
          
   
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, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day effective yield as of January 31, 2024.


The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
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 following is a summary of the inputs used to value the Fund's investments as of December 31, 2023. See the Schedule of Investments for an industry breakout.

Nuance Concentrated Value Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
197,269,030
    
$
–
    
$
–
    
$
197,269,030
  
  Money Market Funds
    
3,424,324
      
–
      
–
      
3,424,324
  
Total Investments
  
$
200,693,354
    
$
–
    
$
–
    
$
200,693,354
  
                                 
Refer to the Schedule of Investments for industry classifications.