FundWatcher
Greenspring Income Opportunities Fund
Manager Directed Portfolios

Portfolio moves

Net position changes between two of this fund's N-PORT snapshots. These are differences between point-in-time reports — not a trade log — and share counts can be affected by splits and other corporate actions.

Dec 31, 2025 → Mar 31, 2026

Expand a category to see the positions behind it, ranked by weight.

Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
ZIFF DAVIS INC REGD 144A P/P 4.62500000 0 4,975,000 4,975,000 1.17% $4.69M
PPH Escrow Issuer LLC 9.875%, Due 11/01/2029 0 4,650,000 4,650,000 1.12% $4.49M
Archrock Partners LP / Archrock Partners Finance Corp 0 4,401,000 4,401,000 1.10% $4.40M
HLX 9.75 03/01/29 144A 0 3,455,000 3,455,000 0.90% $3.63M
VSAT 6.5 07/15/28 144A 0 3,546,000 3,546,000 0.87% $3.51M
CLVTSC 3.875 07/01/28 144A 0 3,678,000 3,678,000 0.86% $3.47M
Advantage Sales & Marketing Inc 0 4,520,826 4,520,826 0.84% $3.37M
TGNA 7.25 09/15/27 0 3,000,000 3,000,000 0.77% $3.10M
SPR 3.85 06/15/26 0 2,507,000 2,507,000 0.62% $2.50M
H.B. FULLER CO REGD 4.00000000 0 2,129,000 2,129,000 0.52% $2.10M
RLJ LODGING TST. LP 3.75% 0 1,988,000 1,988,000 0.49% $1.98M
SUNOCO LP / SUNOCO FIN CORP 5.875% 03/15/2028 0 1,733,000 1,733,000 0.43% $1.73M
SAREPTA THERAPEUTICS INC CONV 1.25% 09/15/2027 0 1,216,000 1,216,000 0.28% $1.12M
GENESIS ENERGY LP SR UNSEC 8.875% 04-15-30 0 392,000 392,000 0.10% $409.58K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
FUBOTV INC 3.250000% 02/15/2026 5,194,000 0 -5,194,000 0.00% -$5.20M
TREEHOUSE FOODS INC SR UNSEC 4.0% 09-01-28 5,193,000 0 -5,193,000 0.00% -$5.18M
FRST AM-GV OB-X 5,055,102 0 -5,055,102 0.00% -$5.06M
Summit Hotel Properties, Inc. 4,830,000 0 -4,830,000 0.00% -$4.82M
ALBERTSONS COS/SAFEWAY REGD 144A P/P 5.87500000 4,478,000 0 -4,478,000 0.00% -$4.51M
ADVANTAGE SALES + MARKET SR SECURED 144A 11/28 6.5 4,775,000 0 -4,775,000 0.00% -$3.91M
New York Mortgage Trust Inc 3,850,000 0 -3,850,000 0.00% -$3.83M
GENESIS ENERGY LP SR UNSEC 7.75% 02-01-28 3,776,000 0 -3,776,000 0.00% -$3.79M
MATTHEWS INTL. COR 8.625% 3,450,000 0 -3,450,000 0.00% -$3.57M
COMPASS MINERALS INTL INC 6.75% 12/01/2027 144A 3,440,000 0 -3,440,000 0.00% -$3.45M
CAMELOT FIN. SA 4.50% 2,966,000 0 -2,966,000 0.00% -$2.95M
DANAOS CORP REGD 144A P/P 8.50000000 2,525,000 0 -2,525,000 0.00% -$2.55M
CCO Holdings, LLC/CCO Holdings Capital Corporation 2,249,000 0 -2,249,000 0.00% -$2.25M
WMS 5 09/30/27 144A 1,624,000 0 -1,624,000 0.00% -$1.63M
PMT 5.5 03/15/26 1,616,000 0 -1,616,000 0.00% -$1.62M
Marriott Vacations Worldwide Corp. 1,498,000 0 -1,498,000 0.00% -$1.50M
Six Flags Entertainment Corporation/Canada's Wonderland Company/Magnum Management Corporation 750,000 0 -750,000 0.00% -$748.33K
WESTERN DIGITAL 661,000 0 -661,000 0.00% -$663.72K
Haemonetics Corp. 510,000 0 -510,000 0.00% -$506.18K
RXO Inc 350,000 0 -350,000 0.00% -$358.49K
TGNA 4.625 03/15/28 133,000 0 -133,000 0.00% -$131.73K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
FIRST AM-TR OB-X 15,490,055 15,962,975 472,919 3.97% $472.92K
TRAVEL + LEISURE CO SR SECURED 144A 07/26 6.625 1,300,000 6,057,000 4,757,000 1.51% $4.75M
ACALTD 6 11/15/27 144A 3,094,000 5,594,000 2,500,000 1.40% $2.51M
AMERICAN AXLE & MFG INC REGD 6.87500000 4,512,000 5,557,000 1,045,000 1.38% $1.02M
ATI INC REGD 5.87500000 1,318,000 5,335,000 4,017,000 1.33% $4.01M
CARS.COM INC REGD 144A P/P 6.37500000 4,020,000 5,278,000 1,258,000 1.28% $1.11M
SunCoke Energy Inc 1,187,000 4,645,000 3,458,000 1.23% $3.67M
Vistra Operations Co. LLC 3,250,000 4,879,000 1,629,000 1.21% $1.63M
SIX FLAGS ENTERTAINMENT CORP / COMPANY GUAR 10/28 6.5 4,293,000 4,871,000 578,000 1.21% $656.04K
THC 6 1/8 10/01/28 3,563,000 4,559,000 996,000 1.14% $991.11K
ANGI GRP. LLC 3.875% 4,100,000 5,055,000 955,000 1.12% $714.81K
UNITED NATURAL FOODS INC REGD 144A P/P 6.75000000 3,820,000 4,216,000 396,000 1.05% $381.30K
AQUARI 7.875 11/01/29 144A 4,114,000 4,614,000 500,000 1.04% $18.28K
CORPBOND 1,600,000 4,100,000 2,500,000 1.03% $2.51M
SPECTRUM BRANDS INC REGD 144A P/P 3.87500000 1,561,000 4,751,000 3,190,000 1.03% $2.84M
BERRY GLOBAL INC SR SECURED 144A 07/26 4.875 1,920,000 4,030,000 2,110,000 1.00% $2.11M
SUNOCO LP SR UNSECURED 144A 07/27 5.875 1,000,000 4,000,000 3,000,000 1.00% $2.99M
TELEFLEX INC REGD 4.62500000 1,605,000 4,000,000 2,395,000 0.99% $2.36M
SYNRGY 7.875 12/01/30 144a 2,500,000 3,879,000 1,379,000 0.99% $1.37M
MGPI Processing, Inc. 4,000,000 4,077,000 77,000 0.98% $53.01K
IQVIA INC REGD 144A P/P 5.00000000 1,395,000 3,852,000 2,457,000 0.96% $2.46M
DLX 8 06/01/29 144A 2,581,000 3,791,000 1,210,000 0.95% $1.18M
UPBOUND GRP INC 2,818,000 3,262,000 444,000 0.79% $384.73K
UNISYS CORP SR SECURED 144A 01/31 10.625 3,000,000 3,500,000 500,000 0.75% -$61.53K
PMT 8.5 06/01/29 1,224,000 2,550,000 1,326,000 0.66% $1.37M
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
Invesco Treasury Portfolio, Institutional Class 15,490,055 11,610,739 -3,879,317 2.89% -$3.88M
Bandwidth, Inc. 5,783,000 3,239,000 -2,544,000 0.72% -$2.15M
CHTR 5 1/8 05/01/27 1,554,000 799,000 -755,000 0.20% -$754.14K
SMG 5 1/4 12/15/26 1,020,000 779,000 -241,000 0.19% -$241.11K
Security Shares Dec 2025 Shares Mar 2026 Δ shares End % Δ value
OWENS-BROCKWAY REGD 144A P/P 6.62500000 5,702,000 5,702,000 0 1.42% -$8.96K
Carvana Co 5,320,000 5,320,000 0 1.38% -$44.86K
ENVA 11.25 12/15/28 144A 5,098,000 5,098,000 0 1.34% $1.40K
NESCO Holdings II, Inc. 5,458,000 5,458,000 0 1.33% -$37.95K
SM ENERGY CO REGD 6.75000000 5,111,000 5,111,000 0 1.27% -$20.36K
MAGNERA CORP SR SECURED 144A 11/29 4.75 5,560,000 5,560,000 0 1.25% -$121.99K
MTZ 6.625 08/15/29 144A 4,894,000 4,894,000 0 1.22% -$37.27K
OTEXCN 3.875 02/15/28 144A 5,000,000 5,000,000 0 1.20% -$91.15K
WWW 4 08/15/29 144A 5,092,000 5,092,000 0 1.17% $3.47K
PRMWCN 6.25% Sr Unsecured Nts due 2029 144A 4,690,000 4,690,000 0 1.17% -$29.14K
ROCSOF 9 11/28/28 144A 4,500,000 4,500,000 0 1.12% -$145.91K
BXMT 5.5 03/15/27 4,500,000 4,500,000 0 1.11% $20.25K
KBR INC REGD 144A P/P 4.75000000 4,518,000 4,518,000 0 1.10% -$17.48K
SBA COMMUNICATIONS CORP SR UNSECURED 02/27 3.875 4,445,000 4,445,000 0 1.10% -$12.36K
ORGANON / ORGANON 4.125% 4,491,000 4,491,000 0 1.09% -$34.45K
CRASHC 8 3/4 02/15/29 4,820,000 4,820,000 0 1.08% -$428.70K
TITAN INTL. INC 7.00% 4,281,000 4,281,000 0 1.06% -$30.77K
Pebblebrook Hotel Trust, Convertible 4,250,000 4,250,000 0 1.03% $38.35K
BXC 6 11/15/29 144A 4,037,000 4,037,000 0 0.98% -$56.23K
STGW 5.625 08/15/29 144A 4,107,000 4,107,000 0 0.97% -$94.48K
REDFIN CORP SR UNSECURED 04/27 0.5 4,000,000 4,000,000 0 0.95% $72.00K
MTX 5 07/01/28 3,880,000 3,880,000 0 0.95% -$31.45K
SLGN 4 1/8 02/01/28 3,905,000 3,905,000 0 0.95% -$29.59K
GSYCN 9.25 12/01/28 144A 4,062,000 4,062,000 0 0.94% -$398.12K
GLOBAL INFRASTRUCTURE SO REGD 144A P/P 5.62500000 3,849,000 3,849,000 0 0.94% -$86.63K
VAC 4.75 01/15/28 3,830,000 3,830,000 0 0.94% -$3.39K
CSWHOL 5 12/15/28 144A 4,029,000 4,029,000 0 0.94% $11.12K
GETTY IMAGES INC REGD 144A P/P 14.00000000 3,905,000 3,905,000 0 0.93% $34.26K
CLW 4.75 08/15/28 144A 4,205,000 4,205,000 0 0.91% -$311.78K
DELEK LOG PT/FIN 3,630,000 3,630,000 0 0.91% -$11.68K
AdaptHealth LLC 3,622,000 3,622,000 0 0.90% -$46.50K
GRIFFON CORPORATION REGD 5.75000000 3,611,000 3,611,000 0 0.90% -$13.86K
RITM 8 04/01/29 144A 3,650,000 3,650,000 0 0.89% -$160.95K
MAUSER PACKAGING SOLUT SR SECURED 144A 04/30 7.875 3,299,000 3,299,000 0 0.82% $25.34K
AMWINS GRP. INC 4.875% 3,407,000 3,407,000 0 0.81% -$86.83K
CoreWeave, Inc. 3,300,000 3,300,000 0 0.80% $137.96K
BURLN 6.25 04/15/28 144A 3,335,000 3,335,000 0 0.78% -$178.82K
Cleveland-Cliffs Inc. 3,125,000 3,125,000 0 0.78% -$111.88K
ALGOMA STEEL INC REGD 144A P/P 9.12500000 3,500,000 3,500,000 0 0.78% $189.90K
ARETEC GRP. INC 7.50% 3,135,000 3,135,000 0 0.77% -$55.76K
LUCID GROUP INC CONV 1.25% 12/15/2026 144A 3,145,000 3,145,000 0 0.74% $31.45K
ACHC 5.5 07/01/28 144A 2,949,000 2,949,000 0 0.73% $2.77K
PRA GRP. INC 8.375% 2,900,000 2,900,000 0 0.73% -$51.83K
GEO GRP. INC/THE 8.625% 2,500,000 2,500,000 0 0.65% -$33.15K
NXST 5.625 07/15/27 144A 2,484,000 2,484,000 0 0.62% -$13.95K
OII 6 02/01/28 * 2,252,000 2,252,000 0 0.56% -$23.32K
BURLN 9.25 07/01/31 144A 2,500,000 2,500,000 0 0.56% -$317.90K
OWENS & MINOR INC REGD 144A P/P 4.50000000 3,512,000 3,512,000 0 0.53% -$263.20K
Credit Acceptance Corp 2,001,000 2,001,000 0 0.52% -$17.96K
Credit Acceptance Corp 2,100,000 2,100,000 0 0.51% -$53.18K
ENERFLEX INC SR UNSECURED 144A 01/31 6.875 2,000,000 2,000,000 0 0.51% -$2.53K
Arbor Realty Trust, Inc., Series QIB 2,000,000 2,000,000 0 0.49% -$15.45K
ARBOR REALTY TRUST INC REGD 5.00000000 1,970,000 1,970,000 0 0.49% $3.06K
Spectrum Brands Incorporated 3.375%, Due 06/01/2029 1,928,000 1,928,000 0 0.48% $100.83K
IRON MOUNTAIN INC REGD 144A P/P 4.87500000 1,913,000 1,913,000 0 0.48% -$1.39K
SHEA HOMES LTD PARTNERSHP/CORP 4.75% 02/15/2028 1,938,000 1,938,000 0 0.47% -$19.02K
HB FULLER CO SR UNSECURED 10/28 4.25 1,953,000 1,953,000 0 0.47% -$49.87K
CORPBOND 1,738,000 1,738,000 0 0.43% -$11.99K
PRA GROUP INC REGD 144A P/P 5.00000000 1,850,000 1,850,000 0 0.43% -$31.69K
GRND CANYON UNIV 1,500,000 1,500,000 0 0.37% -$9.32K
RB Global Holdings Inc. 1,432,000 1,432,000 0 0.36% -$14.72K
AXTA 4.75 06/15/27 144A 1,300,000 1,300,000 0 0.32% -$10.27K
RHP Hotel Properties LP / RHP Finance Corp 7.25 07/15/2028 1,250,000 1,250,000 0 0.32% -$12.81K
GEN DIGITAL INC REGD 144A P/P 6.75000000 1,260,000 1,260,000 0 0.31% -$17.42K
TALOS PRODUCTION INC SECURED 144A 02/29 9 1,000,000 1,000,000 0 0.26% -$249
XPO INC REGD 144A P/P 6.25000000 1,000,000 1,000,000 0 0.25% -$7.26K
OII 6 02/01/28 996,000 996,000 0 0.25% -$10.31K
AVTR 4.625 07/15/28 144A 1,000,000 1,000,000 0 0.24% -$18.73K
TGNA 7 3/4 06/01/27 920,000 920,000 0 0.24% -$14.37K
HRI 7 06/15/30 144A 700,000 700,000 0 0.18% -$18.86K
BYD 4 3/4 12/01/27 675,000 675,000 0 0.17% -$6.16K
WESCO Distribution Inc 650,000 650,000 0 0.16% -$5.80K
HL 7 1/4 02/15/28 554,000 554,000 0 0.14% -$4.20K
DARLING INGREDIENTS INC REGD 144A P/P 5.25000000 518,000 518,000 0 0.13% -$974
RADIAN GROUP INC REGD 4.87500000 517,000 517,000 0 0.13% -$1.95K
GTES 6.875 07/01/29 144A 500,000 500,000 0 0.13% -$6.22K
TRN 7.75 07/15/28 144A 500,000 500,000 0 0.13% -$6.93K
AVNT 6.25 11/01/31 144A 500,000 500,000 0 0.13% -$10.32K
DIGITALOCEAN HOLDINGS INC CONV 0% 12/01/2026 507,000 507,000 0 0.12% $5.63K
KODIAK GAS SERVS. L 7.25% 250,000 250,000 0 0.06% -$1.08K
AIR 6.75 03/15/29 144A 250,000 250,000 0 0.06% -$4.21K
Hilton Worldwide Holdings Inc. 125,000 125,000 0 0.03% -$140
GRAND CANYON UNIVERSITY SR UNSEC SF 4.375% 10-01-26 100,000 100,000 0 0.02% -$618

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