Argent Small Cap Fund (the “Fund”), a series of Manager Directed Portfolios Supplement dated June 30, 2020 to the Summary Prospectus, dated April 30, 2020 Effective June 18, 2020, Eduardo Vigil no longer serves as a portfolio manager of the Fund. John F. Meara, CFA, President, Chief Investment Officer and Portfolio Manager, and Peter Roy, CFA, Portfolio Manager, each of Argent Capital Management LLC, the Fund’s investment adviser will continue to manage the Fund. Mr. Meara has been a portfolio manager of the Fund since the Fund’s inception (October 2018), and Mr. Roy has been a portfolio manager of the Fund since April 2019. Mr. Meara and Mr. Roy are jointly and primarily responsible for the day-to-day portfolio management of the Fund. All references to Mr. Vigil and related information should be disregarded. Please retain this Supplement with your Summary Prospectus. Argent Small Cap Fund Trading Symbol: ACMSX Institutional Shares Summary Prospectus April 30, 2020 www.argentcapitalfunds.com Before you invest, you may want to review the Prospectus for the Argent Small Cap Fund (the Fund), which contains more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information, each dated April 30, 2020 (as each may be amended or supplemented), are incorporated by reference into this Summary Prospectus. You can find the Fund’s Prospectus, reports to shareholders, and other information about the Fund (including the Fund’s Statement of Additional Information) online at www.argentcapitalfunds.com/fund-materials/. You can also obtain this information at no cost by calling 888-898-5288 or by sending an e-mail request to
[email protected].