What smart money is saying about US Bancorp
USB
No fund has written a full thesis on US Bancorp in our archive, but 8 fund letters report a position in it — most recently Cambiar Investors Opportunity Fund in September 2026.
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8
Reported positions
0
Bought
3
Sold
8
Letters
Position history
Between Q1 2025 and Q3 2026, 8 fund letters reported a position in US Bancorp — 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 2 | 0 | 0 | 0 |
| Q3 2025 | 2 | 0 | 2 | 0 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 1 | 0 | 1 | 0 |
Fund activity · 8 positions · 3 moves
- September 2026
“We were able to offset modest pullbacks in US Bancorp and PNC Financial Services with solid gains in Mastercard, CME Group, and Intercontinental Exchange (ICE).”
US Bancorp - June 2026
“Select holdings in banking (US Bank and PNC Financial) modestly detracted from returns.”
US Bancorp - HoldsClipper FundDecember 2025
Listed in Clipper Fund’s reported holdings.
US Bancorp - HoldsDavis Financial FundDecember 2025
“The other so-called “super-regional” banks in the portfolio (Fifth Third Bank, U.S. Bancorp and PNC Financial) are trading at similar or better valuations, and we remain optimistic about their prospective returns.”
US Bancorp - September 2025
“Separately, the Fund trimmed its holdings in U.S. Bancorp due to a declining competitive advantage position which we expect will weigh on long-term growth expectations.”
US Bancorp - September 2025
“While financials were a small drag to performance in the quarter, we stuck to our practice of upgrading quality where we see opportunity by exiting U.S. Bancorp and initiating a new position in PNC.”
US Bancorp - June 2025
“Financial companies represent the largest sector weighting in DNYVF and reflect a theme we describe as “Misunderstood Durability.” Since the 2008–2009 Global Financial Crisis (GFC), investor sentiment has tended to view financial companies in general and banks in particular as fragile, volatile and prone to disaster. This perception is understandable but inaccurate with regards to the select banks we own, such as Capital One, Wells Fargo and U.S. Bancorp all of which grew their customer bases through both the GFC and the regional banking crisis of 2023.”
US Bancorp - ExitedMacquarie Value FundMarch 2025
“In March, we sold the Fund’s position in U.S. Bancorp (US Bank), the fifth-largest commercial bank in the US.”
US Bancorp
Read the letters behind these US Bancorp positions
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