UB

US Bancorp \de\

Diversified strategyMomentum followerLong-term holder

Total reported value

$82.4B

Reporting period: 2026-03-31 · Number of holdings: 8287

US BANCORP \DE\ disclosed 8287 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $82.4B and a quarterly turnover rate of 14.3%.

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Personality snowflake

Concentration
6.42
Portfolio Stability
14.34
Momentum/Contrarian
74.14
Sector conviction
43.91
Diversification
100
Sizing Uniformity
18.95

Recent moves

  • Trim SCHX

    -27.9%　-$1.7B

  • Add GOVT

    +2749.0%　$1.2B

  • Trim MSFT

    +0.9%　-$595.9M

  • Add IWM

    +50.1%　$290.9M

  • Add IEFA

    +1.6%　$85.1M

  • Add IEMG

    +2.0%　$114.3M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

US BANCORP's Q1 filing is a defensive capital rotation, not alpha hunting: it massively reduces its largest holding (SCHX) by ~30% weight and funnels the proceeds into Treasuries (GOVT from near zero to 1.45%) and small caps (IWM +55 basis points). The selective adds to MSFT against trims in AAPL, GOOGL, and LLY suggest a play for narrowing leadership rather than conviction in any single name.

Macro & Fundamentals

The flows price in a regime shift where the economy slows enough to push the Fed into cutting rates, benefiting bonds and rate-sensitive small caps while punishing the premium that megacap growth stocks have commanded. The opposing thesis is a 'higher-for-longer' outcome where sticky inflation keeps the Fed tight, small caps buckle under financing costs, and large-cap tech's cash flows and margins continue to reward passive holders.

Blind Spots / Risks

With 4,152 holdings and an HHI of 0.016, this portfolio's active bets are lost in the noise of a closet index. The rotation into GOVT and IWM is trivial compared to the 96%+ equity exposure—the real structural vulnerability is not the bet's direction but its size. If the soft-landing narrative fails, the portfolio will suffer a full market drawdown because its hedge is laughably small; if the rotation succeeds, the outperformance will be imperceptible. This is a macro hedge that hedge nothing.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 4152 holdings (of 8287 total)

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1AGGIshares Core U.s. AggregateETF-Other5.13%+0.12%-0.69%
2IVVIshares Core S&p 500 ETFETF-Large Cap & Growth4.61%+0.02%+1.62%
3SCHXSchwab US Large-cap ETFETF-Other4.51%-1.83%-27.86%
4IEFAIshares Core Msci Eafe ETFETF-Other3.92%+0.24%+1.56%
5SPYSs Spdr S&p 500 ETF Trust-usETF-Large Cap & Growth3.29%-0.10%-1.80%
6AAPLApple INCStock-Tech3.12%-0.16%-1.46%
7IEMGIshares Core Msci EmergingETF-Emerging Markets2.50%+0.22%+2.03%
8MSFTMicrosoft CORPStock-Tech2.45%-0.61%+0.86%
9GOOGLAlphabet Inc-cl AStock-Comm Services2.08%-0.13%-1.26%
10VOVanguard Mid-cap ETFETF-Other1.89%+0.17%+7.35%
11NVDANvidia CORPStock-Tech1.71%-0.04%+0.62%
12IWRIshares Russell Mid-cap ETFETF-Other1.52%—-0.06%
13LLYEli Lilly & CoStock-Healthcare1.52%-0.21%-1.09%
14AMZNAmazon.com INCStock-Consumer Disc1.49%-0.07%+1.83%
15GOVTIshares US Treasury Bond ETFETF-Gov Bonds1.45%+1.41%+2748.96%
16EFVIshares Msci Eafe Value ETFETF-Other1.26%—-1.64%
17JPMJpmorgan Chase & CoStock-Financials1.26%-0.09%-1.79%
18IWMIshares Russell 2000 ETFETF-Small Cap1.04%+0.37%+50.05%
19IXUSIshares Core Intl Stock ETFETF-Other1.02%-0.10%-13.76%
20VEAVanguard Ftse Developed ETFETF-Other0.93%+0.09%+1.04%
21QQQInvesco Qqq Trust Series 1ETF-Tech0.93%-0.05%-2.99%
22SCHHSchwab US Reit ETFETF-Other0.88%—+2.83%
23EFAIshares Msci Eafe ETFETF-Other0.84%—-0.76%
24WMTWalmart INCStock-Consumer Staples0.83%+0.10%-2.14%
25VTIVanguard Total Stock Mkt ETFETF-Other0.80%—+1.70%
26VTVanguard Tot World Stk ETFETF-Other0.76%—+7.33%
27BRK-ABerkshire Hathaway Inc-cl AStock-Other0.75%—+0.23%
28JNJJohnson & JohnsonStock-Healthcare0.74%+0.14%+0.10%
29IJRIshares Core S&p Small-cap EETF-Small Cap0.73%—-0.78%
30MDYState Street Spdr S&p MidcapETF-Other0.73%—-1.09%
31METAMeta Platforms Inc-class AStock-Comm Services0.72%-0.06%+3.08%
32VTWOVanguard Russell 2000 ETFETF-Small Cap0.70%+0.09%+9.46%
33XOMExxon Mobil CORPStock-Energy0.68%+0.20%-2.32%
34BRK-BBerkshire Hathaway Inc-cl BStock-Other0.68%—-0.69%
35MUBIshares National Muni Bond EETF-Other0.67%—+0.06%
36GOOGAlphabet Inc-cl CStock-Comm Services0.64%-0.06%-3.35%
37COSTCostco Wholesale CORPStock-Consumer Staples0.62%+0.10%-1.05%
38ABBVAbbvie INCStock-Healthcare0.61%—-1.24%
39VNQVanguard Real Estate ETFETF-Other0.60%—+7.67%
40PGProcter & Gamble Co/theStock-Consumer Staples0.59%—-5.25%
41HDHome Depot INCStock-Consumer Disc0.53%—-3.03%
42CVXChevron CORPStock-Energy0.52%+0.14%-2.37%
43MAMastercard INC - AStock-Financials0.52%-0.07%-2.47%
44PCARPaccar INCStock-Industrials0.51%—-0.04%
45IWFIshares Russell 1000 GrowthETF-Other0.49%-0.05%-2.25%
46AVGOBroadcom INCStock-Tech0.47%-0.04%-0.23%
47MPCMarathon Petroleum CORPStock-Energy0.46%+0.15%-3.64%
48XLKSs Technology Select SectorETF-Tech0.44%—-0.04%
49USBUS BancorpStock-Financials0.44%—-1.95%
50GLDSpdr Gold SharesETF-Commodities0.43%—-0.23%
1–50 of 4,152

Holding changes this quarter

US Bancorp \de\'s most significant position changes for 2026-03-31: Trim: Schwab US Large-cap ETF (SCHX) — shares -27.86%; Add: Ishares US Treasury Bond ETF (GOVT) — shares +2748.96%; Add: Microsoft CORP (MSFT) — shares +0.86%; Add: Ishares Russell 2000 ETF (IWM) — shares +50.05%; Add: Ishares Core Msci Eafe ETF (IEFA) — shares +1.56%.

Position changes disclosed by US Bancorp \de\ for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1GOVTIshares US Treasury Bond ETF+1.4%+2748.96%Add
2IWMIshares Russell 2000 ETF+0.4%+50.05%Add
3IEFAIshares Core Msci Eafe ETF+0.2%+1.56%Add
4IEMGIshares Core Msci Emerging+0.2%+2.03%Add
5XOMExxon Mobil CORP+0.2%-2.32%Trim
6VOVanguard Mid-cap ETF+0.2%+7.35%Add
7MPCMarathon Petroleum CORP+0.2%-3.64%Trim
8CVXChevron CORP+0.1%-2.37%Trim
9JNJJohnson & Johnson+0.1%+0.10%Add
10AGGIshares Core U.s. Aggregate+0.1%-0.69%Trim
11COSTCostco Wholesale CORP+0.1%-1.05%Trim
12WMTWalmart INC+0.1%-2.14%Trim
13VEAVanguard Ftse Developed ETF+0.1%+1.04%Add
14VTWOVanguard Russell 2000 ETF+0.1%+9.46%Add
15CATCaterpillar INC+0.1%-2.32%Trim
16IGFIshares Global Infrastructur+0.1%+24.50%Add
17VRTVertiv Holdings Co-a+0.1%-5.69%Trim
18IVVIshares Core S&p 500 ETF0%+1.62%Add
19NVDANvidia CORP0%+0.62%Add
20BACBank Of America CORP0%-0.89%Trim
21AVGOBroadcom INC0%-0.23%Trim
22QQQInvesco Qqq Trust Series 1-0.1%-2.99%Trim
23VWOVanguard Ftse Emerging Marke-0.1%-15.02%Trim
24IWFIshares Russell 1000 Growth-0.1%-2.25%Trim
25METAMeta Platforms Inc-class A-0.1%+3.08%Add
26GOOGAlphabet Inc-cl C-0.1%-3.35%Trim
27VVisa Inc-class A Shares-0.1%-4.19%Trim
28QCOMQualcomm INC-0.1%-2.17%Trim
29NOWServicenow INC-0.1%-2.15%Trim
30IVWIshares S&p 500 Growth ETF-0.1%-38.61%Trim
31DYNFIshrs US E F R A Etf-usd INC-0.1%-96.64%Trim
32AMZNAmazon.com INC-0.1%+1.83%Add
33MAMastercard INC - A-0.1%-2.47%Trim
34ABTAbbott Laboratories-0.1%-2.56%Trim
35UNHUnitedhealth Group INC-0.1%-2.66%Trim
36SCHPSchwab U.s. Tips ETF-0.1%-37.98%Trim
37VUGVanguard Growth ETF-0.1%-35.78%Trim
38IVEIshares S&p 500 Value ETF-0.1%-57.91%Trim
39ORCLOracle CORP-0.1%-1.77%Trim
40ACNAccenture plc-0.1%-5.11%Trim
41IUSBIshr Cr Unvrse Usd Bd Etf-ui-0.1%-98.07%Trim
42JPMJpmorgan Chase & Co-0.1%-1.79%Trim
43SPYSs Spdr S&p 500 ETF Trust-us-0.1%-1.80%Trim
44IXUSIshares Core Intl Stock ETF-0.1%-13.76%Trim
45SCHESchwab Emrg Mrkts Eqty ETF-0.1%-44.32%Trim
46GOOGLAlphabet Inc-cl A-0.1%-1.26%Trim
47AAPLApple INC-0.2%-1.46%Trim
48LLYEli Lilly & Co-0.2%-1.09%Trim
49MSFTMicrosoft CORP-0.6%+0.86%Add
50SCHXSchwab US Large-cap ETF-1.8%-27.86%Trim

FAQ

What is US Bancorp \de\ and what type of investor is it?
US Bancorp \de\ is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $82.4B, spread across 8287 disclosed positions.
What are US Bancorp \de\'s largest equity positions?
Based on the latest 13F filing, US Bancorp \de\'s top holdings by market value are: 1. Ishares Core U.s. Aggregate (AGG) — $4.2B (5.1%) 2. Ishares Core S&p 500 ETF (IVV) — $3.8B (4.6%) 3. Schwab US Large-cap ETF (SCHX) — $3.7B (4.5%) 4. Ishares Core Msci Eafe ETF (IEFA) — $3.2B (3.9%) 5. Ss Spdr S&p 500 ETF Trust-us (SPY) — $2.7B (3.3%)
What changes did US Bancorp \de\ make in its most recent portfolio filing?
In the latest reported quarter, US Bancorp \de\ made 50 notable position adjustments: 0 new positions were initiated, 14 existing holdings were added to, 36 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Schwab US Large-cap ETF (SCHX) — shares -27.86%; Add: Ishares US Treasury Bond ETF (GOVT) — shares +2748.96%; Add: Microsoft CORP (MSFT) — shares +0.86%; Add: Ishares Russell 2000 ETF (IWM) — shares +50.05%; Add: Ishares Core Msci Eafe ETF (IEFA) — shares +1.56%
What sectors does US Bancorp \de\ focus on?
US Bancorp \de\ is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 27.2% • Financials: 14.2% • Health Care: 12.3% • Industrials: 11.6% • Communication Services: 8.8% • Consumer Discretionary: 8.2%

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