U.S. Bancorp

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,944 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• The 13F exclusion. U.S. Bancorp files a Form 13F. Its filing for the quarter ended 30 June 2026 (filed 12 August 2026, CIK 0000036104) reports 8,256 information-table rows. This is client, custodial and asset-management activity run through U.S. Bancorp Asset Management and its wealth and institutional trust businesses, not U.S. Bancorp's own balance sheet, so it is excluded from holdings under the brief's rule on index/client-style positions, the same treatment used for JPMorgan (34,064 positions), Bank of America (18,318), Goldman Sachs (14,070), Wells Fargo (18,984), Morgan Stanley (45,905), Citigroup (11,343) and Schwab (4,441).
• Holdings is empty and that is the sourced finding, not a gap. The FY2025 Form 10-K (period ended 31 December 2025, filed 23 February 2026, full text at usb-20251231_d2.htm) and the Q2 2026 Form 10-Q (period ended 30 June 2026, filed 6 August 2026) were both fetched and searched for 'equity method', 'equity investments', 'non-marketable', 'measurement alternative', 'tax credit', 'affordable housing' and 'investments in'. The 10-K's Equity Investments accounting policy note discloses a single combined figure: 'the aggregate carrying amount of these equity investments was $203 million and $159 million at December 31, 2025 and 2024, respectively.' No individual investee is named anywhere in either filing, so under the brief's rule that a combined balance covering many investees sizes none of them, no holding is recorded for this $203 million and it is listed here and in unknowns instead.
• Tax-advantaged and affordable-housing investments are deliberately excluded as a category, per the brief. The 10-K describes 'private investment funds or partnerships that make equity investments, provide debt financing or support community-based investments in tax-advantaged projects,' mostly promoting affordable housing, community development and renewable energy, and used partly for Community Reinvestment Act compliance. For scale only: the Company's interest in these unconsolidated VIEs was approximately $312 million at 31 December 2025 with an additional $127 million of unfunded commitments (10-K), and it recognised federal and state income tax credits related to these investments of $153 million (Q2 2026) and $321 million (six months ended 30 June 2026) in tax expense (Q2 2026 10-Q). None of these figures name individual investee entities, consistent with them being structured tax-credit vehicles rather than strategic stakes in named operating companies.
• Visa Class B shares, checked and found not to be a current holding. Unlike JPMorgan, which still holds roughly 9.3 million Visa Class B-3 shares, U.S. Bancorp's FY2025 10-K states plainly in the Visa Litigation note: 'As of December 31, 2025, the Company has sold substantially all of its Class B shares.' The Q2 2026 10-Q still references 'swap agreements related to the sale of a portion of its Class B common and preferred shares of Visa Inc.' with a notional value of $690 million and fair value of $74 million at 30 June 2026, but these are derivative liabilities tied to the historical sale (indemnifying the buyer against changes in the Class B to Class A conversion ratio pending Visa litigation), not evidence of a remaining Visa equity position. No Visa holding is recorded.
• BTIG acquisition, excluded as a wholly owned subsidiary. On 1 June 2026 U.S. Bancorp acquired BTIG for approximately $395 million cash plus 6.6 million shares of U.S. Bancorp common stock, with up to $275 million more in earnout consideration (Q2 2026 10-Q, Note 3). This is a full acquisition, not a minority stake, so it is not a holding.
• Vanguard's January 2026 reorganisation, same pattern as jpmorgan.json and broadcom.json. For the quarter ended 30 June 2026, Vanguard's stake is split across separate 13F filer entities: Vanguard Capital Management LLC (CIK 0002100119, 101,302,511 shares) and Vanguard Portfolio Management LLC (CIK 0002100121, 30,004,454 shares). The register uses only the larger entity, Vanguard Capital Management LLC. Vanguard Portfolio Management LLC's 30,004,454 shares (1.926 percent) are a separate, real position and must not be summed into the register row above or double counted against it. The legacy 'Vanguard Group Inc' filer entity last reported 146,376,783 shares for the quarter ended 31 December 2025, which is now superseded by the split entities and is not used here.
• Berkshire Hathaway, checked directly rather than assumed. Berkshire built a large U.S. Bancorp position years ago and has been reported as selling it down. Its own Form 13F-HR for the quarter ended 30 June 2026 (filed 14 August 2026, CIK 0001067983, 89 total information-table rows) contains no row matching 'BANCORP' or the shorter fragments 'BANC' or 'BANK' variants tried. Berkshire Hathaway holds no U.S. Bancorp position as of 30 June 2026, per its own filing.
• Register percentages for the 13F rows use 1,558,051,446 common shares outstanding as of 31 July 2026 (Q2 2026 10-Q cover page). The three proxy/insider rows use 1,552,252,176 common shares outstanding as of the 24 February 2026 annual meeting record date, the closest disclosed denominator to the 2 February 2026 beneficial-ownership date used in the same proxy table; the proxy itself marks all three rows as 'less than 1 percent' without giving an exact percentage.
• 13F position values are the managers' own reported market values at 30 June 2026. Most rows imply a per-share mark of $60.40 (for example Vanguard Capital Management LLC: $6,118,671,664 / 101,302,511 shares), which matches the 'Market value per share' of $60.40 disclosed on U.S. Bancorp's own Q2 2026 10-Q selected financial data page for the quarter ended 30 June 2026, a useful cross-check that these are whole-dollar, same-date figures rather than stale or rounded ones.
• U.S. Bancorp has a single class of common stock, $0.01 par value, one vote per share; there is no dual-class structure. Institutional ownership implied by the register here (36.4 percent across the ten 13F rows, see self-check below) plus insider ownership (0.21 percent for the 23-person officer and director group) leaves the balance in the broad retail and non-13F institutional float, which is not separately sized here.
• Self-check: summing shares for the ten 13F register rows (BlackRock, Vanguard Capital Management, State Street, JPMorgan, FMR, MUFG, Geode, Morgan Stanley, Norges Bank, Invesco) gives 566,464,697 shares, 36.36 percent of the 1,558,051,446 shares outstanding, within the expected range for a large-cap bank register.