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Livermore
Livermore
ZHEN

US Bancorp

SEC CIK
0000036104
Latest filing
Aug 12, 2026

The latest 13F from US Bancorp covers Q2 2026 (filed Aug 12, 2026): 4,139 long positions worth $91.6B. The top 10 holdings make up 34.8% of the portfolio, and the largest is Schwab U.S. Large-Cap ETF at 5.5%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
233
Est. +$232.2M
Added
1582
Est. +$2.85B
Reduced
1613
Est. −$4.12B
Sold out
244
Est. −$264.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab U.S. Large-Cap ETF808524201
    5.5%$5.07B
  2. iShares Core S&P 500 ETF464287200
    5.4%$4.93B
  3. iShares Core U.S. Aggregate Bond ETF464287226
    4.3%$3.91B
  4. iShares Core MSCI Eafe ETF46432F842
    3.8%$3.48B
  5. SPYSPDR S&P 500 ETF Trust
    3.4%$3.14BHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Schwab U.S. Large-Cap ETF808524201
    +$799.1MAdded
  2. iShares Core S&P 500 ETF464287200
    +$570.3MAdded
  3. iShares Core MSCI Total International Stock ETF46432F834
    +$180.6MAdded
  4. Vanguard Morningstar Mid-Cap ETF922908629
    +$95.8MAddedConverted for a 4-for-1 split
  5. HONHoneywell International Inc
    +$89.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Schwab U.S. Large-Cap ETF808524201
    +1.02 pp4.5% → 5.5%
  2. iShares Core S&P 500 ETF464287200
    +0.77 pp4.6% → 5.4%
  3. GOOGLAlphabet Inc.
    +0.26 pp2.1% → 2.3%History
  4. PANWPalo Alto Networks Inc
    +0.24 pp0.3% → 0.5%History
  5. AMATApplied Materials Inc
    +0.21 pp0.2% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares U.S. Treasury Bond ETF46429B267
    −$1.04BReduced
  2. Vanguard Total World Stock ETF922042742
    −$565.4MReduced
  3. Vanguard S&P 500 ETF922908363
    −$498.5MReduced
  4. iShares Russell 2000 ETF464287655
    −$401.5MReduced
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −$303.9MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares U.S. Treasury Bond ETF46429B267
    −1.42 pp1.5% → <0.1%
  2. iShares Core U.S. Aggregate Bond ETF464287226
    −0.86 pp5.1% → 4.3%
  3. Vanguard Total World Stock ETF922042742
    −0.60 pp0.8% → 0.2%
  4. iShares Russell 2000 ETF464287655
    −0.34 pp1.0% → 0.7%
  5. HONHoneywell International Inc
    −0.22 pp0.2% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$91.6B
+$9.19B (+11.2%) vs. prior quarter
Positions
4,139
−11 vs. prior quarter
Top 10 concentration
34.8%
Top 10 as share of value
Turnover
3.5%
Q2 2026, one quarter
Average holding period
21.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $91.6B (Q2 2026)

Q1 2021: $49.4BQ2 2021: $53.4BQ3 2021: $53.2BQ4 2021: $63.4BQ1 2022: $60.1BQ2 2022: $51.6BQ3 2022: $48.4BQ4 2022: $56.5BQ1 2023: $59.2BQ2 2023: $61.5BQ3 2023: $61.2BQ4 2023: $67.6BQ1 2024: $71.8BQ2 2024: $73.4BQ3 2024: $77.9BQ4 2024: $76.4BQ1 2025: $74.8BQ2 2025: $79.4BQ3 2025: $84.4BQ4 2025: $85.3BQ1 2026: $82.4BQ2 2026: $91.6B
Q1 2021Q2 2026
13F filings of US Bancorp by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 20264,139$91.6BSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2026SEC
Q1 2026May 15, 20264,150$82.4BiShares Core U.S. Aggregate Bond ETFiShares Core S&P 500 ETFSchwab U.S. Large-Cap ETFvs. Q4 2025SEC
Q4 2025Jan 30, 20264,019$85.3BSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFiShares Core S&P 500 ETFvs. Q3 2025SEC
Q3 2025Nov 12, 20253,982$84.4BSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFiShares Core S&P 500 ETFvs. Q2 2025SEC
Q2 2025Jul 24, 20254,143$79.4BSchwab U.S. Large-Cap ETFiShares Core U.S. Aggregate Bond ETFiShares Core S&P 500 ETFvs. Q1 2025SEC
Q1 2025May 8, 20254,166$74.8BSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2024SEC
Q4 2024Feb 5, 20254,144$76.4BSchwab U.S. Large-Cap ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2024SEC
Q3 2024Oct 28, 20244,055$77.9BVanguard Morningstar Total Stock Market ETFiShares Core U.S. Aggregate Bond ETFiShares Core S&P 500 ETFvs. Q2 2024SEC
Q2 2024Aug 7, 20243,945$73.4BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2024SEC
Q1 2024May 8, 20243,943$71.8BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2023SEC
Q4 2023Feb 9, 20243,937$67.6BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2023SEC
Q3 2023Nov 3, 20233,951$61.2BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2023SEC
Q2 2023Aug 10, 20233,945$61.5BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFAAPLvs. Q1 2023SEC
Q1 2023May 9, 20234,054$59.2BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2022SEC
Q4 2022Feb 13, 20234,105$56.5BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFSPYvs. Q3 2022SEC
Q3 2022Oct 27, 20224,138$48.4BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFSPYvs. Q2 2022SEC
Q2 2022Aug 1, 20224,130$51.6BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFSPYvs. Q1 2022SEC
Q1 2022May 11, 20224,088$60.1BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFSPYvs. Q4 2021SEC
Q4 2021Feb 11, 20224,107$63.4BVanguard Morningstar Total Stock Market ETFiShares Core S&P 500 ETFSPYvs. Q3 2021SEC
Q3 2021Nov 10, 20214,066$53.2BiShares Core S&P 500 ETFSPYAAPLvs. Q2 2021SEC
Q2 2021Aug 5, 20214,017$53.4BSPYiShares Core S&P 500 ETFAAPLvs. Q1 2021SEC
Q1 2021Apr 28, 20213,882$49.4BSPYiShares Core S&P 500 ETFAAPL–SEC