Jeremy Grantham's USB Position Overview
Jeremy Grantham (via Grantham, Mayo, Van Otterloo & Co. LLC) currently holds 18.4 M shares of U.S. Bancorp (USB) worth $981.88 M, representing 2.51% of the portfolio. First purchased in 2013-Q2, this long-term strategic position has been held for 47 quarters.
Based on 13F filings since 2013, Jeremy Grantham has maintained a long-term strategic position in USB, representing a significant commitment to this investment thesis. Largest addition occurred in Q1 2024, adding 3.18 M shares. Largest reduction occurred in Q1 2023, reducing 2.73 M shares.
Analysis based on 13F filings available since 2013 Q2
Jeremy Grantham's US Ban (USB) Holding Value Over Time
Track share changes against reported price movement
Quarterly US Ban (USB) Trades by Jeremy Grantham
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +642,057 | Add 3.62% | 18.4 M | $53.36 |
| Q3 2025 | +1.19 M | Add 7.18% | 17.76 M | $48.33 |
| Q2 2025 | +585,968 | Add 3.67% | 16.57 M | $45.25 |
| Q1 2025 | +3.05 M | Add 23.56% | 15.98 M | $42.22 |
| Q4 2024 | +120,543 | Add 0.94% | 12.94 M | $47.83 |
| Q3 2024 | +724,724 | Add 5.99% | 12.82 M | $45.73 |
| Q2 2024 | +929,005 | Add 8.32% | 12.09 M | $39.70 |
| Q1 2024 | +3.18 M | Add 39.76% | 11.16 M | $44.70 |
| Q4 2023 | -930,944 | Reduce 10.44% | 7.99 M | $43.28 |
| Q3 2023 | +929,768 | Add 11.64% | 8.92 M | $33.06 |
| Q2 2023 | +1.18 M | Add 17.28% | 7.99 M | $33.04 |
| Q1 2023 | -2.73 M | Reduce 28.61% | 6.81 M | $36.05 |
| Q4 2022 | +11,958 | Add 0.13% | 9.54 M | $43.61 |
| Q3 2022 | -59,031 | Reduce 0.62% | 9.53 M | $40.32 |
| Q2 2022 | -206,826 | Reduce 2.11% | 9.59 M | $46.02 |
| Q1 2022 | -167,822 | Reduce 1.68% | 9.79 M | $53.15 |
| Q4 2021 | +131,308 | Add 1.34% | 9.96 M | $56.17 |
| Q3 2021 | +179,985 | Add 1.87% | 9.83 M | $59.44 |
| Q2 2021 | -108,173 | Reduce 1.11% | 9.65 M | $56.97 |
| Q1 2021 | +100,204 | Add 1.04% | 9.76 M | $55.31 |
| Q4 2020 | +132,269 | Add 1.39% | 9.66 M | $46.59 |
| Q3 2020 | +356,752 | Add 3.89% | 9.53 M | $35.85 |
| Q2 2020 | +873,164 | Add 10.53% | 9.17 M | $36.82 |
| Q1 2020 | +2.81 M | Add 51.16% | 8.3 M | $34.45 |
| Q4 2019 | +10,158 | Add 0.19% | 5.49 M | $59.29 |
| Q3 2019 | +141,889 | Add 2.66% | 5.48 M | $55.34 |
| Q2 2019 | -303,167 | Reduce 5.38% | 5.34 M | $52.40 |
| Q1 2019 | -279,724 | Reduce 4.73% | 5.64 M | $48.19 |
| Q4 2018 | +870,213 | Add 17.24% | 5.92 M | $45.70 |
| Q3 2018 | -93,932 | Reduce 1.83% | 5.05 M | $52.81 |
| Q2 2018 | -735,316 | Reduce 12.51% | 5.14 M | $50.02 |
| Q1 2018 | +1.67 M | Add 39.63% | 5.88 M | $50.50 |
| Q4 2017 | +770,479 | Add 22.40% | 4.21 M | $53.58 |
| Q3 2017 | +948,553 | Add 38.08% | 3.44 M | $53.59 |
| Q2 2017 | +2.49 M | New Buy | 2.49 M | $51.92 |
| Q1 2016 | -10,102 | Sold Out | 0 | $0.00 |
| Q4 2015 | -124,400 | Reduce 92.49% | 10,102 | $42.66 |
| Q3 2015 | -267,298 | Reduce 66.53% | 134,502 | $41.01 |
| Q2 2015 | -92,700 | Reduce 18.75% | 401,800 | $43.40 |
| Q1 2015 | +29,300 | Add 6.30% | 494,500 | $43.67 |
| Q4 2014 | -87,400 | Reduce 15.82% | 465,200 | $44.95 |
| Q3 2014 | +191,200 | Add 52.91% | 552,600 | $41.83 |
| Q2 2014 | -37,100 | Reduce 9.31% | 361,400 | $43.32 |
| Q1 2014 | -34,400 | Reduce 7.95% | 398,500 | $42.86 |
| Q4 2013 | -6,100 | Reduce 1.39% | 432,900 | $40.40 |
| Q3 2013 | -49,300 | Reduce 10.10% | 439,000 | $36.58 |
| Q2 2013 | +488,300 | Add 0.00% | 488,300 | $36.15 |
Jeremy Grantham's US Ban Investment FAQs
Jeremy Grantham first purchased U.S. Bancorp (USB) in Q2 2013, acquiring 488,300 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Jeremy Grantham has held U.S. Bancorp (USB) for 47 quarters since Q2 2013.
Jeremy Grantham's largest addition to U.S. Bancorp (USB) was in Q1 2024, adding 11,161,575 shares worth $498.92 M.
According to the latest 13F filing for Q4 2025, Jeremy Grantham's firm, Grantham, Mayo, Van Otterloo & Co. LLC, owns 18,401,004 shares of U.S. Bancorp (USB), valued at approximately $981.88 M.
As of the Q4 2025 filing, U.S. Bancorp (USB) represents approximately 2.51% of Jeremy Grantham's publicly disclosed stock portfolio, making it one of their key holdings.
Jeremy Grantham's peak holding in U.S. Bancorp (USB) was 18,401,004 shares, as reported at the end of Q4 2025.