U.S. Bancorp
CH ˙ SWX ˙ US9029733048
SecurityCH:USB / U.S. Bancorp
InstitutionGAM Holding AG
Latest Disclosed Ownership92,851 shares
Latest Disclosed Value $ 4,954,529
GAM Holding AG reports 13.26% decrease in ownership of USB / U.S. Bancorp

On February 17, 2026 - GAM Holding AG filed a 13F-HR form disclosing ownership of 92,851 shares of U.S. Bancorp (CH:USB) valued at $4,954,529 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 21, 2025 disclosing 107,050 shares of U.S. Bancorp. This represents a change in shares of -13.26% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F US BANCORP DEL COM NEW 902973304 92,851 -14,199 -13.26 4,955 -4.23 0.2402
2025-10-21 2025-09-30 13F US BANCORP DEL COM NEW 902973304 107,050 -1,774 -1.63 5,174 5.06 0.2338
2025-08-04 2025-06-30 13F US BANCORP DEL COM NEW 902973304 108,824 102 0.09 4,924 7.28 0.3462
2025-04-22 2025-03-31 13F US BANCORP DEL COM NEW 902973304 108,722 -6,790 -5.88 4,590 -16.91 0.3560
2025-01-31 2024-12-31 13F US BANCORP DEL COM NEW 902973304 115,512 -13,227 -10.27 5,525 -6.17 0.4120
2024-10-22 2024-09-30 13F US BANCORP DEL COM NEW 902973304 128,739 200 0.16 5,887 15.36 0.4694
2024-07-26 2024-06-30 13F US BANCORP DEL COM NEW 902973304 128,539 4,489 3.62 5,103 -7.97 0.3915
2024-05-13 2024-03-31 13F US BANCORP DEL COM NEW 902973304 124,050 472 0.38 5,545 3.68 0.4012
2024-01-23 2023-12-31 13F US BANCORP DEL COM NEW 902973304 123,578 0 0.00 5,348 30.92 0.3978
2023-10-16 2023-09-30 13F US BANCORP DEL COM NEW 902973304 123,578 392 0.32 4,085 0.37 0.3016
2023-07-27 2023-06-30 13F US BANCORP DEL COM NEW 902973304 123,186 -175 -0.14 4,070 -8.48 0.2810
2023-05-09 2023-03-31 13F US BANCORP DEL COM NEW 902973304 123,361 -6,088 -4.70 4,447 -21.22 0.3085
2023-02-02 2022-12-31 13F US BANCORP DEL COM NEW 902973304 129,449 -1,309 -1.00 5,645 7.08 0.4532
2022-10-19 2022-09-30 13F US BANCORP DEL COM NEW 902973304 130,758 13 0.01 5,272 -12.38 0.4032
2022-07-21 2022-06-30 13F US BANCORP DEL COM NEW 902973304 130,745 -700 -0.53 6,017 -13.87 0.4002
2022-05-06 2022-03-31 13F US BANCORP DEL COM NEW 902973304 131,445 23,468 21.73 6,986 15.19 0.2999
2022-02-18 2021-12-31 13F/A-1 US BANCORP DEL COM NEW 902973304 107,977 107,977 6,065 0.2703
2022-01-26 2021-12-31 13F US BANCORP DEL COM NEW 902973304 107,977 107,977 6,065 0.1883
2019-11-08 2019-09-30 13F US BANCORP DEL COM NEW 902973304 0 -11,000 -100.00 0 -100.00
2019-08-12 2019-06-30 13F US BANCORP DEL COM NEW 902973304 11,000 -5,091 -31.64 576 -25.68 0.0225
2019-05-10 2019-03-31 13F US BANCORP DEL COM NEW 902973304 16,091 -21,664 -57.38 775 -55.10 0.0326
2019-02-08 2018-12-31 13F US BANCORP DEL COM NEW 902973304 37,755 6,800 21.97 1,726 5.63 0.0873
2018-11-13 2018-09-30 13F US BANCORP DEL COM NEW 902973304 30,955 2,354 8.23 1,634 14.19 0.0595
2018-08-09 2018-06-30 13F US BANCORP DEL COM NEW 902973304 28,601 -1,466 -4.88 1,431 -5.73 0.0498
2018-05-15 2018-03-31 13F US BANCORP DEL COM NEW 902973304 30,067 -2,071 -6.44 1,518 -11.85 0.0536
2018-02-14 2017-12-31 13F US BANCORP DEL COM NEW 902973304 32,138 -1,254 -3.76 1,722 -3.75 0.0528
2017-11-14 2017-09-30 13F US BANCORP DEL COM NEW 902973304 33,392 -278,624 -89.30 1,789 -88.96 0.0755
2017-08-07 2017-06-30 13F US BANCORP DEL COM NEW 902973304 312,016 4,128 1.34 16,200 2.17 0.2389
2017-05-12 2017-03-31 13F US BANCORP DEL COM NEW 902973304 307,888 71,800 30.41 15,856 30.74 0.2505
2017-02-10 2016-12-31 13F US BANCORP DEL COM NEW 902973304 236,088 7,327 3.20 12,128 23.72 0.2126
2016-11-07 2016-09-30 13F US BANCORP DEL COM NEW 902973304 228,761 -26,464 -10.37 9,803 -4.76 0.1723
2016-08-11 2016-06-30 13F US BANCORP DEL COM NEW 902973304 255,225 13,246 5.47 10,293 4.80 0.1596
2016-05-13 2016-03-31 13F US BANCORP DEL COM NEW 902973304 241,979 -4,144 -1.68 9,822 -6.47 0.1635
2016-02-08 2015-12-31 13F US BANCORP DEL COM NEW 902973304 246,123 -44,894 -15.43 10,502 -12.01 0.1636
2015-11-12 2015-09-30 13F US BANCORP DEL COM NEW 902973304 291,017 -118,966 -29.02 11,935 -32.92 0.2051
2015-07-27 2015-06-30 13F US BANCORP DEL COM NEW 902973304 409,983 -3,895 -0.94 17,793 -1.55 0.2575
2015-05-12 2015-03-31 13F US BANCORP DEL COM NEW 902973304 413,878 -18,254 -4.22 18,074 -6.95 0.2704
2015-02-06 2014-12-31 13F US BANCORP DEL COM NEW 902973304 432,132 -75,364 -14.85 19,424 -8.50 0.2902
2014-11-12 2014-09-30 13F US BANCORP DEL COM NEW 902973304 507,496 41,803 8.98 21,229 5.23 0.3084
2014-08-11 2014-06-30 13F US BANCORP DEL COM NEW 902973304 465,693 3,054 0.66 20,174 1.74 0.3061
2014-05-15 2014-03-31 13F US BANCORP DEL COM NEW 902973304 462,639 -6,522 -1.39 19,829 4.63 0.3184
2014-02-12 2013-12-31 13F US BANCORP DEL COM NEW 902973304 469,161 13,912 3.06 18,952 13.81 0.3305
2013-11-12 2013-09-30 13F US BANCORP DEL COM NEW 902973304 455,249 7,050 1.57 16,653 2.78 0.3117
2013-08-13 2013-06-30 13F US BANCORP COM 902973304 448,199 448,199 16,202 0.3544
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.