Should You Continue to Keep Your U.S. Bancorp (USB) Shares?

Tweedy, Browne, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tweedy, Browne has entered into a voluntary agreement, whereby they will waive the fees associated with the International Value Fund whenever the Fund’s average daily net assets (“ADNA”) surpass the threshold of $6 billion. The performance of the Fund would have been lower if fees were not waived during specific periods. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q1 2023 investor letter, Tweedy, Browne mentioned U.S. Bancorp (NYSE:USB) and explained its insights for the company. Founded in 1929, U.S. Bancorp (NYSE:USB) is a Minneapolis, Minnesota-based financial services company with a $51.2 billion market capitalization. U.S. Bancorp (NYSE:USB) delivered a -23.34% return since the beginning of the year, while its 12-month returns are down by -26.88%. The stock closed at $33.43 per share on June 21, 2023.

Here is what Tweedy, Browne has to say about U.S. Bancorp (NYSE:USB) in its Q1 2023 investor letter:

“The Funds received very little in the way of return contributions from many of their financial, energy, media, and healthcare holdings. While it would appear that a crisis was avoided by the quick intervention of bank regulators in the US and Switzerland, some uneasiness still remains in the global banking community. This turmoil couldn’t help but have a negative impact on investor sentiment and in turn on Fund bank holdings such as U.S. Bancorp (NYSE:USB).”

Our calculations show that U.S. Bancorp (NYSE:USB) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. U.S. Bancorp (NYSE:USB) was in 48 hedge fund portfolios at the end of the first quarter of 2023, compared to 58 funds in the previous quarter. U.S. Bancorp (NYSE:USB) delivered a -4.65% return in the past 3 months.

Earlier this year, we also discussed U.S. Bancorp (NYSE:USB) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.