L3VLUP
Quarter end
31 Mar 2025
the date the book describes
Filed
5 Nov 2026
latest of these filings; the earliest 12 May 2025
Managers listing it
30
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q4 2024 and Q1 2025; 17 listed it in both
Shares listed
182,530,110
combined, among listed positions
Reported value
$7.7bn
combined, at the quarter end

Among the 95 comparable managers: 26 buyers (opened or added shares) and 4 sellers (trimmed or exited), at least, among listed positions. Their net change in shares is not known from listed positions, because at least one of them lists it in only one of the two quarters.

Managers listing USB in Q1 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q4 2024, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

30 of 30 holders

ActionFiling
Fidelity (FMR LLC)67,481,308$2.8bn0.18%Added+355,5625 Nov 2026 (the filing on sec.gov)
Viking Global Investors LP34,863,502$1.5bn4.68%Added+10,415,74515 May 2025 (the filing on sec.gov)
Invesco Ltd16,527,866$698m0.13%Trimmed-259,64712 May 2025 (the filing on sec.gov)
T. Rowe Price Associates Inc13,318,490$562m0.07%Trimmed-355,07314 May 2025 (the filing on sec.gov)
Marshall Wace LLP11,300,333$477m0.61%Added+5,510,76815 May 2025 (the filing on sec.gov)
First Eagle Investment Management LLC8,891,198$375m0.78%Added+15,29512 May 2025 (the filing on sec.gov)
Millennium Management LLC4,362,985$184m0.10%Addedn.a.15 May 2025 (the filing on sec.gov)
Jane Street Group LLC3,613,908$153munder 0.1%Addedn.a.19 May 2025 (the filing on sec.gov)
Squarepoint Ops LLC3,515,102$148m0.18%Addedn.a.27 Aug 2025 (the filing on sec.gov)
Artisan Partners LP2,716,920$115m0.19%Added+171,70114 May 2025 (the filing on sec.gov)
Capital Research Global Investors2,021,517$85munder 0.1%Added+6,80012 May 2025 (the filing on sec.gov)
AllianceBernstein LP1,701,639$72munder 0.1%Added+14,92115 May 2025 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC1,434,781$61m0.37%Added+1,171,01315 May 2025 (the filing on sec.gov)
Verition Fund Management LLC1,128,000$48m0.22%Added+280,18515 May 2025 (the filing on sec.gov)
Janus Henderson Group Ltd1,092,277$46munder 0.1%Added+264,16615 May 2025 (the filing on sec.gov)
Walleye Capital LLC1,092,362$46m0.21%Added+154,69414 May 2025 (the filing on sec.gov)
Two Sigma Investments LP1,092,060$46m0.10%Addedn.a.15 May 2025 (the filing on sec.gov)
Man Group PLC932,433$39m0.10%Addedn.a.15 May 2025 (the filing on sec.gov)
Tudor Investment Corp920,284$39m0.13%Addedn.a.15 May 2025 (the filing on sec.gov)
ExodusPoint Capital Management LP870,750$37m0.36%Added+752,75214 May 2025 (the filing on sec.gov)
Two Sigma Advisers LP800,000$34m0.08%Newnew15 May 2025 (the filing on sec.gov)
Quantbot Technologies LP790,448$33m1.06%Newnew13 May 2025 (the filing on sec.gov)
Renaissance Technologies LLC755,700$32munder 0.1%Newnew14 May 2025 (the filing on sec.gov)
Brevan Howard Capital Management LP701,545$30m0.29%Added+654,85715 May 2025 (the filing on sec.gov)
Freestone Grove Partners LP221,756$9.4m0.10%Held015 May 2025 (the filing on sec.gov)
Page 1 of 2

Largest increases and reductions, by shares

Q4 2024 to Q1 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
20 in Q3 2024 to 21 in Q2 2026

Tracked managers listing it, at least.

01020302014201620182020202220242026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
USB by quarter
QuarterHoldersReported valueBuyersSellers
Q2 201324$11.6bnn.a.n.a.
Q3 201320$11.8bnn.a.n.a.
Q4 201320$13.5bnn.a.n.a.
Q1 201421$15.1bnn.a.n.a.
Q2 201423$14.7bnn.a.n.a.
Q3 201426$14.0bnn.a.n.a.
Q4 201423$15.8bnn.a.n.a.
Q1 201525$15.6bnn.a.n.a.
Q2 201528$15.3bnn.a.n.a.
Q3 201526$14.3bnn.a.n.a.
Q4 201526$14.4bnn.a.n.a.
Q1 201627$12.9bnn.a.n.a.
Q2 201625$13.1bnn.a.n.a.
Q3 201621$13.6bnn.a.n.a.
Q4 201625$15.6bnn.a.n.a.
Q1 201726$15.0bnn.a.n.a.
Q2 201726$15.5bnn.a.n.a.
Q3 201724$15.7bnn.a.n.a.
Q4 201727$15.8bnn.a.n.a.
Q1 201830$14.4bnn.a.n.a.
Q2 201821$13.9bnn.a.n.a.
Q3 201821$15.0bnn.a.n.a.
Q4 201823$12.9bnn.a.n.a.
Q1 201929$13.0bnn.a.n.a.
Q2 201927$14.1bnn.a.n.a.
Q3 201928$14.9bnn.a.n.a.
Q4 201925$15.1bnn.a.n.a.
Q1 202029$8.5bnn.a.n.a.
Q2 202023$8.7bnn.a.n.a.
Q3 202022$8.2bnn.a.n.a.
Q4 202023$10.7bnn.a.n.a.
Q1 202117$11.2bnn.a.n.a.
Q2 202116$11.1bnn.a.n.a.
Q3 202117$11.5bnn.a.n.a.
Q4 202116$10.6bnn.a.n.a.
Q1 202216$9.9bnn.a.n.a.
Q2 202222$8.5bnn.a.n.a.
Q3 202228$6.5bnn.a.n.a.
Q4 202228$5.7bnn.a.n.a.
Q1 202323$4.6bnn.a.n.a.
Q2 202322$4.0bnn.a.n.a.
Q3 202312$3.1bnn.a.n.a.
Q4 202311$4.5bn84
Q1 202415$5.2bn116
Q2 202418$5.1bn134
Q3 202420$6.9bn137
Q4 202418$7.0bn811
Q1 202530$7.7bn264
Q2 202525$7.7bn1017
Q3 202523$7.5bn187
Q4 202521$8.0bn1818
Q1 202620$7.7bn1121
Q2 202621$8.7bn2213

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

USB and BAC →USB and JPM →USB and WFC →Choose a stock to compare with USB →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own USB, latest filings →Back to the 13F Explorer →