Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.27% year-to-date compared to a 7.50% return for the S&P 500 index. The stock selection was positive in the quarter, but it was not enough to offset sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like U.S. Bancorp (NYSE:USB) in the first quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) is a financial service holding company. On June 13, 2023, U.S. Bancorp (NYSE:USB) stock closed at $32.70 per share. One-month return of U.S. Bancorp (NYSE:USB) was 7.39%, and its shares lost 29.47% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $50.126 billion.
Mairs & Power Growth Fund made the following comment about U.S. Bancorp (NYSE:USB) in its first quarter 2023 investor letter:
“Financials were roiled in the quarter thanks to the Silicon Valley Bank and Signature Bank failures. Even though the Fund has a similar weight to Financials as the index, our bank stocks—U.S. Bancorp (NYSE:USB), JPMorgan Chase (JPM), Wells Fargo (WFC), and Charles Schwab (SCHW)—fell more than the Financials sector and hurt relative performance. We have performed a thorough analysis of our banking stocks and believe that they will exit this banking event intact, and a few may even benefit from the sector turmoil.
The largest detractors from relative performance in the quarter were US Bank, Charles Schwab, UnitedHealth Group (UNH), and Hormel (HRL). The first two got caught up in the previously mentioned bank scare. With the selloff in the quarter, we have added to US Bank selectively, but more so to JPMorgan as it appears better positioned to gather deposits in the current environment.”
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U.S. Bancorp (NYSE:USB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held U.S. Bancorp (NYSE:USB) at the end of first quarter 2023 which was 58 in the previous quarter.
We discussed U.S. Bancorp (NYSE:USB) in another article and shared Artisan Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
