Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The U.S. equity market rebounded in 2023 following a turbulent year in 2022, with the S&P 500 Index posting a 26.29% annual return. In the fourth quarter, the fund posted a return of 14.43% gross of fees (14.36% net of fees) compared to a 9.50% return for the Russell 1000 Value Index and an 11.69% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Value Equity Strategy featured stocks such as U.S. Bancorp (NYSE:USB) in the fourth quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, U.S. Bancorp (NYSE:USB) is a financial service holding company. On January 11, 2024, U.S. Bancorp (NYSE:USB) stock closed at $42.82 per share. One-month return of U.S. Bancorp (NYSE:USB) was -5.54%, and its shares lost 10.02% of their value over the last 52 weeks. U.S. Bancorp (NYSE:USB) has a market capitalization of $66.671 billion.
Aristotle Value Equity Strategy stated the following regarding U.S. Bancorp (NYSE:USB) in its fourth quarter 2023 investor letter:
“Headquartered in Minneapolis, Minnesota, and with origins dating back to 1863, U.S. Bancorp (NYSE:USB) is a diversified regional bank that operates over 2,400 branches across 26 states, primarily in the Western and Midwestern U.S. As of September 30, 2023, the company had $668 billion in assets, over $518 billion in deposits and more than $375 billion in loans, making it the fifth-largest retail bank in the country.
The bank offers a variety of services, including retail as well as commercial banking, credit cards, investment management and trust services. At the end of 2022, USB acquired Union Bank from Mitsubishi UFJ Financial (also a Value Equity holding) for approximately $8 billion, adding $82 billion in assets to its balance sheet. This was the bank’s biggest acquisition since 2001 and provides the company with a larger presence on the West Coast, particularly in California…” (Click here to read the full text)
A banker in an office, filled with paperwork, preparing for a meeting with a client.
U.S. Bancorp (NYSE:USB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held U.S. Bancorp (NYSE:USB) at the end of third quarter which was 42 in the previous quarter.
We discussed U.S. Bancorp (NYSE:USB) in another article and shared the list of dividend contenders according to yields. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Companies With The Most Employees In The US
- 16 Largest Tobacco Companies in the World by Market Cap
- 15 Best Wines Under $250
Disclosure: None. This article is originally published at Insider Monkey.
