U.S. Bancorp (USB, Financial) was the second-largest contributor to performance in the quarter as worries over banks' credit quality abated and the interest rate environment became more beneficial. Credit quality and interest rates weighed heavily on the company's stock price in 2020. That provided us with an opportunity to aggressively add to our holdings, a strategy that we also pursued with other bank stocks.
From Mairs & Powers Growth Fund's first-quarter 2021 shareholder letter.
