Letters by company
Sap Se
9 letters discussing SAP. Everything written about it on this site is on its ticker page.
- EdgePoint Wealth Management Dropping the (crystal) ball EdgePoint Wealth Management argues that forecasting markets on annual earnings estimates is unreliable and instead bases investment decisions on proprietary insights into businesses. It cites Fairfax Financial’s shift toward more predictable cash flows and SAP’s cloud transition, while describing new research into Applied Materials, Roche, Revvity and MinebeaMitsumi. 4th quarter, 2024 SAP $245B
- Bretton Fund 2026 Q2 Shareholder Letter Bretton Fund added to UnitedHealth after its selloff and initiated SAP and Constellation Software, arguing that mission-critical enterprise and niche vertical software are more insulated from AI disruption than investors assume. The fund avoided the expensive AI data-center and memory boom, citing unsustainable capital spending and inflated semiconductor valuations. 2nd Quarter 2026 CNSWF $43BGOOGL $4.2TSAP $245B
- Vulcan Value Partners Second Quarter 2026 Vulcan Value Partners added Equifax, Badger Meter, TPG, Veeva and ServiceNow, funding several purchases by selling UnitedHealth and other less discounted holdings. It argues proprietary data, embedded workflows and disciplined underwriting protect its holdings from AI and cyclical fears while discounted prices provide margins of safety. Q2 2026 AMZN $2.7TBMI $3.7BEFX $17B
- TIFF Investment Management 1st Quarter 2026 CIO Commentary TIFF maintains near-benchmark equity factor exposure, a modest megacap underweight, short fixed-income duration and newly added merger-arbitrage and equity-capital-markets strategies. It views the Strait of Hormuz disruption as an energy-driven inflation risk while arguing that AI productivity could create opportunities in software stocks such as SAP despite fears of business-model erosion. 1st Quarter 2026 SAP $245B
- EdgePoint Wealth Management No artificial sweeteners EdgePoint argues that AI improves its research process by accelerating transcript analysis, competitive comparisons and due diligence. It identifies Applied Materials, Rambus, Roche, SAP and Dayforce as portfolio holdings positioned to benefit through semiconductor tools, drug discovery and enterprise software, while stressing that AI-driven growth is not fully reflected in their valuations. 2nd quarter, 2025 AMAT $404BRMBS $12BSAP $245B
- Janus Henderson Investors Global Sustainable Equity Fund Global Sustainable Equity Fund trimmed AI exposure after strength and added Verisk Analytics and selected insurers, seeking durable moats and businesses unfairly penalised by the market. The portfolio retains exposure to AI infrastructure bottlenecks, power and grid equipment, while pairing them with resilient companies positioned for energy-security and climate volatility. July 2026 KLAC $261BMCK $109BMSFT $3.9T
- Sequoia Fund Q2 2026 Sequoia Fund Letter Sequoia Fund added to Bio-Techne, SAP and ICON Plc, initiated an undisclosed position, and funded purchases by trimming Sunbelt Rentals and Elevance Health while exiting Amentum Holdings, Liberty Broadband and Credit Acceptance. The fund is preparing to reorganize into an actively managed ETF in mid-October, subject to shareholder approval. second quarter of 2026 —
- Troy Asset Management Investment Report No.88 April 2026 Troy Multi-Asset Strategy cut gold after its sharp advance and took profits in Alphabet and Microsoft as AI investment spending and valuation risk intensified. The strategy retained short-duration inflation protection and yen exposure, arguing that Gulf-war supply shocks, persistent inflation and crowded risk assets warrant proactive stock selection. first quarter of 2026 GOOGL $4.2TMSFT $3.9T
- Sequoia Fund Q1 2026 Sequoia Fund Letter Sequoia Fund added modestly to SAP and Universal Music Group while building several undisclosed new positions. The fund financed the purchases through tax-efficient trims in Amentum Holdings, Credit Acceptance, Liberty Broadband, Meta, Rolls-Royce and TSMC. first quarter of 2026 —
