Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Bretton Fund Stephen Dodson and Raphael de Balmann | “Silicon Valley lore begins in 1957 when the Traitorous Eight left Shockley Semiconductor to found Fairchild and the modern chip and venture capital ecosystems. SAP began somewhat simila” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Bretton Fund Stephen Dodson and Raphael de Balmann | “Silicon Valley lore begins in 1957 when the Traitorous Eight left Shockley Semiconductor to found Fairchild and the modern chip and venture capital ecosystems. SAP b...” | BULL | Q2 2026 Aug 3, 2026 | View Pitch |
Touchstone Balanced Fund Western & Southern Financial Group / Touchstone Investments | “Equity changes included exiting SS&C Technologies Holdings, Inc. (Industrials sector) and Goldman Sachs Group, Inc. (Financials sector) while initiating positions in QXO, Inc. (Industrials sector), SAP SE (IT sector), Blackstone, Inc. (Financials sector), and Cencora, Inc. (Health Care sector).” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
Aoris International Fund Matthew Berry | “SAP is the world's leading enterprise resource planning (ERP) software company. Of the world's 100 largest organisations, 99 use SAP's solutions, and 80% of all the world's transactions touch an SAP system. The value of SAP's systems should increase, because AI is only useful when it can access accurate data, business context and established workflows. AI is providing opportunities for SAP to layer on additional services which the company believes can add 20% or more to a customer's spending. SAP was late to begin migrating its customers to its cloud solutions, with only 40% of its customers having completed or started the transition. The manager will continue to monitor SAP's customer satisfaction, new business growth, and its commercial success with AI-native products.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Vulcan Value Partners - Focus Vulcan Value Partners, LLC | “SAP is the global leader in enterprise resource planning (ERP) software, which serves as the operating system for many of the world's largest companies. SAP's ERP solutions often have decades of embedded data, business processes, and software customizations. It is extremely rare for companies to switch ERP vendors due to the cost, time, and disruption risk that switching creates. SAP's Q1 results were very strong, with total revenue up 12% and EBIT up 16%. Cloud revenue grew 27% and their cloud backlog grew 25%. They also repurchased €2.6B of stock in the quarter and maintained full-year guidance. Our value continues to grow and we believe its shares remain significantly discounted. We took advantage of stock price volatility to add to our position in SAP during the quarter.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Vulcan Value Partners Focus Plus Vulcan Value Partners LLC | “SAP is the global leader in enterprise resource planning (ERP) software, which serves as the operating system for many of the world's largest companies. SAP's ERP solutions often have decades of embedded data, business processes, and software customizations. It is extremely rare for companies to switch ERP vendors due to the cost, time, and disruption risk that switching creates. SAP's Q1 results were very strong, with total revenue up 12% and EBIT up 16%. Cloud revenue grew 27% and their cloud backlog grew 25%. They also repurchased €2.6B of stock in the quarter and maintained full-year guidance. Our value continues to grow and we believe its shares remain significantly discounted. We took advantage of stock price volatility to add to our position in SAP during the quarter.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Ironvine Capital Partners The Ironvine Investment Team | “Over the last five decades SAP has become the leading provider of ERP software for many of the world's largest, most supply chain-intensive companies. SAP counts 98 of the Fortune 100 as customers, with approximately 70% of revenue derived from large enterprises. Across much of this market the company operates in a duopoly with Oracle, although in certain niches it is the only practical solution. Its software integrates procurement, manufacturing, inventory, sales, human resources, and financial reporting into a single operating platform for the business. Over time, SAP systems permeate customer operations, often with extensive customization reflecting company-specific workflows, regulatory requirements, and accumulated business knowledge. Because these systems are essential to day-to-day operations, replacing them is expensive and operationally risky. Enterprise software is undergoing one of the most significant architectural shifts in history as generative AI reshapes how users interact with software. This transition raises legitimate questions about which parts of today's technology stack will provide the most value in the future. We think SAP has an interesting position and opportunity amidst this uncertainty and have recently been accumulating an investment in it. The company is halfway through migrating its customer base from legacy on-premise software to its cloud-based replacement. This transition creates a larger revenue opportunity, higher margins, and a standardized software architecture on which new AI capabilities can be deployed far more efficiently than in heavily customized legacy products. Management's long-term vision is an agent-assisted enterprise in which AI automates portions of financial reporting, supply chain management, procurement, and other operational workflows. The degree to which that vision ultimately materializes will require thoughtful execution, but the deeply embedded nature of SAP's existing tools gives the company an advantaged position to learn and iterate on its products alongside clients. Amidst the AI-driven momentum setting market prices, SAP has been labeled a structural loser. Our view is that SAP is among the most essential components of the large enterprise operations stack and will benefit as customers increasingly utilize technology-based solutions to run more efficiently. There are risks that SAP fails to capitalize on the shift and drifts into a commoditized system-of-record or data repository on which competitors run higher value services. In such a scenario we'd expect the company to continue to benefit from its cloud conversion and margin expansion opportunities. While the upside case would be truncated, double digit growth in earnings per share would still be feasible for several years. The business has no leverage, modest share-based compensation (a rarity amongst software peers), and generates significant free cash flow given it is not participating in the data center buildout with its capital. Importantly, we don't need SAP to become a dominant AI platform for the investment to work. With an entry point below 18x earnings we think attractive returns are attainable in a relatively modest execution scenario. But this isn't our base case. If management capitalizes on its advantaged position, the prospects are compelling.” | NEUTRAL | Q2 2026 Jul 21, 2026 | View Pitch |
Thornburg Global Opportunities Fund Brian McMahon | “SAP SE is the twenty-second largest holding. Germany-based global software developer for business applications. Returned -36.5% in H1 2026 and +0.6% in calendar 2025. Trailing 5-year revenue per share” | NEUTRAL | Q2 2026 Jul 10, 2026 | View Pitch |
VVP Q2 Letter 06.30.26 Portfolio Manager | “SAP continues to demonstrate the high switching costs and immense stickiness of its enterprise ERP software solutions. Strong double-digit cloud backlog and revenue growth, combined with large share buybacks and a significant market discount, led the manager to add to their position during recent volatility.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
LLOYD Capital - Growth Equity Strategy Portfolio Manager | “SAP's mission-critical role in enterprise workflows allows it to successfully embed AI agents horizontally and vertically throughout its product portfolio. Furthermore, the company is set to benefit from strong tailwinds in cloud migration and its robust supply chain management suite, which addresses critical global logistical needs.” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Tweedy, Browne International Value II Investment Committee | “SAP is a global leading enterprise software company headquartered in Germany. We estimate that it has 300,000+ customers of all sizes with a presence in over 120 countries. The company has been in our” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
TIFF Trevor Graham and Jay Willoughby | “SAP is one of the leading global providers of enterprise resource planning (ERP) software and is also working to incorporate AI into its own offerings. The company's fundamentals remain strong. Revenu” | BULL | Q1 2026 Mar 25, 2026 | View Pitch |
Magellan Global Opportunities Fund No. 1 Alan Pullen | “SAP is the world's largest enterprise software application company, with its ERP systems serving as the backbone for much of the Fortune 500. The company is in the midst of a multi-year cloud transition, converting a massive installed base of on-premise customers to higher-value cloud subscriptions. This shift initially compressed near-term margins but dramatically improves revenue durability, lifetime customer value, and long-term earnings power. This customer migration path arguably makes it one of the more predictable growth stories in software. Eagle established its position in 2023. SAP's moat is rooted in extraordinary switching costs: its software is so deeply embedded in customers' core financial, supply chain, and HR processes that rip-and-replace is prohibitively expensive and disruptive, resulting in retention rates well above 90%. AI innovation presents both risks and opportunities for the company. Given its central position, SAP has time, data gravity, and control to deliver greater value via its services. However, if the company doesn't execute well, AI disruptors may supplant upselling and bundling opportunities that SAP could have secured. We think the range of outcomes is more about forecasting the right growth rate than about existential disruption. We expect the combined dividend yield and EPS growth to be approximately 20% annually over the next five years. BSD Analysis: SAP is enterprise core infrastructure that companies complain about but never rip out. ERP systems anchor finance, supply chains, and compliance in ways that make switching career-limiting. Cloud migration pressure dented optics but strengthened long-term revenue quality. Investors mistake transition friction for competitive erosion. Once customers migrate, recurring revenue and pricing visibility improve materially. AI integration deepens workflow dependence rather than commoditizing it. This is corporate plumbing compounding quietly behind noisy headlines.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Magellan Global Opportunities Fund No. 1 Alan Pullen | “SAP is the world's leading enterprise resource planning (ERP) software company. As customers transition to the cloud with SAP, they take more SAP applications and their annual spend with SAP typically increases 2–3x. Most of its customers are yet to begin the transition to the cloud. We see SAP as being in an advantageous position when it comes to data analytics and AI tools, since most of its customers' essential data resides within SAP systems. The early progress in these areas is very encouraging. We see many years of attractive earnings growth ahead for SAP. BSD Analysis: SAP is enterprise gravity disguised as a slow-growth software company. Mission-critical ERP systems anchor finance, supply chains, and compliance across global corporations. Cloud migration pressure hurt optics but strengthened long-term customer lock-in. Investors mistake transition noise for competitive erosion. Switching costs are existential, not contractual. Once migrations complete, recurring revenue quality improves materially. This is corporate plumbing that companies complain about but never rip out.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Sequoia Fund Arman Gökgöl-Kline, John Harris, Trevor Magyar | “SAP was a strong contributor as the market continued to reward the company's successful transition from on-premise licenses to cloud-based subscriptions. Cloud revenue and backlog both grew at a robust double-digit rate, driven by adoption of S/4HANA and the broader cloud portfolio. Management raised its medium-term outlook as higher-margin cloud revenue becomes a larger share of the mix, supporting both top-line visibility and operating margin expansion. Investors are increasingly recognizing SAP as a structurally growing cloud business rather than a mature license vendor, which we believe is still not fully reflected in the valuation. BSD Analysis: SAP is the undisputed, entrenched enterprise software giant whose stock is a high-conviction bet on the final, massive migration cycle to S/4HANA Cloud. The core thesis is the non-discretionary nature of its software: every major global enterprise is a captive customer of its core ERP (Enterprise Resource Planning) system. The company is driving a structural shift, forcing customers to upgrade to its cloud-native S/4HANA platform, which generates superior, predictable subscription revenue. This conversion process requires migrating complex data structures (General Ledger, Asset Accounting, etc.), creating a multi-year, non-cyclical revenue stream that justifies its premium valuation.” | BULL | Q2 2025 Jul 9, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
