Vault-13

SAP SE SAP

SPON ADR · ADR · CUSIP 803054204 · ISIN US8030542042

German software producer

889 institutional holders +31 vs Q4 2024
72,997,41973.0m shares reported held*
$19.7bnreported value*
113 new 288 added 345 reduced 77 sold out net bought ≈ $718.0m (+2.7m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($33.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $269.44. Options: 17 managers hold calls ($241.7m notional), 20 hold puts ($349.1m).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 451Q4 22: 492Q1 23: 531Q2 23: 570Q3 23: 585Q4 23: 647Q1 24: 705Q2 24: 742Q3 24: 791Q4 24: 858Q1 25: 889889Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022451
Q4 2022492
Q1 2023531
Q2 2023570
Q3 2023585
Q4 2023647
Q1 2024705
Q2 2024742
Q3 2024791
Q4 2024858
Q1 2025889

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
5000500Q2 23: 258 bought or addedQ2 23: 245 cut or sold outQ3 23: 311 bought or addedQ3 23: 199 cut or sold outQ3 23Q4 23: 304 bought or addedQ4 23: 257 cut or sold outQ1 24: 340 bought or addedQ1 24: 314 cut or sold outQ1 24Q2 24: 382 bought or addedQ2 24: 282 cut or sold outQ3 24: 370 bought or addedQ3 24: 333 cut or sold outQ3 24Q4 24: 394 bought or addedQ4 24: 348 cut or sold outQ1 25: 401 bought or addedQ1 25: 422 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023258245
Q3 2023311199
Q4 2023304257
Q1 2024340314
Q2 2024382282
Q3 2024370333
Q4 2024394348
Q1 2025401422

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$200m$400m$600mQ2 24 calls: $104.8mQ2 24 puts: $197.5mQ2 24P/C 1.89Q3 24 calls: $82.5mQ3 24 puts: $232.3mQ3 24P/C 2.81Q4 24 calls: $358.8mQ4 24 puts: $431.9mQ4 24P/C 1.20Q1 25 calls: $241.7mQ1 25 puts: $349.1mQ1 25P/C 1.44
Numbers
QuarterCallsPutsP/C
Q2 2024$104.8m$197.5m1.89
Q3 2024$82.5m$232.3m2.81
Q4 2024$358.8m$431.9m1.20
Q1 2025$241.7m$349.1m1.44

Biggest buyers

Fisher Asset Management, LLC Added +7,875,567+7.9m
FMR LLC Added +863,742+863.7k
BANK OF AMERICA CORP /DE/ Added +361,825+361.8k
MORGAN STANLEY Added +345,794+345.8k
MARSHALL WACE, LLP New +339,134+339.1k
SANDS CAPITAL MANAGEMENT, LLC New +223,032+223.0k
Main Street Research LLC New +119,768+119.8k
DEUTSCHE BANK AG\ Added +100,487+100.5k
GOLDMAN SACHS GROUP INC Added +80,164+80.2k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Added +73,457+73.5k

Biggest sellers

Capital International Investors Reduced -2,925,065-2.9m
EAGLE CAPITAL MANAGEMENT LLC Reduced -1,283,910-1.3m
Clearbridge Investments, LLC Reduced -814,560-814.6k
POLEN CAPITAL MANAGEMENT LLC Reduced -457,245-457.2k
Connor, Clark & Lunn Investment Management Ltd. Reduced -392,745-392.7k
JPMORGAN CHASE & CO Reduced -337,061-337.1k
GQG Partners LLC Reduced -274,805-274.8k
VOYA INVESTMENT MANAGEMENT LLC Sold out -210,892-210.9k
Harding Loevner LP Reduced -184,927-184.9k
WINDACRE PARTNERSHIP LLC Reduced -182,600-182.6k

Biggest calls

CITADEL ADVISORS LLC Added $69.4m258.6k shares
Optiver Holding B.V. Reduced $55.4m206.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $37.8m140.9k shares
PEAK6 LLC Reduced $22.0m82.0k shares
SIMPLEX TRADING, LLC Reduced $11.2m41.9k shares
IMC-Chicago, LLC Added $9.0m33.7k shares
WOLVERINE TRADING, LLC Reduced $6.8m25.4k shares
JANE STREET GROUP, LLC Reduced $6.5m24.1k shares
GROUP ONE TRADING LLC Added $6.1m22.9k shares
Walleye Capital LLC Added $5.6m20.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $83.8m312.3k shares
Optiver Holding B.V. Reduced $55.8m207.8k shares
Alyeska Investment Group, L.P. New $53.7m200.0k shares
CITADEL ADVISORS LLC Reduced $30.7m114.3k shares
BARCLAYS PLC New $28.2m105.0k shares
IMC-Chicago, LLC Added $14.4m53.8k shares
GROUP ONE TRADING LLC Added $13.5m50.3k shares
MILLENNIUM MANAGEMENT LLC Reduced $13.4m50.0k shares
JANE STREET GROUP, LLC Added $12.5m46.5k shares
WOLVERINE TRADING, LLC Added $8.7m32.6k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q1 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q1 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fisher Asset Management, LLC 1.51% of their portfolio PLANO, TX 12,993,70513.0m $3.5bn $3.5bn 1.51% Added +7.9m +7,875,567
2 FMR LLC 0.18% of their portfolio BOSTON, MA 10,246,91910.2m $2.8bn $2.8bn 0.18% Added +863.7k +863,742
3 Capital International Investors 0.38% of their portfolio Los Angeles, CA 7,289,4197.3m $2.0bn $2.0bn 0.38% Reduced -2.9m -2,925,065
4 EAGLE CAPITAL MANAGEMENT LLC 3.23% of their portfolio New York, NY 3,302,3723.3m $886.5m $886.5m 3.23% Reduced -1.3m -1,283,910
5 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 3,183,0833.2m $854.5m $854.5m 0.06% Added +345.8k +345,794
6 Harding Loevner LP 5.17% of their portfolio Bridgewater, NJ 2,513,1512.5m $674.8m $674.8m 5.17% Reduced -184.9k -184,927
7 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 1,676,6391.7m $450.1m $450.1m 0.04% Added +361.8k +361,825
8 TD Asset Management Inc 0.41% of their portfolio Toronto, A6 1,662,8091.7m $446.4m $446.4m 0.41% Added +60.3k +60,261
9 NORTHERN TRUST CORP 0.06% of their portfolio CHICAGO, IL 1,512,7241.5m $406.1m $406.1m 0.06% Added +40.9k +40,926
10 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 1,318,9081.3m $354.0m $354.0m 0.07% Added +80.2k +80,164
11 MACQUARIE GROUP LTD 0.43% of their portfolio Sydney, NSW 2000, C3 1,281,1261.3m $343.9m $343.9m 0.43% Reduced -23.2k -23,207
12 WCM INVESTMENT MANAGEMENT, LLC 0.85% of their portfolio LAGUNA BEACH, CA 1,229,0861.2m $329.4m $329.4m 0.85% Added +63.5k +63,538
13 BlackRock, Inc. 0.01% of their portfolio New York, NY 1,189,9161.2m $319.4m $319.4m 0.01% Added +64.8k +64,788
14 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 1,129,5731.1m $304.4m $304.4m 0.08% Reduced -63.9k -63,924
15 WINDACRE PARTNERSHIP LLC 4.11% of their portfolio HOUSTON, TX 1,020,9001.0m $274.1m $274.1m 4.11% Reduced -182.6k -182,600
16 ENVESTNET ASSET MANAGEMENT INC 0.09% of their portfolio Berwyn, PA 1,010,0181.0m $271.1m $271.1m 0.09% Reduced -162.1k -162,085
17 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 1,009,4451.0m $271.0m $271.0m 0.02% Reduced -337.1k -337,061
18 WELLS FARGO & COMPANY/MN 0.06% of their portfolio SAN FRANCISCO, CA 894,664894.7k $240.2m $240.2m 0.06% Reduced -42.6k -42,603
19 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 749,293749.3k $201.1m $201.1m 0.05% Reduced -8.9k -8,948
20 Clearbridge Investments, LLC 0.15% of their portfolio NEW YORK, NY 627,284627.3k $168.4m $168.4m 0.15% Reduced -814.6k -814,560
21 WELLINGTON MANAGEMENT GROUP LLP 0.03% of their portfolio Boston, MA 610,948610.9k $164.0m $164.0m 0.03% Reduced -53.6k -53,647
22 POLEN CAPITAL MANAGEMENT LLC 0.46% of their portfolio Boca Raton, FL 542,699542.7k $145.7m $145.7m 0.46% Reduced -457.2k -457,245
23 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.11% of their portfolio BOSTON, MA 497,362497.4k $133.5m $133.5m 0.11% Added +73.5k +73,457
24 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 446,107446.1k $119.8m $119.8m 0.05% Reduced -165.8k -165,840
25 PRINCIPAL FINANCIAL GROUP INC 0.06% of their portfolio DES MOINES, IA 394,994395.0k $106.0m $106.0m 0.06% Reduced -124.1k -124,107
26 NATIXIS ADVISORS, LLC 0.19% of their portfolio Boston, MA 386,003386.0k $103.6m $103.6m 0.19% Reduced -22.0k -21,971
27 CRAWFORD INVESTMENT COUNSEL INC 1.80% of their portfolio ATLANTA, GA 378,478378.5k $101.6m $101.6m 1.80% Reduced -25.8k -25,769
28 BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio PARIS, I0 366,871366.9k $98.5m $98.5m 0.08% First filing
29 UBS Group AG 0.02% of their portfolio ZURICH, V8 352,817352.8k $94.7m $94.7m 0.02% Added +72.7k +72,694
30 MARSHALL WACE, LLP 0.12% of their portfolio LONDON, X0 339,134339.1k $91.0m $91.0m 0.12% New
31 Aviso Financial Inc. 4.25% of their portfolio TORONTO, A6 321,048321.0k $86.2m $86.2m 4.25% Added +8.1k +8,098
32 FIRST TRUST ADVISORS LP 0.07% of their portfolio Wheaton, IL 296,555296.6k $79.6m $79.6m 0.07% Reduced -817 -817
33 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 292,991293.0k $78.7m $78.7m 0.02% Reduced -55.2k -55,242
34 LAZARD ASSET MANAGEMENT LLC 0.12% of their portfolio NEW YORK, NY 280,217280.2k $75.2m $75.2m 0.12% Reduced -4.4k -4,388
35 BANK OF MONTREAL /CAN/ 0.04% of their portfolio TORONTO, A6 274,987275.0k $73.8m $73.8m 0.04% Added +72.3k +72,298
36 NEUBERGER BERMAN GROUP LLC 0.06% of their portfolio NEW YORK, NY 262,696262.7k $70.6m $70.6m 0.06% Reduced -80.9k -80,889
37 Night Owl Capital Management, LLC 7.91% of their portfolio GREENWICH, CT 235,848235.8k $63.3m $63.3m 7.91% Added +8.2k +8,178
38 SANDS CAPITAL MANAGEMENT, LLC 0.20% of their portfolio ARLINGTON, VA 223,032223.0k $59.9m $59.9m 0.20% New
39 1832 Asset Management L.P. 0.11% of their portfolio TORONTO, A6 211,017211.0k $56.6m $56.6m 0.11% Added +61.8k +61,831
40 SEI INVESTMENTS CO 0.07% of their portfolio OAKS, PA 195,729195.7k $52.5m $52.5m 0.07% Added +19.6k +19,622
41 NewEdge Advisors, LLC 0.31% of their portfolio NEW ORLEANS, LA 192,453192.5k $51.7m $51.7m 0.31% Reduced -9.6k -9,611
42 MAR VISTA INVESTMENT PARTNERS LLC 3.96% of their portfolio LOS ANGELES, CA 179,355179.4k $48.1m $48.1m 3.96% Reduced -27.7k -27,654
43 MARSICO CAPITAL MANAGEMENT LLC 1.60% of their portfolio DENVER, CO 173,508173.5k $46.6m $46.6m 1.60% Unchanged
44 BECKER CAPITAL MANAGEMENT INC 1.52% of their portfolio Portland, OR 171,703171.7k $46.1m $46.1m 1.52% Reduced -6.2k -6,217
45 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 157,600157.6k $42.3m $42.3m 0.01% Added +10.1k +10,061
46 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio Toronto, A6 156,984157.0k $42.1m $42.1m 0.04% Reduced -68.1k -68,097
47 CAUSEWAY CAPITAL MANAGEMENT LLC 0.87% of their portfolio LOS ANGELES, CA 155,139155.1k $41.6m $41.6m 0.87% Reduced -22.7k -22,721
48 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 154,850154.8k $41.6m $41.6m 0.04% Reduced -67.0k -66,999
49 Invesco Ltd. 0.01% of their portfolio ATLANTA, GA 137,939137.9k $37.0m $37.0m 0.01% Reduced -13.8k -13,770
50 US BANCORP \DE\ 0.05% of their portfolio MINNEAPOLIS, MN 135,012135.0k $36.2m $36.2m 0.05% Reduced -3.2k -3,188
51 WT Asset Management Ltd 4.12% of their portfolio HONG KONG, K3 131,233131.2k $35.2m $35.2m 4.12% Added +61.1k +61,133
52 JARISLOWSKY, FRASER Ltd 0.20% of their portfolio MONTREAL, A8 121,414121.4k $32.6m $32.6m 0.20% Reduced -4.2k -4,206
53 Main Street Research LLC 2.10% of their portfolio SAUSALITO, CA 119,768119.8k $32.2m $32.2m 2.10% New
54 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 115,550115.5k $31.0m $31.0m 0.01% Reduced -3.6k -3,605
55 Creative Planning 0.03% of their portfolio OVERLAND PARK, KS 114,409114.4k $30.7m $30.7m 0.03% Added +9.4k +9,424
56 COERENTE CAPITAL MANAGEMENT 5.93% of their portfolio TORONTO, A6 113,474113.5k $30.5m $30.5m 5.93% Added +126 +126
57 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 113,256113.3k $30.4m $30.4m 0.02% Reduced -7.1k -7,079
58 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 110,093110.1k $29.6m $29.6m 0.04% Added +2.4k +2,358
59 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.24% of their portfolio Stamford, CT 109,032109.0k $29.3m $29.3m 0.24% Added +4.6k +4,602
60 Obermeyer Wealth Partners 1.53% of their portfolio ASPEN, CO 106,724106.7k $28.6m $28.6m 1.53% Reduced -1.3k -1,346
61 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 106,382106.4k $28.6m $28.6m 0.02% Added +10.9k +10,944
62 CIDEL ASSET MANAGEMENT INC 1.85% of their portfolio TORONTO, A6 105,633105.6k $28.4m $28.4m 1.85% Reduced -1.6k -1,610
63 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 105,260105.3k $28.3m $28.3m 0.01% Added +100.5k +100,487
64 QRG CAPITAL MANAGEMENT, INC. 0.27% of their portfolio BERWYN, PA 95,14795.1k $25.5m $25.5m 0.27% Added +630 +630
65 Promethos Capital, LLC 9.30% of their portfolio BOSTON, MA 94,39194.4k $25.3m $25.3m 9.30% Reduced -24.0k -23,966
66 Pathstone Holdings, LLC 0.11% of their portfolio ENGLEWOOD, NJ 91,59291.6k $24.6m $24.6m 0.11% Added +6.3k +6,343
67 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 88,85488.9k $23.9m $23.9m 0.00% Added +12.4k +12,359
68 KORNITZER CAPITAL MANAGEMENT INC /KS 0.48% of their portfolio SHAWNEE MISSION, KS 87,39187.4k $23.5m $23.5m 0.48% Unchanged
69 Cerity Partners LLC 0.05% of their portfolio NEW YORK, NY 87,23087.2k $23.4m $23.4m 0.05% Added +14.6k +14,647
70 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 85,80785.8k $23.0m $23.0m 0.01% Reduced -11.6k -11,604
71 Orion Portfolio Solutions, LLC 0.11% of their portfolio Omaha, NE 84,77584.8k $21.8m $21.8m 0.11% Added +40.5k +40,499
72 Crossmark Global Holdings, Inc. 0.40% of their portfolio HOUSTON, TX 84,54484.5k $22.7m $22.7m 0.40% Added +477 +477
73 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 83,04483.0k $22.3m $22.3m 0.02% Added +45.8k +45,848
74 Quantinno Capital Management LP 0.14% of their portfolio NEW YORK, NY 81,05681.1k $21.8m $21.8m 0.14% Added +13.9k +13,853
75 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 80,68880.7k $21.7m $21.7m 0.03% Added +4.0k +3,993
76 NorthCrest Asset Manangement, LLC 0.64% of their portfolio PLYMOUTH, MN 78,79178.8k $21.2m $21.2m 0.64% Added +910 +910
77 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.08% of their portfolio COLUMBUS, OH 77,64677.6k $20.8m $20.8m 0.08% Reduced -1.4k -1,400
78 Cardinal Capital Management, Inc. 0.70% of their portfolio WINNIPEG, A2 76,86276.9k $20.6m $20.6m 0.70% Reduced -32.9k -32,947
79 Davis Selected Advisers 0.12% of their portfolio Tucson, AZ 76,12676.1k $20.4m $20.4m 0.12% Reduced -21.4k -21,361
80 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 75,02475.0k $20.1m $20.1m 0.01% Reduced -116.7k -116,663
81 Foresight Global Investors, Inc. 13.84% of their portfolio PURCHASE, NY 73,32573.3k $19.7m $19.7m 13.84% Reduced -32.8k -32,764
82 Dash Acquisitions Inc. 4.69% of their portfolio WOODLAND HILLS, CA 72,63172.6k $21.0m $21.0m 4.69% Reduced -7.9k -7,906
83 Capital International, Inc./CA/ 0.23% of their portfolio Los Angeles, CA 70,34470.3k $18.9m $18.9m 0.23% Reduced -28.8k -28,815
84 SCOTIA CAPITAL INC. 0.10% of their portfolio TORONTO, A6 68,96869.0k $18.5m $18.5m 0.10% Reduced -3.5k -3,531
85 Ethic Inc. 0.36% of their portfolio NEW YORK, NY 65,79665.8k $17.8m $17.8m 0.36% Reduced -1.6k -1,648
86 Sustainable Growth Advisers, LP 0.10% of their portfolio STAMFORD, CT 65,33465.3k $17.5m $17.5m 0.10% Reduced -4.8k -4,823
87 CAMBIAR INVESTORS LLC 0.71% of their portfolio Denver, CO 62,71562.7k $16.8m $16.8m 0.71% Reduced -4.4k -4,368
88 MML INVESTORS SERVICES, LLC 0.06% of their portfolio SPRINGFIELD, MA 62,68362.7k $16.8m $16.8m 0.06% Added +3.6k +3,587
89 Allspring Global Investments Holdings, LLC 0.03% of their portfolio CHARLOTTE, NC 61,54961.5k $16.6m $16.6m 0.03% Added +7.4k +7,394
90 ASSETMARK, INC 0.05% of their portfolio CONCORD, CA 61,51461.5k $16.5m $16.5m 0.05% Reduced -145 -145
91 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 60,35760.4k $16.2m $16.2m 0.00% Added +3.1k +3,093
92 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 58,56058.6k $15.7m $15.7m 0.03% Reduced -254 -254
93 NATIONAL BANK OF CANADA /FI/ 0.02% of their portfolio MONTREAL, A8 55,74355.7k $15.0m $15.0m 0.02% Reduced -19.9k -19,949
94 MERCER GLOBAL ADVISORS INC /ADV 0.03% of their portfolio DENVER, CO 54,51554.5k $14.6m $14.6m 0.03% Reduced -2.4k -2,381
95 BRANDES INVESTMENT PARTNERS, LP 0.15% of their portfolio LA JOLLA, CA 54,25654.3k $14.6m $14.6m 0.15% Reduced -74.2k -74,214
96 Boston Common Asset Management, LLC 0.44% of their portfolio BOSTON, MA 53,93453.9k $14.5m $14.5m 0.44% Reduced -2.1k -2,134
97 Henry James International Management Inc. 4.94% of their portfolio NEW YORK, NY 53,77053.8k $14.4m $14.4m 4.94% Added +11 +11
98 Petrus Trust Company, LTA 1.33% of their portfolio Dallas, TX 53,20053.2k $14.3m $14.3m 1.33% New
99 FEDERATED HERMES, INC. 0.03% of their portfolio PITTSBURGH, PA 52,12752.1k $14.0m $14.0m 0.03% Reduced -4.6k -4,586
100 TOWNSQUARE CAPITAL LLC 0.15% of their portfolio Lehi, UT 52,06752.1k $14.0m $14.0m 0.15% Reduced -11.5k -11,456