Vault-13

SAP SE SAP

SPON ADR · ADR · CUSIP 803054204 · ISIN US8030542042

German software producer

970 institutional holders +81 vs Q1 2025
72,674,72072.7m shares reported held*
$22.1bnreported value*
147 new 340 added 333 reduced 67 sold out net sold ≈ $66.2m (-233.6k 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 ($27.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $303.93. Options: 21 managers hold calls ($325.2m notional), 20 hold puts ($336.8m).

Trends to Q2 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: 889Q2 25: 970970Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025970

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 311 bought or addedQ3 23: 199 cut or sold outQ4 23: 304 bought or addedQ4 23: 257 cut or sold outQ4 23Q1 24: 340 bought or addedQ1 24: 314 cut or sold outQ2 24: 382 bought or addedQ2 24: 282 cut or sold outQ2 24Q3 24: 370 bought or addedQ3 24: 333 cut or sold outQ4 24: 394 bought or addedQ4 24: 348 cut or sold outQ4 24Q1 25: 401 bought or addedQ1 25: 422 cut or sold outQ2 25: 487 bought or addedQ2 25: 400 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023311199
Q4 2023304257
Q1 2024340314
Q2 2024382282
Q3 2024370333
Q4 2024394348
Q1 2025401422
Q2 2025487400

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 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 1.44Q2 25 calls: $325.2mQ2 25 puts: $336.8mQ2 25P/C 1.04
Numbers
QuarterCallsPutsP/C
Q3 2024$82.5m$232.3m2.81
Q4 2024$358.8m$431.9m1.20
Q1 2025$241.7m$349.1m1.44
Q2 2025$325.2m$336.8m1.04

Biggest buyers

Fisher Asset Management, LLC Added +1,163,616+1.2m
BANK OF AMERICA CORP /DE/ Added +973,779+973.8k
ROYAL BANK OF CANADA Added +869,029+869.0k
GOLDMAN SACHS GROUP INC Added +616,475+616.5k
CITIGROUP INC Added +500,710+500.7k
Qube Research & Technologies Ltd Added +369,484+369.5k
MORGAN STANLEY Added +297,090+297.1k
Oribel Capital Management, LP New +285,500+285.5k
Trivest Advisors Ltd New +172,000+172.0k
VOYA INVESTMENT MANAGEMENT LLC New +162,140+162.1k

Biggest sellers

Capital International Investors Reduced -3,231,330-3.2m
FMR LLC Reduced -1,228,695-1.2m
MARSHALL WACE, LLP Sold out -339,134-339.1k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -331,193-331.2k
EAGLE CAPITAL MANAGEMENT LLC Reduced -294,592-294.6k
BNP PARIBAS FINANCIAL MARKETS Reduced -240,247-240.2k
UBS Group AG Reduced -184,355-184.4k
MACQUARIE GROUP LTD Reduced -170,066-170.1k
TD Asset Management Inc Reduced -166,066-166.1k
1832 Asset Management L.P. Reduced -159,387-159.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $133.3m438.5k shares
Optiver Holding B.V. Reduced $54.6m179.6k shares
CITADEL ADVISORS LLC Reduced $33.3m109.4k shares
SIMPLEX TRADING, LLC Added $23.9m78.6k shares
MILLENNIUM MANAGEMENT LLC New $23.1m75.8k shares
IMC-Chicago, LLC Added $11.4m37.5k shares
JANE STREET GROUP, LLC Added $11.2m36.9k shares
Twin Tree Management, LP New $7.5m24.6k shares
WOLVERINE TRADING, LLC Reduced $6.8m22.5k shares
TUDOR INVESTMENT CORP ET AL New $5.1m16.7k shares

Biggest puts

Oribel Capital Management, LP New $77.0m253.2k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $67.6m222.4k shares
Optiver Holding B.V. Reduced $59.9m196.9k shares
IMC-Chicago, LLC Added $31.2m102.7k shares
JANE STREET GROUP, LLC Added $25.6m84.2k shares
CITADEL ADVISORS LLC Reduced $18.3m60.2k shares
BOOTHBAY FUND MANAGEMENT, LLC New $14.6m48.0k shares
Walleye Trading LLC Added $14.0m46.2k shares
SIMPLEX TRADING, LLC Reduced $6.2m20.4k shares
PEAK6 LLC Added $5.3m17.4k 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 Q2 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 Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fisher Asset Management, LLC 1.71% of their portfolio PLANO, TX 14,157,32114.2m $4.3bn $4.3bn 1.71% Added +1.2m +1,163,616
2 FMR LLC 0.15% of their portfolio BOSTON, MA 9,018,2249.0m $2.7bn $2.7bn 0.15% Reduced -1.2m -1,228,695
3 Capital International Investors 0.21% of their portfolio Los Angeles, CA 4,058,0894.1m $1.2bn $1.2bn 0.21% Reduced -3.2m -3,231,330
4 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 3,480,1733.5m $1.1bn $1.1bn 0.07% Added +297.1k +297,090
5 EAGLE CAPITAL MANAGEMENT LLC 3.01% of their portfolio New York, NY 3,007,7803.0m $914.7m $914.7m 3.01% Reduced -294.6k -294,592
6 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 2,650,4182.7m $806.0m $806.0m 0.06% Added +973.8k +973,779
7 Harding Loevner LP 5.04% of their portfolio Bridgewater, NJ 2,465,5932.5m $749.7m $749.7m 5.04% Reduced -47.6k -47,558
8 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 1,935,3831.9m $588.5m $588.5m 0.10% Added +616.5k +616,475
9 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 1,618,3221.6m $492.1m $492.1m 0.05% Added +869.0k +869,029
10 NORTHERN TRUST CORP 0.06% of their portfolio CHICAGO, IL 1,511,8831.5m $459.8m $459.8m 0.06% Reduced -841 -841
11 TD Asset Management Inc 0.39% of their portfolio Toronto, A6 1,496,7431.5m $455.2m $455.2m 0.39% Reduced -166.1k -166,066
12 BlackRock, Inc. 0.01% of their portfolio New York, NY 1,317,2411.3m $400.6m $400.6m 0.01% Added +127.3k +127,325
13 WCM INVESTMENT MANAGEMENT, LLC 0.84% of their portfolio LAGUNA BEACH, CA 1,224,7781.2m $368.8m $368.8m 0.84% Reduced -4.3k -4,308
14 MACQUARIE GROUP LTD 0.41% of their portfolio Sydney, NSW 2000, C3 1,111,0601.1m $337.9m $337.9m 0.41% Reduced -170.1k -170,066
15 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 1,089,6021.1m $331.8m $331.8m 0.08% Reduced -40.0k -39,971
16 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 1,087,7511.1m $330.8m $330.8m 0.02% Added +78.3k +78,306
17 WINDACRE PARTNERSHIP LLC 4.25% of their portfolio HOUSTON, TX 1,020,9001.0m $310.5m $310.5m 4.25% Unchanged
18 ENVESTNET ASSET MANAGEMENT INC 0.09% of their portfolio Berwyn, PA 969,185969.2k $294.7m $294.7m 0.09% Reduced -40.8k -40,833
19 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 805,801805.8k $245.0m $245.0m 0.05% Reduced -88.9k -88,863
20 CITIGROUP INC 0.13% of their portfolio NEW YORK, NY 613,966614.0k $186.7m $186.7m 0.13% Added +500.7k +500,710
21 Clearbridge Investments, LLC 0.15% of their portfolio NEW YORK, NY 595,612595.6k $181.1m $181.1m 0.15% Reduced -31.7k -31,672
22 WELLINGTON MANAGEMENT GROUP LLP 0.03% of their portfolio Boston, MA 524,577524.6k $159.5m $159.5m 0.03% Reduced -86.4k -86,371
23 POLEN CAPITAL MANAGEMENT LLC 0.45% of their portfolio Boca Raton, FL 486,471486.5k $147.9m $147.9m 0.45% Reduced -56.2k -56,228
24 Qube Research & Technologies Ltd 0.17% of their portfolio LONDON, X0 408,315408.3k $124.2m $124.2m 0.17% Added +369.5k +369,484
25 NATIXIS ADVISORS, LLC 0.20% of their portfolio Boston, MA 405,892405.9k $123.4m $123.4m 0.20% Added +19.9k +19,889
26 RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio ST. PETERSBURG, FL 392,269392.3k $119.3m $119.3m 0.04% Reduced -53.8k -53,838
27 PRINCIPAL FINANCIAL GROUP INC 0.06% of their portfolio DES MOINES, IA 389,184389.2k $118.4m $118.4m 0.06% Reduced -5.8k -5,810
28 CRAWFORD INVESTMENT COUNSEL INC 1.92% of their portfolio ATLANTA, GA 361,631361.6k $110.0m $110.0m 1.92% Reduced -16.8k -16,847
29 SANDS CAPITAL MANAGEMENT, LLC 0.25% of their portfolio ARLINGTON, VA 289,386289.4k $88.0m $88.0m 0.25% Added +66.4k +66,354
30 Oribel Capital Management, LP 4.60% of their portfolio NEW YORK, NY 285,500285.5k $86.8m $86.8m 4.60% New
31 Aviso Financial Inc. 3.83% of their portfolio TORONTO, A6 279,301279.3k $84.9m $84.9m 3.83% Reduced -41.7k -41,747
32 LAZARD ASSET MANAGEMENT LLC 0.11% of their portfolio NEW YORK, NY 274,298274.3k $83.4m $83.4m 0.11% Reduced -5.9k -5,919
33 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 273,452273.5k $83.2m $83.2m 0.02% Reduced -19.5k -19,539
34 FIRST TRUST ADVISORS LP 0.07% of their portfolio Wheaton, IL 266,843266.8k $81.1m $81.1m 0.07% Reduced -29.7k -29,712
35 BANK OF MONTREAL /CAN/ 0.04% of their portfolio TORONTO, A6 258,272258.3k $78.5m $78.5m 0.04% Reduced -16.7k -16,715
36 Night Owl Capital Management, LLC 8.54% of their portfolio GREENWICH, CT 242,973243.0k $73.9m $73.9m 8.54% Added +7.1k +7,125
37 NEUBERGER BERMAN GROUP LLC 0.06% of their portfolio NEW YORK, NY 241,048241.0k $73.3m $73.3m 0.06% Reduced -21.6k -21,648
38 JENNISON ASSOCIATES LLC 0.04% of their portfolio NEW YORK, NY 221,349221.3k $67.3m $67.3m 0.04% Added +146.3k +146,325
39 SEI INVESTMENTS CO 0.07% of their portfolio OAKS, PA 200,376200.4k $60.9m $60.9m 0.07% Added +4.6k +4,647
40 NewEdge Advisors, LLC 0.30% of their portfolio NEW ORLEANS, LA 189,485189.5k $57.6m $57.6m 0.30% Reduced -3.0k -2,968
41 MARSICO CAPITAL MANAGEMENT LLC 1.46% of their portfolio DENVER, CO 177,558177.6k $54.0m $54.0m 1.46% Added +4.0k +4,050
42 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio Boston, MA 173,051173.1k $52.6m $52.6m 0.02% Added +15.5k +15,451
43 Trivest Advisors Ltd 2.03% of their portfolio Hong Kong, K3 172,000172.0k $52.3m $52.3m 2.03% New
44 BECKER CAPITAL MANAGEMENT INC 1.61% of their portfolio Portland, OR 169,738169.7k $51.6m $51.6m 1.61% Reduced -2.0k -1,965
45 UBS Group AG 0.01% of their portfolio ZURICH, V8 168,462168.5k $51.2m $51.2m 0.01% Reduced -184.4k -184,355
46 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.04% of their portfolio BOSTON, MA 166,169166.2k $50.5m $50.5m 0.04% Reduced -331.2k -331,193
47 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 162,140162.1k $49.3m $49.3m 0.05% New
48 US BANCORP \DE\ 0.06% of their portfolio MINNEAPOLIS, MN 151,738151.7k $46.1m $46.1m 0.06% Added +16.7k +16,726
49 MAR VISTA INVESTMENT PARTNERS LLC 3.43% of their portfolio LOS ANGELES, CA 147,365147.4k $44.8m $44.8m 3.43% Reduced -32.0k -31,990
50 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio Toronto, A6 147,289147.3k $44.8m $44.8m 0.04% Reduced -9.7k -9,695
51 LORD, ABBETT & CO. LLC 0.14% of their portfolio JERSEY CITY, NJ 146,294146.3k $44.5m $44.5m 0.14% New
52 JARISLOWSKY, FRASER Ltd 0.25% of their portfolio MONTREAL, A8 144,581144.6k $44.0m $44.0m 0.25% Added +23.2k +23,167
53 STIFEL FINANCIAL CORP 0.04% of their portfolio ST. LOUIS, MO 134,418134.4k $40.9m $40.9m 0.04% Reduced -20.4k -20,432
54 Allspring Global Investments Holdings, LLC 0.06% of their portfolio CHARLOTTE, NC 128,100128.1k $38.5m $38.5m 0.06% Added +66.6k +66,551
55 CIDEL ASSET MANAGEMENT INC 2.32% of their portfolio TORONTO, A6 127,005127.0k $38.6m $38.6m 2.32% Added +21.4k +21,372
56 Creative Planning 0.03% of their portfolio OVERLAND PARK, KS 126,725126.7k $38.5m $38.5m 0.03% Added +12.3k +12,316
57 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 126,624126.6k $38.5m $38.5m 0.03% Reduced -240.2k -240,247
58 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 124,322124.3k $37.8m $37.8m 0.01% Added +91.8k +91,781
59 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 123,761123.8k $37.6m $37.6m 0.01% Added +8.2k +8,211
60 Main Street Research LLC 2.29% of their portfolio SAUSALITO, CA 120,723120.7k $36.7m $36.7m 2.29% Added +955 +955
61 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.24% of their portfolio Stamford, CT 115,735115.7k $35.2m $35.2m 0.24% Added +6.7k +6,703
62 CAUSEWAY CAPITAL MANAGEMENT LLC 0.55% of their portfolio LOS ANGELES, CA 115,049115.0k $35.0m $35.0m 0.55% Reduced -40.1k -40,090
63 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 113,547113.5k $34.5m $34.5m 0.02% Added +7.2k +7,165
64 COERENTE CAPITAL MANAGEMENT 6.25% of their portfolio TORONTO, A6 111,793111.8k $34.0m $34.0m 6.25% Reduced -1.7k -1,681
65 GF FUND MANAGEMENT CO. LTD. 0.68% of their portfolio GUANGZHOU, F4 111,393111.4k $33.9m $33.9m 0.68% Added +94.4k +94,416
66 Bain Capital Public Equity Management II, LLC 1.59% of their portfolio Boston, MA 110,064110.1k $33.5m $33.5m 1.59% Added +58.4k +58,398
67 Obermeyer Wealth Partners 1.64% of their portfolio ASPEN, CO 108,284108.3k $32.9m $32.9m 1.64% Added +1.6k +1,560
68 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 106,582106.6k $32.4m $32.4m 0.01% Added +17.7k +17,728
69 CIBC Private Wealth Group LLC 0.06% of their portfolio ATLANTA, GA 105,824105.8k $32.2m $32.2m 0.06% Added +100.1k +100,055
70 Cerity Partners LLC 0.06% of their portfolio NEW YORK, NY 104,608104.6k $31.8m $31.8m 0.06% Added +17.4k +17,378
71 Promethos Capital, LLC 10.18% of their portfolio BOSTON, MA 99,11299.1k $30.1m $30.1m 10.18% Added +4.7k +4,721
72 Russell Investments Group, Ltd. 0.04% of their portfolio Seattle, WA 96,06396.1k $29.2m $29.2m 0.04% Reduced -14.0k -14,030
73 QRG CAPITAL MANAGEMENT, INC. 0.25% of their portfolio BERWYN, PA 95,92495.9k $29.2m $29.2m 0.25% Added +777 +777
74 Quantinno Capital Management LP 0.13% of their portfolio NEW YORK, NY 95,20495.2k $29.0m $29.0m 0.13% Added +14.1k +14,148
75 Crossmark Global Holdings, Inc. 0.43% of their portfolio HOUSTON, TX 87,05687.1k $26.5m $26.5m 0.43% Added +2.5k +2,512
76 SEGALL BRYANT & HAMILL, LLC 0.37% of their portfolio CHICAGO, IL 86,24286.2k $26.2m $26.2m 0.37% Added +43.4k +43,402
77 Petrus Trust Company, LTA 2.71% of their portfolio Dallas, TX 85,94285.9k $26.1m $26.1m 2.71% Added +32.7k +32,742
78 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 84,87484.9k $25.8m $25.8m 0.02% Reduced -933 -933
79 Pathstone Holdings, LLC 0.10% of their portfolio ENGLEWOOD, NJ 80,09480.1k $24.4m $24.4m 0.10% Reduced -11.5k -11,498
80 NorthCrest Asset Manangement, LLC 0.65% of their portfolio PLYMOUTH, MN 79,76779.8k $24.2m $24.2m 0.65% Added +976 +976
81 Cardinal Capital Management, Inc. 0.74% of their portfolio WINNIPEG, A2 77,45477.5k $23.6m $23.6m 0.74% Added +592 +592
82 HighTower Advisors, LLC 0.03% of their portfolio CHICAGO, IL 77,31077.3k $23.5m $23.5m 0.03% Reduced -3.4k -3,378
83 KORNITZER CAPITAL MANAGEMENT INC /KS 0.46% of their portfolio SHAWNEE MISSION, KS 75,00075.0k $22.8m $22.8m 0.46% Reduced -12.4k -12,391
84 KEYSTONE INVESTORS PTE LTD 4.70% of their portfolio SINGAPORE, U0 74,93674.9k $22.8m $22.8m 4.70% Added +71.3k +71,252
85 BRANDES INVESTMENT PARTNERS, LP 0.20% of their portfolio LA JOLLA, CA 74,01374.0k $22.5m $22.5m 0.20% Added +19.8k +19,757
86 Dash Acquisitions Inc. 4.47% of their portfolio WOODLAND HILLS, CA 72,51672.5k $21.1m $21.1m 4.47% Reduced -115 -115
87 DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio AUSTIN, TX 69,19869.2k $21.0m $21.0m 0.00% Added +8.8k +8,841
88 Sustainable Growth Advisers, LP 0.11% of their portfolio STAMFORD, CT 68,69668.7k $20.9m $20.9m 0.11% Added +3.4k +3,362
89 SCOTIA CAPITAL INC. 0.10% of their portfolio TORONTO, A6 66,69666.7k $20.3m $20.3m 0.10% Reduced -2.3k -2,272
90 Ethic Inc. 0.34% of their portfolio NEW YORK, NY 62,48562.5k $18.8m $18.8m 0.34% Reduced -3.3k -3,311
91 ASSETMARK, INC 0.04% of their portfolio CONCORD, CA 60,89160.9k $18.5m $18.5m 0.04% Reduced -623 -623
92 Vanguard Personalized Indexing Management, LLC 0.20% of their portfolio OAKLAND, CA 59,49659.5k $18.1m $18.1m 0.20% Added +7.7k +7,663
93 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 58,99759.0k $17.9m $17.9m 0.03% Added +55.0k +54,999
94 MML INVESTORS SERVICES, LLC 0.05% of their portfolio SPRINGFIELD, MA 56,58456.6k $17.2m $17.2m 0.05% Reduced -6.1k -6,099
95 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 55,98256.0k $17.0m $17.0m 0.01% Added +33.8k +33,794
96 UNIO CAPITAL LLC 5.00% of their portfolio PRINCETON, NJ 55,81955.8k $17.0m $17.0m 5.00% Added +5.5k +5,548
97 Twin Tree Management, LP 0.42% of their portfolio DALLAS, TX 54,92054.9k $16.7m $16.7m 0.42% Added +3.3k +3,288
98 BOOTHBAY FUND MANAGEMENT, LLC 0.51% of their portfolio NEW YORK, NY 54,32354.3k $16.5m $16.5m 0.51% New
99 MERCER GLOBAL ADVISORS INC /ADV 0.04% of their portfolio DENVER, CO 53,71353.7k $16.3m $16.3m 0.04% Reduced -802 -802
100 Henry James International Management Inc. 5.33% of their portfolio NEW YORK, NY 53,27253.3k $16.2m $16.2m 5.33% Reduced -498 -498