Vault-13

SAP SE SAP

SPON ADR · ADR · CUSIP 803054204 · ISIN US8030542042

German software producer

846 institutional holders -82 vs Q4 2025
86,671,97486.7m shares reported held*
$14.8bnreported value*
89 new 341 added 290 reduced 167 sold out net bought ≈ $2.9bn (+16.9m 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 ($40.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $171.06. Options: 28 managers hold calls ($296.7m notional), 23 hold puts ($410.4m).

Trends to Q1 2026

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: 970Q3 25: 929Q4 25: 928Q1 26: 846846Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q3 2025929
Q4 2025928
Q1 2026846

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q2 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 25Q2 25: 487 bought or addedQ2 25: 400 cut or sold outQ3 25: 442 bought or addedQ3 25: 466 cut or sold outQ3 25Q4 25: 413 bought or addedQ4 25: 460 cut or sold outQ1 26: 430 bought or addedQ1 26: 457 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024382282
Q3 2024370333
Q4 2024394348
Q1 2025401422
Q2 2025487400
Q3 2025442466
Q4 2025413460
Q1 2026430457

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ2 25 calls: $325.2mQ2 25 puts: $336.8mQ2 25P/C 1.04Q3 25 calls: $322.4mQ3 25 puts: $393.5mQ3 25P/C 1.22Q4 25 calls: $327.6mQ4 25 puts: $281.6mQ4 25P/C 0.86Q1 26 calls: $296.7mQ1 26 puts: $410.4mQ1 26P/C 1.38
Numbers
QuarterCallsPutsP/C
Q2 2025$325.2m$336.8m1.04
Q3 2025$322.4m$393.5m1.22
Q4 2025$327.6m$281.6m0.86
Q1 2026$296.7m$410.4m1.38

Biggest buyers

EAGLE CAPITAL MANAGEMENT LLC Added +3,705,173+3.7m
D. E. Shaw & Co., Inc. Added +1,955,594+2.0m
GOLDMAN SACHS GROUP INC Added +1,794,302+1.8m
Capital International Investors Added +1,425,076+1.4m
UBS Group AG Added +1,054,165+1.1m
Tidal Investments LLC Added +1,003,719+1.0m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Added +894,245+894.2k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP New +880,212+880.2k
Quadrature Capital Ltd Added +803,214+803.2k
Ruane, Cunniff & Goldfarb L.P. Added +703,982+704.0k

Biggest sellers

SANDS CAPITAL MANAGEMENT, LLC Sold out -394,117-394.1k
MILLENNIUM MANAGEMENT LLC Reduced -378,278-378.3k
MANUFACTURERS LIFE INSURANCE COMPANY, THE Sold out -370,155-370.2k
Clearbridge Investments, LLC Reduced -354,748-354.7k
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. Sold out -299,608-299.6k
WCM INVESTMENT MANAGEMENT, LLC Reduced -286,149-286.1k
WELLINGTON MANAGEMENT GROUP LLP Reduced -217,779-217.8k
Sustainable Growth Advisers, LP Reduced -212,747-212.7k
FMR LLC Reduced -209,633-209.6k
Fisher Asset Management, LLC Reduced -194,440-194.4k

Biggest calls

Optiver Holding B.V. Added $71.9m419.8k shares
CITADEL ADVISORS LLC Added $50.5m294.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $39.8m232.4k shares
Squarepoint Ops LLC Added $29.8m174.2k shares
IMC-Chicago, LLC Added $25.5m149.0k shares
Oribel Capital Management, LP Added $13.7m80.2k shares
JANE STREET GROUP, LLC Added $12.2m71.0k shares
Walleye Trading LLC Added $10.1m59.1k shares
MILLENNIUM MANAGEMENT LLC Added $9.4m55.1k shares
SIMPLEX TRADING, LLC Reduced $5.8m33.9k shares

Biggest puts

Optiver Holding B.V. Added $83.6m488.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $82.6m482.5k shares
JANE STREET GROUP, LLC Added $31.8m186.0k shares
CITADEL ADVISORS LLC Added $26.7m156.2k shares
Alphadyne Asset Management LP New $26.0m151.8k shares
HSBC HOLDINGS PLC New $25.7m150.0k shares
PEAK6 LLC Added $25.4m148.6k shares
Squarepoint Ops LLC Added $24.1m140.6k shares
IMC-Chicago, LLC Added $21.2m123.9k shares
Hudson Bay Capital Management LP New $10.3m60.0k 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 2026

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 2026.

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fisher Asset Management, LLC 0.84% of their portfolio PLANO, TX 14,534,44114.5m $2.5bn $2.5bn 0.84% Reduced -194.4k -194,440
2 EAGLE CAPITAL MANAGEMENT LLC 4.51% of their portfolio New York, NY 7,848,6037.8m $1.3bn $1.3bn 4.51% Added +3.7m +3,705,173
3 FMR LLC 0.06% of their portfolio BOSTON, MA 6,581,0806.6m $1.1bn $1.1bn 0.06% Reduced -209.6k -209,633
4 Capital International Investors 0.20% of their portfolio Los Angeles, CA 5,011,8565.0m $854.4m $854.4m 0.20% Added +1.4m +1,425,076
5 D. E. Shaw & Co., Inc. 0.57% of their portfolio New York, NY 4,256,6724.3m $728.8m $728.8m 0.57% Added +2.0m +1,955,594
6 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 3,616,0173.6m $619.1m $619.1m 0.04% Reduced -65.4k -65,421
7 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 3,300,3743.3m $565.1m $565.1m 0.07% Added +1.8m +1,794,302
8 WINDACRE PARTNERSHIP LLC 5.06% of their portfolio HOUSTON, TX 2,762,1252.8m $472.9m $472.9m 5.06% Added +311.0k +311,000
9 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 2,018,3832.0m $345.6m $345.6m 0.03% Added +276.3k +276,263
10 NORTHERN TRUST CORP 0.03% of their portfolio CHICAGO, IL 1,429,8281.4m $244.8m $244.8m 0.03% Reduced -71.7k -71,730
11 UBS Group AG 0.04% of their portfolio ZURICH, V8 1,378,5131.4m $236.0m $236.0m 0.04% Added +1.1m +1,054,165
12 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,277,1111.3m $214.9m $214.9m 0.01% Added +77.1k +77,087
13 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 1,196,8251.2m $207.8m $207.8m 0.05% Reduced -45.6k -45,643
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,153,0961.2m $197.4m $197.4m 0.00% Reduced -69.5k -69,519
15 Quadrature Capital Ltd 2.34% of their portfolio LONDON, X0 1,147,4051.1m $196.4m $196.4m 2.34% Added +803.2k +803,214
16 Tidal Investments LLC 0.54% of their portfolio Milwaukee, WI 1,024,7241.0m $172.5m $172.5m 0.54% Added +1.0m +1,003,719
17 BNP PARIBAS FINANCIAL MARKETS 0.11% of their portfolio PARIS, I0 983,106983.1k $168.3m $168.3m 0.11% Added +481.2k +481,173
18 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.21% of their portfolio CAUSEWAY BAY, K3 894,797894.8k $153.2m $153.2m 0.21% Added +894.2k +894,245
19 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.08% of their portfolio BOSTON, MA 880,212880.2k $150.7m $150.7m 0.08% New
20 WCM INVESTMENT MANAGEMENT, LLC 0.32% of their portfolio LAGUNA BEACH, CA 833,584833.6k $140.3m $140.3m 0.32% Reduced -286.1k -286,149
21 Ruane, Cunniff & Goldfarb L.P. 2.13% of their portfolio New York, NY 749,909749.9k $128.4m $128.4m 2.13% Added +704.0k +703,982
22 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 715,143715.1k $122.4m $122.4m 0.02% Reduced -1.1k -1,083
23 JANE STREET GROUP, LLC 0.13% of their portfolio NEW YORK, NY 702,777702.8k $120.3m $120.3m 0.13% Added +617.7k +617,679
24 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 701,895701.9k $120.2m $120.2m 0.02% Reduced -14.8k -14,789
25 ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio Berwyn, PA 701,062701.1k $120.0m $120.0m 0.03% Reduced -28.8k -28,814
26 PRINCIPAL FINANCIAL GROUP INC 0.05% of their portfolio DES MOINES, IA 550,531550.5k $94.3m $94.3m 0.05% Added +179.0k +179,040
27 Connor, Clark & Lunn Investment Management Ltd. 0.21% of their portfolio VANCOUVER, A1 533,732533.7k $91.4m $91.4m 0.21% Added +392.0k +392,022
28 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.36% of their portfolio JUPITER, FL 520,926520.9k $89.2m $89.2m 0.36% Added +417.7k +417,671
29 Sustainable Growth Advisers, LP 0.76% of their portfolio STAMFORD, CT 474,104474.1k $81.2m $81.2m 0.76% Reduced -212.7k -212,747
30 BRANDES INVESTMENT PARTNERS, LP 0.56% of their portfolio LA JOLLA, CA 465,756465.8k $79.7m $79.7m 0.56% Added +236.3k +236,302
31 CAUSEWAY CAPITAL MANAGEMENT LLC 0.96% of their portfolio LOS ANGELES, CA 456,005456.0k $78.1m $78.1m 0.96% Added +205.3k +205,257
32 MENORA MIVTACHIM HOLDINGS LTD. 0.37% of their portfolio Ramat Gan, L3 453,650453.6k $77.7m $77.7m 0.37% New
33 TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio NEW YORK, NY 445,436445.4k $76.3m $76.3m 0.06% Added +365.0k +365,026
34 BROWN ADVISORY INC 0.12% of their portfolio BALTIMORE, MD 427,152427.2k $73.1m $73.1m 0.12% Added +421.8k +421,791
35 TD Asset Management Inc 0.05% of their portfolio Toronto, A6 380,246380.2k $65.1m $65.1m 0.05% Reduced -9.8k -9,770
36 CRAWFORD INVESTMENT COUNSEL INC 1.09% of their portfolio ATLANTA, GA 373,176373.2k $63.9m $63.9m 1.09% Added +6.3k +6,294
37 Harding Loevner LP 0.63% of their portfolio Bridgewater, NJ 359,225359.2k $61.5m $61.5m 0.63% Reduced -27.7k -27,668
38 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 339,207339.2k $58.1m $58.1m 0.04% Added +219.8k +219,777
39 CIBC Bancorp USA Inc. 0.07% of their portfolio CHICAGO, IL 320,121320.1k $54.9m $54.9m 0.07% First filing
40 Davis Selected Advisers 0.25% of their portfolio Tucson, AZ 317,422317.4k $54.3m $54.3m 0.25% Added +261.1k +261,075
41 Aviso Financial Inc. 1.81% of their portfolio TORONTO, A6 298,377298.4k $51.1m $51.1m 1.81% Added +11.5k +11,511
42 NATIXIS ADVISORS, LLC 0.07% of their portfolio Boston, MA 278,205278.2k $47.6m $47.6m 0.07% Reduced -102.3k -102,269
43 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 267,076267.1k $45.7m $45.7m 0.03% Added +22.2k +22,222
44 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.14% of their portfolio Los Angeles, CA 256,495256.5k $43.9m $43.9m 0.14% New
45 Night Owl Capital Management, LLC 4.97% of their portfolio GREENWICH, CT 249,017249.0k $42.6m $42.6m 4.97% Added +1.5k +1,465
46 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 246,552246.6k $42.2m $42.2m 0.01% Reduced -110.2k -110,158
47 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio Boston, MA 228,455228.5k $47.4m $47.4m 0.02% Added +18.7k +18,733
48 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 226,788226.8k $38.8m $38.8m 0.01% Reduced -16.8k -16,801
49 NewEdge Advisors, LLC 0.13% of their portfolio NEW ORLEANS, LA 213,482213.5k $36.6m $36.6m 0.13% Added +20.0k +20,024
50 MARSHALL WACE, LLP 0.04% of their portfolio LONDON, X0 197,391197.4k $33.8m $33.8m 0.04% Added +54.9k +54,924
51 AMF Tjanstepension AB 0.22% of their portfolio STOCKHOLM, V7 195,895195.9k $33.5m $33.5m 0.22% Added +5.6k +5,584
52 Clearbridge Investments, LLC 0.03% of their portfolio NEW YORK, NY 189,173189.2k $32.4m $32.4m 0.03% Reduced -354.7k -354,748
53 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 185,256185.3k $31.7m $31.7m 0.02% Reduced -47.1k -47,128
54 1832 Asset Management L.P. 0.04% of their portfolio TORONTO, A6 180,926180.9k $31.0m $31.0m 0.04% Reduced -207 -207
55 SEI INVESTMENTS CO 0.03% of their portfolio OAKS, PA 178,975179.0k $30.6m $30.6m 0.03% Reduced -56.3k -56,284
56 BECKER CAPITAL MANAGEMENT INC 0.87% of their portfolio Portland, OR 173,354173.4k $29.7m $29.7m 0.87% Added +1.3k +1,309
57 DEPRINCE RACE & ZOLLO INC 0.52% of their portfolio Winter Park, FL 161,950161.9k $27.7m $27.7m 0.52% New
58 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 156,796156.8k $26.8m $26.8m 0.02% Added +2.1k +2,068
59 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 154,861154.9k $26.5m $26.5m 0.00% Added +13.9k +13,905
60 HSBC HOLDINGS PLC 0.02% of their portfolio LONDON, X0 154,570154.6k $26.4m $26.4m 0.02% Added +151.4k +151,428
61 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 154,453154.5k $25.3m $25.3m 0.01% Added +148.0k +148,018
62 Petrus Trust Company, LTA 2.85% of their portfolio Dallas, TX 152,542152.5k $26.1m $26.1m 2.85% Unchanged
63 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 147,164147.2k $25.2m $25.2m 0.01% Added +26.8k +26,801
64 T. Rowe Price Investment Management, Inc. 0.02% of their portfolio BALTIMORE, MD 145,632145.6k $24.9m $24.9m 0.02% New
65 Quantinno Capital Management LP 0.04% of their portfolio NEW YORK, NY 143,889143.9k $24.6m $24.6m 0.04% Added +12.4k +12,361
66 CIDEL ASSET MANAGEMENT INC 1.34% of their portfolio TORONTO, A6 143,756143.8k $24.6m $24.6m 1.34% Added +15.9k +15,854
67 Cerity Partners LLC 0.03% of their portfolio NEW YORK, NY 139,770139.8k $23.9m $23.9m 0.03% Added +15.4k +15,371
68 RIVERBRIDGE PARTNERS LLC 0.58% of their portfolio MINNEAPOLIS, MN 138,939138.9k $23.8m $23.8m 0.58% Added +4.4k +4,448
69 TUDOR INVESTMENT CORP ET AL 0.13% of their portfolio STAMFORD, CT 138,812138.8k $23.8m $23.8m 0.13% Added +112.5k +112,493
70 COERENTE CAPITAL MANAGEMENT 4.39% of their portfolio TORONTO, A6 137,685137.7k $23.6m $23.6m 4.39% Added +21.6k +21,630
71 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 132,988133.0k $22.8m $22.8m 0.01% Added +39.1k +39,057
72 Pathstone Holdings, LLC 0.09% of their portfolio ENGLEWOOD, NJ 129,408129.4k $22.2m $22.2m 0.09% Added +32.3k +32,318
73 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 128,571128.6k $22.0m $22.0m 0.01% Added +1.3k +1,270
74 Fayez Sarofim & Co 0.06% of their portfolio Houston, TX 127,893127.9k $21.9m $21.9m 0.06% Added +26.1k +26,106
75 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 126,087126.1k $21.6m $21.6m 0.01% Reduced -820 -820
76 MARSICO CAPITAL MANAGEMENT LLC 0.63% of their portfolio DENVER, CO 125,302125.3k $21.5m $21.5m 0.63% Added +6.5k +6,468
77 Promethos Capital, LLC 5.73% of their portfolio BOSTON, MA 124,631124.6k $21.3m $21.3m 5.73% Added +23.1k +23,119
78 Y-Intercept (Hong Kong) Ltd 0.40% of their portfolio HONG KONG, K3 122,505122.5k $21.0m $21.0m 0.40% New
79 Aberdeen Group plc 0.03% of their portfolio EDINBURGH, X0 119,229119.2k $20.4m $20.4m 0.03% New
80 Vident Advisory, LLC 0.17% of their portfolio Alpharetta, GA 118,425118.4k $20.3m $20.3m 0.17% Added +100.6k +100,612
81 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 114,420114.4k $19.6m $19.6m 0.01% Reduced -16.9k -16,919
82 Aquatic Capital Management LLC 0.52% of their portfolio CHICAGO, IL 106,141106.1k $18.2m $18.2m 0.52% Added +87.4k +87,379
83 Capital International, Inc./CA/ 0.14% of their portfolio Los Angeles, CA 104,811104.8k $17.9m $17.9m 0.14% Added +46.1k +46,111
84 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 102,239102.2k $17.5m $17.5m 0.01% Added +59.2k +59,169
85 THORNBURG INVESTMENT MANAGEMENT INC 0.18% of their portfolio SANTA FE, NM 101,507101.5k $17.4m $17.4m 0.18% Added +82.3k +82,269
86 Obermeyer Wealth Partners 0.80% of their portfolio ASPEN, CO 101,445101.4k $17.4m $17.4m 0.80% Reduced -4.9k -4,888
87 Grantham, Mayo, Van Otterloo & Co. LLC 0.04% of their portfolio Boston, MA 100,987101.0k $17.3m $17.3m 0.04% Added +24.5k +24,538
88 US BANCORP \DE\ 0.02% of their portfolio MINNEAPOLIS, MN 97,94797.9k $16.8m $16.8m 0.02% Reduced -10.6k -10,558
89 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 97,58997.6k $16.7m $16.7m 0.00% Added +90.0k +90,015
90 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.08% of their portfolio Stamford, CT 91,59191.6k $15.7m $15.7m 0.08% Reduced -10.3k -10,284
91 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 90,30490.3k $15.5m $15.5m 0.02% Added +8.0k +7,988
92 Cardinal Capital Management, Inc. 0.42% of their portfolio WINNIPEG, A2 90,04690.0k $15.4m $15.4m 0.42% Added +6.2k +6,205
93 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 89,91989.9k $15.4m $15.4m 0.02% Added +49.1k +49,055
94 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 89,24089.2k $15.3m $15.3m 0.01% New
95 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 81,24881.2k $3.5m $3.5m 0.01% Added +51.9k +51,931
96 Dash Acquisitions Inc. 3.02% of their portfolio WOODLAND HILLS, CA 81,12881.1k $14.5m $14.5m 3.02% Added +2.2k +2,248
97 TB Capital Gestao de Recursos Ltda. 8.14% of their portfolio Rio de Janeiro, D5 77,68177.7k $13.3m $13.3m 8.14% New
98 Crossmark Global Holdings, Inc. 0.19% of their portfolio HOUSTON, TX 76,36476.4k $13.1m $13.1m 0.19% Reduced -8.4k -8,405
99 KORNITZER CAPITAL MANAGEMENT INC /KS 0.28% of their portfolio SHAWNEE MISSION, KS 75,00075.0k $12.8m $12.8m 0.28% Unchanged
100 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 74,18774.2k $12.7m $12.7m 0.01% Reduced -13.7k -13,687