Vault-13

SAP SE SAP

SPON ADR · ADR · CUSIP 803054204 · ISIN US8030542042

German software producer

813 institutional holders -33 vs Q1 2026
83,953,49384.0m shares reported held*
$12.9bnreported value*
93 new 345 added 246 reduced 122 sold out net sold ≈ $424.2m (-2.8m 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 ($27.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $154.20. Options: 33 managers hold calls ($462.8m notional), 24 hold puts ($461.1m).

Trends to Q2 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: 846Q2 26: 813813Q3 22Q3 23Q3 24Q3 25Q2 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
Q2 2026813

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 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 25Q3 25: 442 bought or addedQ3 25: 466 cut or sold outQ4 25: 413 bought or addedQ4 25: 460 cut or sold outQ4 25Q1 26: 430 bought or addedQ1 26: 457 cut or sold outQ2 26: 438 bought or addedQ2 26: 368 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024370333
Q4 2024394348
Q1 2025401422
Q2 2025487400
Q3 2025442466
Q4 2025413460
Q1 2026430457
Q2 2026438368

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 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 1.38Q2 26 calls: $462.8mQ2 26 puts: $461.1mQ2 26P/C 1.00
Numbers
QuarterCallsPutsP/C
Q3 2025$322.4m$393.5m1.22
Q4 2025$327.6m$281.6m0.86
Q1 2026$296.7m$410.4m1.38
Q2 2026$462.8m$461.1m1.00

Biggest buyers

GOLDMAN SACHS GROUP INC Added +2,722,711+2.7m
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Added +2,252,410+2.3m
MORGAN STANLEY Added +1,860,094+1.9m
WINDACRE PARTNERSHIP LLC Added +1,637,175+1.6m
EAGLE CAPITAL MANAGEMENT LLC Added +792,012+792.0k
Capital International Investors Added +669,557+669.6k
Holocene Advisors, LP New +638,000+638.0k
First Pacific Advisors, LP New +555,426+555.4k
Ruane, Cunniff & Goldfarb L.P. Added +486,637+486.6k
Fisher Asset Management, LLC Added +397,019+397.0k

Biggest sellers

FMR LLC Reduced -4,589,157-4.6m
D. E. Shaw & Co., Inc. Reduced -2,806,520-2.8m
Quadrature Capital Ltd Reduced -994,344-994.3k
JPMORGAN CHASE & CO Reduced -953,025-953.0k
WCM INVESTMENT MANAGEMENT, LLC Sold out -833,584-833.6k
BNP PARIBAS FINANCIAL MARKETS Reduced -775,075-775.1k
AMERIPRISE FINANCIAL INC Reduced -755,301-755.3k
JANE STREET GROUP, LLC Sold out -702,777-702.8k
UBS Group AG Reduced -697,954-698.0k
VOLORIDGE INVESTMENT MANAGEMENT, LLC Sold out -520,926-520.9k

Biggest calls

CITADEL ADVISORS LLC Added $63.2m409.8k shares
Squarepoint Ops LLC Added $62.1m402.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $52.4m340.3k shares
JANE STREET GROUP, LLC Added $46.0m298.3k shares
IMC-Chicago, LLC Added $43.3m281.0k shares
Optiver Holding B.V. Reduced $42.5m275.7k shares
MILLENNIUM MANAGEMENT LLC Added $33.3m216.0k shares
Oribel Capital Management, LP Added $19.7m145.7k shares
Walleye Trading LLC Added $18.1m117.4k shares
GROUP ONE TRADING LLC Added $14.1m91.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $94.0m609.9k shares
GOLDMAN SACHS GROUP INC New $69.9m453.6k shares
JANE STREET GROUP, LLC Added $64.0m415.5k shares
CITADEL ADVISORS LLC Added $58.3m378.4k shares
Squarepoint Ops LLC Added $32.1m208.0k shares
IMC-Chicago, LLC Added $29.3m190.0k shares
Optiver Holding B.V. Reduced $29.0m188.0k shares
CAPITAL FUND MANAGEMENT S.A. Added $12.3m79.7k shares
Walleye Trading LLC Added $11.5m74.4k shares
MILLENNIUM MANAGEMENT LLC Reduced $8.6m55.5k 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 since 1 Apr 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 since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Fisher Asset Management, LLC 0.69% of their portfolio PLANO, TX 14,931,46014.9m $2.3bn $2.3bn 0.69% Added +397.0k +397,019
2 EAGLE CAPITAL MANAGEMENT LLC 4.07% of their portfolio New York, NY 8,640,6158.6m $1.3bn $1.3bn 4.07% Added +792.0k +792,012
3 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 6,023,0856.0m $928.2m $928.2m 0.10% Added +2.7m +2,722,711
4 Capital International Investors 0.18% of their portfolio Los Angeles, CA 5,681,4135.7m $876.6m $876.6m 0.18% Added +669.6k +669,557
5 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 5,476,1115.5m $843.9m $843.9m 0.04% Added +1.9m +1,860,094
6 WINDACRE PARTNERSHIP LLC 6.70% of their portfolio HOUSTON, TX 4,399,3004.4m $678.0m $678.0m 6.70% Added +1.6m +1,637,175
7 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 1.13% of their portfolio Los Angeles, CA 2,508,9052.5m $386.6m $386.6m 1.13% Added +2.3m +2,252,410
8 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,391,1502.4m $368.5m $368.5m 0.02% Added +372.8k +372,767
9 FMR LLC 0.01% of their portfolio BOSTON, MA 1,991,9232.0m $307.0m $307.0m 0.01% Reduced -4.6m -4,589,157
10 D. E. Shaw & Co., Inc. 0.14% of their portfolio New York, NY 1,450,1521.5m $223.5m $223.5m 0.14% Reduced -2.8m -2,806,520
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,249,5201.2m $192.6m $192.6m 0.00% Added +96.4k +96,424
12 Ruane, Cunniff & Goldfarb L.P. 2.96% of their portfolio New York, NY 1,236,5461.2m $190.6m $190.6m 2.96% Added +486.6k +486,637
13 Tidal Investments LLC 0.45% of their portfolio Milwaukee, WI 1,214,3151.2m $187.1m $187.1m 0.45% Added +189.6k +189,591
14 NORTHERN TRUST CORP 0.02% of their portfolio CHICAGO, IL 1,146,7831.1m $176.7m $176.7m 0.02% Reduced -283.0k -283,045
15 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.17% of their portfolio CAUSEWAY BAY, K3 917,375917.4k $141.4m $141.4m 0.17% Added +22.6k +22,578
16 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.06% of their portfolio BOSTON, MA 823,529823.5k $126.9m $126.9m 0.06% Reduced -56.7k -56,683
17 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 791,300791.3k $121.9m $121.9m 0.02% Added +76.2k +76,157
18 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 784,221784.2k $120.9m $120.9m 0.02% Added +82.3k +82,326
19 BROWN ADVISORY INC 0.17% of their portfolio BALTIMORE, MD 715,364715.4k $110.2m $110.2m 0.17% Added +288.2k +288,212
20 UBS Group AG 0.02% of their portfolio ZURICH, V8 680,559680.6k $104.9m $104.9m 0.02% Reduced -698.0k -697,954
21 Holocene Advisors, LP 0.23% of their portfolio New York, NY 638,000638.0k $98.3m $98.3m 0.23% New
22 CAUSEWAY CAPITAL MANAGEMENT LLC 1.05% of their portfolio LOS ANGELES, CA 629,801629.8k $97.1m $97.1m 1.05% Added +173.8k +173,796
23 BRANDES INVESTMENT PARTNERS, LP 0.66% of their portfolio LA JOLLA, CA 614,006614.0k $94.6m $94.6m 0.66% Added +148.2k +148,250
24 ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio Berwyn, PA 592,149592.1k $91.3m $91.3m 0.02% Reduced -108.9k -108,913
25 PRINCIPAL FINANCIAL GROUP INC 0.04% of their portfolio DES MOINES, IA 583,211583.2k $89.9m $89.9m 0.04% Added +32.7k +32,680
26 First Pacific Advisors, LP 1.06% of their portfolio EL SEGUNDO, CA 555,426555.4k $85.6m $85.6m 1.06% New
27 FIRST TRUST ADVISORS LP 0.05% of their portfolio Wheaton, IL 538,309538.3k $83.0m $83.0m 0.05% Added +271.2k +271,233
28 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 441,524441.5k $67.8m $67.8m 0.01% Reduced -755.3k -755,301
29 CIBC Bancorp USA Inc. 0.08% of their portfolio CHICAGO, IL 399,809399.8k $61.6m $61.6m 0.08% Added +79.7k +79,688
30 CRAWFORD INVESTMENT COUNSEL INC 1.00% of their portfolio ATLANTA, GA 387,737387.7k $59.8m $59.8m 1.00% Added +14.6k +14,561
31 Sustainable Growth Advisers, LP 0.53% of their portfolio STAMFORD, CT 351,771351.8k $54.2m $54.2m 0.53% Reduced -122.3k -122,333
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 324,086324.1k $50.2m $50.2m 0.00% Reduced -953.0k -953,025
33 Aviso Financial Inc. 1.55% of their portfolio TORONTO, A6 289,401289.4k $44.6m $44.6m 1.55% Reduced -9.0k -8,976
34 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 287,919287.9k $44.4m $44.4m 0.05% Added +9.7k +9,714
35 Harding Loevner LP 0.41% of their portfolio Bridgewater, NJ 281,110281.1k $43.6m $43.6m 0.41% Reduced -78.1k -78,115
36 TD Asset Management Inc 0.03% of their portfolio Toronto, A6 243,499243.5k $37.5m $37.5m 0.03% Reduced -136.7k -136,747
37 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 235,293235.3k $36.3m $36.3m 0.01% Reduced -11.3k -11,259
38 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 228,173228.2k $35.2m $35.2m 0.01% Added +1.4k +1,385
39 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 227,588227.6k $43.8m $43.8m 0.01% Reduced -867 -867
40 SEI INVESTMENTS CO 0.03% of their portfolio OAKS, PA 215,546215.5k $33.2m $33.2m 0.03% Added +36.6k +36,571
41 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 208,031208.0k $32.1m $32.1m 0.02% Reduced -775.1k -775,075
42 Quantinno Capital Management LP 0.04% of their portfolio NEW YORK, NY 207,511207.5k $32.0m $32.0m 0.04% Added +63.6k +63,622
43 AMF Tjanstepension AB 0.18% of their portfolio STOCKHOLM, V7 195,895195.9k $30.2m $30.2m 0.18% Unchanged
44 Night Owl Capital Management, LLC 3.05% of their portfolio GREENWICH, CT 188,848188.8k $29.1m $29.1m 3.05% Reduced -60.2k -60,169
45 MARSICO CAPITAL MANAGEMENT LLC 0.75% of their portfolio DENVER, CO 186,261186.3k $28.7m $28.7m 0.75% Added +61.0k +60,959
46 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 182,764182.8k $28.2m $28.2m 0.00% Added +27.9k +27,903
47 Vident Advisory, LLC 0.21% of their portfolio Alpharetta, GA 182,310182.3k $28.1m $28.1m 0.21% Added +63.9k +63,885
48 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 178,749178.7k $27.5m $27.5m 0.02% Added +88.8k +88,830
49 1832 Asset Management L.P. 0.03% of their portfolio TORONTO, A6 177,629177.6k $27.4m $27.4m 0.03% Reduced -3.3k -3,297
50 JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio DES PERES, MO 177,112177.1k $27.5m $27.5m 0.01% Added +22.7k +22,659
51 NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio NEW YORK, NY 176,863176.9k $27.3m $27.3m 0.02% Reduced -8.4k -8,393
52 BECKER CAPITAL MANAGEMENT INC 0.72% of their portfolio Portland, OR 174,594174.6k $26.9m $26.9m 0.72% Added +1.2k +1,240
53 FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ 0.13% of their portfolio Cincinnati, OH 172,140172.1k $26.5m $26.5m 0.13% New
54 AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio KANSAS CITY, MO 164,217164.2k $25.3m $25.3m 0.01% Added +17.1k +17,053
55 COERENTE CAPITAL MANAGEMENT 4.56% of their portfolio TORONTO, A6 160,606160.6k $24.8m $24.8m 4.56% Added +22.9k +22,921
56 STIFEL FINANCIAL CORP 0.02% of their portfolio ST. LOUIS, MO 159,163159.2k $24.5m $24.5m 0.02% Added +2.4k +2,367
57 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 157,554157.6k $24.3m $24.3m 0.01% Added +29.0k +28,983
58 Quadrature Capital Ltd 0.20% of their portfolio LONDON, X0 153,061153.1k $23.6m $23.6m 0.20% Reduced -994.3k -994,344
59 Promethos Capital, LLC 6.05% of their portfolio BOSTON, MA 144,421144.4k $22.3m $22.3m 6.05% Added +19.8k +19,790
60 Ironvine Capital Partners, LLC 2.07% of their portfolio OMAHA, NE 144,159144.2k $22.2m $22.2m 2.07% New
61 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 135,241135.2k $20.8m $20.8m 0.01% Added +2.3k +2,253
62 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 134,987135.0k $20.8m $20.8m 0.00% Added +8.9k +8,900
63 Cerity Partners LLC 0.02% of their portfolio NEW YORK, NY 130,973131.0k $20.2m $20.2m 0.02% Reduced -8.8k -8,797
64 Fayez Sarofim & Co 0.05% of their portfolio Houston, TX 128,397128.4k $19.8m $19.8m 0.05% Added +504 +504
65 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 127,957128.0k $19.7m $19.7m 0.01% Added +13.5k +13,537
66 Capital International, Inc./CA/ 0.14% of their portfolio Los Angeles, CA 126,181126.2k $19.4m $19.4m 0.14% Added +21.4k +21,370
67 RIVERBRIDGE PARTNERS LLC 0.54% of their portfolio MINNEAPOLIS, MN 125,736125.7k $19.4m $19.4m 0.54% Reduced -13.2k -13,203
68 Pathstone Holdings, LLC 0.06% of their portfolio ENGLEWOOD, NJ 125,522125.5k $19.3m $19.3m 0.06% Reduced -3.9k -3,886
69 Aberdeen Group plc 0.03% of their portfolio EDINBURGH, X0 119,200119.2k $18.4m $18.4m 0.03% Reduced -29 -29
70 THORNBURG INVESTMENT MANAGEMENT INC 0.18% of their portfolio SANTA FE, NM 119,017119.0k $18.3m $18.3m 0.18% Added +17.5k +17,510
71 Grantham, Mayo, Van Otterloo & Co. LLC 0.04% of their portfolio Boston, MA 117,647117.6k $18.1m $18.1m 0.04% Added +16.7k +16,660
72 Obermeyer Wealth Partners 0.73% of their portfolio ASPEN, CO 116,031116.0k $17.9m $17.9m 0.73% Added +14.6k +14,586
73 CAPTRUST FINANCIAL ADVISORS 0.03% of their portfolio RALEIGH, NC 115,068115.1k $17.7m $17.7m 0.03% Added +80.6k +80,565
74 CIDEL ASSET MANAGEMENT INC 0.83% of their portfolio TORONTO, A6 111,952112.0k $17.3m $17.3m 0.83% Reduced -31.8k -31,804
75 DEPRINCE RACE & ZOLLO INC 0.26% of their portfolio Winter Park, FL 102,198102.2k $15.7m $15.7m 0.26% Reduced -59.8k -59,752
76 Ramirez Asset Management, Inc. 1.63% of their portfolio NEW YORK, NY 101,630101.6k $15.7m $15.7m 1.63% Added +66.0k +65,961
77 ASSETMARK, INC 0.03% of their portfolio CONCORD, CA 101,442101.4k $15.6m $15.6m 0.03% Added +28.1k +28,150
78 Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio VANCOUVER, A1 100,549100.5k $15.5m $15.5m 0.03% Reduced -433.2k -433,183
79 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 97,55597.6k $15.0m $15.0m 0.00% Reduced -34 -34
80 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.07% of their portfolio Stamford, CT 93,83693.8k $14.5m $14.5m 0.07% Added +2.2k +2,245
81 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 91,98192.0k $14.2m $14.2m 0.01% Reduced -247.2k -247,226
82 TB Capital Gestao de Recursos Ltda. 7.75% of their portfolio Rio de Janeiro, D5 91,84191.8k $14.2m $14.2m 7.75% Added +14.2k +14,160
83 Cardinal Capital Management, Inc. 0.34% of their portfolio WINNIPEG, A2 90,96191.0k $14.0m $14.0m 0.34% Added +915 +915
84 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 90,63390.6k $14.0m $14.0m 0.00% Reduced -11.6k -11,606
85 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 88,81388.8k $13.7m $13.7m 0.01% Added +57.4k +57,408
86 US BANCORP \DE\ 0.01% of their portfolio MINNEAPOLIS, MN 88,37588.4k $13.6m $13.6m 0.01% Reduced -9.6k -9,572
87 Allspring Global Investments Holdings, LLC 0.02% of their portfolio CHARLOTTE, NC 84,94684.9k $13.5m $13.5m 0.02% Added +28.7k +28,739
88 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio PLYMOUTH, MN 83,27083.3k $3.0m $3.0m 0.01% Added +2.0k +2,022
89 PRIMECAP MANAGEMENT CO/CA/ 0.01% of their portfolio PASADENA, CA 82,50082.5k $12.7m $12.7m 0.01% Added +69.5k +69,500
90 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 81,25881.3k $12.5m $12.5m 0.01% Reduced -364.2k -364,178
91 Dash Acquisitions Inc. 3.28% of their portfolio WOODLAND HILLS, CA 79,21879.2k $16.2m $16.2m 3.28% Reduced -1.9k -1,910
92 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 78,70678.7k $12.1m $12.1m 0.01% Added +4.5k +4,519
93 Crossmark Global Holdings, Inc. 0.16% of their portfolio HOUSTON, TX 77,73977.7k $12.0m $12.0m 0.16% Added +1.4k +1,375
94 SCOTIA CAPITAL INC. 0.04% of their portfolio TORONTO, A6 75,42975.4k $11.6m $11.6m 0.04% Added +3.3k +3,347
95 Bulltick Wealth Management, LLC 2.33% of their portfolio Miami, FL 74,06474.1k $11.4m $11.4m 2.33% Added +30.1k +30,066
96 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 72,68972.7k $11.2m $11.2m 0.00% Added +58.4k +58,387
97 Meridiem Capital Partners LP 0.51% of their portfolio DALLAS, TX 72,23572.2k $11.1m $11.1m 0.51% New
98 Ethic Inc. 0.14% of their portfolio NEW YORK, NY 70,90870.9k $10.9m $10.9m 0.14% Reduced -265 -265
99 QRG CAPITAL MANAGEMENT, INC. 0.09% of their portfolio BERWYN, PA 68,36868.4k $10.5m $10.5m 0.09% Added +7.3k +7,315
100 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 67,92367.9k $10.5m $10.5m 0.01% Added +10.2k +10,201