SAP SE: which funds bought and sold

Institutions that bought and sold SAP SE shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 434 institutions that filed 13F reports for both quarters added to or opened positions in SAP SE, and 367 cut or closed them. Together they sold a net 2.7M shares, −3.2% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 3.5M shares (−6.9%); index fund managers were net sellers of 155K shares (−5.5%). 92 opened a new position and 120 sold out entirely.

Bought, Q2 2026 434 institutions, 92 of them new holders Sold, Q2 2026 367 institutions, 120 of them sold out

Net change, all compared −2.7M shares (−3.2%)

Net change, active managers −3.5M shares (−6.9%), 35 bought, 45 sold

Buyers versus sellers

institutions compared, 914

434 bought 113 367 sold

Active managers and hedge funds 35 bought · 45 sold · −3.5M

Index fund managers 4 bought · 1 sold · −155K

Other institutions 395 bought · 321 sold · +953K

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Goldman Sachs Group Inc	+2.7M +82.5%	6.0M	$928M
Hotchkis & Wiley Capital Management LLC Active manager	+2.3M +878.1%	2.5M	$387M
Morgan Stanley	+1.9M +51.4%	5.5M	$844M
Windacre Partnership LLC Hedge fund	+1.6M +59.3%	4.4M	$678M
Eagle Capital Management LLC Active manager	+792K +10.1%	8.6M	$1.3B
Capital International Investors Active manager	+670K +13.4%	5.7M	$877M
Holocene Advisors, LP Hedge fund	+638K New position	638K	$98.3M
First Pacific Advisors, LP Active manager	+555K New position	555K	$85.6M
Ruane, Cunniff & Goldfarb L.P. Active manager	+487K +64.9%	1.2M	$191M
Fisher Asset Management, LLC Active manager	+397K +2.7%	14.9M	$2.3B
Bank Of America Corp	+373K +18.5%	2.4M	$369M
Brown Advisory Inc Active manager	+288K +67.5%	715K	$110M
First Trust Advisors LP	+271K +101.6%	538K	$83M
Tidal Investments LLC	+190K +18.5%	1.2M	$187M
Causeway Capital Management LLC Active manager	+174K +38.1%	630K	$97.1M
Fort Washington Investment Advisors Inc	+172K New position	172K	$26.5M
Brandes Investment Partners, LP Active manager	+148K +31.8%	614K	$94.6M
Ironvine Capital Partners, LLC	+144K New position	144K	$22.2M
Blackrock, Inc. Index funds	+96K +8.4%	1.2M	$193M
Susquehanna International Group, LLP	+89K +98.8%	179K	$27.5M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Hotchkis & Wiley Capital Management LLC Active manager	+2.3M +878.1%	2.5M	$387M
Windacre Partnership LLC Hedge fund	+1.6M +59.3%	4.4M	$678M
Eagle Capital Management LLC Active manager	+792K +10.1%	8.6M	$1.3B
Capital International Investors Active manager	+670K +13.4%	5.7M	$877M
Holocene Advisors, LP Hedge fund	+638K New position	638K	$98.3M
First Pacific Advisors, LP Active manager	+555K New position	555K	$85.6M
Ruane, Cunniff & Goldfarb L.P. Active manager	+487K +64.9%	1.2M	$191M
Fisher Asset Management, LLC Active manager	+397K +2.7%	14.9M	$2.3B
Brown Advisory Inc Active manager	+288K +67.5%	715K	$110M
Causeway Capital Management LLC Active manager	+174K +38.1%	630K	$97.1M

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
FMR LLC Active manager	−4.6M −69.7%	2.0M	$307M
D. E. Shaw & Co., Inc. Hedge fund	−2.8M −65.9%	1.5M	$223M
Quadrature Capital Ltd Hedge fund	−994K −86.7%	153K	$23.6M
Jpmorgan Chase & Co	−953K −74.6%	324K	$50.2M
WCM Investment Management, LLC Active manager	−834K Sold out	0	—
BNP Paribas Financial Markets	−775K −78.8%	208K	$32.1M
Ameriprise Financial Inc	−755K −63.1%	442K	$67.8M
Jane Street Group, LLC	−703K Sold out	0	—
UBS Group AG	−698K −50.6%	681K	$105M
Voloridge Investment Management, LLC Hedge fund	−521K Sold out	0	—
Menora Mivtachim Holdings Ltd.	−454K Sold out	0	—
Connor, Clark & Lunn Investment Management Ltd.	−433K −81.2%	101K	$15.5M
Two Sigma Investments, LP Hedge fund	−364K −81.8%	81K	$12.5M
Northern Trust Corp Index funds	−283K −19.8%	1.1M	$177M
Davis Selected Advisers Active manager	−257K −80.9%	61K	$9.3M
Citadel Advisors LLC Hedge fund	−247K −72.9%	92K	$14.2M
Clearbridge Investments, LLC Active manager	−189K Sold out	0	—
Marshall Wace, LLP Hedge fund	−175K −88.5%	23K	$3.5M
Newedge Advisors, LLC	−175K −81.8%	39K	$6M
Petrus Trust Company, Lta	−153K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
FMR LLC Active manager	−4.6M −69.7%	2.0M	$307M
D. E. Shaw & Co., Inc. Hedge fund	−2.8M −65.9%	1.5M	$223M
Quadrature Capital Ltd Hedge fund	−994K −86.7%	153K	$23.6M
WCM Investment Management, LLC Active manager	−834K Sold out	0	—
Voloridge Investment Management, LLC Hedge fund	−521K Sold out	0	—
Two Sigma Investments, LP Hedge fund	−364K −81.8%	81K	$12.5M
Davis Selected Advisers Active manager	−257K −80.9%	61K	$9.3M
Citadel Advisors LLC Hedge fund	−247K −72.9%	92K	$14.2M
Clearbridge Investments, LLC Active manager	−189K Sold out	0	—
Marshall Wace, LLP Hedge fund	−175K −88.5%	23K	$3.5M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Holocene Advisors, LPHedge fund	638K	$98.3M
First Pacific Advisors, LPActive manager	555K	$85.6M
Fort Washington Investment Advisors Inc	172K	$26.5M
Ironvine Capital Partners, LLC	144K	$22.2M
Meridiem Capital Partners LP	72K	$11.1M
Rbf Capital, LLC	55K	$8.4M
Hilton Capital Management, LLC	49K	$7.5M
GQG Partners LLCActive manager	45K	$7M
Bochk Asset Management Ltd	25K	$3.9M
Havemeyer Place LP	25K	$3.8M

Sold out

largest by value

Institution	Shares	Value March 31, 2026
WCM Investment Management, LLCActive manager	834K	$140M
Jane Street Group, LLC	703K	$120M
Voloridge Investment Management, LLCHedge fund	521K	$89.2M
Menora Mivtachim Holdings Ltd.	454K	$77.7M
Clearbridge Investments, LLCActive manager	189K	$32.4M
Petrus Trust Company, Lta	153K	$26.1M
T. Rowe Price Investment Management, Inc.Active manager	146K	$24.9M
Tudor Investment Corp Et AlHedge fund	139K	$23.8M
Y-Intercept (Hong Kong) Ltd	123K	$21M
Aquatic Capital Management LLC	106K	$18.2M

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 810
Ten largest holders: 63.7%
Index fund managers: 3.2%
Active managers and hedge funds: 57.2%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	35	45	7	19	−3.5M	−6.9%
Index fund managers	4	1	0	0	−155K	−5.5%
Other institutions	395	321	85	101	+953K	+3.0%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on SAP SE.

Only managers that filed a holdings report for both quarters are compared (914 here). 36 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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