- SAP
- SAP
Aoris Investment Management released its Q3 2026 investor letter for the Aoris International Fund, reporting a strong quarter as Class A returned 3.6% (+2.4% alpha) and Class C returned 4.5% (+3.1% alpha). The letter can be downloaded here. Targeting 8–12% annual net returns over a 5–7 year market cycle, the fund benefited from 15% median EPS growth across its holdings, with no portfolio company falling meaningfully short of expectations. In managing its concentrated 15-business portfolio, Aoris emphasizes durable moats, conservative finances, and operational execution—such as aligned decentralization, disciplined M&A, and customer-proximate R&D—as the foundation for sustainable earnings growth. Also, check the Fund’s top five holdings to see its best picks for 2026.
In its Q3 2026 investor letter, Aoris International Fund highlighted SAP SE (NYSE:SAP). Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is a global enterprise software company that provides cloud application suites, enterprise resource planning (ERP) systems, and business intelligence software solutions. On October 29, 2026, SAP SE closed at $234.07, with a $272.27 billion market capitalization. SAP SE (NYSE:SAP) stock posted a 2.71% YTD decline, trading within a 52-week range of $144.97 to $265.88.
Aoris International Fund stated the following regarding SAP SE (NYSE:SAP) in its Q3 2026 investor letter:
“The two largest positive contributors to performance for the quarter were Microsoft and SAP SE (NYSE:SAP), both of whose share prices appreciated by 37% over the three months, adding 2.4% and 1.7% respectively to Fund return. SAP has decades of experience in protecting sensitive data for its large, often regulated customers. This is a far stronger position than many investors had given credit for just a few months ago. SAP is introducing AI tools to help its customers automate complex business processes. These tools and agents are helping SAP offer considerable benefits to its customers in both trust and value compared to AI new entrant alternatives.”
SAP SE (NYSE:SAP) is not on our list of <a href="https://www.insidermonkey.com/premium/report/40-most-popular-stocks-among-hedge-funds-heading-into-2026-1706787/” rel=”nofollow noopener” target=”_blank”>40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 35 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the second quarter, compared to 33 in the previous quarter. While we acknowledge the potential of SAP SE (NYSE:SAP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock.
