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Oakmark Global Select Fund points to SAP as key enterprise software holding
The investor letter highlights SAPs large recurring revenue base and cites continued client migrations from on-premise to cloud as supportive to growth and cost reduction.
Oakmark Global Select Fund, a non-diversified fund focused on long-term capital appreciation through common stocks of U.S. and non-U.S. companies, said its latest investor letter underscores SAP SE (NYSE: SAP) as a standout position in clients tech ecosystems, according to Yahoo Finance.
In the funds Q2 2026 results, the Investor Class returned 3.76%, lagging the MSCI World Index which returned 13.76%. The letter attributes sector-level performance to health care and consumer staples as top contributors, while consumer discretionary and information technology detracted.
Oakmark said AI remains a key market theme, but it believes investors are underestimating what it calls the scale, data ownership, and workflow definitions that support SAPs role. It also pointed to SAP accelerating client migrations from on-premise to cloud systems, describing the shift as a trend that could improve growth and reduce costs.
Yahoo Finance also cited market data on SAP, including a $154.81 close on July 14, 2026, a one-month share decline of 2.51%, and a 52-week drop of 49.41%. The article estimates SAP market capitalization at $182.51 billion.