Harris Oakmark recently released its second-quarter 2026 investor letter for its “Oakmark Global Select Fund”. A copy of the letter can be downloaded here. It is a non-diversified fund that focuses on long-term capital appreciation by investing in common stocks of U.S. and non-U.S. companies. In the quarter, the fund (Investor Class) delivered a return of 3.76%, lagging behind the benchmark, the MSCI World Index’s 13.76 % return. Health care and consumer staples were the top performance contributors at the sector level, while consumer discretionary and information technology detracted from performance. AI remains a key market theme. The firm focuses on evaluating companies based on their competitive advantages, long-term cash flow potential, and valuation, not predictions. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Oakmark Global Select Fund highlighted. SAP SE (NYSE:SAP). Headquartered in Walldorf, Germany, SAP SE (NYSE:SAP) is a leading enterprise application and business solutions provider. On July 14, 2026, SAP SE (NYSE:SAP) closed at $154.81 per share. One-month return of SAP SE (NYSE:SAP) was -2.51%, and its shares lost 49.41% over the past 52 weeks. SAP SE (NYSE:SAP) has a market capitalization of $182.51 billion.
Oakmark Global Select Fund stated the following regarding SAP SE (NYSE:SAP) in its Q2 2026 investor update:
“SAP SE (NYSE:SAP) is one of the largest enterprise software providers in the world and a global leader in enterprise resource planning. The Germany-based company provides solutions that form the backbone of its clients’ technology infrastructure, leading to recurring revenue streams and very low churn rates. Recently, SAP has accelerated the rate of client migrations from on-premise to cloud systems, a trend we expect to improve growth and reduce costs. However, those benefits have not resonated in a market concerned that artificial intelligence will obscure the need for enterprise software. We believe that narrative underestimates the scale, data ownership, and definition of client workflows that make SAP an irreplaceable piece of its clients’ tech ecosystems. Moreover, we have confidence that this management team—led by a tested CEO and prudent, disciplined CFO—can steer SAP through the artificial intelligence era. We have invested successfully in SAP before and were excited to buy back in at what we view as a considerable discount to our estimate of intrinsic value.”
SAP SE (NYSE:SAP) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 33 hedge fund portfolios held SAP SE (NYSE:SAP) at the end of the first quarter, compared to 36 in the previous quarter. While we acknowledge the risk and potential of SAP SE (NYSE:SAP) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SAP SE (NYSE:SAP) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered SAP SE (NYSE:SAP) and shared the list of AI stocks on Wall Street’s radar. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
