What Gives SAP SE (SAP) an Irreplaceable Position in Its Clients’ Tech Ecosystems?

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...