% of shares outstanding not shown: this line files 20-F annual reports only — a foreign private issuer whose US listing trades as ADSs (depositary receipts), while its cover-page share count is in ORDINARY shares. The depositary ratio is not in our data. The count we hold for this line is 1,228,504,232 shares (as of 2025-12-31, source dei). Dividing one by the other is wrong by the whole ratio (a 5:1 ADR reads one fifth of the true percentage), so the percentage is withheld rather than served wrong. Holder share counts are shown as filed.
Crowding percentile lands with its cohort — the cohort is size-matched, so it needs a market cap for SAP in the served universe — that lands with the next screener build.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | Fisher Asset Management, LLC | 14,534,44114.5M | $2.5B | — | — |
| 2 | EAGLE CAPITAL MANAGEMENT LLC | 7,848,6037.8M | $1.3B | — | ADD 89% |
| 3 | FMR LLC | 6,581,0806.6M | $1.1B | — | TRIM -3% |
| 4 | Capital International Investors | 5,011,8565.0M | $854M | — | ADD 40% |
| 5 | D. E. Shaw & Co., Inc. | 4,256,6724.3M | $729M | — | ADD 85% |
| 6 | MORGAN STANLEY | 3,616,0173.6M | $619M | — | — |
| 7 | GOLDMAN SACHS GROUP INC | 3,300,3743.3M | $565M | — | ADD 119% |
| 8 | WINDACRE PARTNERSHIP LLC | 2,762,1252.8M | $473M | — | ADD 13% |
| 9 | BANK OF AMERICA CORP /DE/ | 2,018,3832.0M | $346M | — | ADD 16% |
| 10 | NORTHERN TRUST CORP | 1,429,8281.4M | $245M | — | TRIM -5% |
| 11 | UBS Group AG | 1,378,5131.4M | $236M | — | ADD 325% |
| 12 | JPMORGAN CHASE & CO | 1,277,1111.3M | $215M | — | ADD 6% |
| 13 | AMERIPRISE FINANCIAL INC | 1,196,8251.2M | $208M | — | TRIM -4% |
| 14 | BlackRock, Inc. | 1,153,0961.2M | $197M | — | TRIM -6% |
| 15 | Quadrature Capital Ltd | 1,147,4051.1M | $196M | — | ADD 233% |
| 16 | Tidal Investments LLC | 1,024,7241.0M | $173M | — | ADD 4778% |
| 17 | BNP PARIBAS FINANCIAL MARKETS | 983,106983,106 | $168M | — | ADD 96% |
| 18 | MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 894,797894,797 | $153M | — | ADD 162001% |
| 19 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 880,212880,212 | $151M | — | NEW |
| 20 | WCM INVESTMENT MANAGEMENT, LLC | 833,584833,584 | $140M | — | TRIM -26% |
| 21 | Ruane, Cunniff & Goldfarb L.P. | 749,909749,909 | $128M | — | ADD 1533% |
| 22 | WELLS FARGO & COMPANY/MN | 715,143715,143 | $122M | — | — |
| 23 | JANE STREET GROUP, LLC | 702,777702,777 | $120M | — | ADD 726% |
| 24 | ROYAL BANK OF CANADA | 701,895701,895 | $120M | — | TRIM -2% |
| 25 | ENVESTNET ASSET MANAGEMENT INC | 701,062701,062 | $120M | — | TRIM -4% |
| 26 | PRINCIPAL FINANCIAL GROUP INC | 550,531550,531 | $94M | — | ADD 48% |
| 27 | Connor, Clark & Lunn Investment Management Ltd. | 533,732533,732 | $91M | — | ADD 277% |
| 28 | VOLORIDGE INVESTMENT MANAGEMENT, LLC | 520,926520,926 | $89M | — | ADD 405% |
| 29 | Sustainable Growth Advisers, LP | 474,104474,104 | $81M | — | TRIM -31% |
| 30 | BRANDES INVESTMENT PARTNERS, LP | 465,756465,756 | $80M | — | ADD 103% |
| 31 | CAUSEWAY CAPITAL MANAGEMENT LLC | 456,005456,005 | $78M | — | ADD 82% |
| 32 | MENORA MIVTACHIM HOLDINGS LTD. | 453,650453,650 | $78M | — | NEW |
| 33 | TWO SIGMA INVESTMENTS, LP | 445,436445,436 | $76M | — | ADD 454% |
| 34 | BROWN ADVISORY INC | 427,152427,152 | $73M | — | ADD 7868% |
| 35 | TD Asset Management Inc | 380,246380,246 | $65M | — | TRIM -3% |
| 36 | CRAWFORD INVESTMENT COUNSEL INC | 373,176373,176 | $64M | — | — |
| 37 | Harding Loevner LP | 359,225359,225 | $62M | — | TRIM -7% |
| 38 | CITADEL ADVISORS LLC | 339,207339,207 | $58M | — | ADD 184% |
| 39 | CIBC Bancorp USA Inc. | 320,121320,121 | $55M | — | NEW |
| 40 | Davis Selected Advisers | 317,422317,422 | $54M | — | ADD 463% |
| 41 | Aviso Financial Inc. | 298,377298,377 | $51M | — | ADD 4% |
| 42 | NATIXIS ADVISORS, LLC | 278,205278,205 | $48M | — | TRIM -27% |
| 43 | MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 228,455228,455 | $47M | — | ADD 9% |
| 44 | FIRST TRUST ADVISORS LP | 267,076267,076 | $46M | — | ADD 9% |
| 45 | HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 256,495256,495 | $44M | — | NEW |
| 46 | Night Owl Capital Management, LLC | 249,017249,017 | $43M | — | — |
| 47 | RAYMOND JAMES FINANCIAL INC | 246,552246,552 | $42M | — | TRIM -31% |
| 48 | Bank of New York Mellon Corp | 226,788226,788 | $39M | — | TRIM -7% |
| 49 | NewEdge Advisors, LLC | 213,482213,482 | $37M | — | ADD 10% |
| 50 | MARSHALL WACE, LLP | 197,391197,391 | $34M | — | ADD 39% |
| 51 | AMF Tjanstepension AB | 195,895195,895 | $34M | — | ADD 3% |
| 52 | Clearbridge Investments, LLC | 189,173189,173 | $32M | — | TRIM -65% |
| 53 | NEUBERGER BERMAN GROUP LLC | 185,256185,256 | $32M | — | TRIM -20% |
| 54 | 1832 Asset Management L.P. | 180,926180,926 | $31M | — | — |
| 55 | SEI INVESTMENTS CO | 178,975178,975 | $31M | — | TRIM -24% |
| 56 | BECKER CAPITAL MANAGEMENT INC | 173,354173,354 | $30M | — | — |
| 57 | DEPRINCE RACE & ZOLLO INC | 161,950161,950 | $28M | — | NEW |
| 58 | STIFEL FINANCIAL CORP | 156,796156,796 | $27M | — | — |
| 59 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 154,861154,861 | $27M | — | ADD 10% |
| 60 | HSBC HOLDINGS PLC | 154,570154,570 | $26M | — | ADD 4819% |
| 61 | Petrus Trust Company, LTA | 152,542152,542 | $26M | — | — |
| 62 | JONES FINANCIAL COMPANIES LLLP | 154,453154,453 | $25M | — | ADD 2300% |
| 63 | AMERICAN CENTURY COMPANIES INC | 147,164147,164 | $25M | — | ADD 22% |
| 64 | T. Rowe Price Investment Management, Inc. | 145,632145,632 | $25M | — | NEW |
| 65 | Quantinno Capital Management LP | 143,889143,889 | $25M | — | ADD 9% |
| 66 | CIDEL ASSET MANAGEMENT INC | 143,756143,756 | $25M | — | ADD 12% |
| 67 | Cerity Partners LLC | 139,770139,770 | $24M | — | ADD 12% |
| 68 | RIVERBRIDGE PARTNERS LLC | 138,939138,939 | $24M | — | ADD 3% |
| 69 | TUDOR INVESTMENT CORP ET AL | 138,812138,812 | $24M | — | ADD 427% |
| 70 | COERENTE CAPITAL MANAGEMENT | 137,685137,685 | $24M | — | ADD 19% |
| 71 | PNC FINANCIAL SERVICES GROUP, INC. | 132,988132,988 | $23M | — | ADD 42% |
| 72 | Pathstone Holdings, LLC | 129,408129,408 | $22M | — | ADD 33% |
| 73 | Creative Planning | 128,571128,571 | $22M | — | — |
| 74 | Fayez Sarofim & Co | 127,893127,893 | $22M | — | ADD 26% |
| 75 | LPL Financial LLC | 126,087126,087 | $22M | — | — |
| 76 | MARSICO CAPITAL MANAGEMENT LLC | 125,302125,302 | $21M | — | ADD 5% |
| 77 | Promethos Capital, LLC | 124,631124,631 | $21M | — | ADD 23% |
| 78 | Y-Intercept (Hong Kong) Ltd | 122,505122,505 | $21M | — | NEW |
| 79 | Aberdeen Group plc | 119,229119,229 | $20M | — | NEW |
| 80 | Vident Advisory, LLC | 118,425118,425 | $20M | — | ADD 565% |
| 81 | BANK OF MONTREAL /CAN/ | 114,420114,420 | $20M | — | TRIM -13% |
| 82 | Aquatic Capital Management LLC | 106,141106,141 | $18M | — | ADD 466% |
| 83 | Capital International, Inc./CA/ | 104,811104,811 | $18M | — | ADD 79% |
| 84 | AQR CAPITAL MANAGEMENT LLC | 102,239102,239 | $18M | — | ADD 137% |
| 85 | THORNBURG INVESTMENT MANAGEMENT INC | 101,507101,507 | $17M | — | ADD 428% |
| 86 | Obermeyer Wealth Partners | 101,445101,445 | $17M | — | TRIM -5% |
| 87 | Grantham, Mayo, Van Otterloo & Co. LLC | 100,987100,987 | $17M | — | ADD 32% |
| 88 | US BANCORP \DE\ | 97,94797,947 | $17M | — | TRIM -10% |
| 89 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 97,58997,589 | $17M | — | ADD 1188% |
| 90 | O'SHAUGHNESSY ASSET MANAGEMENT, LLC | 91,59191,591 | $16M | — | TRIM -10% |
| 91 | HighTower Advisors, LLC | 90,30490,304 | $15M | — | ADD 10% |
| 92 | Cardinal Capital Management, Inc. | 90,04690,046 | $15M | — | ADD 7% |
| 93 | SUSQUEHANNA INTERNATIONAL GROUP, LLP | 89,91989,919 | $15M | — | ADD 120% |
| 94 | BARCLAYS PLC | 89,24089,240 | $15M | — | NEW |
| 95 | Dash Acquisitions Inc. | 81,12881,128 | $15M | — | ADD 3% |
| 96 | TB Capital Gestao de Recursos Ltda. | 77,68177,681 | $13M | — | NEW |
| 97 | Crossmark Global Holdings, Inc. | 76,36476,364 | $13M | — | TRIM -10% |
| 98 | KORNITZER CAPITAL MANAGEMENT INC /KS | 75,00075,000 | $13M | — | — |
| 99 | Russell Investments Group, Ltd. | 74,18774,187 | $13M | — | TRIM -16% |
| 100 | ASSETMARK, INC | 73,29273,292 | $13M | — | ADD 15% |
Ranked by each filer’s own reported value, not shares.
1 holder — The filer reported no value for this line, so it carries no dollar figure and is left out of the percentage and value columns.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| EAGLE CAPITAL MANAGEMENT LLC | +3,705,173 | $634M | ADD |
| D. E. Shaw & Co., Inc. | +1,955,594 | $335M | ADD |
| GOLDMAN SACHS GROUP INC | +1,794,302 | $307M | ADD |
| Capital International Investors | +1,425,076 | $244M | ADD |
| UBS Group AG | +1,054,165 | $180M | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| SANDS CAPITAL MANAGEMENT, LLC | −394,117 | $67M | CLOSE |
| MILLENNIUM MANAGEMENT LLC | −378,278 | $65M | TRIM |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | −370,155 | $63M | CLOSE |
| Clearbridge Investments, LLC | −354,748 | $61M | TRIM |
| NORGES BANK | −336,683 | $58M | CLOSE |
Prior quarter split-rebased · 13Fs are long, US-listed only.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| Fisher Asset Management, LLC | 5.1M | 13.0M | 14.2M | 14.5M | 14.7M | 14.5M | $2.5B |
| EAGLE CAPITAL MANAGEMENT LLC | 4.6M | 3.3M | 3.0M | 3.0M | 4.1M | 7.8M | $1.3B |
| FMR LLC | 9.4M | 10.2M | 9.0M | 6.9M | 6.8M | 6.6M | $1.1B |
| Capital International Investors | 10.2M | 7.3M | 4.1M | 4.0M | 3.6M | 5.0M | $854M |
| D. E. Shaw & Co., Inc. | 2K | 8K | — | 921K | 2.3M | 4.3M | $729M |
| MORGAN STANLEY | 2.8M | 3.2M | 3.5M | 4.5M | 3.7M | 3.6M | $619M |
| GOLDMAN SACHS GROUP INC | 1.2M | 1.3M | 1.9M | 1.5M | 1.5M | 3.3M | $565M |
| WINDACRE PARTNERSHIP LLC | 1.2M | 1.0M | 1.0M | 2.4M | 2.5M | 2.8M | $473M |
| BANK OF AMERICA CORP /DE/ | 1.3M | 1.7M | 2.7M | 2.0M | 1.7M | 2.0M | $346M |
| NORTHERN TRUST CORP | 1.5M | 1.5M | 1.5M | 1.6M | 1.5M | 1.4M | $245M |
| UBS Group AG | 280K | 353K | 168K | 248K | 324K | 1.4M | $236M |
| JPMORGAN CHASE & CO | 1.3M | 1.0M | 1.1M | 2.2M | 1.2M | 1.3M | $215M |
| AMERIPRISE FINANCIAL INC | 1.2M | 1.1M | 1.1M | 1.1M | 1.2M | 1.2M | $208M |
| BlackRock, Inc. | 1.1M | 1.2M | 1.3M | 1.3M | 1.2M | 1.2M | $197M |
| Quadrature Capital Ltd | — | — | — | 106K | 344K | 1.1M | $196M |
Green = added, red = trimmed, grey = held; a dash is a quarter with no 13F on file — a gap, not an exit.
Holders only — breaks = no 13F.
Short interest has its own tab now — open SI →
SEC Form 13F · ~10,250 filers, 10y · long-only, US-listed, filed ≤45d after quarter-end.
