Janus Henderson Global Sustainable Equity Fund on SAP SE
Thesis
SAP's shares had previously reacted negatively to concerns about the timing of AI commercialisation, but the fund points to a strong cloud backlog as evidence that product demand remains healthy. The managers also view SAP as a key enterprise platform for applying AI to business processes and improving resource efficiency. The thesis is that cloud demand and AI-enabled enterprise transformation can outweigh near-term skepticism around the commercialisation timeline. ([SAP][7])
“The business continues to have a strong cloud backlog, underscoring demand for its products.”
Key risks
- Slower-than-expected AI commercialisation
- A deterioration in cloud backlog or enterprise software demand