Janus Henderson Global Sustainable Equity Fund on SAP SE
Thesis
SAP reported 24% constant-currency cloud-revenue growth, 26% growth in current cloud backlog and 27% higher free cash flow. The manager sees its mission-critical enterprise software as helping customers digitalise operations and improve resource efficiency. By embedding AI agents into existing workflows and proprietary customer data, SAP may capture AI-related value rather than be displaced by it. A €10 billion repurchase programme supports shareholders, although the fund trimmed the holding after its recovery.
“SAP seems well placed to capture value from AI rather than be disintermediated by it.”
Key risks
- Agentic AI disrupting traditional enterprise software providers
- A renewed shift in sentiment against companies perceived as AI losers
- Cloud growth and backlog conversion disappointing expectations