Value investing stalwart Ruane, Cunniff & Goldfarb, advisor to the Sequoia Fund, significantly increased its position in German software company SAP SE. According to a quarterly disclosure filed with the SEC, the firm boosted its holding by nearly 65% to 1.24 million shares. This disclosure reflects trades made during the second quarter ending June 30, 2026, and was made public on August 14.
In its second-quarter shareholder letter, the Sequoia Fund noted it had "added modestly" to its SAP investment during the period. The move came as SAP reported strong Q2 results, with a 27% rise in its current cloud backlog and a 22% increase in cloud revenue, underscoring its ongoing transition to a cloud-based model.