Magellan Asset Management released its third quarter 2025 investor letter for “Magellan Global Fund”, focusing on outstanding companies at attractive prices. Global equities rose 7.3% in the September quarter, with the fund underperforming due to strong performance of speculative companies. Top five holdings can be found in the letter. SAP SE (NYSE:SAP) is highlighted in the letter, closing at $242.98 per share on December 12, 2025, with a market cap of $285.666 billion. The largest detractors to the portfolio’s performance included Chipotle Mexican Grill, Intuit, and SAP SE, with market concerns regarding AI’s disruptive potential. JPMorgan reaffirmed an overweight rating on SAP SE (NYSE:SAP), which was held by 34 hedge fund portfolios at the end of the third quarter. Check out more investor letters from hedge funds for additional insights.

Read more at Yahoo Finance: SAP SE (SAP) Slid Amid Concerns Over Disruptive Potential of AI