SAP SE (SAP) Could Benefit From AI Integration as Cloud Growth Accelerates, Janus Henderson Says

Janus Henderson, an investment management company, released its "Global Sustainable Equity Fund " Q3 2026 investor letter. A copy of the letter can be downloaded here . The Equity Fund returned 1.86% in the third quarter of 2026, matching its benchmark, while outperforming the IA Global peer group's 0.38% return. The fund's performance reflected a sharp rotation within the artificial intelligence trade: companies perceived as vulnerable to AI disruption recovered, while businesses tied to AI infrastructure, power, cooling, and electrification came under pressure. The portfolio's exposure to infrastructure-related companies and its lack of energy holdings weighed on relative performance, partly offset by gains from selected technology, healthcare, and financial investments. The managers continued to adjust the portfolio around their view that AI adoption will create opportunities for companies with durable competitive advantages, proprietary data, network effects, and resilient business models. The managers also highlighted growing electricity demand from data centres, the potential for renewable energy and battery investments to support energy security and decarbonisation, and the risks that a strong El Niño could pose to agriculture and inflation. Looking ahead, the fund remains focused on balancing AI-related growth opportunities with sustainability considerations, while favouring companies with pricing power, resilient operations, and long-term structural growth potential amid geopolitical uncertainty, elevated energy prices, and higher interest rates. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its third-quarter 2026 investor letter, Janus Henderson Global Sustainable Equity Fund highlighted stocks like SAP SE (NYSE: SAP ). SAP SE develops enterprise software that helps businesses manage operations, finances, supply chains, and other core processes. The one-month return of SAP SE (NYSE:SAP) was 12.55%, while its shares traded between $144.97 and $265.88 over the last 52 weeks. On October 29, 2026, SAP SE (NYSE:SAP) stock closed at approximately $235.02 per share, with a market capitalization of about $270.33 billion.

Janus Henderson Global Sustainable Equity Fund stated the following regarding SAP SE (NYSE:SAP) in its Q3 2026 investor letter:

" SAP SE (NYSE:SAP)'s shares benefited from the rebound in perceived AI 'losers' and stronger sentiment towards software stocks. Its results reinforced demand: cloud revenue grew 24% in constant currency, current cloud backlog accelerated to 26%, free cash flow rose 27%, while a €10 billion buyback supported the shares. SAP's enterprise software helps customers digitalise operations and use resources more efficiently. By embedding AI agents into mission-critical systems and applying them to proprietary business data and processes, SAP seems well placed to capture value from AI rather than be disintermediated by it."