SAP: Extreme Incumbent Advantages Collide With Seat-Based Risks

Group 1 - SAP is the second-largest software company in the world by sales, following Microsoft [1] - The company is not widely recognized by most investors, which is surprising given its size and market position [1] Group 2 - The investment strategy focuses on companies with strong qualitative attributes, purchasing them at attractive prices based on fundamentals, and holding them long-term [2] - The portfolio management approach aims to avoid underperforming stocks while maximizing exposure to high-potential winners [2] - Companies may receive a 'Hold' rating if their growth opportunities do not meet the investor's threshold or if the downside risk is deemed too high [2]