Core Insights - Polen Capital's "Polen International Growth Strategy" reported a return of -4.23% gross and -4.53% net of fees for Q3 2025, underperforming the MSCI ACWI (ex-USA) which gained 6.89% [1] Company Performance - SAP SE (NYSE:SAP) experienced a one-month return of -4.48% and a 52-week decline of 3.32%, closing at $242.98 per share with a market capitalization of $283.508 billion on December 08, 2025 [2] - SAP SE was identified as a top detractor in the Polen International Growth Strategy portfolio, facing pressure due to a subdued near-term outlook and longer sales cycles in the US public sector and industrial manufacturing [3] Strategic Positioning - Despite challenges, SAP SE's cloud revenue growth exceeded expectations, and the company maintains a strong market position with a vast partner ecosystem and high recurring revenues, positioning it for mid-teens earnings growth in the coming years [3] - Concerns over AI disruption and IT spending trends were noted, but SAP SE is strategically positioned for growth [5] Hedge Fund Interest - At the end of Q3 2025, 34 hedge fund portfolios held SAP SE, an increase from 32 in the previous quarter, indicating a growing interest in the stock [4]