What smart money is saying about SailPoint

Position history

Between Q3 2025 and Q1 2026, 3 fund letters reported a position in SailPoint, with 1 buy (opened or added) and 1 sell (trimmed or exited).

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 3 positions · 2 moves

• ExitedBrown Advisory U.S. Small-Cap Blend UCITS Fund

  March 2026

  “We exited SailPoint, Inc. (SAIL) as it held up in relatively better than the broader software complex which created more attractive relative risk/reward opportunities.”

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  SailPoint
• HoldsNZS Capital

  September 2025

  “FOCUS POSITION: SailPoint Inc. Earlier this year, researchers discovered a zero -click vulnerability, “EchoLeak”, in Microsoft 365 Copilot, which represented the first known zero -click attack on an AI agent. In this vulnerability, an attacker could send a seemingly normal email containing hidden instructions that the AI assistant would process when the user later asked Copilot a question about said email, resulting in the user unknowingly exfiltrating sensitive data to the attacker ’s server. Thus beg an the AI era of cybersecurity, where AI agents are just as vulnerable to attacks as workplace employees. SailPoint is a pioneer in identity governance and administration (IGA), which involves managing and securing dynamic access to critical applications and data for every enterprise identity. This capability requires deep, broad controls for proper access authorization, automating functions like account provisioning , and access certification across all identities. Identity governance is essential for operationalizing zero -trust security by helping companies achieve dynamic real - time security and prevent people from maintaining permanent, exploitable, high -level permissions and access. The NZS team has had a long history investing in all aspects of the zero -trust security landscape – from Secure Access Service Edge (SASE), to end -point management and security, and identity security (e.g., IGA, privileged access management [PAM], and identity and access management [IAM]) – and we were investors in SailPoint until the company was taken private by Thoma Bravo in 2022. We were pleased to see SailPoint relaunch as a public entity this year. Many enterprises are still shifting away from the old “castle and moat” security of the last decade to zero-trust security, and the emergence of agentic AI is dramatically expanding the NZS Capital, LLC - 4 - total addressable market for identity, especially IGA. The trend may not be isolated to security software, as AI agents may expand the overall software market rather than shrink it (in contrast to the market consensus ). This view, in part, informs the addition of several software stocks to the portfolio, as referenced in Portfolio Positioning above. Up until recently when discussing identity, we were almost exclusively talking about human identities – employees in sales, IT, finance, etc. , as well as the non-employee workforce of contractors, consultants , and third-party suppliers/vendors who have access to systems /data – who are vulnerable to attacks like phishing, malware, and ransomware. In the new world of AI, however, data and systems are also being accessed and manipulated by digital entities. As the zero-click attack above highlights, they are no less vulnerable to exploitation. Thus, in terms of security, these non-human entities should be treated as equivalent to their human counte rparts. We own SailPoint as an optionality position because this new TAM of machine identities and complex AI agents is both massive and incredibly difficult to manage.”

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  SailPoint
• New positionBrown Advisory US Small Cap Blend Fund

  September 2025

  “ SailPoint (SAIL) is one of the market leaders in Enterprise Identity Security.”

  60 more words on why: read Brown Advisory US Small Cap Blend Fund’s full comment
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  SailPoint