Research Highlights: During drought, reduced soil water availability and increased vapor pressure deficit diminished transpiration in a mature beech stand (Fagus sylvatica L.). Dominant trees were more affected than suppressed trees. The share of soil water uptake from deeper layers decreased. The ability of individual trees in the forest stand to save water during drought was apparently dependent on their social status. This would be relevant for forest management. Objectives: We investigated which basal area classes of trees contribute more or less to total transpiration under wet and dry conditions, and from which soil layers they took up water. We hypothesized that dominant trees have a better adaptability to drought and diminish transpiration more than suppressed trees. Methods: The water budget of the forest stand was continuously monitored throughout the entire observation period. Xylem sap flux measurements using thermal dissipation probes were performed during the vegetation period at different depths in the trunks of ten representative trees. A radial distribution model of the sap flow density pattern was used to compute whole-tree and stand transpiration. Water budget was simulated using a physiology-based model. Results: During drought, the fraction of suppressed trees to whole-canopy transpiration of the forest stand increased and the share of soil water uptake from deeper layers decreased. Conclusions: The behavior of dominant trees under drought conditions could be interpreted as a water-conserving strategy. Thinning by removing suppressed trees should be employed to stabilize forests.