Managers / Q1 2026
Soapstone Management L.P.
CIK 0001726948 · 7500 OLD GEORGETOWN ROAD, SUITE 200, BETHESDA, MD, 20814 · 212-319-1438
Summary
Soapstone Management L.P. reported $140M in U.S.-listed holdings across 12 positions for Q1 2026.
The portfolio is heavily concentrated: AGI alone accounts for 23.7% of reported value.
Compared with Q4 2025, the fund opened 5 new positions and exited 6.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 67.1% · $94M
- REIT · 14.5% · $20M
- Other · 14.0% · $20M
- ADR · 4.4% · $6M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| TFXTELEFLEX INCORPORATED | NEW | +118.8K | 118.8K | +$14M | $14M |
| BDXBECTON DICKINSON & CO | NEW | +48.8K | 48.8K | +$8M | $8M |
| ANGIANGI INC | NEW | +1.00M | 1.00M | +$7M | $7M |
| HDBHDFC BANK LTD | NEW | +250.0K | 250.0K | +$6M | $6M |
| WDAYWORKDAY INC | NEW | +17.5K | 17.5K | +$2M | $2M |
| BALLBALL CORP | SOLD OUT | −200.0K | 0 | −$11M | $0 |
| AWCAMERICAN WTR WKS CO INC NEW | SOLD OUT | −75.0K | 0 | −$10M | $0 |
| OLNOLIN CORP | SOLD OUT | −150.0K | 0 | −$3M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AGIALAMOS GOLD INChistory → | COM CL A | 23.73% | $33M | 750.0K |
| 2 | PSAPUBLIC STORAGE OPER COhistory → | COM | 14.47% | $20M | 75.0K |
| 3 | CONSTELLIUM SE | CL A SHS | 14.01% | $20M | 800.0K |
| 4 | TFXTELEFLEX INCORPORATEDhistory → | COM | 10.12% | $14M | 118.8K |
| 5 | CFGCITIZENS FINL GROUP INChistory → | COM | 9.61% | $13M | 225.0K |
| 6 | MTNVAIL RESORTS INChistory → | COM | 7.31% | $10M | 80.0K |
| 7 | BDXBECTON DICKINSON & COhistory → | COM | 5.46% | $8M | 48.8K |
| 8 | ANGIANGI INChistory → | CL A NEW | 4.88% | $7M | 1.00M |
| 9 | HDBHDFC BANK LTDhistory → | SPONSORED ADS | 4.43% | $6M | 250.0K |
| 10 | AMZNAMAZON COM INChistory → | COM | 3.49% | $5M | 23.5K |
| 11 | WDAYWORKDAY INChistory → | CL A | 1.62% | $2M | 17.5K |
| 12 | BLDRBUILDERS FIRSTSOURCE INC | COM | 0.88% | $1M | 15.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $140M | 12 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $136M | 13 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $147M | 13 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $151M | 15 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $128M | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $106M | 15 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $120M | 15 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $150M | 18 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $179M | 16 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $183M | 19 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $216M | 18 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $224M | 18 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $224M | 17 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $237M | 18 | Jan 25, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $256M | 21 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $236M | 18 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $219M | 15 | May 6, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $217M | 18 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $238M | 17 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $249M | 20 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $225M | 19 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $232M | 20 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $204M | 20 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $174M | 17 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $116M | 15 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $157M | 16 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $184M | 17 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $184M | 18 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $205M | 19 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $166M | 21 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.