Managers / Q4 2019 · view latest →
Soapstone Management L.P.
CIK 0001726948 · 7500 OLD GEORGETOWN ROAD, SUITE 200, BETHESDA, MD, 20814 · 212-319-1438
Summary
Soapstone Management L.P. reported $157M in U.S.-listed holdings across 16 positions for Q4 2019.
The portfolio is heavily concentrated: BLDR alone accounts for 24.6% of reported value.
Compared with Q3 2019, the fund opened 2 new positions and exited 3.
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 · 96.6% · $152M
- REIT · 3.4% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| NSPINSPERITY INC | NEW | +175.0K | 175.0K | +$15M | $15M |
| PSAPUBLIC STORAGE | NEW | +25.4K | 25.4K | +$5M | $5M |
| UNIVAR SOLUTIONS INC | SOLD OUT | −300.0K | 0 | −$6M | $0 |
| FDXFEDEX CORP | SOLD OUT | −12.5K | 0 | −$2M | $0 |
| LKQLKQ CORP | SOLD OUT | −14.2K | 0 | −$447,000 | $0 |
| OCOWENS CORNING NEW | TRIMMED | −107.5K | 12.5K | −$7M | $814,000 |
| AXAHFAXA EQUITABLE HLDGS INC | TRIMMED | −250.0K | 250.0K | −$5M | $6M |
| SUSUNCOR ENERGY INC NEW | TRIMMED | −225.0K | 300.0K | −$7M | $10M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 24.63% | $39M | 1.52M |
| 2 | BCONBEACON ROOFING SUPPLY INChistory → | COM | 11.38% | $18M | 560.0K |
| 3 | NSPINSPERITY INChistory → | COM | 9.57% | $15M | 175.0K |
| 4 | OLNOLIN CORPhistory → | COM PAR $1 | 9.32% | $15M | 850.0K |
| 5 | SCHWTHE CHARLES SCHWAB CORPORATIhistory → | COM | 7.56% | $12M | 250.0K |
| 6 | SUSUNCOR ENERGY INC NEWhistory → | COM | 6.25% | $10M | 300.0K |
| 7 | BMCHBMC STK HLDGS INChistory → | COM | 5.93% | $9M | 325.0K |
| 8 | GOOGLALPHABET INChistory → | CAP STK CL A | 5.00% | $8M | 5.9K |
| 9 | AXAHFAXA EQUITABLE HLDGS INChistory → | COM | 3.94% | $6M | 250.0K |
| 10 | UNHUNITEDHEALTH GROUP INChistory → | COM | 3.46% | $5M | 18.5K |
| 11 | PSAPUBLIC STORAGEhistory → | COM | 3.44% | $5M | 25.4K |
| 12 | WFCWELLS FARGO CO NEWhistory → | COM | 3.42% | $5M | 100.0K |
| 13 | URIUNITED RENTALS INChistory → | COM | 3.02% | $5M | 28.5K |
| 14 | CCCHEMOURS COhistory → | COM | 1.44% | $2M | 125.0K |
| 15 | ASIXADVANSIX INChistory → | COM | 1.14% | $2M | 90.2K |
| 16 | OCOWENS CORNING NEW | COM | 0.52% | $814,000 | 12.5K |
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 ↗.