Managers / Q1 2021 · 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 $225M in U.S.-listed holdings across 19 positions for Q1 2021.
Its largest position, BLDR, represents 13.9% of the portfolio.
Compared with Q4 2020, the fund opened 1 new position and exited 2.
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 · 90.6% · $204M
- REIT · 6.3% · $14M
- Other · 3.1% · $7M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2020 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CONSTELLIUM SE | NEW | +147.9K | 147.9K | +$2M | $2M |
| LDOSLEIDOS HOLDINGS INC | ADDED | +69.0K | 95.8K | +$6M | $9M |
| NOCNORTHROP GRUMMAN CORP | ADDED | +22.5K | 42.5K | +$8M | $14M |
| BMCHBMC STK HLDGS INC | SOLD OUT | −275.0K | 0 | −$15M | $0 |
| URIUNITED RENTALS INC | SOLD OUT | −18.5K | 0 | −$4M | $0 |
| PSAPUBLIC STORAGE | TRIMMED | −40.1K | 25.0K | −$9M | $6M |
| OLNOLIN CORP | TRIMMED | −229.1K | 282.5K | −$2M | $11M |
| ASIXADVANSIX INC | TRIMMED | −78.4K | 100.0K | −$884,000 | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 13.92% | $31M | 675.0K |
| 2 | EQHEQUITABLE HLDGS INChistory → | COM | 13.35% | $30M | 920.0K |
| 3 | CFGCITIZENS FINANCIAL GROUP INChistory → | COM | 10.31% | $23M | 525.0K |
| 4 | BEACON ROOFING SUPPLY INC | COM | 7.56% | $17M | 325.0K |
| 5 | SCHWSCHWAB CHARLES CORPhistory → | COM | 7.25% | $16M | 250.0K |
| 6 | MASONITE INTL CORP | COM | 6.15% | $14M | 120.0K |
| 7 | NOCNORTHROP GRUMMAN CORPhistory → | COM | 6.12% | $14M | 42.5K |
| 8 | TFCTRUIST FINL CORPhistory → | COM | 5.19% | $12M | 200.0K |
| 9 | OLNOLIN CORPhistory → | COM PAR $1 | 4.77% | $11M | 282.5K |
| 10 | LDOSLEIDOS HOLDINGS INChistory → | COM | 4.10% | $9M | 95.8K |
| 11 | GOOGLALPHABET INChistory → | CAP STK CL A | 3.90% | $9M | 4.3K |
| 12 | FCPTFOUR CORNERS PPTY TR INChistory → | COM | 3.57% | $8M | 292.7K |
| 13 | JELDJELD-WEN HLDG INChistory → | COM | 2.92% | $7M | 236.7K |
| 14 | PSAPUBLIC STORAGEhistory → | COM | 2.74% | $6M | 25.0K |
| 15 | WFCWELLS FARGO CO NEWhistory → | COM | 2.61% | $6M | 150.0K |
| 16 | ADIENT PLC | ORD SHS | 2.14% | $5M | 108.8K |
| 17 | USBUS BANCORP DELhistory → | COM NEW | 1.23% | $3M | 50.0K |
| 18 | ASIXADVANSIX INChistory → | COM | 1.19% | $3M | 100.0K |
| 19 | CONSTELLIUM SE | CL A SHS | 0.97% | $2M | 147.9K |
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 ↗.