Managers / Q3 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 $238M in U.S.-listed holdings across 17 positions for Q3 2021.
Its largest position, BLDR, represents 18.9% of the portfolio.
Compared with Q2 2021, the fund opened 1 new position and exited 4.
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 · 89.2% · $212M
- Other · 10.8% · $26M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| RENAISSANCERE HLDGS LTD | NEW | +58.8K | 58.8K | +$8M | $8M |
| WFGWEST FRASER TIMBER CO LTD | SOLD OUT | −100.0K | 0 | −$7M | $0 |
| WFCWELLS FARGO CO NEW | SOLD OUT | −125.0K | 0 | −$6M | $0 |
| USBUS BANCORP DEL | SOLD OUT | −50.0K | 0 | −$3M | $0 |
| PSAPUBLIC STORAGE | SOLD OUT | −6.3K | 0 | −$2M | $0 |
| JELDJELD-WEN HLDG INC | ADDED | +270.2K | 561.8K | +$6M | $14M |
| ASIXADVANSIX INC | TRIMMED | −71.6K | 28.4K | −$2M | $1M |
| AMZNAMAZON COM INC | TRIMMED | −2.0K | 1.3K | −$7M | $4M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 18.92% | $45M | 870.3K |
| 2 | EQHEQUITABLE HLDGS INChistory → | COM | 14.01% | $33M | 1.13M |
| 3 | CFGCITIZENS FINL GROUP INChistory → | COM | 9.87% | $23M | 500.0K |
| 4 | TFCTRUIST FINL CORPhistory → | COM | 6.16% | $15M | 250.0K |
| 5 | JELDJELD-WEN HLDG INChistory → | COM | 5.91% | $14M | 561.8K |
| 6 | NOCNORTHROP GRUMMAN CORPhistory → | COM | 5.67% | $14M | 37.5K |
| 7 | OLNOLIN CORPhistory → | COM PAR $1 | 5.07% | $12M | 250.0K |
| 8 | DOORUSDMASONITE INTL CORPhistory → | COM | 5.04% | $12M | 113.1K |
| 9 | CONSTELLIUM SE | CL A SHS | 4.76% | $11M | 603.3K |
| 10 | LDOSLEIDOS HOLDINGS INChistory → | COM | 4.62% | $11M | 114.5K |
| 11 | GOOGLALPHABET INChistory → | CAP STK CL A | 4.35% | $10M | 3.9K |
| 12 | SCHWSCHWAB CHARLES CORPhistory → | COM | 3.83% | $9M | 125.0K |
| 13 | BECNUSDBEACON ROOFING SUPPLY INChistory → | COM | 3.54% | $8M | 176.6K |
| 14 | RENAISSANCERE HLDGS LTD | COM | 3.44% | $8M | 58.8K |
| 15 | ADIENT PLC | ORD SHS | 2.61% | $6M | 150.0K |
| 16 | AMZNAMAZON COM INChistory → | COM | 1.72% | $4M | 1.3K |
| 17 | ASIXADVANSIX INC | COM | 0.47% | $1M | 28.4K |
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 ↗.