Managers / Q4 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 $217M in U.S.-listed holdings across 18 positions for Q4 2021.
Its largest position, BLDR, represents 17.7% of the portfolio.
Compared with Q3 2021, the fund opened 3 new positions 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 · 97.1% · $211M
- ADR · 2.3% · $5M
- Other · 0.6% · $1M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2021 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CCKCROWN HLDGS INC | NEW | +57.5K | 57.5K | +$6M | $6M |
| ASAIYSENDAS DISTRIBUIDORA S A | NEW | +417.1K | 417.1K | +$5M | $5M |
| DIGIMARC CORP NEW | NEW | +32.5K | 32.5K | +$1M | $1M |
| ADNTADIENT PLC | SOLD OUT | −150.0K | 0 | −$6M | $0 |
| ASIXADVANSIX INC | SOLD OUT | −28.4K | 0 | −$1M | $0 |
| TFCTRUIST FINL CORP | TRIMMED | −181.3K | 68.8K | −$11M | $4M |
| BEACON ROOFING SUPPLY INC | TRIMMED | −126.0K | 50.6K | −$6M | $3M |
| CFGCITIZENS FINL GROUP INC | TRIMMED | −300.0K | 200.0K | −$14M | $9M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2021
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 17.73% | $39M | 450.0K |
| 2 | EQHEQUITABLE HLDGS INChistory → | COM | 14.32% | $31M | 950.0K |
| 3 | JELDJELD-WEN HLDG INChistory → | COM | 8.88% | $19M | 732.5K |
| 4 | MASONITE INTL CORP | COM | 8.33% | $18M | 153.7K |
| 5 | LDOSLEIDOS HOLDINGS INChistory → | COM | 6.64% | $14M | 162.5K |
| 6 | OLNOLIN CORPhistory → | COM PAR $1 | 6.61% | $14M | 250.0K |
| 7 | CSTMCONSTELLIUM SEhistory → | CL A SHS | 6.18% | $13M | 750.0K |
| 8 | GOOGLALPHABET INChistory → | CAP STK CL A | 5.16% | $11M | 3.9K |
| 9 | CFGCITIZENS FINL GROUP INChistory → | COM | 4.34% | $9M | 200.0K |
| 10 | NOCNORTHROP GRUMMAN CORPhistory → | COM | 4.21% | $9M | 23.7K |
| 11 | RNRRENAISSANCERE HLDGS LTDhistory → | COM | 3.80% | $8M | 48.8K |
| 12 | CCKCROWN HLDGS INChistory → | COM | 2.92% | $6M | 57.5K |
| 13 | SCHWSCHWAB CHARLES CORPhistory → | COM | 2.90% | $6M | 75.0K |
| 14 | ASAIYSENDAS DISTRIBUIDORA S Ahistory → | SPON ADS | 2.27% | $5M | 417.1K |
| 15 | AMZNAMAZON COM INChistory → | COM | 1.92% | $4M | 1.3K |
| 16 | TFCTRUIST FINL CORPhistory → | COM | 1.85% | $4M | 68.8K |
| 17 | BEACON ROOFING SUPPLY INC | COM | 1.33% | $3M | 50.6K |
| 18 | DIGIMARC CORP NEW | COM | 0.59% | $1M | 32.5K |
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 ↗.