SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Soapstone Management L.P.

CIK 0001726948 · 7500 OLD GEORGETOWN ROAD, SUITE 200, BETHESDA, MD, 20814 · 212-319-1438

Reported Value
$224M
Q2 2023
Positions
18
Filings on Record
30
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Soapstone Management L.P. reported $224M in U.S.-listed holdings across 18 positions for Q2 2023.

Its largest position, CEG, represents 11.2% of the portfolio.

Compared with Q1 2023, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+15.5%
vs prior filed quarter
Top-10 Concentration
+76.5%
share of reported value
Largest Position
+11.2%
Constellation Energy
New / Exited
2 / 1
positions this quarter

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

13F Reported Value
Q4 ’18: $166MQ4 ’18Q1 ’19: $205MQ2 ’19: $184MQ3 ’19: $184MQ4 ’19: $157MQ4 ’19Q1 ’20: $116MQ2 ’20: $174MQ3 ’20: $204MQ4 ’20: $232MQ4 ’20Q1 ’21: $225MQ2 ’21: $249MQ3 ’21: $238MQ4 ’21: $217MQ4 ’21Q1 ’22: $219MQ2 ’22: $236MQ3 ’22: $256MQ4 ’22: $237MQ4 ’22Q1 ’23: $224MQ2 ’23: $224MQ3 ’23: $216MQ4 ’23: $183MQ4 ’23Q1 ’24: $179MQ2 ’24: $150MQ3 ’24: $120MQ4 ’24: $106MQ4 ’24Q1 ’25: $128MQ2 ’25: $151MQ3 ’25: $147MQ4 ’25: $136MQ4 ’25Q1 ’26: $140Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 87.4%Other: 7.4%ADR: 5.2%
  • Common Stock · 87.4% · $196M
  • Other · 7.4% · $17M
  • ADR · 5.2% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
KNFKNIFE RIVER CORPNEW+205.1K205.1K+$9M$9M
FTREFORTREA HLDGS INCNEW+166.5K166.5K+$6M$6M
CA8ACACI INTL INCSOLD OUT−38.8K0−$11M$0
BLDRBUILDERS FIRSTSOURCE INCTRIMMED−197.5K62.5K−$15M$9M
LDOSLEIDOS HOLDINGS INCADDED+70.3K185.0K+$6M$16M
DOORUSDMASONITE INTL CORPTRIMMED−70.0K78.8K−$5M$8M
JELDJELD-WEN HLDG INCADDED+142.0K642.0K+$5M$11M
AMZNAMAZON COM INCTRIMMED−42.5K120.0K−$1M$16M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

18 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CEGCONSTELLATION ENERGY CORPhistory →COM11.24%$25M275.0K
2BALLBALL CORPhistory →COM8.88%$20M341.7K
3SCHWSCHWAB CHARLES CORPhistory →COM8.23%$18M325.0K
4NEOGNEOGEN CORPhistory →COM8.01%$18M825.0K
5OLNOLIN CORPhistory →COM PAR $17.75%$17M337.7K
6LDOSLEIDOS HOLDINGS INChistory →COM7.31%$16M185.0K
7AMZNAMAZON COM INChistory →COM6.99%$16M120.0K
8CONSTELLIUM SECL A SHS6.53%$15M850.0K
9EQHEQUITABLE HLDGS INChistory →COM6.37%$14M525.0K
10ASAIYSENDAS DISTRIBUIDORA S Ahistory →SPON ADS5.17%$12M803.0K
11JELDJELD-WEN HLDG INChistory →COM5.03%$11M642.0K
12KNFKNIFE RIVER CORPhistory →COMMON STOCK3.98%$9M205.1K
13BLDRBUILDERS FIRSTSOURCE INChistory →COM3.80%$9M62.5K
14DOORUSDMASONITE INTL CORPhistory →COM3.60%$8M78.8K
15FTREFORTREA HLDGS INChistory →COMMON STOCK2.53%$6M166.5K
16CRCCANADIAN NAT RES LTDhistory →COM2.51%$6M100.0K
17CFGCITIZENS FINL GROUP INChistory →COM1.16%$3M100.0K
18DIGIMARC CORP NEWCOM0.91%$2M69.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$140M12May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$136M13Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$147M13Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$151M15Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$128M14May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$106M15Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$120M15Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$150M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$179M16May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$183M19Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$216M18Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$224M18Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$224M17May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$237M18Jan 25, 202313F-HRchanges · EDGAR ↗
Q3 2022$256M21Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$236M18Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$219M15May 6, 202213F-HRchanges · EDGAR ↗
Q4 2021$217M18Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$238M17Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$249M20Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$225M19May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$232M20Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$204M20Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$174M17Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$116M15May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$157M16Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$184M17Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$184M18Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$205M19May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$166M21Feb 14, 201913F-HRchanges · 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 ↗.