Managers / Q4 2023 · 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 $183M in U.S.-listed holdings across 19 positions for Q4 2023.
Its largest position, LDOS, represents 10.4% of the portfolio.
Compared with Q3 2023, the fund opened 2 new positions and exited 1.
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 · 93.1% · $170M
- ADR · 6.1% · $11M
- Other · 0.9% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| VSTSVESTIS CORPORATION | NEW | +475.0K | 475.0K | +$10M | $10M |
| KLGWK KELLOGG CO | NEW | +100.0K | 100.0K | +$1M | $1M |
| FTREFORTREA HLDGS INC | SOLD OUT | −350.0K | 0 | −$10M | $0 |
| BALLBALL CORP | TRIMMED | −375.0K | 100.0K | −$18M | $6M |
| NEOGNEOGEN CORP | TRIMMED | −640.2K | 176.4K | −$12M | $4M |
| SCHWSCHWAB CHARLES CORP | TRIMMED | −112.5K | 37.5K | −$6M | $3M |
| MASONITE INTL CORP | TRIMMED | −30.0K | 31.3K | −$3M | $3M |
| KNFKNIFE RIVER CORP | TRIMMED | −198.0K | 237.0K | −$6M | $16M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | LDOSLEIDOS HOLDINGS INChistory → | COM | 10.40% | $19M | 175.7K |
| 2 | KVUEKENVUE INChistory → | COM | 10.01% | $18M | 850.0K |
| 3 | OLNOLIN CORPhistory → | COM PAR $1 | 9.00% | $16M | 305.0K |
| 4 | CSTMCONSTELLIUM SEhistory → | CL A SHS | 8.73% | $16M | 800.0K |
| 5 | KNFKNIFE RIVER CORPhistory → | COMMON STOCK | 8.58% | $16M | 237.0K |
| 6 | CEGCONSTELLATION ENERGY CORPhistory → | COM | 7.67% | $14M | 120.0K |
| 7 | AMZNAMAZON COM INChistory → | COM | 7.58% | $14M | 91.3K |
| 8 | ASAIYSENDAS DISTRIBUIDORA S Ahistory → | SPON ADS | 6.07% | $11M | 803.0K |
| 9 | EQHEQUITABLE HLDGS INChistory → | COM | 5.92% | $11M | 325.0K |
| 10 | VSTSVESTIS CORPORATIONhistory → | COM SHS | 5.49% | $10M | 475.0K |
| 11 | JELDJELD-WEN HLDG INChistory → | COM | 4.65% | $8M | 450.0K |
| 12 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 4.57% | $8M | 50.0K |
| 13 | BALLBALL CORPhistory → | COM | 3.15% | $6M | 100.0K |
| 14 | NEOGNEOGEN CORPhistory → | COM | 1.94% | $4M | 176.4K |
| 15 | CFGCITIZENS FINL GROUP INChistory → | COM | 1.81% | $3M | 100.0K |
| 16 | MASONITE INTL CORP | COM | 1.45% | $3M | 31.3K |
| 17 | SCHWSCHWAB CHARLES CORPhistory → | COM | 1.41% | $3M | 37.5K |
| 18 | DIGIMARC CORP NEW | COM | 0.86% | $2M | 43.6K |
| 19 | KLGWK KELLOGG CO | COM SHS | 0.72% | $1M | 100.0K |
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 ↗.