Managers / Q1 2024 · 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 $179M in U.S.-listed holdings across 16 positions for Q1 2024.
Its largest position, CSTM, represents 11.4% of the portfolio.
Compared with Q4 2023, 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, 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 · 85.7% · $153M
- ADR · 14.3% · $26M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2023 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HDBHDFC BANK LTD | NEW | +195.0K | 195.0K | +$11M | $11M |
| BALLBALL CORP | SOLD OUT | −100.0K | 0 | −$6M | $0 |
| MASONITE INTL CORP | SOLD OUT | −31.3K | 0 | −$3M | $0 |
| DIGIMARC CORP NEW | SOLD OUT | −43.6K | 0 | −$2M | $0 |
| KLGWK KELLOGG CO | SOLD OUT | −100.0K | 0 | −$1M | $0 |
| CEGCONSTELLATION ENERGY CORP | TRIMMED | −70.0K | 50.0K | −$5M | $9M |
| EQHEQUITABLE HLDGS INC | TRIMMED | −125.0K | 200.0K | −$3M | $8M |
| KNFKNIFE RIVER CORP | TRIMMED | −87.0K | 150.0K | −$4M | $12M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2024
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CSTMCONSTELLIUM SEhistory → | CL A SHS | 11.42% | $20M | 925.0K |
| 2 | LDOSLEIDOS HOLDINGS INChistory → | COM | 10.98% | $20M | 150.0K |
| 3 | KVUEKENVUE INChistory → | COM | 10.48% | $19M | 875.0K |
| 4 | ASAIYSENDAS DISTRIBUIDORA S Ahistory → | SPON ADS | 8.25% | $15M | 1.00M |
| 5 | AMZNAMAZON COM INChistory → | COM | 8.18% | $15M | 81.3K |
| 6 | OLNOLIN CORPhistory → | COM PAR $1 | 7.71% | $14M | 235.0K |
| 7 | KNFKNIFE RIVER CORPhistory → | COMMON STOCK | 6.79% | $12M | 150.0K |
| 8 | HDBHDFC BANK LTDhistory → | SPONSORED ADS | 6.09% | $11M | 195.0K |
| 9 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 5.82% | $10M | 50.0K |
| 10 | JELDJELD-WEN HLDG INChistory → | COM | 5.25% | $9M | 443.3K |
| 11 | CEGCONSTELLATION ENERGY CORPhistory → | COM | 5.16% | $9M | 50.0K |
| 12 | VSTSVESTIS CORPORATIONhistory → | COM SHS | 5.11% | $9M | 475.0K |
| 13 | EQHEQUITABLE HLDGS INChistory → | COM | 4.24% | $8M | 200.0K |
| 14 | CFGCITIZENS FINL GROUP INChistory → | COM | 2.03% | $4M | 100.0K |
| 15 | NEOGNEOGEN CORPhistory → | COM | 1.49% | $3M | 168.8K |
| 16 | SCHWSCHWAB CHARLES CORPhistory → | COM | 1.01% | $2M | 25.0K |
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 ↗.