Managers / Q4 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 $106M in U.S.-listed holdings across 15 positions for Q4 2024.
Its largest position, AMZN, represents 15.2% of the portfolio.
Compared with Q3 2024, the fund opened 3 new positions and exited 3.
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 · 74.0% · $79M
- Other · 14.9% · $16M
- ADR · 11.1% · $12M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| AWCAMERICAN WTR WKS CO INC NEW | NEW | +91.3K | 91.3K | +$11M | $11M |
| AEMAGNICO EAGLE MINES LTD | NEW | +58.8K | 58.8K | +$5M | $5M |
| DARDARLING INGREDIENTS INC | NEW | +108.8K | 108.8K | +$4M | $4M |
| ASAIYSENDAS DISTRIBUIDORA S A | SOLD OUT | −1.35M | 0 | −$9M | $0 |
| GQ9SPDR GOLD TR | SOLD OUT | −14.7K | 0 | −$4M | $0 |
| SCHWSCHWAB CHARLES CORP | SOLD OUT | −21.3K | 0 | −$1M | $0 |
| EQHEQUITABLE HLDGS INC | TRIMMED | −81.3K | 18.8K | −$3M | $884,813 |
| NEOGNEOGEN CORP | TRIMMED | −373.6K | 100.0K | −$7M | $1M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2024
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMZNAMAZON COM INChistory → | COM | 15.20% | $16M | 73.8K |
| 2 | CONSTELLIUM SE | CL A SHS | 14.86% | $16M | 1.54M |
| 3 | MTNVAIL RESORTS INChistory → | COM | 13.87% | $15M | 78.8K |
| 4 | HDBHDFC BANK LTDhistory → | SPONSORED ADS | 11.10% | $12M | 185.0K |
| 5 | AWCAMERICAN WTR WKS CO INC NEWhistory → | COM | 10.67% | $11M | 91.3K |
| 6 | LDOSLEIDOS HOLDINGS INChistory → | COM | 5.08% | $5M | 37.5K |
| 7 | OLNOLIN CORPhistory → | COM PAR $1 | 4.76% | $5M | 150.0K |
| 8 | CEGCONSTELLATION ENERGY CORPhistory → | COM | 4.57% | $5M | 21.8K |
| 9 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 4.32% | $5M | 58.8K |
| 10 | CFGCITIZENS FINL GROUP INChistory → | COM | 4.11% | $4M | 100.0K |
| 11 | NEMNEWMONT CORPhistory → | COM | 4.02% | $4M | 115.0K |
| 12 | DARDARLING INGREDIENTS INChistory → | COM | 3.44% | $4M | 108.8K |
| 13 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 2.01% | $2M | 15.0K |
| 14 | NEOGNEOGEN CORPhistory → | COM | 1.14% | $1M | 100.0K |
| 15 | EQHEQUITABLE HLDGS INC | COM | 0.83% | $884,813 | 18.8K |
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 ↗.