Managers / Q1 2025 · 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 $128M in U.S.-listed holdings across 14 positions for Q1 2025.
Its largest position, AMZN, represents 14.9% of the portfolio.
Compared with Q4 2024, the fund opened 1 new position 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. 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 · 65.9% · $84M
- REIT · 12.6% · $16M
- Other · 12.4% · $16M
- ADR · 9.1% · $12M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PSAPUBLIC STORAGE OPER CO | NEW | +53.8K | 53.8K | +$16M | $16M |
| CFGCITIZENS FINL GROUP INC | ADDED | +200.0K | 300.0K | +$8M | $12M |
| DARDARLING INGREDIENTS INC | SOLD OUT | −108.8K | 0 | −$4M | $0 |
| EQHEQUITABLE HLDGS INC | SOLD OUT | −18.8K | 0 | −$884,813 | $0 |
| CEGCONSTELLATION ENERGY CORP | TRIMMED | −9.3K | 12.5K | −$2M | $3M |
| NEMNEWMONT CORP | TRIMMED | −46.3K | 68.8K | −$961,050 | $3M |
| AWCAMERICAN WTR WKS CO INC NEW | ADDED | +33.8K | 125.0K | +$7M | $18M |
| AMZNAMAZON COM INC | ADDED | +26.3K | 100.0K | +$3M | $19M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AMZNAMAZON COM INChistory → | COM | 14.86% | $19M | 100.0K |
| 2 | AWCAMERICAN WTR WKS CO INC NEWhistory → | COM | 14.41% | $18M | 125.0K |
| 3 | PSAPUBLIC STORAGE OPER COhistory → | COM | 12.57% | $16M | 53.8K |
| 4 | CONSTELLIUM SE | CL A SHS | 12.43% | $16M | 1.58M |
| 5 | MTNVAIL RESORTS INChistory → | COM | 10.16% | $13M | 81.3K |
| 6 | CFGCITIZENS FINL GROUP INChistory → | COM | 9.60% | $12M | 300.0K |
| 7 | HDBHDFC BANK LTDhistory → | SPONSORED ADS | 9.08% | $12M | 175.0K |
| 8 | LDOSLEIDOS HOLDINGS INChistory → | COM | 3.95% | $5M | 37.5K |
| 9 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 3.39% | $4M | 40.0K |
| 10 | OLNOLIN CORPhistory → | COM PAR $1 | 2.84% | $4M | 150.0K |
| 11 | NEMNEWMONT CORPhistory → | COM | 2.59% | $3M | 68.8K |
| 12 | CEGCONSTELLATION ENERGY CORPhistory → | COM | 1.97% | $3M | 12.5K |
| 13 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 1.46% | $2M | 15.0K |
| 14 | NEOGNEOGEN CORP | COM | 0.68% | $867,000 | 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 ↗.