Managers / Q2 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 $151M in U.S.-listed holdings across 15 positions for Q2 2025.
Its largest position, CFG, represents 17.1% of the portfolio.
Compared with Q1 2025, the fund opened 4 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 · 71.7% · $108M
- Other · 15.7% · $24M
- REIT · 12.7% · $19M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SAIASAIA INC | NEW | +23.8K | 23.8K | +$7M | $7M |
| AGIALAMOS GOLD INC NEW | NEW | +219.4K | 219.4K | +$6M | $6M |
| UNHUNITEDHEALTH GROUP INC | NEW | +8.5K | 8.5K | +$3M | $3M |
| IQVIQVIA HLDGS INC | NEW | +5.0K | 5.0K | +$787,950 | $787,950 |
| HDBHDFC BANK LTD | SOLD OUT | −175.0K | 0 | −$12M | $0 |
| NEMNEWMONT CORP | SOLD OUT | −68.8K | 0 | −$3M | $0 |
| CEGCONSTELLATION ENERGY CORP | SOLD OUT | −12.5K | 0 | −$3M | $0 |
| CFGCITIZENS FINL GROUP INC | ADDED | +275.0K | 575.0K | +$13M | $26M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CFGCITIZENS FINL GROUP INChistory → | COM | 17.08% | $26M | 575.0K |
| 2 | CONSTELLIUM SE | CL A SHS | 15.68% | $24M | 1.78M |
| 3 | AMZNAMAZON COM INChistory → | COM | 14.56% | $22M | 100.0K |
| 4 | PSAPUBLIC STORAGE OPER COhistory → | COM | 12.66% | $19M | 65.0K |
| 5 | AWCAMERICAN WTR WKS CO INC NEWhistory → | COM | 10.58% | $16M | 114.7K |
| 6 | MTNVAIL RESORTS INChistory → | COM | 8.60% | $13M | 82.5K |
| 7 | SAIASAIA INChistory → | COM | 4.32% | $7M | 23.8K |
| 8 | LDOSLEIDOS HOLDINGS INChistory → | COM | 3.93% | $6M | 37.5K |
| 9 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 3.87% | $6M | 219.4K |
| 10 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 2.96% | $4M | 37.5K |
| 11 | OLNOLIN CORPhistory → | COM PAR $1 | 2.00% | $3M | 150.0K |
| 12 | UNHUNITEDHEALTH GROUP INChistory → | COM | 1.76% | $3M | 8.5K |
| 13 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 1.16% | $2M | 15.0K |
| 14 | IQVIQVIA HLDGS INC | COM | 0.52% | $787,950 | 5.0K |
| 15 | NEOGNEOGEN CORP | COM | 0.32% | $478,000 | 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 ↗.