Managers / Q3 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 $147M in U.S.-listed holdings across 13 positions for Q3 2025.
Its largest position, Constellium, represents 16.9% of the portfolio.
Compared with Q2 2025, the fund opened 2 new positions 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. 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 · 68.4% · $101M
- Other · 16.9% · $25M
- REIT · 14.7% · $22M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BDXBECTON DICKINSON & CO | NEW | +23.5K | 23.5K | +$4M | $4M |
| COOCOOPER COS INC | NEW | +63.8K | 63.8K | +$4M | $4M |
| SAIASAIA INC | SOLD OUT | −23.8K | 0 | −$7M | $0 |
| LDOSLEIDOS HOLDINGS INC | SOLD OUT | −37.5K | 0 | −$6M | $0 |
| UNHUNITEDHEALTH GROUP INC | SOLD OUT | −8.5K | 0 | −$3M | $0 |
| IQVIQVIA HLDGS INC | SOLD OUT | −5.0K | 0 | −$787,950 | $0 |
| AGIALAMOS GOLD INC NEW | ADDED | +91.3K | 310.7K | +$5M | $11M |
| AMZNAMAZON COM INC | TRIMMED | −32.5K | 67.5K | −$7M | $15M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | CONSTELLIUM SE | CL A SHS | 16.86% | $25M | 1.67M |
| 2 | CFGCITIZENS FINL GROUP INChistory → | COM | 15.34% | $23M | 425.0K |
| 3 | PSAPUBLIC STORAGE OPER COhistory → | COM | 14.71% | $22M | 75.0K |
| 4 | AWCAMERICAN WTR WKS CO INC NEWhistory → | COM | 13.70% | $20M | 145.0K |
| 5 | AMZNAMAZON COM INChistory → | COM | 10.06% | $15M | 67.5K |
| 6 | MTNVAIL RESORTS INChistory → | COM | 8.43% | $12M | 83.0K |
| 7 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 7.35% | $11M | 310.7K |
| 8 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 3.43% | $5M | 30.0K |
| 9 | BDXBECTON DICKINSON & COhistory → | COM | 2.99% | $4M | 23.5K |
| 10 | COOCOOPER COS INChistory → | COM | 2.97% | $4M | 63.8K |
| 11 | OLNOLIN CORPhistory → | COM PAR $1 | 2.54% | $4M | 150.0K |
| 12 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 1.23% | $2M | 15.0K |
| 13 | NEOGNEOGEN CORP | COM | 0.39% | $571,000 | 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 ↗.