Managers / Q4 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 $136M in U.S.-listed holdings across 13 positions for Q4 2025.
Its largest position, AGI, represents 19.8% of the portfolio.
Compared with Q3 2025, the fund opened 2 new positions 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, 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% · $116M
- REIT · 14.3% · $19M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BALLBALL CORP | NEW | +200.0K | 200.0K | +$11M | $11M |
| KNFKNIFE RIVER CORP | NEW | +34.1K | 34.1K | +$2M | $2M |
| AGIALAMOS GOLD INC NEW | ADDED | +384.6K | 695.3K | +$16M | $27M |
| BDXBECTON DICKINSON & CO | SOLD OUT | −23.5K | 0 | −$4M | $0 |
| COOCOOPER COS INC | SOLD OUT | −63.8K | 0 | −$4M | $0 |
| AEMAGNICO EAGLE MINES LTD | TRIMMED | −15.0K | 15.0K | −$3M | $3M |
| AWKAMERICAN WTR WKS CO INC NEW | TRIMMED | −70.0K | 75.0K | −$10M | $10M |
| CFGCITIZENS FINL GROUP INC | TRIMMED | −200.0K | 225.0K | −$9M | $13M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 19.77% | $27M | 695.3K |
| 2 | CSTMCONSTELLIUM SEhistory → | CL A SHS | 18.75% | $25M | 1.35M |
| 3 | PSAPUBLIC STORAGE OPER COhistory → | COM | 14.34% | $19M | 75.0K |
| 4 | CFGCITIZENS FINL GROUP INChistory → | COM | 9.68% | $13M | 225.0K |
| 5 | MTNVAIL RESORTS INChistory → | COM | 7.83% | $11M | 80.0K |
| 6 | BALLBALL CORPhistory → | COM | 7.81% | $11M | 200.0K |
| 7 | AWKAMERICAN WTR WKS CO INC NEWhistory → | COM | 7.21% | $10M | 75.0K |
| 8 | AMZNAMAZON COM INChistory → | COM | 7.02% | $10M | 41.3K |
| 9 | OLNOLIN CORPhistory → | COM PAR $1 | 2.30% | $3M | 150.0K |
| 10 | AEMAGNICO EAGLE MINES LTDhistory → | COM | 1.87% | $3M | 15.0K |
| 11 | KNFKNIFE RIVER CORPhistory → | COMMON STOCK | 1.77% | $2M | 34.1K |
| 12 | BLDRBUILDERS FIRSTSOURCE INChistory → | COM | 1.14% | $2M | 15.0K |
| 13 | NEOGNEOGEN CORP | COM | 0.52% | $699,000 | 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 ↗.