Soapstone Management L.P.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Soapstone Management L.P. reported 16 stock positions worth $179.2 million. Its top holding was Constellium (CSTM) at 11.4% of the portfolio, followed by Leidos (LDOS, 11.0%) and Kenvue (KVUE, 10.5%). Compared with Q4 2023, it opened 1 new position, sold out of 4, added to 3 and reduced 9. The biggest buy was a new position in HDFC Bank Ltd.-ADR (HDB) and the biggest sale an exit from Ball (BALL).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $179.2M (Q1 2024)
- SEC Filing
- 0001398344-24-009707 ↗ filed May 15, 2024
Holdings Value
Holdings 16 stocks · $179.2M
| CSTM Constellium SE | 11.42% | 925,000 | $20.5M | Add +15.6% |
| LDOS Leidos Holdings Inc. | 10.98% | 150,000 | $19.7M | Reduce -14.6% |
| KVUE Kenvue Inc. | 10.48% | 875,000 | $18.8M | Add +2.9% |
| ASAIY Sendas Distribuidora SA | 8.25% | 1,000,000 | $14.8M | Add +24.5% |
| AMZN Amazon.com Inc. | 8.18% | 81,250 | $14.7M | Reduce -11.0% |
| OLN Olin Corp. | 7.71% | 235,000 | $13.8M | Reduce -22.9% |
| KNF Knife River Corp. | 6.79% | 150,000 | $12.2M | Reduce -36.7% |
| HDB HDFC Bank Ltd.-ADR | 6.09% | 195,000 | $10.9M | New |
| BLDR Builders Firstsource Inc. | 5.82% | 50,000 | $10.4M | No change |
| JELD Jeld-Wen Holding Inc. | 5.25% | 443,300 | $9.4M | Reduce -1.5% |
| CEG Constellation Energy | 5.16% | 50,000 | $9.2M | Reduce -58.3% |
| VSTS Vestis Corp. | 5.11% | 475,000 | $9.2M | No change |
| EQH Equitable Holdings Inc. | 4.24% | 200,000 | $7.6M | Reduce -38.5% |
| CFG Citizens Financial Group | 2.03% | 100,000 | $3.6M | No change |
| NEOG Neogen Corp. | 1.49% | 168,750 | $2.7M | Reduce -4.3% |
| SCHW Schwab (charles) Corp. | 1.01% | 25,000 | $1.8M | Reduce -33.3% |
Portfolio Sells Q4 2023 → Q1 2024
| BALL Ball Corp. | Sold out | 0.00% | −3.15 |
| CEG Constellation Energy | Reduce -58.3% | 5.16% | −2.51 |
| KNF Knife River Corp. | Reduce -36.7% | 6.79% | −1.79 |
| EQH Equitable Holdings Inc. | Reduce -38.5% | 4.24% | −1.68 |
| DOOR Masonite International Corp. | Sold out | 0.00% | −1.45 |
| OLN Olin Corp. | Reduce -22.9% | 7.71% | −1.29 |
| DMRC Digimarc Corp. | Sold out | 0.00% | −0.86 |
| KLG WK Kellogg Co. | Sold out | 0.00% | −0.72 |
| NEOG Neogen Corp. | Reduce -4.3% | 1.49% | −0.45 |
| SCHW Schwab (charles) Corp. | Reduce -33.3% | 1.01% | −0.40 |
| LDOS Leidos Holdings Inc. | Reduce -14.6% | 10.98% | +0.57 |
| AMZN Amazon.com Inc. | Reduce -11.0% | 8.18% | +0.60 |
| JELD Jeld-Wen Holding Inc. | Reduce -1.5% | 5.25% | +0.61 |
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 13 | $137.5M | AGI, PSA, COO, HDB, SCHW |
| Q1 2026 | 12 | $140.4M | AGI, PSA, CSTM, TFX, CFG |
| Q4 2025 | 13 | $135.7M | AGI, CSTM, PSA, CFG, MTN |
| Q3 2025 | 13 | $147.3M | CSTM, CFG, PSA, AWK, AMZN |
| Q2 2025 | 15 | $150.7M | CFG, CSTM, AMZN, PSA, AWK |
| Q1 2025 | 14 | $128.0M | AMZN, AWK, PSA, CSTM, MTN |
| Q4 2024 | 15 | $106.4M | AMZN, CSTM, MTN, HDB, AWK |
| Q3 2024 | 15 | $120.3M | AMZN, CSTM, HDB, MTN, NEM |
| Q2 2024 | 18 | $149.9M | HDB, AMZN, KVUE, CSTM, NEOG |
| Q1 2024 | 16 | $179.2M | CSTM, LDOS, KVUE, ASAIY, AMZN |