Soapstone Management L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Soapstone Management L.P. reported 15 stock positions worth $106.4 million. Its top holding was Amazon.com (AMZN) at 15.2% of the portfolio, followed by Constellium (CSTM, 14.9%) and Vail Resorts (MTN, 13.9%). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 5 and reduced 7. The biggest buy was a new position in American Water Works (AWK) and the biggest sale an exit from Sendas Distribuidora (ASAIY).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $106.4M (Q4 2024)
- SEC Filing
- 0001398344-25-002908 ↗ filed Feb 14, 2025
Holdings Value
Holdings 15 stocks · $106.4M
| AMZN Amazon.com Inc. | 15.20% | 73,750 | $16.2M | Reduce -13.2% |
| CSTM Constellium SE | 14.86% | 1,539,957 | $15.8M | Add +72.1% |
| MTN Vail Resorts Inc. | 13.87% | 78,750 | $14.8M | Add +14.6% |
| HDB HDFC Bank Ltd.-ADR | 11.10% | 185,000 | $11.8M | Reduce -11.9% |
| AWK American Water Works Co. Inc. | 10.67% | 91,250 | $11.4M | New |
| LDOS Leidos Holdings Inc. | 5.08% | 37,500 | $5.4M | Add +7.1% |
| OLN Olin Corp. | 4.76% | 150,000 | $5.1M | Reduce -18.9% |
| CEG Constellation Energy | 4.57% | 21,750 | $4.9M | Add +8.8% |
| AEM Agnico Eagle Mines Ltd. | 4.32% | 58,750 | $4.6M | New |
| CFG Citizens Financial Group | 4.11% | 100,000 | $4.4M | Add +5.3% |
| NEM Newmont Corp. | 4.02% | 115,000 | $4.3M | Reduce -34.3% |
| DAR Darling Ingredients Inc. | 3.44% | 108,750 | $3.7M | New |
| BLDR Builders Firstsource Inc. | 2.01% | 15,000 | $2.1M | Reduce -45.5% |
| NEOG Neogen Corp. | 1.14% | 100,000 | $1.2M | Reduce -78.9% |
| EQH Equitable Holdings Inc. | 0.83% | 18,750 | $885K | Reduce -81.3% |
Portfolio Sells Q3 2024 → Q4 2024
| ASAIY Sendas Distribuidora SA | Sold out | 0.00% | −7.72 |
| NEOG Neogen Corp. | Reduce -78.9% | 1.14% | −5.48 |
| NEM Newmont Corp. | Reduce -34.3% | 4.02% | −3.75 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −2.97 |
| EQH Equitable Holdings Inc. | Reduce -81.3% | 0.83% | −2.66 |
| OLN Olin Corp. | Reduce -18.9% | 4.76% | −2.62 |
| BLDR Builders Firstsource Inc. | Reduce -45.5% | 2.01% | −2.42 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −1.14 |
| HDB HDFC Bank Ltd.-ADR | Reduce -11.9% | 11.10% | +0.18 |
| AMZN Amazon.com Inc. | Reduce -13.2% | 15.20% | +2.04 |
Portfolio Buys Q3 2024 → Q4 2024
| AWK American Water Works Co. Inc. | New | 10.67% | +10.67 |
| AEM Agnico Eagle Mines Ltd. | New | 4.32% | +4.32 |
| MTN Vail Resorts Inc. | Add +14.6% | 13.87% | +3.91 |
| DAR Darling Ingredients Inc. | New | 3.44% | +3.44 |
| CSTM Constellium SE | Add +72.1% | 14.86% | +2.76 |
| CFG Citizens Financial Group | Add +5.3% | 4.11% | +0.87 |
| LDOS Leidos Holdings Inc. | Add +7.1% | 5.08% | +0.33 |
| CEG Constellation Energy | Add +8.8% | 4.57% | +0.25 |
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 |