Soapstone Management L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Soapstone Management L.P. reported 14 stock positions worth $128.0 million. Its top holding was Amazon.com (AMZN) at 14.9% of the portfolio, followed by American Water Works (AWK, 14.4%) and Public Storage (PSA, 12.6%). Compared with Q4 2024, it opened 1 new position, sold out of 2, added to 5 and reduced 4. The biggest buy was a new position in Public Storage (PSA) and the biggest sale an exit from Darling Ingredients (DAR).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $128.0M (Q1 2025)
- SEC Filing
- 0001398344-25-009640 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $128.0M
| AMZN Amazon.com Inc. | 14.86% | 100,000 | $19.0M | Add +35.6% |
| AWK American Water Works Co. Inc. | 14.41% | 125,000 | $18.4M | Add +37.0% |
| PSA Public Storage | 12.57% | 53,750 | $16.1M | New |
| CSTM Constellium SE | 12.43% | 1,577,199 | $15.9M | Add +2.4% |
| MTN Vail Resorts Inc. | 10.16% | 81,250 | $13.0M | Add +3.2% |
| CFG Citizens Financial Group | 9.60% | 300,000 | $12.3M | Add +200.0% |
| HDB HDFC Bank Ltd.-ADR | 9.08% | 175,000 | $11.6M | Reduce -5.4% |
| LDOS Leidos Holdings Inc. | 3.95% | 37,500 | $5.1M | No change |
| AEM Agnico Eagle Mines Ltd. | 3.39% | 40,000 | $4.3M | Reduce -31.9% |
| OLN Olin Corp. | 2.84% | 150,000 | $3.6M | No change |
| NEM Newmont Corp. | 2.59% | 68,750 | $3.3M | Reduce -40.2% |
| CEG Constellation Energy | 1.97% | 12,500 | $2.5M | Reduce -42.5% |
| BLDR Builders Firstsource Inc. | 1.46% | 15,000 | $1.9M | No change |
| NEOG Neogen Corp. | 0.68% | 100,000 | $867K | No change |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
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 |