Soapstone Management L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Soapstone Management L.P. reported 15 stock positions worth $150.7 million. Its top holding was Citizens Financial (CFG) at 17.1% of the portfolio, followed by Constellium (CSTM, 15.7%) and Amazon.com (AMZN, 14.6%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 4 and reduced 2. The biggest buy was Citizens Financial (CFG, shares +92%) and the biggest sale an exit from HDFC Bank Ltd.-ADR (HDB).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $150.7M (Q2 2025)
- SEC Filing
- 0001398344-25-015664 ↗ filed Aug 14, 2025
Holdings Value
Holdings 15 stocks · $150.7M
| CFG Citizens Financial Group | 17.08% | 575,000 | $25.7M | Add +91.7% |
| CSTM Constellium SE | 15.68% | 1,776,559 | $23.6M | Add +12.6% |
| AMZN Amazon.com Inc. | 14.56% | 100,000 | $21.9M | No change |
| PSA Public Storage | 12.66% | 65,000 | $19.1M | Add +20.9% |
| AWK American Water Works Co. Inc. | 10.59% | 114,650 | $15.9M | Reduce -8.3% |
| MTN Vail Resorts Inc. | 8.60% | 82,500 | $13.0M | Add +1.5% |
| SAIA Saia Inc. | 4.32% | 23,750 | $6.5M | New |
| LDOS Leidos Holdings Inc. | 3.93% | 37,500 | $5.9M | No change |
| AGI Alamos Gold Inc. Class A | 3.87% | 219,423 | $5.8M | New |
| AEM Agnico Eagle Mines Ltd. | 2.96% | 37,500 | $4.5M | Reduce -6.3% |
| OLN Olin Corp. | 2.00% | 150,000 | $3.0M | No change |
| UNH Unitedhealth Group Inc. | 1.76% | 8,500 | $2.7M | New |
| BLDR Builders Firstsource Inc. | 1.16% | 15,000 | $1.8M | No change |
| IQV Iqvia Holdings Inc. | 0.52% | 5,000 | $788K | New |
| NEOG Neogen Corp. | 0.32% | 100,000 | $478K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| CFG Citizens Financial Group | Add +91.7% | 17.08% | +7.47 |
| SAIA Saia Inc. | New | 4.32% | +4.32 |
| AGI Alamos Gold Inc. Class A | New | 3.87% | +3.87 |
| CSTM Constellium SE | Add +12.6% | 15.68% | +3.25 |
| UNH Unitedhealth Group Inc. | New | 1.76% | +1.76 |
| IQV Iqvia Holdings Inc. | New | 0.52% | +0.52 |
| PSA Public Storage | Add +20.9% | 12.66% | +0.09 |
| MTN Vail Resorts Inc. | Add +1.5% | 8.60% | −1.55 |
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 |