Soapstone Management L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Soapstone Management L.P. reported 13 stock positions worth $147.3 million. Its top holding was Constellium (CSTM) at 16.9% of the portfolio, followed by Citizens Financial (CFG, 15.3%) and Public Storage (PSA, 14.7%). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 4 and reduced 4. The biggest buy was Alamos Gold Class A (AGI, shares +42%) and the biggest sale Amazon.com (AMZN, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $147.3M (Q3 2025)
- SEC Filing
- 0001398344-25-020993 ↗ filed Nov 14, 2025
Holdings Value
Holdings 13 stocks · $147.3M
| CSTM Constellium SE | 16.86% | 1,669,099 | $24.8M | Reduce -6.0% |
| CFG Citizens Financial Group | 15.34% | 425,000 | $22.6M | Reduce -26.1% |
| PSA Public Storage | 14.71% | 75,000 | $21.7M | Add +15.4% |
| AWK American Water Works Co. Inc. | 13.70% | 145,030 | $20.2M | Add +26.5% |
| AMZN Amazon.com Inc. | 10.06% | 67,500 | $14.8M | Reduce -32.5% |
| MTN Vail Resorts Inc. | 8.43% | 83,023 | $12.4M | Add +0.6% |
| AGI Alamos Gold Inc. Class A | 7.35% | 310,691 | $10.8M | Add +41.6% |
| AEM Agnico Eagle Mines Ltd. | 3.43% | 30,000 | $5.1M | Reduce -20.0% |
| BDX Becton Dickinson and Co. | 2.99% | 23,500 | $4.4M | New |
| COO The Cooper Cos Inc. | 2.97% | 63,750 | $4.4M | New |
| OLN Olin Corp. | 2.54% | 150,000 | $3.7M | No change |
| BLDR Builders Firstsource Inc. | 1.23% | 15,000 | $1.8M | No change |
| NEOG Neogen Corp. | 0.39% | 100,000 | $571K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| AMZN Amazon.com Inc. | Reduce -32.5% | 10.06% | −4.50 |
| SAIA Saia Inc. | Sold out | 0.00% | −4.32 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −3.93 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.76 |
| CFG Citizens Financial Group | Reduce -26.1% | 15.34% | −1.74 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.52 |
| AEM Agnico Eagle Mines Ltd. | Reduce -20.0% | 3.43% | +0.47 |
| CSTM Constellium SE | Reduce -6.0% | 16.86% | +1.18 |
Portfolio Buys Q2 2025 → Q3 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 |