Soapstone Management L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Soapstone Management L.P. reported 13 stock positions worth $135.7 million. Its top holding was Alamos Gold Class A (AGI) at 19.8% of the portfolio, followed by Constellium (CSTM, 18.8%) and Public Storage (PSA, 14.3%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 1 and reduced 6. The biggest buy was Alamos Gold Class A (AGI, shares +124%) and the biggest sale American Water Works (AWK, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001726948
- Portfolio Value
- $135.7M (Q4 2025)
- SEC Filing
- 0001398344-26-003286 ↗ filed Feb 17, 2026
Holdings Value
Holdings 13 stocks · $135.7M
| AGI Alamos Gold Inc. Class A | 19.77% | 695,285 | $26.8M | Add +123.8% |
| CSTM Constellium SE | 18.75% | 1,350,000 | $25.4M | Reduce -19.1% |
| PSA Public Storage | 14.34% | 75,000 | $19.5M | No change |
| CFG Citizens Financial Group | 9.68% | 225,000 | $13.1M | Reduce -47.1% |
| MTN Vail Resorts Inc. | 7.83% | 80,000 | $10.6M | Reduce -3.6% |
| BALL Ball Corp. | 7.81% | 200,000 | $10.6M | New |
| AWK American Water Works Co. Inc. | 7.21% | 75,000 | $9.8M | Reduce -48.3% |
| AMZN Amazon.com Inc. | 7.02% | 41,250 | $9.5M | Reduce -38.9% |
| OLN Olin Corp. | 2.30% | 150,000 | $3.1M | No change |
| AEM Agnico Eagle Mines Ltd. | 1.87% | 15,000 | $2.5M | Reduce -50.0% |
| KNF Knife River Corp. | 1.77% | 34,071 | $2.4M | New |
| BLDR Builders Firstsource Inc. | 1.14% | 15,000 | $1.5M | No change |
| NEOG Neogen Corp. | 0.52% | 100,000 | $699K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| AWK American Water Works Co. Inc. | Reduce -48.3% | 7.21% | −6.49 |
| CFG Citizens Financial Group | Reduce -47.1% | 9.68% | −5.65 |
| AMZN Amazon.com Inc. | Reduce -38.9% | 7.02% | −3.04 |
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −2.99 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −2.97 |
| AEM Agnico Eagle Mines Ltd. | Reduce -50.0% | 1.87% | −1.56 |
| MTN Vail Resorts Inc. | Reduce -3.6% | 7.83% | −0.60 |
| CSTM Constellium SE | Reduce -19.1% | 18.75% | +1.89 |
Portfolio Buys Q3 2025 → Q4 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 |