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Soapstone Management L.P.

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13F filer, CIK 1726948, BETHESDA, MD

Soapstone Management L.P. reported $150,675,530 across 15 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 94.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-015664

Period
2025-06-30
Reported value
$151M
Holdings
15
Top 10 weight
94.24%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CFGadded+275,000$12.3M
SAIAnew+23,750$6.51M
AGInew+219,423$5.83M
PSAadded+11,250$3.3M
UNHnew+8,500$2.65M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HDBexited-175,000-$11.6M
NEMexited-68,750-$3.32M
CEGexited-12,500-$2.52M
AWKreduced-10,350-$1.44M
AEMreduced-2,500-$297K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001398344-25-015664, largest first. % of portfolio is the value over $150,675,530, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CFGCITIZENS FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,000 shares; 2024Q4: 100,000 shares; 2025Q1: 300,000 shares; 2025Q2: 575,000 shares 575,000$25.7M17.08%+275,000Timeline
CSTMCONSTELLIUM SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 895,000 shares; 2024Q4: 1,539,957 shares; 2025Q1: 1,577,199 shares; 2025Q2: 1,776,559 shares 1,776,559$23.6M15.68%+199,360Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 73,750 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares 100,000$21.9M14.56%0Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 53,750 shares; 2025Q2: 65,000 shares 65,000$19.1M12.66%+11,250Timeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 91,250 shares; 2025Q1: 125,000 shares; 2025Q2: 114,650 shares 114,650$15.9M10.58%-10,350Timeline
MTNVAIL RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,750 shares; 2024Q4: 78,750 shares; 2025Q1: 81,250 shares; 2025Q2: 82,500 shares 82,500$13M8.6%+1,250Timeline
SAIASAIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 23,750 shares 23,750$6.51M4.32%newTimeline
LDOSLEIDOS HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 37,500 shares; 2025Q1: 37,500 shares; 2025Q2: 37,500 shares 37,500$5.92M3.93%0Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 219,423 shares 219,423$5.83M3.87%newTimeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 58,750 shares; 2025Q1: 40,000 shares; 2025Q2: 37,500 shares 37,500$4.46M2.96%-2,500Timeline
OLNOLIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,000 shares; 2024Q4: 150,000 shares; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares 150,000$3.01M2%0Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 8,500 shares 8,500$2.65M1.76%newTimeline
BLDRBUILDERS FIRSTSOURCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,500 shares; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 15,000 shares 15,000$1.75M1.16%0Timeline
IQVIQVIA HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,000 shares 5,000$788K0.52%newTimeline
NEOGNEOGEN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 473,613 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares 100,000$478K0.32%0Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HDBHDFC BANK LTD175,000$11.6Mshares
NEMNEWMONT CORP68,750$3.32Mshares
CEGCONSTELLATION ENERGY CORP12,500$2.52Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001398344-25-015664 base2025-08-14acceptance time not in the bulk data set