Soapstone Management L.P.
Long book
$140.4M
Q1 2026
Positions
12
Top-10 weight
98%
concentration
Last quarter
+3.5%
SPY +14.8%
Turnover
61%
of book per quarter
Strategy in plain words
auto-generated from filingsSoapstone Management L.P. is a concentrated fundamental stock-picker, running a $140.4M US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ALAMOS GOLD INC-CLASS A, PUBLIC STORAGE, CONSTELLIUM SE, TELEFLEX INC, CITIZENS FINANCIAL GROUP.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-10.8%
Q2 2024
+8.2%
Q3 2024
-11.4%
Q4 2024
-1.8%
Q1 2025
+9.6%
Q2 2025
+9.4%
Q3 2025
+4.9%
Q4 2025
+11.9%
Q1 2026
+3.5%
Sector allocation
Materials 29%
Healthcare 19%
Industrials 17%
Services media 15%
Financials 12%
Consumer discretionary 5%
Technology 2%
Long book by quarter
What does Soapstone Management own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AGI ALAMOS GOLD INC-CLASS A | Materials | 750.0K | $33.3M | 23.7% | +7.9% |
| CSTM CONSTELLIUM SE | Industrials | 800.0K | $19.7M | 14.0% | -40.7% |
| TFX TELEFLEX INC | Healthcare | 118.8K | $14.2M | 10.1% | New |
| CFG CITIZENS FINANCIAL GROUP | Financials | 225.0K | $13.5M | 9.6% | Held |
| MTN VAIL RESORTS INC | Services media | 80.0K | $10.3M | 7.3% | Held |
| BDX BECTON DICKINSON AND CO | Healthcare | 48.8K | $7.7M | 5.5% | New |
| ANGI ANGI INC | Services media | 1.0M | $6.8M | 4.9% | New |
| AMZN AMAZON.COM INC | Consumer discretionary | 23.5K | $4.9M | 3.5% | -43.0% |
| WDAY WORKDAY INC-CLASS A | Technology | 17.5K | $2.3M | 1.6% | New |
| BLDR BUILDERS FIRSTSOURCE INC | Consumer discretionary | 15.0K | $1.2M | 0.9% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 12 | $140.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 13 | $135.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 13 | $147.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 15 | $150.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 14 | $128.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 15 | $106.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 15 | $120.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $149.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 16 | $179.2M | canonical | SEC ↗ |
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