Soapstone Management L.P.

Registered adviser

CIK

1726948

Location

BETHESDA, MD

Portfolio Value

Small $137,500,962

Diversification

Diversified

Filing Date

Global Rank

#7,691 / 8,827 ▼ 478

Top Industry

Medical Instruments & Supplies 25.7%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 162936

Roster of Nov 1, 2026

Regulatory AUM

$610,062,541

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$610,062,541 gross assets

LEI

549300GJXIX3JRKY2893

Private funds on Schedule D 7.B.(1)

As filed Mar 25, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$534,034,830 gross assets in 1 fund Hedge funds $534,034,830 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$610,062,541	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$580,555,032	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$534,034,830	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$487,351,050	Pooled investment vehicles (100%)
Apr 2023	$487,351,050	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$577,298,815	Pooled investment vehicles (100%)

3 earlier changes not shown.

Stated strategy

Fundamental active, Value, Long/short hedge Form ADV Part 2A, Mar 30, 2026 · original

In the firm's words

Fundamental active: Soapstone employs a rigorous, research-driven process to identify investments with these characteristics.
Value: Finally, Soapstone seeks to make long investments only when suitable businesses are available both at a discount to intrinsic value
Long/short hedge: The Fund runs a concentrated long portfolio and a diversified short portfolio.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 95.7% of the book (60%+)

Turnover

High turnover

108.6% over the last four quarters (100%+)

Horizon

Horizon unknown

The value-weighted holding period is at least 4.8 quarters, but 1.0% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 96.1%; sector active share 63.9% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

13 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

22.1%

−1.7 pts

Top 5

66.6%

−5.3 pts

Top 10

95.7%

−1.8 pts

HHI

1,190

Diversified−116

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	26.7%	$36,714,000	2
Healthcare	25.7%	$35,335,800	3
Financial Services	19.5%	$26,824,562	2
Real Estate	13.3%	$18,302,825	1
Consumer Defensive	7.0%	$9,598,275	1
Consumer Cyclical	5.0%	$6,809,050	2
Technology	1.9%	$2,574,250	1
Industrials	1.0%	$1,342,200	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
HDB	Hdfc Bank Ltd	+275,000	525,000	$13,560,750
AGI	Alamos Gold Inc	+250,000	1,000,000	$30,340,000
BDX	Becton Dickinson & Co	+36,250	85,000	$12,863,050
No positions match the current search.

Trimmed

Positions the filer reduced

5 positions

Ticker	Company	Δ Shares	Shares	Value
CSTM	Constellium SE	−600,000	200,000	$6,374,000
TFX	Teleflex Inc	−68,750	50,000	$6,338,000
MTN	Vail Resorts Inc	−65,000	15,000	$2,042,250
PSA	Public Storage	−17,500	57,500	$18,302,825
AMZN	Amazon Com Inc	−3,500	20,000	$4,766,800
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
COO	Cooper Companies, Inc.	225,000	$16,134,750
SCHW	Schwab Charles Corp	143,750	$13,263,812
POST	Post Holdings, Inc.	108,750	$9,598,275
LDOS	Leidos Holdings, Inc.	25,000	$2,574,250
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
CFG	Citizens Financial Group Inc	225,000	$13,493,250
ANGI	Angi Inc.	1,000,000	$6,850,000
WDAY	Workday, Inc.	17,500	$2,273,600
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

13 tracked positions · $137,500,962 total · filing declares 13 positions · $137,500,963 · as of Jun 30, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
AGI	Alamos Gold Inc Basic Materials	Added	1,000,000	+250,000	$30,340,000	−9.0%	5	$34.41	22.07%
PSA	Public Storage Real Estate	Reduced	57,500	-17,500	$18,302,825	−9.9%	6	$297.00	13.31%
COO	Cooper Companies, Inc. Healthcare	NEW	225,000	NEW	$16,134,750	NEW	1	$65.37	11.73%
HDB	Hdfc Bank Ltd Financial Services	Added	525,000	+275,000	$13,560,750	+118.0%	2	$27.93	9.86%
SCHW	Schwab Charles Corp Financial Services	NEW	143,750	NEW	$13,263,812	NEW	1	$91.19	9.65%
BDX	Becton Dickinson & Co Healthcare	Added	85,000	+36,250	$12,863,050	+67.8%	2	unpriced	9.35%
POST	Post Holdings, Inc. Consumer Defensive	NEW	108,750	NEW	$9,598,275	NEW	1	$97.41	6.98%
CSTM	Constellium SE Basic Materials	Reduced	200,000	-600,000	$6,374,000	−67.6%	22	$14.55	4.64%
TFX	Teleflex Inc Healthcare	Reduced	50,000	-68,750	$6,338,000	−55.4%	2	$110.25	4.61%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	20,000	-3,500	$4,766,800	−2.6%	21	unpriced	3.47%
LDOS	Leidos Holdings, Inc. Technology	NEW	25,000	NEW	$2,574,250	NEW	1	$132.78	1.87%
MTN	Vail Resorts Inc Consumer Cyclical	Reduced	15,000	-65,000	$2,042,250	−80.1%	9	$180.32	1.49%
BLDR	Builders FirstSource, Inc. Industrials	Held	15,000	0	$1,342,200	+8.7%	26+	before history	0.98%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.