Data as of Q4 2025 (Dec 31, 2025)

Soapstone Management L.P.

•CIK: 1726948•Filing: Q4 2025

**Soapstone Management L.P.** is a focused investment manager overseeing $136M across 13 distinct positions. The portfolio exhibits significant concentration in technology and industrials, highlighted by the top three holdings: AGI at $26.8M, GSCE at $25.4M, and PSA at $19.5M. These anchor positions represent nearly 67% of the total assets under management. The firm maintains a selective, high-conviction approach, evidenced by its diverse yet concentrated top-ten allocation.

Total AUM
$135.7M
QoQ Performance
-7.9%
Positions
13
Top 10 Concentration
96.6%
Latest Filing
Q4 2025

Top Holdings Allocation

AGI
CSTM
PSA
CFG
MTN
BALL
AWC
AMZN
AGI19.8%
CSTM18.8%
PSA14.3%
CFG9.7%
MTN7.8%
BALL7.8%
AWC7.2%
AMZN7.0%

📈 Biggest Buys

AGI
ALAMOS GOLD INC NEW
+123.8%
19.8% of portfolio
BALL
BALL CORP
NEW
7.8% of portfolio
KNF
KNIFE RIVER CORP
NEW
1.8% of portfolio

📉 Biggest Sells

CFG
CITIZENS FINL GROUP INC
-47.1%
9.7% of portfolio
AWC
AMERICAN WTR WKS CO INC NEW
-48.3%
7.2% of portfolio
AMZN
AMAZON COM INC
-38.9%
7.0% of portfolio
CSTM
CONSTELLIUM SE
-19.1%
18.8% of portfolio
AEM
AGNICO EAGLE MINES LTD
-50.0%
1.9% of portfolio

Sector Breakdown

Other93.0%
Consumer7.0%

🚪 Exited Positionssold since Q3 2025

BDX
BECTON DICKINSON & CO
SOLD
$4.4M
COO
COOPER COS INC
SOLD
$4.4M

Changes from Q3 2025

NEW2 new positions
↑1 increased
↓6 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

AGI19.8%
ALAMOS GOLD INC NEW
$26.8M
CSTM18.8%
CONSTELLIUM SE
$25.4M
PSA14.3%
PUBLIC STORAGE OPER CO
$19.5M
CFG9.7%
CITIZENS FINL GROUP INC
$13.1M
MTN7.8%
VAIL RESORTS INC
$10.6M

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