Soapstone Management L.P.

Hedge Fund • Long/Short

Soapstone Management L.P. is a Long/Short Hedge Fund based in Bethesda, MD led by Jed Franco Nussdorf, reporting $580.6M in AUM as of Q3 2025 with 30% Basic Materials concentration, 96% concentrated in top 10 holdings, and 17% allocation to CSTM.

Managing PartnerJed Franco Nussdorf

Portfolio Value: $147.3M
Positions: 13
Top Holding: CSTM at 16.86%
Last Reported: Q3 2025

Address7500 Old Georgetown Road, Suite 200, Bethesda, MD, 20814, United States

Top Holdings

Largest long holdings in Soapstone Management L.P.'s portfolio (95.8% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Constellium CSTM	Aluminum Basic Materials	$24.8M	16.86%	-$1.6M Sold	1.20% 1.7M shares	Q1 2021 Held for 4y 8m
2 Citizens Financial Group CFG	Banks - Regional Financial Services	$22.6M	15.34%	-$8.0M Sold	0.10% 425.0K shares	Q2 2020 Held for 5y 5m
3 Public Storage PSA	REIT - Industrial Real Estate	$21.7M	14.71%	+$2.9M Bought	0.04% 75.0K shares	Q1 2025 Held for 8 months
4 American Water Works AWK	Regulated Water Utilities	$20.2M	13.70%	+$4.2M Bought	0.07% 145.0K shares	Q4 2024 Held for 11 months
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$14.8M	10.06%	-$7.1M Sold	0.00% 67.5K shares	Q2 2021 Held for 4y 5m
6 Vail Resorts MTN	Gambling, Resorts & Casinos Consumer Cyclical	$12.4M	8.43%	+$78.2K Bought	0.23% 83.0K shares	Q2 2024 Held for 1y 5m
7 Alamos Gold Inc. AGI	Gold Basic Materials	$10.8M	7.35%	+$3.2M Bought	0.07% 310.7K shares	Q2 2025 Held for 5 months
8 Agnico Eagle Mines AEM	Gold Basic Materials	$5.1M	3.43%	-$1.3M Sold	0.01% 30.0K shares	Q4 2024 Held for 11 months
9 Becton, Dickinson and Company BDX	Medical - Instruments & Supplies Healthcare	$4.4M	2.99%	+$4.4M New	0.01% 23.5K shares	Q3 2025 Held for 2 months
10 The Cooper Companies, Inc. COO	Medical - Instruments & Supplies Healthcare	$4.4M	2.97%	+$4.4M New	0.03% 63.8K shares	Q3 2025 Held for 2 months

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Soapstone Management L.P.'s latest filing

See all changes

GthenC

Market Value

$147.3M

Prior: $150.7M

Q/Q Change

-2.23%

-$3.4M

Net Flows % of MV

-9.97%

Turnover Ratio

17.98%

New Purchases

2 stocks

$8.8M

Added To

4 stocks

+$10.4M

Sold Out Of

4 stocks

$15.9M

Reduced Holdings

4 stocks

-$18.0M

Increased Positions

Position	Shares Δ	Change
1 Becton, Dickinson and Company BDX	New	0 → 23.5K +$4.4M
2 The Cooper Companies, Inc. COO	New	0 → 63.8K +$4.4M
3 Alamos Gold Inc. AGI	+41.59%	219.4K → 310.7K +$3.2M
4 American Water Works AWK	+26.5%	114.7K → 145.0K +$4.2M
5 Public Storage PSA	+15.38%	65.0K → 75.0K +$2.9M

Decreased Positions

Position	Shares Δ	Change
1 Saia SAIA	Sold	23.8K → 0 −$6.5M
2 Leidos Holdings LDOS	Sold	37.5K → 0 −$5.9M
3 UnitedHealth Group UNH	Sold	8.5K → 0 −$2.7M
4 IQVIA IQV	Sold	5.0K → 0 −$788.0K
5 Amazon AMZN	-32.5%	100.0K → 67.5K −$7.1M