Equal-WT
WhaleScore 2.0
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Soapstone Management is based out of Bethesda. Soapstone Management is a hedge fund with 1 clients and discretionary assets under management (AUM) of $534,034,830 (Form ADV from 2024-03-25). Their last reported 13F filing for Q2 2024 included $149,883,263 in managed 13F securities
and a top 10 holdings concentration of 78.2%. Soapstone Management's largest holding is HDFC Bank Ltd ADR with shares held of 235,000. Whalewisdom has at least 27 13F filings
Business Description
Soapstone was formed in September 2005 and is owned by Jed Nussdorf. The firm is registered as an investment adviser with the SEC, meaning it provides investment advice to clients.
The brochure provides information about Soapstone's qualifications and business practices, including details about their advisory services, fees and compensation, types of clients, methods of analysis, investment strategies, and risk of loss.
Investment Strategy
Soapstone's investment objective is to generate risk-adjusted returns exceeding the S&P 500 Index. They primarily invest in equity securities, including derivatives and equity-like instruments, across both developed and emerging markets. Their strategy involves a concentrated long portfolio and a diversified short portfolio, focusing on specific industry verticals like financial services, consumer staples, industrials, and TMT. This specialized approach aims to enhance focus, develop domain expertise, and create a competitive advantage.
Soapstone seeks to identify businesses with sustainable competitive advantages, capable management, and shareholder alignment. They employ a rigorous research process to find investments with the potential to compound value at an attractive rate of return without relying on multiple expansion. They invest only when suitable businesses are available at a discount to intrinsic value and historical earnings multiples. They also utilize leverage to potentially increase total returns, but acknowledge the increased risk of losses, especially during periods of market decline.
Owners
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Other Contact Information
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2024-06-30
Top Buys (13F)
| Name | % Change |
|---|---|
| NEOGV Neogen Corp | 6.7% |
| SOLV Solventum Corp | 4.96% |
| HDB HDFC Bank Ltd ADR | 3.99% |
| SILA Sila Realty Trust In | 3.53% |
| MTN Vail Resorts Inc | 1.2% |
2024-06-30
Top Sells (13F)
| Name | % Change |
|---|---|
| VSTS Vestis Corp | 5.11% |
| LDOS Leidos Holdings Inc | 4.28% |
| CEG Constellation Energy | 2.49% |
| CSTM Constellium SE | 2.41% |
| JELD JELD-WEN Holding Inc | 2.16% |
2024-06-30
13F Holdings Summary
| Name | $ Change |
|---|---|
| HDB HDFC Bank Ltd ADR | 10.09% |
| AMZN Amazon.com Inc. | 9.67% |
| KVUE Kenvue Inc | 9.1% |
| CSTM Constellium SE | 9.01% |
| NEOGV Neogen Corp | 8.19% |
2024-06-30
13F Activity
| Market Value | $150m, Prior: $179m |
| Inflows (Outflows) as % of Total MV | (-7.5414)% |
| New Purchases | 3 stocks |
| Added To | 3 stocks |
| Sold out of | 1 stocks |
| Reduced holdings in | 9 stocks |
| Top 10 Holdings % | 78.2% |
| Turnover %[1] | 21.05% |
| Turnover Alt %[2] | 18.03% |
| Time Held Top 20 | 9.9444 quarters |
| Time Held Top 10 | 4.7 quarters |
| Time Held All | 10.89 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2024-06-30
13F Sector Allocation Over Time
limited to past 4 quarters. Subscribe to see all available data
2024-06-30
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2024-06-30