Soapstone Management L.P. Investment Portfolio — 13F Data

Soapstone Management L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.131 — mathematically equivalent to about 8 equally-sized positions, close to its 12 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.79), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 14.5 percentage-point tilt) — a pattern consistent with a momentum-following approach.