Soapstone Management L.p.

Soapstone Management L.P. is an investment adviser firm based in Bethesda, MD, established in September 2005. The firm specializes in providing investment advisory and management services on a discretionary basis to Soapstone Capital, L.P., a private pooled investment vehicle open to qualified persons under Section 3(c)(7) of the 1940 Investment Company Act. Soapstone primarily invests in equity securities, including derivatives and equity-like instruments, aiming to outperform the S&P 500 Index. The firm employs a concentrated long portfolio and a diversified short portfolio strategy, focusing on various industry verticals such as financial services, consumer staples, industrials, and TMT. Soapstone's investment philosophy emphasizes identifying businesses with sustainable competitive advantages and potential for value compounding. The firm manages assets totaling $580,555,032 as of December 31, 2024, on a discretionary basis. Investors in the Fund must meet a minimum initial investment of $5,000,000 and be qualified purchasers and accredited investors. Soapstone charges a management fee of 1% per year and a performance-based allocation of 20% of net capital appreciation, subject to a high watermark. The firm does not participate in wrap-fee programs and does not accept compensation for the sale of securities or other investment products. Soapstone is a fiduciary and exercises investment discretion for the Fund, making decisions aligned with the Fund's specific investment objectives and strategies. Clients receive regular reports and disclosures, and the firm maintains a Code of Ethics to ensure ethical conduct and client-focused practices.