Soapstone Management L.P. Activity Q4 2017-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BLL	Buy	BALL CORP	$23,645,500	+18.9%	475,000	+39.0%	10.93%	+23.1%
	Buy	KNIFE RIVER CORP	$21,241,050	+138.0%	435,000	+112.1%	9.82%	+146.5%
	Sell	CONSTELLATION ENERGY CORP	$19,089,000	-24.2%	175,000	-36.4%	8.83%	-21.5%
OLN	Sell	OLIN CORP	$16,243,500	-6.4%	325,000	-3.8%	7.51%	-3.1%
LDOS	Sell	LEIDOS HOLDINGS INC	$16,192,512	-1.1%	175,700	-5.0%	7.49%	+2.4%
NEOG	Sell	NEOGEN CORP	$15,139,764	-15.6%	816,600	-1.0%	7.00%	-12.6%
CSTM	Sell	CONSTELLIUM SE	$14,560,000	-0.4%	800,000	-5.9%	6.73%	+3.1%
AMZN	Sell	AMAZON COM INC	$13,347,600	-14.7%	105,000	-12.5%	6.17%	-11.7%
EQH	Sell	EQUITABLE HLDGS INC	$12,070,000	-15.4%	425,000	-19.0%	5.58%	-12.4%
	New	KENVUE INC	$11,947,600	–	595,000	–	5.52%	–
	Buy	FORTREA HLDGS INC	$10,006,500	+76.7%	350,000	+110.2%	4.63%	+83.0%
SCHW	Sell	SCHWAB CHARLES CORP	$8,235,000	-55.3%	150,000	-53.8%	3.81%	-53.7%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$7,469,400	-12.1%	60,000	-4.0%	3.45%	-9.0%
JELD	Sell	JELD-WEN HLDG INC	$6,662,405	-40.8%	498,683	-22.3%	3.08%	-38.7%
DOOR	Sell	MASONITE INTL CORP	$5,709,725	-29.2%	61,250	-22.2%	2.64%	-26.7%
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-100,000	–	-2.51%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	CONSTELLATION ENERGY CORP	$25,176,250	–	275,000	–	11.24%	–
BLL	New	BALL CORP	$19,889,309	–	341,682	–	8.88%	–
SCHW	New	SCHWAB CHARLES CORP	$18,421,000	–	325,000	–	8.23%	–
NEOG	New	NEOGEN CORP	$17,943,750	–	825,000	–	8.01%	–
OLN	New	OLIN CORP	$17,354,403	–	337,700	–	7.75%	–
LDOS	New	LEIDOS HOLDINGS INC	$16,368,800	–	185,000	–	7.31%	–
AMZN	New	AMAZON COM INC	$15,643,200	–	120,000	–	6.99%	–
CSTM	New	CONSTELLIUM SE	$14,620,000	–	850,000	–	6.53%	–
EQH	New	EQUITABLE HLDGS INC	$14,261,625	–	525,000	–	6.37%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$11,570,769	–	802,968	–	5.17%	–
JELD	New	JELD-WEN HLDG INC	$11,259,943	–	641,958	–	5.03%	–
	New	KNIFE RIVER CORP	$8,923,460	–	205,137	–	3.98%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$8,500,000	–	62,500	–	3.80%	–
DOOR	New	MASONITE INTL CORP	$8,067,150	–	78,750	–	3.60%	–
	New	FORTREA HLDGS INC	$5,662,563	–	166,497	–	2.53%	–
CNQ	New	CANADIAN NAT RES LTD	$5,626,000	–	100,000	–	2.51%	–
CFG	New	CITIZENS FINL GROUP INC	$2,608,000	–	100,000	–	1.16%	–
DMRC	New	DIGIMARC CORP NEW	$2,034,716	–	69,114	–	0.91%	–

Q4 2022

			Value		Shares		↓ Weighting
DMRC	Exit	DIGIMARC CORP NEW	$0	–	-69,114	–	-0.36%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-15,650	–	-0.74%	–
JELD	Exit	JELD-WEN HLDG INC	$0	–	-350,000	–	-1.20%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-100,000	–	-1.34%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-100,000	–	-1.82%	–
NEOG	Exit	NEOGEN CORP	$0	–	-350,000	–	-1.91%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-67,250	–	-2.51%	–
EWZ	Exit	ISHARES INCput	$0	–	-262,500	–	-3.04%	–
CSTM	Exit	CONSTELLIUM SE	$0	–	-800,000	–	-3.16%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-63,750	–	-3.49%	–
DOOR	Exit	MASONITE INTL CORP	$0	–	-175,000	–	-4.87%	–
OLN	Exit	OLIN CORP	$0	–	-325,000	–	-5.44%	–
AMZN	Exit	AMAZON COM INC	$0	–	-135,000	–	-5.95%	–
BLL	Exit	BALL CORP	$0	–	-325,000	–	-6.13%	–
ASAI	Exit	SENDAS DISTRIBUIDORA S Aspon ads	$0	–	-1,000,000	–	-6.29%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-184,700	–	-6.30%	–
CACI	Exit	CACI INTL INCcl a	$0	–	-68,350	–	-6.96%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-800,000	–	-8.23%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-400,000	–	-9.20%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-375,000	–	-10.52%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-325,000	–	-10.55%	–

Q3 2022

			Value		Shares		↓ Weighting
	Sell	CONSTELLATION ENERGY CORP	$27,037,000	+43.7%	325,000	-1.1%	10.55%	+32.4%
SCHW	Buy	SCHWAB CHARLES CORP	$26,951,000	+42.2%	375,000	+25.0%	10.52%	+31.0%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$23,568,000	-4.1%	400,000	-12.6%	9.20%	-11.6%
EQH	Buy	EQUITABLE HLDGS INC	$21,080,000	+7.8%	800,000	+6.7%	8.23%	-0.7%
CACI	Sell	CACI INTL INCcl a	$17,843,000	-7.9%	68,350	-0.6%	6.96%	-15.1%
LDOS	Sell	LEIDOS HOLDINGS INC	$16,156,000	-13.3%	184,700	-0.2%	6.30%	-20.1%
BLL	Buy	BALL CORP	$15,704,000	+128.4%	325,000	+225.0%	6.13%	+110.4%
AMZN	Sell	AMAZON COM INC	$15,255,000	+3.5%	135,000	-2.7%	5.95%	-4.6%
OLN	Buy	OLIN CORP	$13,936,000	-1.3%	325,000	+6.6%	5.44%	-9.0%
DOOR	Sell	MASONITE INTL CORP	$12,476,000	-16.7%	175,000	-10.3%	4.87%	-23.3%
RNR	Sell	RENAISSANCERE HLDGS LTD	$8,950,000	-15.2%	63,750	-5.6%	3.49%	-21.9%
EWZ	New	ISHARES INCput	$7,778,000	–	262,500	–	3.04%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$6,432,000	-53.7%	67,250	+954.9%	2.51%	-57.3%
NEOG	New	NEOGEN CORP	$4,890,000	–	350,000	–	1.91%	–
CNQ	New	CANADIAN NAT RES LTD	$4,657,000	–	100,000	–	1.82%	–
JELD	Sell	JELD-WEN HLDG INC	$3,063,000	-60.0%	350,000	-33.3%	1.20%	-63.2%
FANG	Sell	DIAMONDBACK ENERGY INC	$1,885,000	-59.9%	15,650	-59.6%	0.74%	-63.0%

Q2 2022

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$24,568,000	–	457,500	–	10.40%	–
EQH	New	EQUITABLE HLDGS INC	$19,553,000	–	750,000	–	8.28%	–
CACI	New	CACI INTL INCcl a	$19,372,000	–	68,750	–	8.20%	–
SCHW	New	SCHWAB CHARLES CORP	$18,954,000	–	300,000	–	8.03%	–
	New	CONSTELLATION ENERGY CORP	$18,810,000	–	328,500	–	7.97%	–
LDOS	New	LEIDOS HOLDINGS INC	$18,631,000	–	185,000	–	7.89%	–
DOOR	New	MASONITE INTL CORP	$14,982,000	–	195,000	–	6.34%	–
AMZN	New	AMAZON COM INC	$14,737,000	–	138,750	–	6.24%	–
OLN	New	OLIN CORP	$14,115,000	–	305,000	–	5.98%	–
GOOGL	New	ALPHABET INCcap stk cl a	$13,893,000	–	6,375	–	5.88%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$13,590,000	–	1,000,000	–	5.76%	–
CSTM	New	CONSTELLIUM SE	$10,568,000	–	800,000	–	4.48%	–
RNR	New	RENAISSANCERE HLDGS LTD	$10,555,000	–	67,500	–	4.47%	–
JELD	New	JELD-WEN HLDG INC	$7,660,000	–	525,000	–	3.24%	–
BLL	New	BALL CORP	$6,877,000	–	100,000	–	2.91%	–
FANG	New	DIAMONDBACK ENERGY INC	$4,695,000	–	38,750	–	1.99%	–
CFG	New	CITIZENS FINL GROUP INC	$3,569,000	–	100,000	–	1.51%	–
DMRC	New	DIGIMARC CORP NEW	$977,000	–	69,114	–	0.41%	–

Q4 2021

			Value		Shares		↓ Weighting
ASIX	Exit	ADVANSIX INC	$0	–	-28,380	–	-0.47%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,250	–	-1.72%	–
ADNT	Exit	ADIENT PLC	$0	–	-150,000	–	-2.61%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-58,750	–	-3.44%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-176,565	–	-3.54%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-125,000	–	-3.82%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-3,875	–	-4.35%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-114,500	–	-4.62%	–
CSTM	Exit	CONSTELLIUM SE	$0	–	-603,282	–	-4.76%	–
DOOR	Exit	MASONITE INTL CORP	$0	–	-113,078	–	-5.04%	–
OLN	Exit	OLIN CORP	$0	–	-250,000	–	-5.07%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-37,500	–	-5.67%	–
JELD	Exit	JELD-WEN HLDG INC	$0	–	-561,823	–	-5.91%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-250,000	–	-6.16%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-500,000	–	-9.87%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-1,125,000	–	-14.01%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-870,300	–	-18.92%	–

Q3 2021

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$45,029,000	+14.1%	870,300	-5.9%	18.92%	+19.5%
TFC	Sell	TRUIST FINL CORP	$14,663,000	-11.9%	250,000	-16.7%	6.16%	-7.8%
JELD	Buy	JELD-WEN HLDG INC	$14,062,000	+83.6%	561,823	+92.6%	5.91%	+92.3%
NOC	Sell	NORTHROP GRUMMAN CORP	$13,506,000	-9.9%	37,500	-9.1%	5.67%	-5.7%
DOOR	Buy	MASONITE INTL CORP	$12,001,000	-1.3%	113,078	+4.0%	5.04%	+3.4%
CSTM	Buy	CONSTELLIUM SE	$11,330,000	-0.4%	603,282	+0.5%	4.76%	+4.3%
LDOS	Buy	LEIDOS HOLDINGS INC	$11,007,000	+8.9%	114,500	+14.5%	4.62%	+14.0%
GOOGL	Sell	ALPHABET INCcap stk cl a	$10,360,000	+6.1%	3,875	-3.1%	4.35%	+11.0%
SCHW	Sell	SCHWAB CHARLES CORP	$9,105,000	-16.6%	125,000	-16.7%	3.82%	-12.7%
BECN	Sell	BEACON ROOFING SUPPLY INC	$8,433,000	-20.8%	176,565	-11.7%	3.54%	-17.1%
RNR	New	RENAISSANCERE HLDGS LTD	$8,190,000	–	58,750	–	3.44%	–
ADNT	Buy	ADIENT PLC	$6,218,000	+24.5%	150,000	+35.7%	2.61%	+30.3%
AMZN	Sell	AMAZON COM INC	$4,106,000	-63.3%	1,250	-61.5%	1.72%	-61.6%
ASIX	Sell	ADVANSIX INC	$1,128,000	-62.2%	28,380	-71.6%	0.47%	-60.4%
PSA	Exit	PUBLIC STORAGE	$0	–	-6,250	–	-0.75%	–
USB	Exit	US BANCORP DEL	$0	–	-50,000	–	-1.14%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-125,000	–	-2.27%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-100,000	–	-2.88%	–

Q2 2021

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$39,461,000	–	925,000	–	15.83%	–
EQH	New	EQUITABLE HLDGS INC	$34,256,000	–	1,125,000	–	13.75%	–
CFG	New	CITIZENS FINL GROUP INC	$22,935,000	–	500,000	–	9.20%	–
TFC	New	TRUIST FINL CORP	$16,650,000	–	300,000	–	6.68%	–
NOC	New	NORTHROP GRUMMAN CORP	$14,991,000	–	41,250	–	6.02%	–
DOOR	New	MASONITE INTL CORP	$12,157,000	–	108,750	–	4.88%	–
OLN	New	OLIN CORP	$11,565,000	–	250,000	–	4.64%	–
CSTM	New	CONSTELLIUM SE	$11,370,000	–	600,000	–	4.56%	–
AMZN	New	AMAZON COM INC	$11,181,000	–	3,250	–	4.49%	–
SCHW	New	SCHWAB CHARLES CORP	$10,922,000	–	150,000	–	4.38%	–
BECN	New	BEACON ROOFING SUPPLY INC	$10,650,000	–	200,000	–	4.27%	–
LDOS	New	LEIDOS HOLDINGS INC	$10,110,000	–	100,000	–	4.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$9,767,000	–	4,000	–	3.92%	–
JELD	New	JELD-WEN HLDG INC	$7,659,000	–	291,650	–	3.07%	–
WFG	New	WEST FRASER TIMBER CO LTD	$7,168,000	–	100,000	–	2.88%	–
WFC	New	WELLS FARGO CO NEW	$5,661,000	–	125,000	–	2.27%	–
ADNT	New	ADIENT PLC	$4,995,000	–	110,517	–	2.00%	–
ASIX	New	ADVANSIX INC	$2,986,000	–	100,000	–	1.20%	–
USB	New	US BANCORP DEL	$2,849,000	–	50,000	–	1.14%	–
PSA	New	PUBLIC STORAGE	$1,879,000	–	6,250	–	0.75%	–

Q4 2020

			Value		Shares		↓ Weighting
JELD	Exit	JELD-WEN HLDG INC	$0	–	-76,637	–	-0.85%	–
USB	Exit	US BANCORP DEL	$0	–	-50,000	–	-0.88%	–
ASIX	Exit	ADVANSIX INC	$0	–	-150,000	–	-0.95%	–
ST	Exit	SENSATA TECHNOLOGIES HLDNG P	$0	–	-62,976	–	-1.33%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-35,000	–	-1.81%	–
URI	Exit	UNITED RENTALS INC	$0	–	-21,250	–	-1.82%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-175,000	–	-2.02%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-200,000	–	-3.74%	–
DOOR	Exit	MASONITE INTL CORP	$0	–	-80,000	–	-3.86%	–
NSP	Exit	INSPERITY INC	$0	–	-125,000	–	-4.02%	–
FCPT	Exit	FOUR CORNERS PPTY TR INC	$0	–	-325,000	–	-4.08%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-5,750	–	-4.14%	–
OLN	Exit	OLIN CORP	$0	–	-1,000,000	–	-6.08%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-300,000	–	-6.31%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-525,000	–	-6.52%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-68,750	–	-7.52%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-975,000	–	-8.73%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-575,000	–	-8.77%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-592,542	–	-10.54%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,000,000	–	-16.02%	–

Q3 2020

			Value		Shares		↓ Weighting
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$32,620,000	-21.2%	1,000,000	-50.0%	16.02%	-32.9%
SCHW	Buy	SCHWAB CHARLES CORP	$21,468,000	+10.7%	592,542	+3.1%	10.54%	-5.7%
BECN	Sell	BEACON ROOFING SUPPLY INC	$17,865,000	-6.6%	575,000	-20.7%	8.77%	-20.4%
EQH	Buy	EQUITABLE HLDGS INC	$17,784,000	+268.7%	975,000	+290.0%	8.73%	+214.2%
PSA	Buy	PUBLIC STORAGE	$15,312,000	+27.7%	68,750	+10.0%	7.52%	+8.8%
CFG	Buy	CITIZENS FINL GROUP INC	$13,272,000	+10.7%	525,000	+10.5%	6.52%	-5.7%
BMCH	Sell	BMC STK HLDGS INC	$12,849,000	+27.8%	300,000	-25.0%	6.31%	+8.9%
NSP	Sell	INSPERITY INC	$8,186,000	-15.7%	125,000	-16.7%	4.02%	-28.2%
DOOR	New	MASONITE INTL CORP	$7,872,000	–	80,000	–	3.86%	–
TFC	Buy	TRUIST FINL CORP	$7,610,000	+102.7%	200,000	+100.0%	3.74%	+72.7%
WFC	Buy	WELLS FARGO CO NEW	$4,114,000	+7.1%	175,000	+16.7%	2.02%	-8.7%
URI	Sell	UNITED RENTALS INC	$3,708,000	-0.5%	21,250	-15.0%	1.82%	-15.2%
PFPT	New	PROOFPOINT INC	$3,694,000	–	35,000	–	1.81%	–
ST	New	SENSATA TECHNOLOGIES HLDNG P	$2,717,000	–	62,976	–	1.33%	–
ASIX	Buy	ADVANSIX INC	$1,932,000	+100.6%	150,000	+82.9%	0.95%	+71.0%
JELD	New	JELD-WEN HLDG INC	$1,732,000	–	76,637	–	0.85%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-25,000	–	-1.93%	–

Q2 2020

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$41,400,000	–	2,000,000	–	23.86%	–
SCHW	New	SCHWAB CHARLES CORP	$19,401,000	–	575,000	–	11.18%	–
BECN	New	BEACON ROOFING SUPPLY INC	$19,118,000	–	725,000	–	11.02%	–
PSA	New	PUBLIC STORAGE	$11,993,000	–	62,500	–	6.91%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$11,989,000	–	475,000	–	6.91%	–
OLN	New	OLIN CORP	$11,490,000	–	1,000,000	–	6.62%	–
BMCH	New	BMC STK HLDGS INC	$10,056,000	–	400,000	–	5.80%	–
NSP	New	INSPERITY INC	$9,710,000	–	150,000	–	5.60%	–
GOOGL	New	ALPHABET INCcap stk cl a	$8,154,000	–	5,750	–	4.70%	–
FCPT	New	FOUR CORNERS PPTY TR INC	$7,930,000	–	325,000	–	4.57%	–
EQH	New	EQUITABLE HLDGS INC	$4,823,000	–	250,000	–	2.78%	–
WFC	New	WELLS FARGO CO NEW	$3,840,000	–	150,000	–	2.21%	–
TFC	New	TRUIST FINL CORP	$3,755,000	–	100,000	–	2.16%	–
URI	New	UNITED RENTALS INC	$3,726,000	–	25,000	–	2.15%	–
FIS	New	FIDELITY NATL INFORMATION SV	$3,352,000	–	25,000	–	1.93%	–
USB	New	US BANCORP DEL	$1,841,000	–	50,000	–	1.06%	–
ASIX	New	ADVANSIX INC	$963,000	–	82,009	–	0.56%	–

Q4 2019

			Value		Shares		↓ Weighting
LKQ	Exit	LKQ CORP	$0	–	-14,200	–	-0.24%	–
FDX	Exit	FEDEX CORP	$0	–	-12,500	–	-0.99%	–
CC	Exit	CHEMOURS CO	$0	–	-135,000	–	-1.10%	–
ASIX	Exit	ADVANSIX INC	$0	–	-100,000	–	-1.40%	–
URI	Exit	UNITED RENTALS INC	$0	–	-30,000	–	-2.04%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-25,000	–	-2.96%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-300,000	–	-3.39%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-125,000	–	-3.43%	–
OC	Exit	OWENS CORNING NEW	$0	–	-120,000	–	-4.13%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-6,575	–	-4.37%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-500,000	–	-6.04%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-425,000	–	-6.06%	–
OLN	Exit	OLIN CORP	$0	–	-775,000	–	-7.90%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-525,000	–	-9.03%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-425,000	–	-9.68%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-535,000	–	-9.77%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,450,000	–	-27.46%	–

Q3 2019

			Value		Shares		↓ Weighting
BECN	Buy	BEACON ROOFING SUPPLY INC	$17,939,000	+2.8%	535,000	+12.6%	9.77%	+3.0%
SCHW	Buy	THE CHARLES SCHWAB CORPORATI	$17,778,000	+10.6%	425,000	+6.2%	9.68%	+10.8%
SU	Buy	SUNCOR ENERGY INC NEW	$16,580,000	+18.2%	525,000	+16.7%	9.03%	+18.5%
OLN	Buy	OLIN CORP	$14,508,000	-8.7%	775,000	+6.9%	7.90%	-8.5%
BMCH	Sell	BMC STK HLDGS INC	$11,131,000	+15.6%	425,000	-6.4%	6.06%	+15.8%
EQH	New	AXA EQUITABLE HLDGS INC	$11,080,000	–	500,000	–	6.04%	–
OC	Sell	OWENS CORNING NEW	$7,584,000	+4.2%	120,000	-4.0%	4.13%	+4.5%
WFC	Sell	WELLS FARGO CO NEW	$6,305,000	-59.0%	125,000	-61.5%	3.43%	-58.9%
UNVR	Sell	UNIVAR SOLUTIONS INC	$6,228,000	-33.5%	300,000	-29.4%	3.39%	-33.4%
UNH	New	UNITEDHEALTH GROUP INC	$5,433,000	–	25,000	–	2.96%	–
URI	New	UNITED RENTALS INC	$3,739,000	–	30,000	–	2.04%	–
ASIX	Sell	ADVANSIX INC	$2,572,000	-26.0%	100,000	-29.7%	1.40%	-25.9%
FDX	New	FEDEX CORP	$1,820,000	–	12,500	–	0.99%	–
LKQ	Sell	LKQ CORP	$447,000	-92.9%	14,200	-94.0%	0.24%	-92.9%
COG	Exit	CABOT OIL & GAS CORP	$0	–	-50,000	–	-0.62%	–
JBHT	Exit	HUNT J B TRANS SVCS INC	$0	–	-15,750	–	-0.78%	–
TSG	Exit	STARS GROUP INC	$0	–	-100,000	–	-0.93%	–
ADNT	Exit	ADIENT PLC	$0	–	-100,000	–	-1.32%	–
WAB	Exit	WABTEC CORP	$0	–	-150,000	–	-5.85%	–

Q2 2019

			Value		Shares		↓ Weighting
BLDR	New	BUILDERS FIRSTSOURCE INC	$41,307,000	–	2,450,000	–	22.46%	–
BECN	New	BEACON ROOFING SUPPLY INC	$17,442,000	–	475,000	–	9.48%	–
SCHW	New	THE CHARLES SCHWAB CORPORATI	$16,076,000	–	400,000	–	8.74%	–
OLN	New	OLIN CORP	$15,885,000	–	725,000	–	8.64%	–
WFC	New	WELLS FARGO CO NEW	$15,379,000	–	325,000	–	8.36%	–
SU	New	SUNCOR ENERGY INC NEW	$14,022,000	–	450,000	–	7.62%	–
WAB	New	WABTEC CORP	$10,764,000	–	150,000	–	5.85%	–
BMCH	New	BMC STK HLDGS INC	$9,628,000	–	454,142	–	5.23%	–
UNVR	New	UNIVAR INC	$9,367,000	–	425,000	–	5.09%	–
OC	New	OWENS CORNING NEW	$7,275,000	–	125,000	–	3.96%	–
GOOGL	New	ALPHABET INCcap stk cl a	$7,119,000	–	6,575	–	3.87%	–
LKQ	New	LKQ CORP	$6,253,000	–	235,000	–	3.40%	–
ASIX	New	ADVANSIX INC	$3,476,000	–	142,299	–	1.89%	–
CC	New	CHEMOURS CO	$3,240,000	–	135,000	–	1.76%	–
ADNT	New	ADIENT PLC	$2,427,000	–	100,000	–	1.32%	–
TSG	New	STARS GROUP INC	$1,707,000	–	100,000	–	0.93%	–
JBHT	New	HUNT J B TRANS SVCS INC	$1,440,000	–	15,750	–	0.78%	–
COG	New	CABOT OIL & GAS CORP	$1,148,000	–	50,000	–	0.62%	–

Q4 2018

			Value		Shares		↓ Weighting
PCG	Exit	PG&E CORP	$0	–	-10,000	–	-0.25%	–
ZAYO	Exit	ZAYO GROUP HLDGS INC	$0	–	-100,000	–	-1.86%	–
WAB	Exit	WABTEC CORP	$0	–	-34,500	–	-1.94%	–
ADNT	Exit	ADIENT PLC	$0	–	-95,000	–	-2.00%	–
JBHT	Exit	HUNT J B TRANS SVCS INC	$0	–	-35,750	–	-2.28%	–
ASIX	Exit	ADVANSIX INC	$0	–	-175,000	–	-3.18%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-200,000	–	-3.29%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-400,000	–	-3.80%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-210,000	–	-4.35%	–
BMCH	Exit	BMC STK HLDGS INC	$0	–	-500,000	–	-4.99%	–
SCHW	Exit	SCHWAB CHARLES CORP NEW	$0	–	-200,000	–	-5.26%	–
WFC	Exit	WELLS FARGO CO NEWput	$0	–	-187,500	–	-5.27%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-275,000	–	-5.33%	–
LKQ	Exit	LKQ CORP	$0	–	-350,000	–	-5.93%	–
BLL	Exit	BALL CORP	$0	–	-280,000	–	-6.59%	–
UNVR	Exit	UNIVAR INC	$0	–	-779,755	–	-12.79%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-1,875,000	–	-14.73%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-575,000	–	-16.17%	–

Q3 2018

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO CO NEW	$30,222,000	-8.4%	575,000	-3.4%	16.17%	-4.3%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$27,525,000	-10.2%	1,875,000	+11.9%	14.73%	-6.2%
UNVR	Sell	UNIVAR INC	$23,907,000	-8.9%	779,755	-22.0%	12.79%	-4.8%
BLL	Sell	BALL CORP	$12,317,000	-30.7%	280,000	-44.0%	6.59%	-27.6%
LKQ	Sell	LKQ CORP	$11,085,000	-18.2%	350,000	-17.6%	5.93%	-14.6%
BECN	Buy	BEACON ROOFING SUPPLY INC	$9,952,000	+16.8%	275,000	+37.5%	5.33%	+21.9%
WFC	New	WELLS FARGO CO NEWput	$9,855,000	–	187,500	–	5.27%	–
BMCH	Sell	BMC STK HLDGS INC	$9,325,000	-28.4%	500,000	-20.0%	4.99%	-25.3%
SU	New	SUNCOR ENERGY INC NEW	$8,125,000	–	210,000	–	4.35%	–
KMI	Sell	KINDER MORGAN INC DEL	$7,092,000	-42.7%	400,000	-42.9%	3.80%	-40.1%
COMM	Buy	COMMSCOPE HLDG CO INC	$6,152,000	+68.5%	200,000	+60.0%	3.29%	+75.9%
ASIX	Sell	ADVANSIX INC	$5,941,000	-12.2%	175,000	-5.3%	3.18%	-8.3%
WAB	Sell	WABTEC CORP	$3,618,000	-33.0%	34,500	-37.0%	1.94%	-30.0%
ZAYO	Sell	ZAYO GROUP HLDGS INC	$3,472,000	-23.9%	100,000	-20.0%	1.86%	-20.5%

Q2 2018

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO CO NEW	$32,987,000	–	595,000	–	16.90%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$30,636,000	–	1,675,000	–	15.70%	–
UNVR	New	UNIVAR INC	$26,240,000	–	1,000,000	–	13.44%	–
BLL	New	BALL CORP	$17,775,000	–	500,000	–	9.11%	–
LKQ	New	LKQ CORP	$13,558,000	–	425,000	–	6.95%	–
BMCH	New	BMC STK HLDGS INC	$13,031,000	–	625,000	–	6.68%	–
KMI	New	KINDER MORGAN INC DEL	$12,369,000	–	700,000	–	6.34%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$10,220,000	–	200,000	–	5.24%	–
BECN	New	BEACON ROOFING SUPPLY INC	$8,524,000	–	200,000	–	4.37%	–
ASIX	New	ADVANSIX INC	$6,769,000	–	184,800	–	3.47%	–
WAB	New	WABTEC CORP	$5,397,000	–	54,750	–	2.76%	–
ADNT	New	ADIENT PLC	$4,673,000	–	95,000	–	2.39%	–
ZAYO	New	ZAYO GROUP HLDGS INC	$4,560,000	–	125,000	–	2.34%	–
JBHT	New	HUNT J B TRANS SVCS INC	$4,345,000	–	35,750	–	2.23%	–
COMM	New	COMMSCOPE HLDG CO INC	$3,651,000	–	125,000	–	1.87%	–
PCG	New	PG&E CORP	$426,000	–	10,000	–	0.22%	–

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