Why Investors Shouldn't Worry About Soapstone Management Liquidating Its $7 Million Saia Position

Soapstone Management L.P. sold out its entire stake in Saia (NASDAQ:SAIA), a move disclosed in a Nov. 14, 2025, SEC filing, cutting $6.5 million from its holdings.

What happened

Soapstone Management disclosed in a Nov. 14, 2025, SEC filing that it sold its entire position in Saia during the third quarter.

The fund exited 23,750 shares, a stake previously valued at $6.51 million, bringing its holdings to zero.

This exit resulted in the removal of Saia from the fund’s 13 equity positions as of Sept. 30, 2025.

What else to know

Soapstone’s full sale of Saia reduced its exposure by 4.4% of reportable assets; as of Sept. 30, 2025, the stock no longer contributes to AUM.

Top holdings after the filing:

• Constellium (NYSE:CSTM): $24.8 million (16.9% of AUM)
• Citizens Financial Group (NYSE:CFG): $22.6 million (15.3% of AUM)
• Public Storage (NYSE:PSA): $21.7 million (14.7% of AUM)
• American Water Works (NYSE:AWK): $20.2 million (13.7% of AUM)
• Amazon (NASDAQ:AMZN): $14.8 million (10.1% of AUM)

As of Dec. 5, 2025, Saia shares were priced at $330.91, reflecting a one-year decline of 36% and underperforming the S&P 500 by 49 percentage points.

Company Overview

Company Snapshot

Saia:

• Offers less-than-truckload (LTL) freight transportation, non-asset truckload, expedited, and logistics services across North America.
• Generates revenue primarily by transporting shipments between 400 and 10,000 pounds, leveraging a network of owned and leased facilities, tractors, and trailers.
• Serves a diverse customer base ranging from manufacturers to retailers requiring reliable regional and national freight solutions.

Saia, Inc. is a leading North American provider of LTL freight transportation, operating a large fleet and an extensive terminal network to ensure efficient service.

Foolish take

I don't think Soapstone's sale of Saia is anything for investors to panic about, whether they hold the stock or not.

Institution firms are often more short-term oriented than traditional Foolish investing, so it is not shocking to see Soapstone buy and sell a stock within two quarters.

However, Saia has now rallied 31% over the last half year and remains an interesting cyclical investment in my eyes.

While I personally prefer and own one of Saia's main competitors, Old Dominion Freight Line (NASDAQ:ODFL), the company remains an elite compounder.

Since 2010, SAIA has been a 39-bagger, more than quintupling the total returns of the S&P 500 over that time.

Currently, the LTL industry is in a cyclical trough, and it is ultimately anyone's guess as to when it'll rebound -- which could be why Soapstone sold, as it may have found a better short-term opportunity.

That said, Saia is making the most of the down cycle, scooping up many of its former peer Yellow's terminals after the latter went out of business amid the challenging environment.

Once conditions improve, Saia could be poised to return to its strong outperformance, as it remains one of the elite, pure-play LTL providers in its niche, alongside Old Dominion.

I certainly understand the pressure for Soapstone to produce immediate returns. However, I can only see Saia as a long-term buy-and-hold opportunity today, with the reasonably valued stock still 45% below its all-time high.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Position: The amount of a particular security or asset held in a portfolio.
Exposure: The degree to which a fund or investor is affected by changes in the value of a particular asset or market.
Stake: The ownership interest or investment held in a company by an individual or institution.
Less-than-truckload (LTL): A shipping service for freight that does not require a full truck, combining shipments from multiple customers.
Terminal network: A system of facilities where freight is transferred, sorted, or stored during transportation.
Expedited services: Shipping options that prioritize faster delivery times, often at a premium cost.
Non-asset truckload: Freight services provided without owning the trucks, using third-party carriers to move shipments.
TTM: The 12 months ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Old Dominion Freight Line and Public Storage. The Motley Fool has positions in and recommends Amazon and Old Dominion Freight Line. The Motley Fool has a disclosure policy.