Institutional Manager · CIK 0001625279
Azarias Capital Management, L.P.
BERWYN, PA · File #028-22011
Latest AUM
$228.4M
Positions
25
Top-10 Concentration
70.8%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | ENDEAVOUR SILVER CORP | EXK | -536,928 | -$5.0M | +$1.8M |
| EXITED | HEALTHCARE SVCS GROUP INC | 421906108 | -253,363 | -$4.3M | $0 |
| REDUCE | KENNAMETAL INC | KMT | -150,069 | -$4.3M | +$2.7M |
| REDUCE | VISHAY PRECISION GROUP INC | VPG | -98,110 | -$3.8M | +$916,958 |
| REDUCE | SCHOLASTIC CORP | SCHL | -105,422 | -$3.1M | +$375,624 |
| NEW | EMPLOYERS HLDGS INC | EIG | +69,108 | +$3.0M | $0 |
| REDUCE | ENERGY FUELS INC | UUUU | -176,955 | -$2.6M | -$482,746 |
| ADD | MANPOWERGROUP INC WIS | MAN | +84,152 | +$2.5M | -$1.7M |
| NEW | MILLER INDS INC TENN | 600551204 | +40,047 | +$1.5M | $0 |
| REDUCE | METALLUS INC | MTUS | -82,675 | -$1.4M | +$357,516 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202525 pos · $228.4M
- 13F HOLDINGS REPORTQ/E Sep 202524 pos · $252.5M
- 13F HOLDINGS REPORTQ/E Jun 202524 pos · $220.0M
- 13F HOLDINGS REPORTQ/E Mar 202523 pos · $180.5M
- 13F HOLDINGS REPORTQ/E Dec 202422 pos · $223.2M
- 13F HOLDINGS REPORTQ/E Sep 202420 pos · $224.9M
- 13F HOLDINGS REPORTQ/E Jun 202421 pos · $222.4M
- 13F HOLDINGS REPORTQ/E Mar 202423 pos · $238.5M
- 13F HOLDINGS REPORTQ/E Dec 202321 pos · $202.4M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR | SPY | 106,461 | $72.6M | 31.78% |
| 2 | UR-ENERGY INC | URG | 13,950,155 | $19.4M | 8.49% |
| 3 | ENCORE ENERGY CORP | EU | 4,132,851 | $10.2M | 4.49% |
| 4 | NEXGEN ENERGY LTD | NXE | 1,079,795 | $9.9M | 4.35% |
| 5 | MANPOWERGROUP INC WIS | MAN | 289,883 | $8.6M | 3.77% |
| 6 | MATRIX SVC CO | 576853105 | 730,767 | $8.5M | 3.74% |
| 7 | METALLUS INC | MTUS | 484,811 | $8.3M | 3.64% |
| 8 | INTREPID POTASH INC | IPI | 294,870 | $8.2M | 3.58% |
| 9 | CAMECO CORP | CCJ | 87,728 | $8.0M | 3.51% |
| 10 | GULFPORT ENERGY CORP | GPOR | 38,273 | $8.0M | 3.48% |
| 11 | DENISON MINES CORP | DNN | 2,922,967 | $7.8M | 3.40% |
| 12 | ENERGY FUELS INC | UUUU | 419,028 | $6.1M | 2.67% |
| 13 | KENNAMETAL INC | KMT | 214,288 | $6.1M | 2.67% |
| 14 | SANDRIDGE ENERGY INC | SD | 410,574 | $5.9M | 2.59% |
| 15 | ENDEAVOUR SILVER CORP | EXK | 630,009 | $5.9M | 2.59% |
| 16 | STANDARD MTR PRODS INC | 853666105 | 151,941 | $5.6M | 2.45% |
| 17 | COHU INC | COHU | 237,207 | $5.5M | 2.42% |
| 18 | HOOKER FURNISHINGS CORPORATI | HOFT | 473,179 | $5.3M | 2.34% |
| 19 | TRUEBLUE INC | TBI | 988,880 | $4.5M | 1.97% |
| 20 | UNIFI INC | UFI | 904,013 | $3.2M | 1.39% |