Azarias Capital Management, L.P.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 13, 2026), Azarias Capital Management, L.P. reported 23 stock positions worth $229.8 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 34.6% of the portfolio, followed by Ur-Energy (URG, 7.8%) and Denison Mines (DNN, 5.6%). Compared with Q1 2026, it opened 1 new position, sold out of 2, added to 5 and reduced 12. The biggest buy was a new position in Molina Healthcare (MOH) and the biggest sale Encore Energy (EU, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $229.8M (Q2 2026)
- SEC Filing
- 0001625279-26-000004 ↗ filed Jul 13, 2026
Holdings Value
Holdings 23 stocks · $229.8M
| SPY SS SPDR S&P 500 ETF Trust-US | 34.59% | 106,461 | $79.5M | No change |
| URG Ur-Energy Inc. | 7.81% | 13,199,479 | $18.0M | Reduce -3.0% |
| DNN Denison Mines Corp. | 5.64% | 4,238,742 | $13.0M | Add +45.0% |
| MTRX Matrix Service Co. | 4.02% | 673,692 | $9.2M | Reduce -17.5% |
| MAN Manpowergroup Inc. | 3.91% | 266,146 | $9.0M | Reduce -21.2% |
| SDRL Seadrill Limited | 3.48% | 211,301 | $8.0M | Add +54.6% |
| GPOR Gulfport Energy Corp. | 3.43% | 46,439 | $7.9M | Add +10.3% |
| MTUS Metallus Inc. | 3.41% | 419,507 | $7.8M | Reduce -22.8% |
| MPAA Motorcar Parts of America Inc. | 3.06% | 458,325 | $7.0M | Reduce -14.0% |
| MOH Molina Healthcare Inc. | 3.04% | 30,593 | $7.0M | New |
| EIG Employers Holdings Inc. | 2.90% | 132,159 | $6.7M | Reduce -5.7% |
| NXE Nexgen Energy Ltd. | 2.79% | 682,943 | $6.4M | No change |
| HOFT Hooker Furnishings Corp. | 2.61% | 336,453 | $6.0M | Reduce -15.3% |
| IPI Intrepid Potash Inc. | 2.54% | 178,281 | $5.8M | Add +2.7% |
| MLR Miller Industries Inc. | 2.45% | 109,926 | $5.6M | Reduce -0.5% |
| UUUU Energy Fuels Inc. | 2.40% | 380,528 | $5.5M | No change |
| EU Encore Energy Corp. | 2.33% | 4,091,894 | $5.4M | Reduce -19.3% |
| TBI Trueblue Inc. | 2.30% | 759,341 | $5.3M | Reduce -24.2% |
| CCJ Cameco Corp. | 2.23% | 50,371 | $5.1M | No change |
| SMP Standard Motor Prods | 2.05% | 121,073 | $4.7M | Reduce -4.8% |
| SD Sandridge Energy Inc. | 1.92% | 321,558 | $4.4M | Add +2.9% |
| UFI Unifi Inc. | 0.94% | 456,722 | $2.2M | Reduce -47.8% |
| AGX Argan Inc. | 0.13% | 378 | $302K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| EU Encore Energy Corp. | Reduce -19.3% | 2.33% | −1.76 |
| URG Ur-Energy Inc. | Reduce -3.0% | 7.81% | −1.27 |
| AVT Avnet Inc. | Sold out | 0.00% | −1.21 |
| COHU Cohu Inc. | Sold out | 0.00% | −0.82 |
| MTUS Metallus Inc. | Reduce -22.8% | 3.41% | −0.57 |
| MAN Manpowergroup Inc. | Reduce -21.2% | 3.91% | −0.55 |
| UFI Unifi Inc. | Reduce -47.8% | 0.94% | −0.46 |
| MTRX Matrix Service Co. | Reduce -17.5% | 4.02% | −0.19 |
| SMP Standard Motor Prods | Reduce -4.8% | 2.05% | +0.07 |
| MLR Miller Industries Inc. | Reduce -0.5% | 2.45% | +0.19 |
| HOFT Hooker Furnishings Corp. | Reduce -15.3% | 2.61% | +0.32 |
| EIG Employers Holdings Inc. | Reduce -5.7% | 2.90% | +0.32 |
| MPAA Motorcar Parts of America Inc. | Reduce -14.0% | 3.06% | +0.41 |
| TBI Trueblue Inc. | Reduce -24.2% | 2.30% | +0.55 |
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $229.8M | SPY, URG, DNN, MTRX, MAN |
| Q1 2026 | 24 | $223.1M | SPY, URG, DNN, MAN, MTRX |
| Q4 2025 | 25 | $228.4M | SPY, URG, EU, NXE, MAN |
| Q3 2025 | 24 | $252.5M | SPY, URG, EU, NXE, MTUS |
| Q2 2025 | 24 | $220.0M | SPY, URG, EU, NXE, MTUS |
| Q1 2025 | 23 | $180.5M | SPY, URG, NXE, MTRX, IPI |
| Q4 2024 | 22 | $223.2M | URG, EU, MTRX, IPI, HCSG |
| Q3 2024 | 20 | $224.9M | URG, EU, MTRX, IPI, HCSG |
| Q2 2024 | 21 | $222.4M | URG, EU, IPI, MAG, NXE |
| Q1 2024 | 23 | $238.5M | URG, EU, NXE, MAG, IPI |