Azarias Capital Management, L.P.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 19, 2024), Azarias Capital Management, L.P. reported 23 stock positions worth $238.5 million. Its top holding was Ur-Energy (URG) at 9.8% of the portfolio, followed by Encore Energy (EU, 7.6%) and Nexgen Energy (NXE, 6.8%). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 10 and reduced 10. The biggest buy was Encore Energy (EU, shares +232%) and the biggest sale Cameco (CCJ, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $238.5M (Q1 2024)
- SEC Filing
- 0001085146-24-001923 ↗ filed Apr 19, 2024
Holdings Value
Holdings 23 stocks · $238.5M
| URG Ur-Energy Inc. | 9.78% | 14,584,181 | $23.3M | Add +1.1% |
| EU Encore Energy Corp. | 7.55% | 3,758,493 | $18.0M | Add +232.0% |
| NXE Nexgen Energy Ltd. | 6.77% | 2,077,577 | $16.1M | Reduce -27.1% |
| MAG Mag Silver Corp. | 6.23% | 1,405,136 | $14.9M | Add +73.7% |
| IPI Intrepid Potash Inc. | 5.93% | 677,704 | $14.1M | Add +12.2% |
| STC Stewart Information Services | 5.76% | 211,081 | $13.7M | No change |
| MTRX Matrix Service Co. | 5.41% | 991,107 | $12.9M | Reduce -21.4% |
| HOFT Hooker Furnishings Corp. | 5.08% | 504,196 | $12.1M | Reduce -0.7% |
| CCJ Cameco Corp. | 4.76% | 262,135 | $11.4M | Reduce -43.2% |
| TBI Trueblue Inc. | 4.65% | 886,121 | $11.1M | Add +196.7% |
| HCSG Healthcare Services Group | 4.26% | 814,069 | $10.2M | Reduce -31.1% |
| IWN iShares Russell 2000 Value E | 4.20% | 63,093 | $10.0M | Add +11.8% |
| MPAA Motorcar Parts of America Inc. | 4.09% | 1,213,502 | $9.8M | Add +0.1% |
| AGX Argan Inc. | 3.58% | 168,719 | $8.5M | Reduce -6.5% |
| UFI Unifi Inc. | 3.45% | 1,371,925 | $8.2M | Add +0.6% |
| SCHL Scholastic Corp. | 3.15% | 199,445 | $7.5M | No change |
| FSTR Foster (lb) Co. Class A | 3.12% | 272,609 | $7.4M | Reduce -21.2% |
| EZPW Ezcorp Inc. Class A | 2.53% | 532,171 | $6.0M | Reduce -46.0% |
| DNN Denison Mines Corp. | 2.38% | 2,910,404 | $5.7M | Add +6.0% |
| IWM iShares Russell 2000 ETF | 2.34% | 26,483 | $5.6M | Add +43.4% |
| UUUU Energy Fuels Inc. | 2.07% | 783,601 | $4.9M | Reduce -4.0% |
| KMT Kennametal Inc. | 2.01% | 192,260 | $4.8M | New |
| HBB Hamilton Beach Brand-A | 0.91% | 88,611 | $2.2M | Reduce -41.3% |
Portfolio Sells Q4 2023 → Q1 2024
| CCJ Cameco Corp. | Reduce -43.2% | 4.76% | −4.09 |
| NXE Nexgen Energy Ltd. | Reduce -27.1% | 6.77% | −2.11 |
| EZPW Ezcorp Inc. Class A | Reduce -46.0% | 2.53% | −1.30 |
| HCSG Healthcare Services Group | Reduce -31.1% | 4.26% | −1.19 |
| GHM Graham Corp. | Sold out | 0.00% | −0.97 |
| HOFT Hooker Furnishings Corp. | Reduce -0.7% | 5.08% | −0.82 |
| UUUU Energy Fuels Inc. | Reduce -4.0% | 2.07% | −0.55 |
| HBB Hamilton Beach Brand-A | Reduce -41.3% | 0.91% | −0.27 |
| FSTR Foster (lb) Co. Class A | Reduce -21.2% | 3.12% | −0.26 |
| AGX Argan Inc. | Reduce -6.5% | 3.58% | −0.18 |
| MTRX Matrix Service Co. | Reduce -21.4% | 5.41% | −0.08 |
Portfolio Buys Q4 2023 → Q1 2024
| EU Encore Energy Corp. | Add +232.0% | 7.55% | +5.57 |
| TBI Trueblue Inc. | Add +196.7% | 4.65% | +2.61 |
| MAG Mag Silver Corp. | Add +73.7% | 6.23% | +2.49 |
| KMT Kennametal Inc. | New | 2.01% | +2.01 |
| IWM iShares Russell 2000 ETF | Add +43.4% | 2.34% | +0.69 |
| IWN iShares Russell 2000 Value E | Add +11.8% | 4.20% | +0.30 |
| DNN Denison Mines Corp. | Add +6.0% | 2.38% | +0.22 |
| URG Ur-Energy Inc. | Add +1.1% | 9.78% | −0.09 |
| IPI Intrepid Potash Inc. | Add +12.2% | 5.93% | −0.49 |
| UFI Unifi Inc. | Add +0.6% | 3.45% | −0.59 |
| MPAA Motorcar Parts of America Inc. | Add +0.1% | 4.09% | −0.94 |
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 |