Azarias Capital Management, L.P.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 26, 2024), Azarias Capital Management, L.P. reported 21 stock positions worth $222.4 million. Its top holding was Ur-Energy (URG) at 10.3% of the portfolio, followed by Encore Energy (EU, 9.3%) and Intrepid Potash (IPI, 7.0%). Compared with Q1 2024, it opened 2 new positions, sold out of 4, added to 11 and reduced 8. The biggest buy was a new position in Standard Motor Prods (SMP) and the biggest sale an exit from iShares Russell 2000 Value E (IWN).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $222.4M (Q2 2024)
- SEC Filing
- 0001085146-24-003251 ↗ filed Jul 26, 2024
Holdings Value
Holdings 21 stocks · $222.4M
| URG Ur-Energy Inc. | 10.30% | 16,370,204 | $22.9M | Add +12.3% |
| EU Encore Energy Corp. | 9.26% | 4,814,976 | $20.6M | Add +28.1% |
| IPI Intrepid Potash Inc. | 6.98% | 662,547 | $15.5M | Reduce -2.2% |
| MAG Mag Silver Corp. | 6.28% | 1,197,255 | $14.0M | Reduce -14.8% |
| NXE Nexgen Energy Ltd. | 6.21% | 1,979,926 | $13.8M | Reduce -4.7% |
| HCSG Healthcare Services Group | 5.84% | 1,226,773 | $13.0M | Add +50.7% |
| TBI Trueblue Inc. | 5.78% | 1,247,222 | $12.8M | Add +40.8% |
| MTRX Matrix Service Co. | 5.68% | 1,273,193 | $12.6M | Add +28.5% |
| STC Stewart Information Services | 5.66% | 202,739 | $12.6M | Reduce -4.0% |
| SMP Standard Motor Prods | 5.03% | 403,769 | $11.2M | New |
| CCJ Cameco Corp. | 4.35% | 196,494 | $9.7M | Reduce -25.0% |
| SCHL Scholastic Corp. | 4.22% | 264,565 | $9.4M | Add +32.6% |
| HOFT Hooker Furnishings Corp. | 4.07% | 624,415 | $9.0M | Add +23.8% |
| UFI Unifi Inc. | 3.63% | 1,371,487 | $8.1M | Reduce -0.0% |
| MPAA Motorcar Parts of America Inc. | 3.39% | 1,223,381 | $7.5M | Add +0.8% |
| DNN Denison Mines Corp. | 3.05% | 3,406,586 | $6.8M | Add +17.1% |
| KMT Kennametal Inc. | 2.75% | 259,399 | $6.1M | Add +34.9% |
| UUUU Energy Fuels Inc. | 2.37% | 870,521 | $5.3M | Add +11.1% |
| FSTR Foster (lb) Co. Class A | 2.00% | 207,166 | $4.5M | Reduce -24.0% |
| RELL Richardson Elec Ltd. | 1.60% | 299,815 | $3.6M | New |
| AGX Argan Inc. | 1.54% | 46,890 | $3.4M | Reduce -72.2% |
Portfolio Sells Q1 2024 → Q2 2024
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −4.20 |
| EZPW Ezcorp Inc. Class A | Sold out | 0.00% | −2.53 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −2.34 |
| AGX Argan Inc. | Reduce -72.2% | 1.54% | −2.03 |
| FSTR Foster (lb) Co. Class A | Reduce -24.0% | 2.00% | −1.12 |
| HBB Hamilton Beach Brand-A | Sold out | 0.00% | −0.91 |
| NXE Nexgen Energy Ltd. | Reduce -4.7% | 6.21% | −0.55 |
| CCJ Cameco Corp. | Reduce -25.0% | 4.35% | −0.41 |
| STC Stewart Information Services | Reduce -4.0% | 5.66% | −0.10 |
| MAG Mag Silver Corp. | Reduce -14.8% | 6.28% | +0.05 |
| UFI Unifi Inc. | Reduce -0.0% | 3.63% | +0.19 |
| IPI Intrepid Potash Inc. | Reduce -2.2% | 6.98% | +1.05 |
Portfolio Buys Q1 2024 → Q2 2024
| SMP Standard Motor Prods | New | 5.03% | +5.03 |
| EU Encore Energy Corp. | Add +28.1% | 9.26% | +1.71 |
| RELL Richardson Elec Ltd. | New | 1.60% | +1.60 |
| HCSG Healthcare Services Group | Add +50.7% | 5.84% | +1.58 |
| TBI Trueblue Inc. | Add +40.8% | 5.78% | +1.12 |
| SCHL Scholastic Corp. | Add +32.6% | 4.22% | +1.07 |
| KMT Kennametal Inc. | Add +34.9% | 2.75% | +0.73 |
| DNN Denison Mines Corp. | Add +17.1% | 3.05% | +0.67 |
| URG Ur-Energy Inc. | Add +12.3% | 10.30% | +0.52 |
| UUUU Energy Fuels Inc. | Add +11.1% | 2.37% | +0.31 |
| MTRX Matrix Service Co. | Add +28.5% | 5.68% | +0.27 |
| MPAA Motorcar Parts of America Inc. | Add +0.8% | 3.39% | −0.70 |
| HOFT Hooker Furnishings Corp. | Add +23.8% | 4.07% | −1.01 |
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 |