Azarias Capital Management, L.P.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 4, 2024), Azarias Capital Management, L.P. reported 20 stock positions worth $224.9 million. Its top holding was Ur-Energy (URG) at 11.3% of the portfolio, followed by Encore Energy (EU, 9.0%) and Matrix Service (MTRX, 7.4%). Compared with Q2 2024, it sold out of 1, added to 14 and reduced 6. The biggest buy was Matrix Service (MTRX, shares +13%) and the biggest sale Stewart Information Services (STC, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $224.9M (Q3 2024)
- SEC Filing
- 0001085146-24-005319 ↗ filed Nov 4, 2024
Holdings Value
Holdings 20 stocks · $224.9M
| URG Ur-Energy Inc. | 11.26% | 21,271,674 | $25.3M | Add +29.9% |
| EU Encore Energy Corp. | 8.99% | 5,003,356 | $20.2M | Add +3.9% |
| MTRX Matrix Service Co. | 7.37% | 1,438,259 | $16.6M | Add +13.0% |
| IPI Intrepid Potash Inc. | 6.53% | 612,018 | $14.7M | Reduce -7.6% |
| HCSG Healthcare Services Group | 6.12% | 1,232,114 | $13.8M | Add +0.4% |
| TBI Trueblue Inc. | 6.04% | 1,722,348 | $13.6M | Add +38.1% |
| SMP Standard Motor Prods | 5.57% | 377,415 | $12.5M | Reduce -6.5% |
| HOFT Hooker Furnishings Corp. | 5.50% | 684,047 | $12.4M | Add +9.6% |
| NXE Nexgen Energy Ltd. | 5.13% | 1,767,474 | $11.5M | Reduce -10.7% |
| MAG Mag Silver Corp. | 4.74% | 759,110 | $10.7M | Reduce -36.6% |
| UFI Unifi Inc. | 4.71% | 1,441,763 | $10.6M | Add +5.1% |
| CCJ Cameco Corp. | 4.34% | 204,256 | $9.8M | Add +4.0% |
| MPAA Motorcar Parts of America Inc. | 4.11% | 1,252,221 | $9.3M | Add +2.4% |
| SCHL Scholastic Corp. | 3.88% | 272,276 | $8.7M | Add +2.9% |
| DNN Denison Mines Corp. | 2.87% | 3,526,586 | $6.5M | Add +3.5% |
| KMT Kennametal Inc. | 2.82% | 244,571 | $6.3M | Reduce -5.7% |
| FSTR Foster (lb) Co. Class A | 2.76% | 303,332 | $6.2M | Add +46.4% |
| STC Stewart Information Services | 2.63% | 79,267 | $5.9M | Reduce -60.9% |
| RELL Richardson Elec Ltd. | 2.36% | 429,653 | $5.3M | Add +43.3% |
| UUUU Energy Fuels Inc. | 2.27% | 931,721 | $5.1M | Add +7.0% |
Portfolio Sells Q2 2024 → Q3 2024
| STC Stewart Information Services | Reduce -60.9% | 2.63% | −3.02 |
| MAG Mag Silver Corp. | Reduce -36.6% | 4.74% | −1.54 |
| AGX Argan Inc. | Sold out | 0.00% | −1.54 |
| NXE Nexgen Energy Ltd. | Reduce -10.7% | 5.13% | −1.08 |
| IPI Intrepid Potash Inc. | Reduce -7.6% | 6.53% | −0.45 |
| KMT Kennametal Inc. | Reduce -5.7% | 2.82% | +0.07 |
| SMP Standard Motor Prods | Reduce -6.5% | 5.57% | +0.54 |
Portfolio Buys Q2 2024 → Q3 2024
| MTRX Matrix Service Co. | Add +13.0% | 7.37% | +1.69 |
| HOFT Hooker Furnishings Corp. | Add +9.6% | 5.50% | +1.43 |
| UFI Unifi Inc. | Add +5.1% | 4.71% | +1.07 |
| URG Ur-Energy Inc. | Add +29.9% | 11.26% | +0.95 |
| RELL Richardson Elec Ltd. | Add +43.3% | 2.36% | +0.75 |
| FSTR Foster (lb) Co. Class A | Add +46.4% | 2.76% | +0.75 |
| MPAA Motorcar Parts of America Inc. | Add +2.4% | 4.11% | +0.72 |
| HCSG Healthcare Services Group | Add +0.4% | 6.12% | +0.28 |
| TBI Trueblue Inc. | Add +38.1% | 6.04% | +0.27 |
| CCJ Cameco Corp. | Add +4.0% | 4.34% | −0.01 |
| UUUU Energy Fuels Inc. | Add +7.0% | 2.27% | −0.10 |
| DNN Denison Mines Corp. | Add +3.5% | 2.87% | −0.18 |
| EU Encore Energy Corp. | Add +3.9% | 8.99% | −0.27 |
| SCHL Scholastic Corp. | Add +2.9% | 3.88% | −0.34 |
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 |