Azarias Capital Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 30, 2025), Azarias Capital Management, L.P. reported 22 stock positions worth $223.2 million. Its top holding was Ur-Energy (URG) at 10.8% of the portfolio, followed by Encore Energy (EU, 8.2%) and Matrix Service (MTRX, 6.5%). Compared with Q3 2024, it opened 2 new positions, added to 6 and reduced 14. The biggest buy was a new position in Metallus (MTUS) and the biggest sale Cameco (CCJ, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $223.2M (Q4 2024)
- SEC Filing
- 0001085146-25-000624 ↗ filed Jan 30, 2025
Holdings Value
Holdings 22 stocks · $223.2M
| URG Ur-Energy Inc. | 10.79% | 20,949,653 | $24.1M | Reduce -1.5% |
| EU Encore Energy Corp. | 8.17% | 5,346,013 | $18.2M | Add +6.8% |
| MTRX Matrix Service Co. | 6.53% | 1,218,105 | $14.6M | Reduce -15.3% |
| IPI Intrepid Potash Inc. | 6.46% | 657,464 | $14.4M | Add +7.4% |
| HCSG Healthcare Services Group | 6.40% | 1,230,584 | $14.3M | Reduce -0.1% |
| NXE Nexgen Energy Ltd. | 6.03% | 2,038,627 | $13.5M | Add +15.3% |
| TBI Trueblue Inc. | 5.99% | 1,590,516 | $13.4M | Reduce -7.7% |
| SMP Standard Motor Prods | 5.03% | 362,642 | $11.2M | Reduce -3.9% |
| HOFT Hooker Furnishings Corp. | 4.74% | 754,328 | $10.6M | Add +10.3% |
| SCHL Scholastic Corp. | 4.47% | 467,783 | $10.0M | Add +71.8% |
| MTUS Metallus Inc. | 4.20% | 663,998 | $9.4M | New |
| UFI Unifi Inc. | 4.01% | 1,430,375 | $8.9M | Reduce -0.8% |
| MAG Mag Silver Corp. | 3.83% | 629,005 | $8.6M | Reduce -17.1% |
| MPAA Motorcar Parts of America Inc. | 3.69% | 1,083,105 | $8.2M | Reduce -13.5% |
| FSTR Foster (lb) Co. Class A | 2.90% | 240,991 | $6.5M | Reduce -20.6% |
| RELL Richardson Elec Ltd. | 2.81% | 446,496 | $6.3M | Add +3.9% |
| CCJ Cameco Corp. | 2.73% | 118,666 | $6.1M | Reduce -41.9% |
| DNN Denison Mines Corp. | 2.68% | 3,326,586 | $6.0M | Reduce -5.7% |
| VPG Vishay Precision Group | 2.30% | 219,074 | $5.1M | New |
| KMT Kennametal Inc. | 2.10% | 195,281 | $4.7M | Reduce -20.1% |
| UUUU Energy Fuels Inc. | 2.10% | 911,721 | $4.7M | Reduce -2.1% |
| STC Stewart Information Services | 2.03% | 67,073 | $4.5M | Reduce -15.4% |
Portfolio Sells Q3 2024 → Q4 2024
| CCJ Cameco Corp. | Reduce -41.9% | 2.73% | −1.61 |
| MAG Mag Silver Corp. | Reduce -17.1% | 3.83% | −0.91 |
| MTRX Matrix Service Co. | Reduce -15.3% | 6.53% | −0.84 |
| KMT Kennametal Inc. | Reduce -20.1% | 2.10% | −0.72 |
| UFI Unifi Inc. | Reduce -0.8% | 4.01% | −0.70 |
| STC Stewart Information Services | Reduce -15.4% | 2.03% | −0.61 |
| SMP Standard Motor Prods | Reduce -3.9% | 5.03% | −0.54 |
| URG Ur-Energy Inc. | Reduce -1.5% | 10.79% | −0.46 |
| MPAA Motorcar Parts of America Inc. | Reduce -13.5% | 3.69% | −0.43 |
| DNN Denison Mines Corp. | Reduce -5.7% | 2.68% | −0.19 |
| UUUU Energy Fuels Inc. | Reduce -2.1% | 2.10% | −0.18 |
| TBI Trueblue Inc. | Reduce -7.7% | 5.99% | −0.06 |
| FSTR Foster (lb) Co. Class A | Reduce -20.6% | 2.90% | +0.15 |
| HCSG Healthcare Services Group | Reduce -0.1% | 6.40% | +0.28 |
Portfolio Buys Q3 2024 → Q4 2024
| MTUS Metallus Inc. | New | 4.20% | +4.20 |
| VPG Vishay Precision Group | New | 2.30% | +2.30 |
| NXE Nexgen Energy Ltd. | Add +15.3% | 6.03% | +0.90 |
| SCHL Scholastic Corp. | Add +71.8% | 4.47% | +0.60 |
| RELL Richardson Elec Ltd. | Add +3.9% | 2.81% | +0.45 |
| IPI Intrepid Potash Inc. | Add +7.4% | 6.46% | −0.07 |
| HOFT Hooker Furnishings Corp. | Add +10.3% | 4.74% | −0.76 |
| EU Encore Energy Corp. | Add +6.8% | 8.17% | −0.82 |
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 |