Azarias Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Azarias Capital Management, L.P. reported 23 stock positions worth $180.5 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 33.0% of the portfolio, followed by Ur-Energy (URG, 6.7%) and Nexgen Energy (NXE, 4.4%). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 1 and reduced 18. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Encore Energy (EU, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $180.5M (Q1 2025)
- SEC Filing
- 0001085146-25-002210 ↗ filed Apr 22, 2025
Holdings Value
Holdings 23 stocks · $180.5M
| SPY SS SPDR S&P 500 ETF Trust-US | 33.00% | 106,461 | $59.6M | New |
| URG Ur-Energy Inc. | 6.70% | 17,945,808 | $12.1M | Reduce -14.3% |
| NXE Nexgen Energy Ltd. | 4.45% | 1,788,651 | $8.0M | Reduce -12.3% |
| MTRX Matrix Service Co. | 3.93% | 571,155 | $7.1M | Reduce -53.1% |
| IPI Intrepid Potash Inc. | 3.90% | 239,380 | $7.0M | Reduce -63.6% |
| EU Encore Energy Corp. | 3.87% | 5,103,345 | $7.0M | Reduce -4.5% |
| SCHL Scholastic Corp. | 3.87% | 370,005 | $7.0M | Reduce -20.9% |
| MTUS Metallus Inc. | 3.85% | 519,773 | $6.9M | Reduce -21.7% |
| SMP Standard Motor Prods | 3.68% | 266,053 | $6.6M | Reduce -26.6% |
| HCSG Healthcare Services Group | 3.63% | 649,556 | $6.5M | Reduce -47.2% |
| MPAA Motorcar Parts of America Inc. | 3.34% | 634,649 | $6.0M | Reduce -41.4% |
| TBI Trueblue Inc. | 3.16% | 1,074,069 | $5.7M | Reduce -32.5% |
| KMT Kennametal Inc. | 2.78% | 235,968 | $5.0M | Add +20.8% |
| VPG Vishay Precision Group | 2.71% | 203,290 | $4.9M | Reduce -7.2% |
| HOFT Hooker Furnishings Corp. | 2.70% | 485,707 | $4.9M | Reduce -35.6% |
| CCJ Cameco Corp. | 2.55% | 111,666 | $4.6M | Reduce -5.9% |
| UFI Unifi Inc. | 2.51% | 943,364 | $4.5M | Reduce -34.0% |
| MAG Mag Silver Corp. | 2.48% | 293,244 | $4.5M | Reduce -53.4% |
| DNN Denison Mines Corp. | 2.21% | 3,064,876 | $4.0M | Reduce -7.9% |
| UUUU Energy Fuels Inc. | 1.88% | 911,721 | $3.4M | No change |
| RELL Richardson Elec Ltd. | 1.77% | 285,710 | $3.2M | Reduce -36.0% |
| COHU Cohu Inc. | 0.57% | 69,379 | $1.0M | New |
| SD Sandridge Energy Inc. | 0.45% | 71,476 | $816K | New |
Portfolio Sells Q4 2024 → Q1 2025
| EU Encore Energy Corp. | Reduce -4.5% | 3.87% | −4.29 |
| URG Ur-Energy Inc. | Reduce -14.3% | 6.70% | −4.09 |
| FSTR Foster (lb) Co. Class A | Sold out | 0.00% | −2.90 |
| TBI Trueblue Inc. | Reduce -32.5% | 3.16% | −2.83 |
| HCSG Healthcare Services Group | Reduce -47.2% | 3.63% | −2.78 |
| MTRX Matrix Service Co. | Reduce -53.1% | 3.93% | −2.60 |
| IPI Intrepid Potash Inc. | Reduce -63.6% | 3.90% | −2.56 |
| HOFT Hooker Furnishings Corp. | Reduce -35.6% | 2.70% | −2.03 |
| STC Stewart Information Services | Sold out | 0.00% | −2.03 |
| NXE Nexgen Energy Ltd. | Reduce -12.3% | 4.45% | −1.58 |
| UFI Unifi Inc. | Reduce -34.0% | 2.51% | −1.49 |
| SMP Standard Motor Prods | Reduce -26.6% | 3.68% | −1.36 |
| MAG Mag Silver Corp. | Reduce -53.4% | 2.48% | −1.35 |
| RELL Richardson Elec Ltd. | Reduce -36.0% | 1.77% | −1.04 |
| SCHL Scholastic Corp. | Reduce -20.9% | 3.87% | −0.60 |
| DNN Denison Mines Corp. | Reduce -7.9% | 2.21% | −0.48 |
| MTUS Metallus Inc. | Reduce -21.7% | 3.85% | −0.36 |
| MPAA Motorcar Parts of America Inc. | Reduce -41.4% | 3.34% | −0.35 |
| CCJ Cameco Corp. | Reduce -5.9% | 2.55% | −0.19 |
| VPG Vishay Precision Group | Reduce -7.2% | 2.71% | +0.41 |
Portfolio Buys Q4 2024 → Q1 2025
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 |