Azarias Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Azarias Capital Management, L.P. reported 24 stock positions worth $220.0 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 29.9% of the portfolio, followed by Ur-Energy (URG, 8.5%) and Encore Energy (EU, 4.8%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 6 and reduced 13. The biggest buy was a new position in Endeavour Silver (EXK) and the biggest sale an exit from Mag Silver (MAG).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $220.0M (Q2 2025)
- SEC Filing
- 0001085146-25-003990 ↗ filed Jul 21, 2025
Holdings Value
Holdings 24 stocks · $220.0M
| SPY SS SPDR S&P 500 ETF Trust-US | 29.90% | 106,461 | $65.8M | No change |
| URG Ur-Energy Inc. | 8.48% | 17,764,624 | $18.7M | Reduce -1.0% |
| EU Encore Energy Corp. | 4.78% | 3,680,164 | $10.5M | Reduce -27.9% |
| NXE Nexgen Energy Ltd. | 4.46% | 1,414,414 | $9.8M | Reduce -20.9% |
| MTUS Metallus Inc. | 4.15% | 593,036 | $9.1M | Add +14.1% |
| MTRX Matrix Service Co. | 3.85% | 627,766 | $8.5M | Add +9.9% |
| SMP Standard Motor Prods | 3.60% | 257,726 | $7.9M | Reduce -3.1% |
| SCHL Scholastic Corp. | 3.44% | 361,220 | $7.6M | Reduce -2.4% |
| CCJ Cameco Corp. | 3.26% | 96,572 | $7.2M | Reduce -13.5% |
| MPAA Motorcar Parts of America Inc. | 3.14% | 615,852 | $6.9M | Reduce -3.0% |
| KMT Kennametal Inc. | 2.88% | 276,451 | $6.3M | Add +17.2% |
| VPG Vishay Precision Group | 2.74% | 214,564 | $6.0M | Add +5.5% |
| TBI Trueblue Inc. | 2.65% | 899,119 | $5.8M | Reduce -16.3% |
| IPI Intrepid Potash Inc. | 2.56% | 157,522 | $5.6M | Reduce -34.2% |
| EXK Endeavour Silver Corp. | 2.55% | 1,139,331 | $5.6M | New |
| DNN Denison Mines Corp. | 2.54% | 3,064,876 | $5.6M | No change |
| GPOR Gulfport Energy Corp. | 2.28% | 24,931 | $5.0M | New |
| UUUU Energy Fuels Inc. | 2.24% | 857,933 | $4.9M | Reduce -5.9% |
| HCSG Healthcare Services Group | 2.15% | 314,806 | $4.7M | Reduce -51.5% |
| COHU Cohu Inc. | 2.06% | 235,811 | $4.5M | Add +239.9% |
| HOFT Hooker Furnishings Corp. | 1.70% | 354,190 | $3.7M | Reduce -27.1% |
| SD Sandridge Energy Inc. | 1.70% | 346,070 | $3.7M | Add +384.2% |
| UFI Unifi Inc. | 1.59% | 671,986 | $3.5M | Reduce -28.8% |
| IWN iShares Russell 2000 Value E | 1.28% | 17,897 | $2.8M | New |
Portfolio Sells Q1 2025 → Q2 2025
| MAG Mag Silver Corp. | Sold out | 0.00% | −2.48 |
| RELL Richardson Elec Ltd. | Sold out | 0.00% | −1.77 |
| HCSG Healthcare Services Group | Reduce -51.5% | 2.15% | −1.48 |
| IPI Intrepid Potash Inc. | Reduce -34.2% | 2.56% | −1.34 |
| HOFT Hooker Furnishings Corp. | Reduce -27.1% | 1.70% | −1.00 |
| UFI Unifi Inc. | Reduce -28.8% | 1.59% | −0.92 |
| TBI Trueblue Inc. | Reduce -16.3% | 2.65% | −0.51 |
| SCHL Scholastic Corp. | Reduce -2.4% | 3.44% | −0.43 |
| MPAA Motorcar Parts of America Inc. | Reduce -3.0% | 3.14% | −0.21 |
| SMP Standard Motor Prods | Reduce -3.1% | 3.60% | −0.08 |
| NXE Nexgen Energy Ltd. | Reduce -20.9% | 4.46% | +0.01 |
| UUUU Energy Fuels Inc. | Reduce -5.9% | 2.24% | +0.36 |
| CCJ Cameco Corp. | Reduce -13.5% | 3.26% | +0.71 |
| EU Encore Energy Corp. | Reduce -27.9% | 4.78% | +0.91 |
| URG Ur-Energy Inc. | Reduce -1.0% | 8.48% | +1.78 |
Portfolio Buys Q1 2025 → Q2 2025
| EXK Endeavour Silver Corp. | New | 2.55% | +2.55 |
| GPOR Gulfport Energy Corp. | New | 2.28% | +2.28 |
| COHU Cohu Inc. | Add +239.9% | 2.06% | +1.50 |
| IWN iShares Russell 2000 Value E | New | 1.28% | +1.28 |
| SD Sandridge Energy Inc. | Add +384.2% | 1.70% | +1.25 |
| MTUS Metallus Inc. | Add +14.1% | 4.15% | +0.31 |
| KMT Kennametal Inc. | Add +17.2% | 2.88% | +0.10 |
| VPG Vishay Precision Group | Add +5.5% | 2.74% | +0.03 |
| MTRX Matrix Service Co. | Add +9.9% | 3.85% | −0.08 |
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 |