Azarias Capital Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Azarias Capital Management, L.P. reported 24 stock positions worth $252.5 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 28.1% of the portfolio, followed by Ur-Energy (URG, 9.6%) and Encore Energy (EU, 5.1%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 11 and reduced 11. The biggest buy was a new position in Manpowergroup (MAN) and the biggest sale Scholastic (SCHL, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $252.5M (Q3 2025)
- SEC Filing
- 0001625279-25-000012 ↗ filed Oct 15, 2025
Holdings Value
Holdings 24 stocks · $252.5M
| SPY SS SPDR S&P 500 ETF Trust-US | 28.09% | 106,461 | $70.9M | No change |
| URG Ur-Energy Inc. | 9.57% | 13,504,298 | $24.2M | Reduce -24.0% |
| EU Encore Energy Corp. | 5.13% | 4,032,939 | $12.9M | Add +9.6% |
| NXE Nexgen Energy Ltd. | 3.96% | 1,117,009 | $10.0M | Reduce -21.0% |
| MTUS Metallus Inc. | 3.72% | 567,486 | $9.4M | Reduce -4.3% |
| EXK Endeavour Silver Corp. | 3.62% | 1,166,937 | $9.1M | Add +2.4% |
| UUUU Energy Fuels Inc. | 3.62% | 595,983 | $9.1M | Reduce -30.5% |
| MTRX Matrix Service Co. | 3.29% | 634,843 | $8.3M | Add +1.1% |
| GPOR Gulfport Energy Corp. | 3.19% | 44,541 | $8.1M | Add +78.7% |
| DNN Denison Mines Corp. | 3.18% | 2,922,967 | $8.0M | Reduce -4.6% |
| IPI Intrepid Potash Inc. | 3.15% | 259,788 | $7.9M | Add +64.9% |
| MAN Manpowergroup Inc. | 3.09% | 205,731 | $7.8M | New |
| KMT Kennametal Inc. | 3.02% | 364,357 | $7.6M | Add +31.8% |
| CCJ Cameco Corp. | 2.91% | 87,728 | $7.4M | Reduce -9.2% |
| SMP Standard Motor Prods | 2.89% | 178,995 | $7.3M | Reduce -30.6% |
| TBI Trueblue Inc. | 2.39% | 983,711 | $6.0M | Add +9.4% |
| COHU Cohu Inc. | 2.30% | 285,648 | $5.8M | Add +21.1% |
| SD Sandridge Energy Inc. | 2.15% | 481,704 | $5.4M | Add +39.2% |
| MPAA Motorcar Parts of America Inc. | 1.98% | 302,954 | $5.0M | Reduce -50.8% |
| HOFT Hooker Furnishings Corp. | 1.90% | 473,179 | $4.8M | Add +33.6% |
| SCHL Scholastic Corp. | 1.81% | 166,944 | $4.6M | Reduce -53.8% |
| VPG Vishay Precision Group | 1.80% | 142,164 | $4.6M | Reduce -33.7% |
| HCSG Healthcare Services Group | 1.69% | 253,363 | $4.3M | Reduce -19.5% |
| UFI Unifi Inc. | 1.53% | 812,558 | $3.9M | Add +20.9% |
Portfolio Sells Q2 2025 → Q3 2025
| SCHL Scholastic Corp. | Reduce -53.8% | 1.81% | −1.63 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −1.28 |
| MPAA Motorcar Parts of America Inc. | Reduce -50.8% | 1.98% | −1.15 |
| VPG Vishay Precision Group | Reduce -33.7% | 1.80% | −0.94 |
| SMP Standard Motor Prods | Reduce -30.6% | 2.89% | −0.70 |
| NXE Nexgen Energy Ltd. | Reduce -21.0% | 3.96% | −0.50 |
| HCSG Healthcare Services Group | Reduce -19.5% | 1.69% | −0.46 |
| MTUS Metallus Inc. | Reduce -4.3% | 3.72% | −0.44 |
| CCJ Cameco Corp. | Reduce -9.2% | 2.91% | −0.34 |
| DNN Denison Mines Corp. | Reduce -4.6% | 3.18% | +0.65 |
| URG Ur-Energy Inc. | Reduce -24.0% | 9.57% | +1.10 |
| UUUU Energy Fuels Inc. | Reduce -30.5% | 3.62% | +1.38 |
Portfolio Buys Q2 2025 → Q3 2025
| MAN Manpowergroup Inc. | New | 3.09% | +3.09 |
| EXK Endeavour Silver Corp. | Add +2.4% | 3.62% | +1.08 |
| GPOR Gulfport Energy Corp. | Add +78.7% | 3.19% | +0.91 |
| IPI Intrepid Potash Inc. | Add +64.9% | 3.15% | +0.59 |
| SD Sandridge Energy Inc. | Add +39.2% | 2.15% | +0.45 |
| EU Encore Energy Corp. | Add +9.6% | 5.13% | +0.34 |
| COHU Cohu Inc. | Add +21.1% | 2.30% | +0.24 |
| HOFT Hooker Furnishings Corp. | Add +33.6% | 1.90% | +0.20 |
| KMT Kennametal Inc. | Add +31.8% | 3.02% | +0.14 |
| UFI Unifi Inc. | Add +20.9% | 1.53% | −0.06 |
| TBI Trueblue Inc. | Add +9.4% | 2.39% | −0.26 |
| MTRX Matrix Service Co. | Add +1.1% | 3.29% | −0.57 |
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 |