Azarias Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Azarias Capital Management, L.P. reported 25 stock positions worth $228.4 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 31.8% of the portfolio, followed by Ur-Energy (URG, 8.5%) and Encore Energy (EU, 4.5%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 7 and reduced 12. The biggest buy was a new position in Employers (EIG) and the biggest sale an exit from Healthcare Services (HCSG).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $228.4M (Q4 2025)
- SEC Filing
- 0001625279-26-000002 ↗ filed Jan 23, 2026
Holdings Value
Holdings 25 stocks · $228.4M
| SPY SS SPDR S&P 500 ETF Trust-US | 31.78% | 106,461 | $72.6M | No change |
| URG Ur-Energy Inc. | 8.49% | 13,950,155 | $19.4M | Add +3.3% |
| EU Encore Energy Corp. | 4.49% | 4,132,851 | $10.2M | Add +2.5% |
| NXE Nexgen Energy Ltd. | 4.35% | 1,079,795 | $9.9M | Reduce -3.3% |
| MAN Manpowergroup Inc. | 3.77% | 289,883 | $8.6M | Add +40.9% |
| MTRX Matrix Service Co. | 3.74% | 730,767 | $8.5M | Add +15.1% |
| MTUS Metallus Inc. | 3.64% | 484,811 | $8.3M | Reduce -14.6% |
| IPI Intrepid Potash Inc. | 3.58% | 294,870 | $8.2M | Add +13.5% |
| CCJ Cameco Corp. | 3.51% | 87,728 | $8.0M | No change |
| GPOR Gulfport Energy Corp. | 3.48% | 38,273 | $8.0M | Reduce -14.1% |
| DNN Denison Mines Corp. | 3.40% | 2,922,967 | $7.8M | No change |
| UUUU Energy Fuels Inc. | 2.67% | 419,028 | $6.1M | Reduce -29.7% |
| KMT Kennametal Inc. | 2.67% | 214,288 | $6.1M | Reduce -41.2% |
| SD Sandridge Energy Inc. | 2.59% | 410,574 | $5.9M | Reduce -14.8% |
| EXK Endeavour Silver Corp. | 2.59% | 630,009 | $5.9M | Reduce -46.0% |
| SMP Standard Motor Prods | 2.45% | 151,941 | $5.6M | Reduce -15.1% |
| COHU Cohu Inc. | 2.42% | 237,207 | $5.5M | Reduce -17.0% |
| HOFT Hooker Furnishings Corp. | 2.34% | 473,179 | $5.3M | No change |
| TBI Trueblue Inc. | 1.97% | 988,880 | $4.5M | Add +0.5% |
| UFI Unifi Inc. | 1.39% | 904,013 | $3.2M | Add +11.3% |
| EIG Employers Holdings Inc. | 1.31% | 69,108 | $3.0M | New |
| MPAA Motorcar Parts of America Inc. | 1.17% | 216,408 | $2.7M | Reduce -28.6% |
| SCHL Scholastic Corp. | 0.80% | 61,522 | $1.8M | Reduce -63.1% |
| VPG Vishay Precision Group | 0.74% | 44,054 | $1.7M | Reduce -69.0% |
| MLR Miller Industries Inc. | 0.66% | 40,047 | $1.5M | New |
Portfolio Sells Q3 2025 → Q4 2025
| HCSG Healthcare Services Group | Sold out | 0.00% | −1.69 |
| VPG Vishay Precision Group | Reduce -69.0% | 0.74% | −1.06 |
| EXK Endeavour Silver Corp. | Reduce -46.0% | 2.59% | −1.03 |
| SCHL Scholastic Corp. | Reduce -63.1% | 0.80% | −1.01 |
| UUUU Energy Fuels Inc. | Reduce -29.7% | 2.67% | −0.96 |
| MPAA Motorcar Parts of America Inc. | Reduce -28.6% | 1.17% | −0.82 |
| SMP Standard Motor Prods | Reduce -15.1% | 2.45% | −0.44 |
| KMT Kennametal Inc. | Reduce -41.2% | 2.67% | −0.35 |
| MTUS Metallus Inc. | Reduce -14.6% | 3.64% | −0.07 |
| COHU Cohu Inc. | Reduce -17.0% | 2.42% | +0.12 |
| GPOR Gulfport Energy Corp. | Reduce -14.1% | 3.48% | +0.29 |
| NXE Nexgen Energy Ltd. | Reduce -3.3% | 4.35% | +0.39 |
| SD Sandridge Energy Inc. | Reduce -14.8% | 2.59% | +0.44 |
Portfolio Buys Q3 2025 → Q4 2025
| EIG Employers Holdings Inc. | New | 1.31% | +1.31 |
| MAN Manpowergroup Inc. | Add +40.9% | 3.77% | +0.68 |
| MLR Miller Industries Inc. | New | 0.66% | +0.66 |
| MTRX Matrix Service Co. | Add +15.1% | 3.74% | +0.45 |
| IPI Intrepid Potash Inc. | Add +13.5% | 3.58% | +0.43 |
| UFI Unifi Inc. | Add +11.3% | 1.39% | −0.15 |
| TBI Trueblue Inc. | Add +0.5% | 1.97% | −0.42 |
| EU Encore Energy Corp. | Add +2.5% | 4.49% | −0.64 |
| URG Ur-Energy Inc. | Add +3.3% | 8.49% | −1.08 |
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 |