Azarias Capital Management, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 16, 2026), Azarias Capital Management, L.P. reported 24 stock positions worth $223.1 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 31.0% of the portfolio, followed by Ur-Energy (URG, 9.1%) and Denison Mines (DNN, 4.6%). Compared with Q4 2025, it opened 3 new positions, sold out of 4, added to 9 and reduced 10. The biggest buy was a new position in Seadrill (SDRL) and the biggest sale an exit from Kennametal (KMT).
- Most Recent 13F
- Q2 2026
- Location
- West Chester, PA
- CIK
- 0001625279
- Portfolio Value
- $223.1M (Q1 2026)
- SEC Filing
- 0001625279-26-000003 ↗ filed Apr 16, 2026
Holdings Value
Holdings 24 stocks · $223.1M
| SPY SS SPDR S&P 500 ETF Trust-US | 31.03% | 106,461 | $69.2M | No change |
| URG Ur-Energy Inc. | 9.08% | 13,604,304 | $20.3M | Reduce -2.5% |
| DNN Denison Mines Corp. | 4.62% | 2,922,967 | $10.3M | No change |
| MAN Manpowergroup Inc. | 4.46% | 337,613 | $9.9M | Add +16.5% |
| MTRX Matrix Service Co. | 4.20% | 817,021 | $9.4M | Add +11.8% |
| EU Encore Energy Corp. | 4.09% | 5,067,708 | $9.1M | Add +22.6% |
| GPOR Gulfport Energy Corp. | 3.99% | 42,121 | $8.9M | Add +10.1% |
| MTUS Metallus Inc. | 3.98% | 543,322 | $8.9M | Add +12.1% |
| NXE Nexgen Energy Ltd. | 3.55% | 682,943 | $7.9M | Reduce -36.8% |
| IPI Intrepid Potash Inc. | 3.33% | 173,654 | $7.4M | Reduce -41.1% |
| UUUU Energy Fuels Inc. | 3.11% | 380,528 | $6.9M | Reduce -9.2% |
| SDRL Seadrill Limited | 2.79% | 136,645 | $6.2M | New |
| MPAA Motorcar Parts of America Inc. | 2.64% | 532,869 | $5.9M | Add +146.2% |
| EIG Employers Holdings Inc. | 2.58% | 140,180 | $5.8M | Add +102.8% |
| CCJ Cameco Corp. | 2.45% | 50,371 | $5.5M | Reduce -42.6% |
| HOFT Hooker Furnishings Corp. | 2.29% | 397,176 | $5.1M | Reduce -16.1% |
| SD Sandridge Energy Inc. | 2.28% | 312,396 | $5.1M | Reduce -23.9% |
| MLR Miller Industries Inc. | 2.25% | 110,426 | $5.0M | Add +175.7% |
| SMP Standard Motor Prods | 1.98% | 127,206 | $4.4M | Reduce -16.3% |
| TBI Trueblue Inc. | 1.76% | 1,001,950 | $3.9M | Add +1.3% |
| UFI Unifi Inc. | 1.40% | 875,137 | $3.1M | Reduce -3.2% |
| AVT Avnet Inc. | 1.21% | 43,934 | $2.7M | New |
| COHU Cohu Inc. | 0.82% | 59,559 | $1.8M | Reduce -74.9% |
| AGX Argan Inc. | 0.09% | 378 | $206K | New |
Portfolio Sells Q4 2025 → Q1 2026
| KMT Kennametal Inc. | Sold out | 0.00% | −2.67 |
| EXK Endeavour Silver Corp. | Sold out | 0.00% | −2.59 |
| COHU Cohu Inc. | Reduce -74.9% | 0.82% | −1.60 |
| CCJ Cameco Corp. | Reduce -42.6% | 2.45% | −1.06 |
| NXE Nexgen Energy Ltd. | Reduce -36.8% | 3.55% | −0.80 |
| SCHL Scholastic Corp. | Sold out | 0.00% | −0.80 |
| VPG Vishay Precision Group | Sold out | 0.00% | −0.74 |
| SMP Standard Motor Prods | Reduce -16.3% | 1.98% | −0.47 |
| SD Sandridge Energy Inc. | Reduce -23.9% | 2.28% | −0.31 |
| IPI Intrepid Potash Inc. | Reduce -41.1% | 3.33% | −0.25 |
| HOFT Hooker Furnishings Corp. | Reduce -16.1% | 2.29% | −0.05 |
| UFI Unifi Inc. | Reduce -3.2% | 1.40% | +0.01 |
| UUUU Energy Fuels Inc. | Reduce -9.2% | 3.11% | +0.44 |
| URG Ur-Energy Inc. | Reduce -2.5% | 9.08% | +0.59 |
Portfolio Buys Q4 2025 → Q1 2026
| SDRL Seadrill Limited | New | 2.79% | +2.79 |
| MLR Miller Industries Inc. | Add +175.7% | 2.25% | +1.60 |
| MPAA Motorcar Parts of America Inc. | Add +146.2% | 2.64% | +1.47 |
| EIG Employers Holdings Inc. | Add +102.8% | 2.58% | +1.28 |
| AVT Avnet Inc. | New | 1.21% | +1.21 |
| MAN Manpowergroup Inc. | Add +16.5% | 4.46% | +0.68 |
| GPOR Gulfport Energy Corp. | Add +10.1% | 3.99% | +0.51 |
| MTRX Matrix Service Co. | Add +11.8% | 4.20% | +0.46 |
| MTUS Metallus Inc. | Add +12.1% | 3.98% | +0.34 |
| AGX Argan Inc. | New | 0.09% | +0.09 |
| TBI Trueblue Inc. | Add +1.3% | 1.76% | −0.21 |
| EU Encore Energy Corp. | Add +22.6% | 4.09% | −0.40 |
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 |