Azarias Capital Management, L.P.
Long book
$223.1M
Q1 2026
Positions
24
Top-10 weight
72%
concentration
Last quarter
+6.0%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsAzarias Capital Management, L.P. is an institutional manager, running a $223.1M US long book across 24 positions.
The portfolio is concentrated: the top 10 names carry 72% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: SS SPDR S&P 500 ETF TRUST-US, UR-ENERGY INC, DENISON MINES CORP, MANPOWERGROUP INC, MATRIX SERVICE CO.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.7%
Q2 2024
+3.4%
Q3 2024
-4.0%
Q4 2024
-18.8%
Q1 2025
+25.9%
Q2 2025
+21.1%
Q3 2025
-1.1%
Q4 2025
+5.4%
Q1 2026
+6.0%
Sector allocation
Materials 44%
Industrials 22%
Energy 13%
Services media 9%
Other 5%
Financials 4%
Consumer discretionary 2%
Technology 1%
Long book by quarter
What does Azarias Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| URG UR-ENERGY INC | Materials | 13.6M | $20.3M | 9.1% | -2.5% |
| DNN DENISON MINES CORP | Materials | 2.9M | $10.3M | 4.6% | Held |
| MAN MANPOWERGROUP INC | Services media | 337.6K | $9.9M | 4.5% | +16.5% |
| MTRX MATRIX SERVICE CO | Industrials | 817.0K | $9.4M | 4.2% | +11.8% |
| EU ENCORE ENERGY CORP | Materials | 5.1M | $9.1M | 4.1% | +22.6% |
| GPOR GULFPORT ENERGY CORP | Energy | 42.1K | $8.9M | 4.0% | +10.1% |
| MTUS METALLUS INC | Industrials | 543.3K | $8.9M | 4.0% | +12.1% |
| NXE NEXGEN ENERGY LTD | Materials | 682.9K | $7.9M | 3.6% | -36.8% |
| IPI INTREPID POTASH INC | Materials | 173.7K | $7.4M | 3.3% | -41.1% |
| UUUU ENERGY FUELS INC | Materials | 380.5K | $6.9M | 3.1% | -9.2% |
| SDRL SEADRILL LIMITED | Energy | 136.6K | $6.2M | 2.8% | New |
| MPAA MOTORCAR PARTS OF AMERICA IN | Industrials | 532.9K | $5.9M | 2.6% | +146.2% |
| EIG EMPLOYERS HOLDINGS INC | Financials | 140.2K | $5.8M | 2.6% | +102.8% |
| CCJ CAMECO CORP | Materials | 50.4K | $5.5M | 2.5% | -42.6% |
| HOFT HOOKER FURNISHINGS CORP | Other | 397.2K | $5.1M | 2.3% | -16.1% |
| SD SANDRIDGE ENERGY INC | Energy | 312.4K | $5.1M | 2.3% | -23.9% |
| MLR MILLER INDUSTRIES INC/TENN | Industrials | 110.4K | $5.0M | 2.3% | +175.7% |
| SMP STANDARD MOTOR PRODS | Industrials | 127.2K | $4.4M | 2.0% | -16.3% |
| TBI TRUEBLUE INC | Services media | 1.0M | $3.9M | 1.8% | +1.3% |
| UFI UNIFI INC | Other | 875.1K | $3.1M | 1.4% | -3.2% |
| AVT AVNET INC | Consumer discretionary | 43.9K | $2.7M | 1.2% | New |
| COHU COHU INC | Technology | 59.6K | $1.8M | 0.8% | -74.9% |
| AGX ARGAN INC | Industrials | 378 | $206K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 16, 2026 | 24 | $223.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 23, 2026 | 25 | $228.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 15, 2025 | 24 | $252.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 21, 2025 | 24 | $220.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 22, 2025 | 23 | $180.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 30, 2025 | 22 | $223.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 20 | $224.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 26, 2024 | 21 | $222.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 19, 2024 | 23 | $238.5M | canonical | SEC ↗ |
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