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Azarias Capital Management, L.P. 13F Filings & Institutional Holdings (Q2 2026)
Azarias Capital Management, L.P.CIK: 0001625279
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$229.8M
Reporting period: 2026-06-30 · Number of holdings: 23
Azarias Capital Management, L.P. disclosed 23 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $229.8M and a quarterly turnover rate of 20.9%.
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Personality snowflake
- Concentration
- 57.63
- Portfolio Stability
- 20.87
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 46
- Sizing Uniformity
- 84.45
Azarias Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.144 — mathematically equivalent to about 7 equally-sized positions, well below its 23 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.56), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 12% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd SPY
0.0% $10.3M
New buy MOH
Trim EU
-19.3% -$3.8M
Trim URG
-3.0% -$2.3M
Sold out AVT
Add DNN
+45.0% $2.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 34.59% | +3.56% | — | |
| 2 | URG | Ur-energy Inc | Stock-Other | 7.81% | -1.27% | -2.98% | |
| 3 | DNN | Denison Mines CORP | Stock-Other | 5.64% | +1.02% | +45.02% | |
| 4 | MTRX | Matrix Service Co | Stock-Other | 4.02% | -0.18% | -17.54% | |
| 5 | MAN | Manpowergroup Inc | Stock-Industrials | 3.91% | -0.55% | -21.17% | |
| 6 | SDRL | Seadrill Limited | Stock-Other | 3.48% | +0.69% | +54.63% | |
| 7 | GPOR | Gulfport Energy CORP | Stock-Other | 3.43% | -0.56% | +10.25% | |
| 8 | MTUS | Metallus Inc | Stock-Other | 3.41% | -0.57% | -22.79% | |
| 9 | MPAA | Motorcar Parts Of America In | Stock-Other | 3.06% | +0.42% | -13.99% | |
| 10 | MOH | Molina Healthcare Inc | Stock-Healthcare | 3.04% | +3.04% | NEW | |
| 11 | EIG | Employers Holdings Inc | Stock-Other | 2.90% | +0.32% | -5.72% | |
| 12 | NXE | Nexgen Energy LTD | Stock-Other | 2.79% | -0.76% | — | |
| 13 | HOFT | Hooker Furnishings CORP | Stock-Other | 2.61% | +0.32% | -15.29% | |
| 14 | IPI | Intrepid Potash Inc | Stock-Other | 2.54% | -0.79% | +2.66% | |
| 15 | MLR | Miller Industries Inc/tenn | Stock-Other | 2.45% | +0.20% | -0.45% | |
| 16 | UUUU | Energy Fuels Inc | Stock-Energy | 2.40% | -0.71% | — | |
| 17 | EU | Encore Energy CORP | Stock-Other | 2.33% | -1.76% | -19.26% | |
| 18 | TBI | Trueblue Inc | Stock-Other | 2.30% | +0.54% | -24.21% | |
| 19 | CCJ | Cameco CORP | Stock-Energy | 2.23% | -0.22% | — | |
| 20 | SMP | Standard Motor Prods | Stock-Other | 2.05% | +0.07% | -4.82% | |
| 21 | SD | Sandridge Energy Inc | Stock-Other | 1.92% | -0.36% | +2.93% | |
| 22 | UFI | Unifi Inc | Stock-Other | 0.94% | -0.46% | -47.81% | |
| 23 | AGX | Argan Inc | Stock-Industrials | 0.13% | +0.04% | — |
Portfolio Performance
Performance for Q3 2026
+5.8%
Performance Last 4 Quarters
+34.8%
- Stdev
- +24.1%
- Beta
- +1.06
- Alpha
- +1.6%
- Max Drawdown
- -27.8%
- Annualized Perf
- +21.9%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +1.65
- Stutzer
- +0.28
- Treynor
- +0.22
- Sterling
- +0.85
- Calmar
- +0.79
- Information Ratio
- +0.14
- Tracking Error
- +19.8%
- Stdev Down
- +13.8%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +71.6%
- Worst 12 Months
- -24.3%
- Efficiency Ratio
- +0.39
- Sharpe
- +0.95
- Stdev Sectors
- +5.6%
- Skewness
- -0.2
- Kurtosis
- -0.53
- Upside Potential
- +3.34
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 23 | $229.8M | 21 | ||
| 2026 Q1 | 24 | $223.1M | 26 | ||
| 2025 Q4 | 25 | $228.4M | 18 | ||
| 2025 Q3 | 24 | $252.5M | 43 | ||
| 2025 Q2 | 24 | $220.0M | 0 | ||
| 2025 Q1 | 23 | $180.5M | 0 | ||
| 2024 Q4 | 22 | $223.2M | 0 | ||
| 2024 Q3 | 20 | $224.9M | 0 | ||
| 2024 Q2 | 21 | $222.4M | 0 | ||
| 2024 Q1 | 23 | $238.5M | 0 | ||
| 2023 Q4 | 23 | $224.8M | 0 | ||
| 2023 Q3 | 21 | $202.4M | 0 | ||
| 2023 Q2 | 21 | $119.6M | 0 | ||
| 2023 Q1 | 19 | $110.6M | 0 | ||
| 2022 Q4 | 19 | $109.3M | 0 | ||
| 2022 Q3 | 19 | $91.4M | 0 | ||
| 2022 Q2 | 19 | $91.9M | 0 | ||
| 2022 Q1 | 19 | $115.2M | 0 | ||
| 2021 Q4 | 21 | $111.6M | 0 |
Holding changes this quarter
Azarias Capital Management, L.P.'s most significant position changes for 2026-06-30: New buy: Molina Healthcare Inc (MOH); Sold out: Avnet Inc (AVT); Sold out: Cohu Inc (COHU); Trim: Encore Energy CORP (EU) — shares -19.26%; Trim: Ur-energy Inc (URG) — shares -2.98%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +3.6% | — | Unchanged |
| 2 | MOH | Molina Healthcare Inc | +3% | NEW | New buy |
| 3 | DNN | Denison Mines CORP | +1% | +45.02% | Add |
| 4 | SDRL | Seadrill Limited | +0.7% | +54.63% | Add |
| 5 | TBI | Trueblue Inc | +0.5% | -24.21% | Trim |
| 6 | MPAA | Motorcar Parts Of America In | +0.4% | -13.99% | Trim |
| 7 | EIG | Employers Holdings Inc | +0.3% | -5.72% | Trim |
| 8 | HOFT | Hooker Furnishings CORP | +0.3% | -15.29% | Trim |
| 9 | MLR | Miller Industries Inc/tenn | +0.2% | -0.45% | Trim |
| 10 | SMP | Standard Motor Prods | +0.1% | -4.82% | Trim |
| 11 | AGX | Argan Inc | 0% | — | Unchanged |
| 12 | MTRX | Matrix Service Co | -0.2% | -17.54% | Trim |
| 13 | CCJ | Cameco CORP | -0.2% | — | Unchanged |
| 14 | SD | Sandridge Energy Inc | -0.4% | +2.93% | Add |
| 15 | UFI | Unifi Inc | -0.5% | -47.81% | Trim |
| 16 | MAN | Manpowergroup Inc | -0.6% | -21.17% | Trim |
| 17 | GPOR | Gulfport Energy CORP | -0.6% | +10.25% | Add |
| 18 | MTUS | Metallus Inc | -0.6% | -22.79% | Trim |
| 19 | UUUU | Energy Fuels Inc | -0.7% | — | Unchanged |
| 20 | NXE | Nexgen Energy LTD | -0.8% | — | Unchanged |
| 21 | IPI | Intrepid Potash Inc | -0.8% | +2.66% | Add |
| 22 | COHU | Cohu Inc | -0.8% | EXIT | Sold out |
| 23 | AVT | Avnet Inc | -1.2% | EXIT | Sold out |
| 24 | URG | Ur-energy Inc | -1.3% | -2.98% | Trim |
| 25 | EU | Encore Energy CORP | -1.8% | -19.26% | Trim |
Filing History
FAQ
What is Azarias Capital Management, L.P. and what type of investor is it?
Azarias Capital Management, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $229.8M, spread across 23 disclosed positions.
What are Azarias Capital Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Azarias Capital Management, L.P.'s top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $79.5M (34.6%)
2. Ur-energy Inc (URG) — $18.0M (7.8%)
3. Denison Mines CORP (DNN) — $13.0M (5.6%)
4. Matrix Service Co (MTRX) — $9.2M (4.0%)
5. Manpowergroup Inc (MAN) — $9.0M (3.9%)
What changes did Azarias Capital Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Azarias Capital Management, L.P. made 20 notable position adjustments: 1 new positions were initiated, 5 existing holdings were added to, 12 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Molina Healthcare Inc (MOH); Sold out: Avnet Inc (AVT); Sold out: Cohu Inc (COHU); Trim: Encore Energy CORP (EU) — shares -19.26%; Trim: Ur-energy Inc (URG) — shares -2.98%
What sectors does Azarias Capital Management, L.P. focus on?
Azarias Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 39.5%
• Industrials: 34.5%
• Health Care: 26.0%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
Azarias Capital Management, L.P. returned an annualized 21.9% over the trailing 36 months — outperforming the S&P 500 by 1.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.06 (roughly in line with the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 39.5% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its DNN position over the past two quarters (+$5.2M, now $13.0M), while trimming EU over the same stretch (-$4.9M, still holding $5.4M).
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