CIK: 0001625279
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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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.
Add 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
| # | 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% | — |
Performance for Q3 2026
+9.3%
Performance Last 4 Quarters
+46.4%
Based on 58% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-06-30 | 23 | $229.8M | 21 | |
| 2026-03-31 | 24 | $223.1M | 26 | |
| 2025-12-31 | 25 | $228.4M | 18 | |
| 2025-09-30 | 24 | $252.5M | 43 | |
| 2025-06-30 | 24 | $220.0M | 0 | |
| 2025-03-31 | 23 | $180.5M | 0 | |
| 2024-12-31 | 22 | $223.2M | 0 | |
| 2024-09-30 | 20 | $224.9M | 0 | |
| 2024-06-30 | 21 | $222.4M | 0 | |
| 2024-03-31 | 23 | $238.5M | 0 | |
| 2023-12-31 | 23 | $224.8M | 0 | |
| 2023-09-30 | 21 | $202.4M | 0 | |
| 2023-06-30 | 21 | $119.6M | 0 | |
| 2023-03-31 | 19 | $110.6M | 0 | |
| 2022-12-31 | 19 | $109.3M | 0 | |
| 2022-09-30 | 19 | $91.4M | 0 | |
| 2022-06-30 | 19 | $91.9M | 0 | |
| 2022-03-31 | 19 | $115.2M | 0 | |
| 2021-12-31 | 21 | $111.6M | 0 |
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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-06-30 | 2026-07-13 | 13F-HR | View on EDGAR |
| 2026-03-31 | 2026-04-16 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-23 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-15 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-21 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-22 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-30 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-26 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-19 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-19 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-24 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
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