Azarias Capital Management, L.P.
CIK:0001625279
Asset Manager
$300M AUM
24 holdings
Berwyn, PA, United States
Azarias Capital Management is a value-oriented investment management firm focused on conviction investing in small and microcap companies in the U.S. It targets companies on the verge of a fundamental recovery with potential for significant stock price appreciation.
Investment Strategy
High-conviction approach in small and microcap value space
Latest 13F Filing Activity
Azarias Capital Management, L.P. filed their most recent 13F report on Sep 30, 2025 disclosing 24 equity positions with a total 13F market value of $252M. The fund increased holdings in Manpowergroup Inc. Wis, Ur-energy Inc., SPDR S&P 500 Etf TR among other positions. Azarias Capital Management, L.P. reduced exposure to Scholastic Corp., Ishares TR, Motorcar PTS Amer Inc. among others.
Top Buys
M
MANMANPOWERGROUP INC WIS+$7.8M
U
URGUR-ENERGY INC+$5.5M
S
SPYSPDR S&P 500 ETF TR+$5.1M
U
UUUUENERGY FUELS INC+$4.2M
E
EXKENDEAVOUR SILVER CORP+$3.5M
Top Sells
S
SCHLSCHOLASTIC CORP-$3.0M
I
IWNISHARES TR-$2.8M
M
MPAAMOTORCAR PTS AMER INC-$1.9M
V
VPGVISHAY PRECISION GROUP INC-$1.5M
S
SMPSTANDARD MTR PRODS INC-$610.8K
Top Holdings
S
SPYSPDR S&P 500 ETF TR+28.1%$70.9M
U
URGUR-ENERGY INC+9.6%$24.2M
E
EUENCORE ENERGY CORP+5.1%$12.9M
N
NXENEXGEN ENERGY LTD+4.0%$10.0M
M
MTUSMETALLUS INC+3.7%$9.4M
Equity Positions (24)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | 28.09% | $70.9M | 106,461 | $559.39 | $666.18 | +$5.1M |
U URG | UR-ENERGY INC | 9.57% | $24.2M | 13,504,298 | $1.22 | $1.79 | +$5.5M |
E EU | ENCORE ENERGY CORP | 5.13% | $12.9M | 4,032,939 | $3.83 | $3.21 | +$2.4M |
N NXE | NEXGEN ENERGY LTD | 3.96% | $10.0M | 1,117,009 | $4.75 | $8.95 | +$181.2K |
M MTUS | METALLUS INC | 3.72% | $9.4M | 567,486 | $14.29 | $16.53 | +$241.9K |
Industry Allocation
MISCELLANEOUS METAL ORES
+15.2%
GOLD AND SILVER ORES
+13.2%
MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS)
+6.8%
SERVICES-HELP SUPPLY SERVICES
+5.5%
CRUDE PETROLEUM & NATURAL GAS
+5.3%