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Azarias Capital Management, L.P.

CIK:0001625279
Asset Manager
$300M AUM
24 holdings
Berwyn, PA, United States
Founded:2014
25 employees
Latest filing:Sep 30, 2025

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

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)

TickerSecurityWeightMarket ValueSharesAvg CostPriceChange (QoQ)
S
SPY
SPDR S&P 500 ETF TR28.09%$70.9M106,461$559.39$666.18+$5.1M
U
URG
UR-ENERGY INC9.57%$24.2M13,504,298$1.22$1.79+$5.5M
E
EU
ENCORE ENERGY CORP5.13%$12.9M4,032,939$3.83$3.21+$2.4M
N
NXE
NEXGEN ENERGY LTD3.96%$10.0M1,117,009$4.75$8.95+$181.2K
M
MTUS
METALLUS INC3.72%$9.4M567,486$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%