# Azarias Capital Management, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1625279. Source: https://holderbook.com/funds/1625279-azarias-capital-management-l-p/

- Reported value: $229.8M
- Positions: 23
- Weight of the ten largest: 72.4%
- Filed: 2026-07-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $79.5M | 106,461 | 34.6% | 6 |
| UR-ENERGY INC | [URG](https://holderbook.com/stocks/URG/) | $18.0M | 13,199,479 | 7.8% | 19 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $13.0M | 4,238,742 | 5.6% | 19 |
| MATRIX SVC CO | [MTRX](https://holderbook.com/stocks/MTRX/) | $9.2M | 673,692 | 4.0% | 19 |
| MANPOWERGROUP INC WIS | [MAN](https://holderbook.com/stocks/MAN/) | $9.0M | 266,146 | 3.9% | 4 |
| SEADRILL LTD | [SDRL](https://holderbook.com/stocks/SDRL/) | $8.0M | 211,301 | 3.5% | 2 |
| GULFPORT ENERGY CORP | [GPOR](https://holderbook.com/stocks/GPOR/) | $7.9M | 46,439 | 3.4% | 5 |
| METALLUS INC | [MTUS](https://holderbook.com/stocks/MTUS/) | $7.8M | 419,507 | 3.4% | 7 |
| MOTORCAR PTS AMER INC | [MPAA](https://holderbook.com/stocks/MPAA/) | $7.0M | 458,325 | 3.1% | 19 |
| MOLINA HEALTHCARE INC | [MOH](https://holderbook.com/stocks/MOH/) | $7.0M | 30,593 | 3.0% | 1 |
| EMPLOYERS HLDGS INC | [EIG](https://holderbook.com/stocks/EIG/) | $6.7M | 132,159 | 2.9% | 3 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $6.4M | 682,943 | 2.8% | 19 |
| HOOKER FURNISHINGS CORPORATI | [HOFT](https://holderbook.com/stocks/HOFT/) | $6.0M | 336,453 | 2.6% | 19 |
| INTREPID POTASH INC | [IPI](https://holderbook.com/stocks/IPI/) | $5.8M | 178,281 | 2.5% | 13 |
| MILLER INDS INC TENN | [MLR](https://holderbook.com/stocks/MLR/) | $5.6M | 109,926 | 2.4% | 3 |
| ENERGY FUELS INC | [UUUU](https://holderbook.com/stocks/UUUU/) | $5.5M | 380,528 | 2.4% | 19 |
| ENCORE ENERGY CORP | [EU](https://holderbook.com/stocks/EU/) | $5.4M | 4,091,894 | 2.3% | 14 |
| TRUEBLUE INC | [TBI](https://holderbook.com/stocks/TBI/) | $5.3M | 759,341 | 2.3% | 11 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $5.1M | 50,371 | 2.2% | 19 |
| STANDARD MTR PRODS INC | [SMP](https://holderbook.com/stocks/SMP/) | $4.7M | 121,073 | 2.1% | 9 |
| SANDRIDGE ENERGY INC | [SD](https://holderbook.com/stocks/SD/) | $4.4M | 321,558 | 1.9% | 6 |
| UNIFI INC | [UFI](https://holderbook.com/stocks/UFI/) | $2.2M | 456,722 | 0.9% | 19 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $301.9K | 378 | 0.1% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.8% | +14.8% | -8.0% | 100% |
| Q1 2026 | +5.3% | -4.6% | +9.9% | 100% |
| Q4 2025 | -1.4% | +2.4% | -3.7% | 100% |
| Q3 2025 | +20.9% | +7.8% | +13.0% | 100% |
| Q2 2025 | +25.8% | +10.5% | +15.3% | 100% |
| Q1 2025 | -17.7% | -4.6% | -13.2% | 100% |
| Q4 2024 | -4.1% | +2.1% | -6.3% | 100% |
| Q3 2024 | +4.2% | +5.4% | -1.2% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $229.8M | 23 |
| Q1 2026 | $223.1M | 24 |
| Q4 2025 | $228.4M | 25 |
| Q3 2025 | $252.5M | 24 |
| Q2 2025 | $220.0M | 24 |
| Q1 2025 | $180.5M | 23 |
| Q4 2024 | $223.2M | 22 |
| Q3 2024 | $224.9M | 20 |
| Q2 2024 | $222.4M | 21 |
| Q1 2024 | $238.5M | 23 |
| Q4 2023 | $224.8M | 23 |
| Q3 2023 | $202.4M | 21 |