Latest Azarias Capital Management, L.P. Stock Portfolio

$168Million | No. of Holdings #23

Azarias Capital Management, L.P. Performance

2026 Q3-3.20%

YTD+3.59%

2025+20.22%

About Azarias Capital Management, L.P. and 13F Hedge Fund Stock Holdings

On 2026-10-14, the fund reported it's updated stock portfolio. In the 13F Holdings report, Azarias Capital Management, L.P. reported an equity portfolio of $168.4 Millions as of 30 Sep, 2026. <br><br> The top stock holdings of Azarias Capital Management, L.P. are SPY, URG, DNN. The fund has invested 48.2% of it's portfolio in STATE STR SPDR S&P 500 ETF T and 7.1% of portfolio in UR-ENERGY INC. <br><br> The fund managers got completely rid off ARGAN INC (AGX) stocks. They significantly reduced their stock positions in MANPOWERGROUP INC WIS (MAN), MILLER INDS INC TENN (MLR) and EMPLOYERS HLDGS INC (EIG). Azarias Capital Management, L.P. opened new stock positions in LKQ CORP (LKQ). The fund showed a lot of confidence in some stocks as they added substantially to CAMECO CORP (CCJ).

Azarias Capital Management, L.P. Equity Portfolio Value

Last Reported on: 14 Oct, 2026

$168Million

as of Oct 14, 2026

Azarias Capital Management, L.P. Annual Return Estimates Vs S&P 500

Our best estimate is that Azarias Capital Management, L.P. made a return of -3.2% in the last quarter. In trailing 12 months, it's portfolio return was 1.16%.

Performance
S&P 500

New Buys

Ticker	$ Bought
lkq corp	2,841,670

New stocks bought by Azarias Capital Management, L.P.

Additions

Ticker	% Inc.
cameco corp	11.34

Additions to existing portfolio by Azarias Capital Management, L.P.

Reductions

Ticker	% Reduced
manpowergroup inc wis	-78.35
miller inds inc tenn	-78.01
employers hldgs inc	-64.18
metallus inc	-58.42
hooker furnishings corporati	-51.02
sandridge energy inc	-50.42
standard mtr prods inc	-50.33
seadrill ltd	-50.12

Azarias Capital Management, L.P. reduced stake in above stock

Sold off

Ticker	$ Sold
argan inc	-301,852

Azarias Capital Management, L.P. got rid off the above stocks

Sector Distribution

Azarias Capital Management, L.P. has about 65.3% of it's holdings in Others sector.

Others
Energy
Consumer Cyclical
Industrials
Basic Materials
Healthcare
Financial Services

Sector	%
Others	65.3
Energy	13
Consumer Cyclical	8.3
Industrials	6.4
Basic Materials	3.8
Healthcare	1.8
Financial Services	1.3

Market Cap. Distribution

Azarias Capital Management, L.P. has about 1.8% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED
SMALL-CAP
MID-CAP
MICRO-CAP
LARGE-CAP

Category	%
UNALLOCATED	64
SMALL-CAP	18
MID-CAP	8.2
MICRO-CAP	8
LARGE-CAP	1.8

Stocks belong to which Index?

About 21.4% of the stocks held by Azarias Capital Management, L.P. either belong to S&P 500 or RUSSELL 2000 index.

Others
RUSSELL 2000
S&P 500

Index	%
Others	78.6
RUSSELL 2000	17.9
S&P 500	3.5

Top 5 Winners (%)		%
MAN	manpowergroup inc wis	39.3 %
UFI	unifi inc	32.1 %
TBI	trueblue inc	24.1 %
	seadrill ltd	13.6 %
SPY	state str spdr s&p 500 etf t	2.1 %

Top 5 Winners ($)		$
MAN	manpowergroup inc wis	3.5 M
SPY	state str spdr s&p 500 etf t	1.7 M
TBI	trueblue inc	1.3 M
	seadrill ltd	1.1 M
UFI	unifi inc	0.7 M

Top 5 Losers (%)		%
MPAA	motorcar pts amer inc	-26.7 %
MTRX	matrix svc co	-24.6 %
UUUU	energy fuels inc	-23.9 %
HOFT	hooker furnishings corporati	-20.3 %
URG	ur-energy inc	-18.9 %

Top 5 Losers ($)		$
URG	ur-energy inc	-3.4 M
MTRX	matrix svc co	-2.3 M
DNN	denison mines corp	-2.0 M
MPAA	motorcar pts amer inc	-1.9 M
UUUU	energy fuels inc	-1.3 M

Azarias Capital Management, L.P. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Azarias Capital Management, L.P.

Azarias Capital Management, L.P. has 23 stocks in it's portfolio. About 80.2% of the portfolio is in top 10 stocks. URG proved to be the most loss making stock for the portfolio. MAN was the most profitable stock for Azarias Capital Management, L.P. last quarter.

$168.44MTotal Value

24.00Positions

14 Oct, 2026Last Reported

Current holdings of Current Stock Holdings of Azarias Capital Management, L.P., last reported on 14 Oct, 2026. Select a row with a linked ticker to view its historical trend.
Holdingsorted ascending	% Portfolio	Shares Held	$ Value	% Change
AGX Argan Inc Argan IncAGX Azarias Capital Management, L.P.'s holding in Argan Inc over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

CCJ Cameco Corp Cameco Corp CCJ Azarias Capital Management, L.P.'s holding in Cameco Corp over time	2.89%	56,083	$4.86M 2.89%	increased 11.34 percentadded

DNN Denison Mines Corp Denison Mines Corp DNN Azarias Capital Management, L.P.'s holding in Denison Mines Corp over time	6.39%	4,158,700	$10.77M 6.39%	decreased 1.89 percentreduced

EIG Employers Hldgs Inc Employers Hldgs IncEIG Azarias Capital Management, L.P.'s holding in Employers Hldgs Inc over time	1.34%	47,336	$2.26M 1.34%	decreased 64.18 percentreduced

EU Encore Energy Corp Encore Energy CorpEU Azarias Capital Management, L.P.'s holding in Encore Energy Corp over time	1.38%	2,148,480	$2.32M 1.38%	decreased 47.49 percentreduced

GPOR Gulfport Energy Corp Gulfport Energy CorpGPOR Azarias Capital Management, L.P.'s holding in Gulfport Energy Corp over time	2.16%	24,132	$3.63M 2.16%	decreased 48.04 percentreduced

HOFT Hooker Furnishings Corporati Hooker Furnishings CorporatiHOFT Azarias Capital Management, L.P.'s holding in Hooker Furnishings Corporati over time	1.27%	164,807	$2.14M 1.27%	decreased 51.02 percentreduced

IPI Intrepid Potash Inc Intrepid Potash IncIPI Azarias Capital Management, L.P.'s holding in Intrepid Potash Inc over time	1.86%	97,555	$3.13M 1.86%	decreased 45.28 percentreduced

LKQ Lkq Corp Lkq CorpLKQ Azarias Capital Management, L.P.'s holding in Lkq Corp over time	1.69%	124,471	$2.84M 1.69%	new position

MAN Manpowergroup Inc Wis Manpowergroup Inc WisMAN Azarias Capital Management, L.P.'s holding in Manpowergroup Inc Wis over time	1.9%	57,631	$3.20M 1.9%	decreased 78.35 percentreduced

MLR Miller Inds Inc Tenn Miller Inds Inc TennMLR Azarias Capital Management, L.P.'s holding in Miller Inds Inc Tenn over time	0.76%	24,172	$1.27M 0.76%	decreased 78.01 percentreduced

MOH Molina Healthcare Inc Molina Healthcare IncMOH Azarias Capital Management, L.P.'s holding in Molina Healthcare Inc over time	1.77%	15,727	$2.97M 1.77%	decreased 48.59 percentreduced

MPAA Motorcar Pts Amer Inc Motorcar Pts Amer IncMPAA Azarias Capital Management, L.P.'s holding in Motorcar Pts Amer Inc over time	1.98%	317,162	$3.33M 1.98%	decreased 30.8 percentreduced

MTRX Matrix Svc Co Matrix Svc CoMTRX Azarias Capital Management, L.P.'s holding in Matrix Svc Co over time	2.42%	425,763	$4.07M 2.42%	decreased 36.8 percentreduced

NXE Nexgen Energy Ltd Nexgen Energy Ltd NXE Azarias Capital Management, L.P.'s holding in Nexgen Energy Ltd over time	3.68%	680,167	$6.20M 3.68%	decreased 0.41 percentreduced

SD Sandridge Energy Inc Sandridge Energy IncSD Azarias Capital Management, L.P.'s holding in Sandridge Energy Inc over time	1.28%	159,437	$2.15M 1.28%	decreased 50.42 percentreduced

SMP Standard Mtr Prods Inc Standard Mtr Prods IncSMP Azarias Capital Management, L.P.'s holding in Standard Mtr Prods Inc over time	1.32%	60,132	$2.23M 1.32%	decreased 50.33 percentreduced

SPY State Str Spdr S&P 500 Etf T State Str Spdr S&P 500 Etf T SPY Azarias Capital Management, L.P.'s holding in State Str Spdr S&P 500 Etf T over time	48.2%	106,461	$81.19M 48.2%	unchanged 0 percentunchanged

TBI Trueblue Inc Trueblue IncTBI Azarias Capital Management, L.P.'s holding in Trueblue Inc over time	2.1%	384,599	$3.54M 2.1%	decreased 49.35 percentreduced

TMST Metallus Inc Metallus IncTMST Azarias Capital Management, L.P.'s holding in Metallus Inc over time	1.97%	174,422	$3.31M 1.97%	decreased 58.42 percentreduced