Latest Azarias Capital Management, L.P. Stock Portfolio

Azarias Capital Management, L.P. Performance:

2026 Q1: 2.82%YTD: 2.82%2025: 20.22%

Performance for 2026 Q1 is 2.82%, and YTD is 2.82%, and 2025 is 20.22%.

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

On 2026-04-16, the fund reported it's updated stock portfolio. In the 13F Holdings report, Azarias Capital Management, L.P. reported an equity portfolio of $223.1 Millions as of 31 Mar, 2026.

The top stock holdings of Azarias Capital Management, L.P. are SPY, URG, DNN. The fund has invested 31% of it's portfolio in STATE STR SPDR S&P 500 ETF T and 9.1% of portfolio in UR-ENERGY INC.

The fund managers got completely rid off KENNAMETAL INC (KMT), ENDEAVOUR SILVER CORP (EXK) and SCHOLASTIC CORP (SCHL) stocks. They significantly reduced their stock positions in COHU INC (COHU), CAMECO CORP (CCJ) and INTREPID POTASH INC (IPI). Azarias Capital Management, L.P. opened new stock positions in SEADRILL LTD, AVNET INC (AVT) and ARGAN INC (AGX). The fund showed a lot of confidence in some stocks as they added substantially to MILLER INDS INC TENN (MLR), MOTORCAR PTS AMER INC (MPAA) and EMPLOYERS HLDGS INC (EIG).

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 2.82% in the last quarter. In trailing 12 months, it's portfolio return was 42.54%.

Performance
S&P 500

New Buys

Ticker	$ Bought
seadrill ltd	6,217,350
avnet inc	2,707,210
argan inc	205,878

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

Additions

Ticker	% Inc.
miller inds inc tenn	175
motorcar pts amer inc	146
employers hldgs inc	102
encore energy corp	22.62
manpowergroup inc wis	16.47
metallus inc	12.07
matrix svc co	11.8
gulfport energy corp	10.05

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

Reductions

Ticker	% Reduced
cohu inc	-74.89
cameco corp	-42.58
intrepid potash inc	-41.11
nexgen energy ltd	-36.75
sandridge energy inc	-23.91
standard mtr prods inc	-16.28
hooker furnishings corporati	-16.06
energy fuels inc	-9.19

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

Sold off

Ticker	$ Sold
endeavour silver corp	-5,922,080
kennametal inc	-6,087,920
scholastic corp	-1,822,900
vishay precision group inc	-1,696,080

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

Sector Distribution

Azarias Capital Management, L.P. has about 48.5% of it's holdings in Others sector.

Sector	%
Others	48.5
Energy	18.5
Consumer Cyclical	10.6
Industrials	10.5
Basic Materials	7.3
Financial Services	2.6
Technology	2

Market Cap. Distribution

Azarias Capital Management, L.P. has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	44.4
SMALL-CAP	39.1
MID-CAP	8.4
MICRO-CAP	8.1

Stocks belong to which Index?

About 32.6% of the stocks held by Azarias Capital Management, L.P. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	67.4
RUSSELL 2000	32.6

Top 5 Winners (%)		%
IPI	intrepid potash inc	43.1 %
DNN	denison mines corp	32.7 %
UUUU	energy fuels inc	24.3 %
NXE	nexgen energy ltd	21.3 %
COHU	cohu inc	19.8 %

Top 5 Winners ($)		$
IPI	intrepid potash inc	3.5 M
DNN	denison mines corp	2.5 M
NXE	nexgen energy ltd	2.1 M
UUUU	energy fuels inc	1.5 M
URG	ur-energy inc	1.4 M

Top 5 Losers (%)		%
EU	encore energy corp	-25.5 %
TBI	trueblue inc	-14.0 %
MPAA	motorcar pts amer inc	-7.5 %
SMP	standard mtr prods inc	-5.3 %
SPY	state str spdr s&p 500 etf t	-4.6 %

Top 5 Losers ($)		$
SPY	state str spdr s&p 500 etf t	-3.4 M
EU	encore energy corp	-3.1 M
TBI	trueblue inc	-0.6 M
MPAA	motorcar pts amer inc	-0.5 M
TMST	metallus inc	-0.4 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 24 stocks in it's portfolio. About 72.3% of the portfolio is in top 10 stocks. SPY proved to be the most loss making stock for the portfolio. IPI was the most profitable stock for Azarias Capital Management, L.P. last quarter.

Last Reported on: 16 Apr, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AGX	argan inc	0.09	378	205,878	new

AVT	avnet inc	1.21	43,934	2,707,210	new

CCJ	cameco corp	2.45	50,371	5,470,790	reduced	-42.58

COHU	cohu inc	0.82	59,559	1,823,700	reduced	-74.89

DNN	denison mines corp	4.62	2,922,970	10,318,100	unchanged	0.00

EIG	employers hldgs inc	2.58	140,180	5,767,000	added	102

EU	encore energy corp	4.09	5,067,710	9,121,870	added	22.62

EXK	endeavour silver corp	0.00	0.00	0.00	sold off	-100

GPOR	gulfport energy corp	3.99	42,121	8,911,540	added	10.05

HOFT	hooker furnishings corporati	2.29	397,176	5,115,630	reduced	-16.06

IPI	intrepid potash inc	3.33	173,654	7,427,180	reduced	-41.11

KMT	kennametal inc	0.00	0.00	0.00	sold off	-100

MAN	manpowergroup inc wis	4.46	337,613	9,946,080	added	16.47

MLR	miller inds inc tenn	2.25	110,426	5,029,900	added	175

MPAA	motorcar pts amer inc	2.64	532,869	5,893,530	added	146

MTRX	matrix svc co	4.20	817,021	9,379,400	added	11.8

NXE	nexgen energy ltd	3.55	682,943	7,922,140	reduced	-36.75

SCHL	scholastic corp	0.00	0.00	0.00	sold off	-100

SD	sandridge energy inc	2.28	312,396	5,095,180	reduced	-23.91

SMP	standard mtr prods inc	1.98	127,206	4,419,140	reduced	-16.28