Azarias Capital Management, L.P.
Azarias Capital Management, L.P. reported 23 US-listed holdings worth $168.4 million in its 13F for the quarter ended 30 September 2026, filed 14 October 2026. Its largest: SPDR S&P 500 (48.2%), Ur-Energy Inc. (7.1%) and Denison Mines Corp. (6.4%). Against the quarter before, it opened 1 position, added to 1, trimmed 19 and sold out of 1.
The 14 largest of its 23 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +29.0% over the 8 quarters to 30 September 2026, against +32.9% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held
Opened 1
- LKQ Corp. LKQ$2.8 million
Added to 1
- Cameco Corp. CCJ+5,712 shares · +11%
Trimmed 19
- ManpowerGroup Inc. MAN-208,515 shares · -78%
- Seadrill 2021 Ltd SDRL-105,896 shares · -50%
- Metallus Inc. MTUS-245,085 shares · -58%
- Miller Inds Inc. Tenn MLR-85,754 shares · -78%
- Employers Holdings, Inc. EIG-84,823 shares · -64%
- Trueblue Inc. TBI-374,742 shares · -49%
- Gulfport Energy Corp. GPOR-22,307 shares · -48%
- Molina Healthcare, Inc. MOH-14,866 shares · -49%
and 11 more in the table below
Sold out of 1
- Argan Inc. AGX$301,852 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| SPDR S&P 500 SPY | 106.5K | $81.2 million | 48.20% | no change |
| Ur-Energy Inc. URG | 11.1M | $12.0 million | 7.11% | -2.1M |
| Denison Mines Corp. DNN | 4.2M | $10.8 million | 6.39% | -80.0K |
| Nexgen Energy Ltd NXE | 680.2K | $6.2 million | 3.68% | -2.8K |
| Cameco Corp. CCJ | 56.1K | $4.9 million | 2.89% | +5.7K |
| Seadrill 2021 Ltd SDRL | 105.4K | $4.7 million | 2.80% | -105.9K |
| Energy Fuels Inc. UUUU | 380.5K | $4.2 million | 2.49% | no change |
| Matrix SVC Co. MTRX | 425.8K | $4.1 million | 2.42% | -247.9K |
| Gulfport Energy Corp. GPOR | 24.1K | $3.6 million | 2.16% | -22.3K |
| Trueblue Inc. TBI | 384.6K | $3.5 million | 2.10% | -374.7K |
| Motorcar PTS Amer Inc. MPAA | 317.2K | $3.3 million | 1.98% | -141.2K |
| Metallus Inc. MTUS | 174.4K | $3.3 million | 1.97% | -245.1K |
| ManpowerGroup Inc. MAN | 57.6K | $3.2 million | 1.90% | -208.5K |
| Intrepid Potash Inc. IPI | 97.6K | $3.1 million | 1.86% | -80.7K |
| Molina Healthcare, Inc. MOH | 15.7K | $3.0 million | 1.77% | -14.9K |
| LKQ Corp. LKQ | 124.5K | $2.8 million | 1.69% | new |
| Encore Energy Corp. EU | 2.1M | $2.3 million | 1.38% | -1.9M |
| Employers Holdings, Inc. EIG | 47.3K | $2.3 million | 1.34% | -84.8K |
| Standard Motor Products, Inc. SMP | 60.1K | $2.2 million | 1.32% | -60.9K |
| Sandridge Energy Inc. SD | 159.4K | $2.2 million | 1.28% | -162.1K |
| Hooker Furnishings Corporati HOFT | 164.8K | $2.1 million | 1.27% | -171.6K |
| Unifi Inc. UFI | 326.8K | $2.1 million | 1.27% | -129.9K |
| Miller Inds Inc. Tenn MLR | 24.2K | $1.3 million | 0.75% | -85.8K |