Azarias Capital Management, L.P.
West Chester, PA
$230m in 23 US stocks at the end of 30 June 2026. The top 10 are 72.4% of the money. It changed about 10.2% of the portfolio this quarter.
Value
$230m
Stocks
23
Top 10 share
72.4%
Turnover
10.2%
What changed this quarter
New
Bought for the first time this quarter.
- Molina HealthcareMOH3.0% of the fund
Added
Bought more of a stock they already held.
- Denison MinesDNN5.6% of the fund+45%
- SeadrillSDRL3.5% of the fund+55%
- Gulfport EnergyGPOR3.4% of the fund+10%
- Intrepid PotashIPI2.5% of the fund+3%
- Sandridge EnergySD1.9% of the fund+3%
Cut
Sold some of their stake.
- Ur-EnergyURG7.8% of the fund-3%
- Matrix ServiceMTRX4.0% of the fund-18%
- ManpowerGroupMAN3.9% of the fund-21%
- MetallusMTUS3.4% of the fund-23%
- Motorcar Parts of AmericaMPAA3.1% of the fund-14%
- Employers HoldingsEIG2.9% of the fund-6%
- Hooker FurnishingsHOFT2.6% of the fund-15%
- enCore EnergyEU2.3% of the fund-19%
- TrueBlueTBI2.3% of the fund-24%
- Standard Motor ProductsSMP2.1% of the fund-5%
- UnifiUFI0.9% of the fund-48%
Holdings
- State STR Spdr S&P 500 ETF TSPY
- Share
- 34.6%
- Value
- $80m
- Shares
- 106,461
Held
- Denison MinesDNN
- Share
- 5.6%
- Value
- $13m
- Shares
- 4,238,742
+45%
- NexGen EnergyNXE
- Share
- 2.8%
- Value
- $6m
- Shares
- 682,943
Held
- CamecoCCJ
- Share
- 2.2%
- Value
- $5m
- Shares
- 50,371
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | 34.6% | $80m | 106,461 | Held |
| Ur-EnergyURG | 7.8% | $18m | 13,199,479 | -3% |
| Denison MinesDNN | 5.6% | $13m | 4,238,742 | +45% |
| Matrix ServiceMTRX | 4.0% | $9m | 673,692 | -18% |
| ManpowerGroupMAN | 3.9% | $9m | 266,146 | -21% |
| SeadrillSDRL | 3.5% | $8m | 211,301 | +55% |
| Gulfport EnergyGPOR | 3.4% | $8m | 46,439 | +10% |
| MetallusMTUS | 3.4% | $8m | 419,507 | -23% |
| Motorcar Parts of AmericaMPAA | 3.1% | $7m | 458,325 | -14% |
| Molina HealthcareMOH | 3.0% | $7m | 30,593 | New |
| Employers HoldingsEIG | 2.9% | $7m | 132,159 | -6% |
| NexGen EnergyNXE | 2.8% | $6m | 682,943 | Held |
| Hooker FurnishingsHOFT | 2.6% | $6m | 336,453 | -15% |
| Intrepid PotashIPI | 2.5% | $6m | 178,281 | +3% |
| Miller IndustriesMLR | 2.4% | $6m | 109,926 | Held |
| Energy FuelsUUUU | 2.4% | $6m | 380,528 | Held |
| enCore EnergyEU | 2.3% | $5m | 4,091,894 | -19% |
| TrueBlueTBI | 2.3% | $5m | 759,341 | -24% |
| CamecoCCJ | 2.2% | $5m | 50,371 | Held |
| Standard Motor ProductsSMP | 2.1% | $5m | 121,073 | -5% |
| Sandridge EnergySD | 1.9% | $4m | 321,558 | +3% |
| UnifiUFI | 0.9% | $2m | 456,722 | -48% |
| ArganAGX | 0.1% | $301,852 | 378 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 4.5% since 30 June 2025.
Where the money is
Materials29.2%
Retail & consumer11.1%
Energy8.8%
Technology6.2%
Industrials4.1%
Health care3.0%
Financial services2.9%
Other34.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.