Q2 2026 13F · SEC CIK 1625279
Azarias Capital Management, L.P.
Institutional asset managerFiled 2026-07-13 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $229.8M
- Reported positions
- 23
- Top holdings a year, 3 yrs
- +22.1%
- Assets under management
- $188.8M
Azarias Capital Management, L.P. is an institutional asset manager that reported 23 positions worth $229.8M in its Q2 2026 13F, filed 2026-07-13. Its largest holdings were Spdr S&p 500 ETF Tr (SPY, 34.6%), Ur-Energy Inc (URG, 7.8%), Denison Mines Corp (DNN, 5.6%). A portfolio copying its top holdings returned 22.1% a year over the last 3 years, against 20.4% for the S&P 500.
Azarias Capital Management, L.P. holdings all 23 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| SPYSpdr S&p 500 ETF Tr | 34.6% | +0.0% | $79.5M |
| URGUr-Energy Inc | 7.8% | -3.0% | $18.0M |
| DNNDenison Mines Corp | 5.6% | +45.0% | $13.0M |
| MTRXMatrix Svc Co | 4.0% | -17.5% | $9.2M |
| MANManpowergroup Inc Wis | 3.9% | -21.2% | $9.0M |
| SDRLSeadrill Ltd | 3.5% | +54.6% | $8.0M |
| GPORGulfport Energy Corp | 3.4% | +10.3% | $7.9M |
| MTUSMetallus Inc | 3.4% | -22.8% | $7.8M |
| MPAAMotorcar Parts of America | 3.1% | -14.0% | $7.0M |
| MOHMolina Healthcare Inc | 3.0% | — | $7.0M |
| EIGEmployers Hldgs Inc | 2.9% | -5.7% | $6.7M |
| NXENexgen Energy Ltd | 2.8% | +0.0% | $6.4M |
| HOFTHooker Furnishings Corporati | 2.6% | -15.3% | $6.0M |
| IPIIntrepid Potash Inc | 2.5% | +2.7% | $5.8M |
| MLRMiller Industries Inc | 2.4% | -0.5% | $5.6M |
| UUUUEnergy Fuels Inc | 2.4% | +0.0% | $5.5M |
| EUEncore Energy Corp | 2.3% | -19.3% | $5.4M |
| TBITrueblue Inc | 2.3% | -24.2% | $5.3M |
| CCJCameco Corp Com | 2.2% | +0.0% | $5.1M |
| SMPStandard Motor Prods | 2.1% | -4.8% | $4.7M |
| SDSandRidge Energy Inc | 1.9% | +2.9% | $4.4M |
| UFIUnifi Inc | 0.9% | -47.8% | $2.2M |
| AGXArgan, Inc. | 0.1% | +0.0% | $302K |
What Azarias Capital Management, L.P. bought and sold in Q2 2026, against Q1 2026.
New positions
- MOH Molina Healthcare Inc3.0% of 13F
Added to
- SDRL Seadrill Ltd+54.6% shares
- DNN Denison Mines Corp+45.0% shares
- GPOR Gulfport Energy Corp+10.3% shares
Reduced
- UFI Unifi Inc-47.8% shares
- TBI Trueblue Inc-24.2% shares
- MTUS Metallus Inc-22.8% shares
- MAN Manpowergroup Inc Wis-21.2% shares
- EU Encore Energy Corp-19.3% shares
- MTRX Matrix Svc Co-17.5% shares
- HOFT Hooker Furnishings Corporati-15.3% shares
- MPAA Motorcar Parts of America-14.0% shares
Sold out
- AVT Automatic Data Processing inwas 1.2%
- COHU Cohu Incwas 0.8%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +34.5% /yr
- S&P 500 +20.1%
- 3 years
- +22.1% /yr
- S&P 500 +20.4%
- 5 years
- +15.3% /yr
- S&P 500 +13.0%
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F 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 |
Questions about Azarias Capital Management, L.P.'s portfolio
What stocks does Azarias Capital Management, L.P. own?
Azarias Capital Management, L.P.'s latest 13F, for Q2 2026 and filed Jul 13, 2026, lists 23 positions worth $229.8M. The largest are Spdr S&p 500 ETF Tr (SPY) at 34.6%, Ur-Energy Inc (URG) at 7.8%, Denison Mines Corp (DNN) at 5.6%, Matrix Svc Co (MTRX) at 4.0% and Manpowergroup Inc Wis (MAN) at 3.9%.
What did Azarias Capital Management, L.P. buy last quarter?
In Q2 2026, Azarias Capital Management, L.P. added a new position in Molina Healthcare Inc (MOH), Seadrill Ltd (SDRL) (+54.6% shares), Denison Mines Corp (DNN) (+45.0% shares) and Gulfport Energy Corp (GPOR) (+10.3% shares), compared with its Q1 2026 filing.
What did Azarias Capital Management, L.P. sell last quarter?
In Q2 2026, Azarias Capital Management, L.P. sold all of Automatic Data Processing in (AVT), sold all of Cohu Inc (COHU), Unifi Inc (UFI) (-47.8% shares), Trueblue Inc (TBI) (-24.2% shares) and Metallus Inc (MTUS) (-22.8% shares), compared with its Q1 2026 filing.
How has Azarias Capital Management, L.P.'s portfolio performed?
A portfolio copying Azarias Capital Management, L.P.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +22.1% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +34.5% against +20.1%. Over 5 years: +15.3% a year against +13.0%.
When is Azarias Capital Management, L.P.'s next 13F filing due?
13F filings are due 45 days after each quarter ends. Azarias Capital Management, L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does Azarias Capital Management, L.P. manage?
Azarias Capital Management, L.P. reported $188.8M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $229.8M.