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Asset Manager ← All Institutions

Azarias Capital Management, L.P.

1055 WESTLAKES DRIVE, SUITE 300, BERWYN, PA 19312 • 215-494-3300

Q3 2025 · Filed 2025-10-15
Market Value
$240M
+14.4%
Holdings
24
-1
New Purchases
1
Added To
10
Closed
1
Reduced
11
Top 10 Concentration
68.9%
Turnover
8.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MAN 3.25% 0.00% +3.25% $8M
UUUU 3.82% 2.35% +1.46% $9M
URG 10.09% 8.90% +1.19% $24M
EXK 3.82% 2.68% +1.14% $9M
GPOR 3.37% 2.39% +0.97% $8M
DNN 3.36% 2.66% +0.69% $8M
IPI 3.32% 2.69% +0.63% $8M
SD 2.27% 1.79% +0.48% $5M
COHU 2.42% 2.17% +0.26% $6M
HOFT 2.00% 1.79% +0.22% $5M
KMT 3.18% 3.03% +0.15% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPY 29.61% 31.40% -1.79% $71M
SCHL 1.91% 3.62% -1.71% $5M
IWN 0.00% 1.35% -1.35% $0
MPAA 2.09% 3.29% -1.20% $5M
VPG 1.90% 2.88% -0.98% $5M
SMP 3.05% 3.78% -0.73% $7M
MTRX 3.47% 4.05% -0.58% $8M
NXE 4.17% 4.69% -0.51% $10M
HCSG 1.78% 2.26% -0.48% $4M
TMST 3.92% 4.36% -0.45% $9M
CCJ 3.07% 3.42% -0.35% $7M
TBI 2.52% 2.78% -0.26% $6M
UFI 1.61% 1.67% -0.06% $4M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 36.1%
Energy 31.2%
Consumer Cyclical 11.3%
Industrials 11.3%
Basic Materials 7.8%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $71M 29.6%
Large Cap 2 $7M 3.1%
Mid Cap 7 $58M 24.1%
Small Cap 10 $84M 35.0%
Micro Cap 4 $20M 8.2%

Portfolio Analytics

Avg Market Cap
$36.0B
Median Market Cap
$1.4B
Avg P/E
78.3
Median P/E
21.0
Avg Dividend Yield
0.01%
Avg Beta
1.19
# Stocks
22
# ETFs / Funds
2

Top Holdings (24 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 29.61% 106,461 $71M $666.18 $5M
2 URG 10.09% 13,504,298 $24M $1.79 $6M -4,260,326 -24.0%
3 NXE 4.17% 1,117,009 $10M $8.95 $181K -297,405 -21.0%
4 TMST 3.92% 567,486 $9M $16.53 $242K -25,550 -4.3%
5 EXK 3.82% 1,166,937 $9M $7.84 $4M +27,606 +2.4%
6 UUUU 3.82% 595,983 $9M $15.35 $4M -261,950 -30.5%
7 MTRX 3.47% 634,843 $8M $13.08 -$177K +7,077 +1.1%
8 GPOR 3.37% 44,541 $8M $180.98 $3M +19,610 +78.7%
9 DNN 3.36% 2,922,967 $8M $2.75 $2M -141,909 -4.6%
10 IPI 3.32% 259,788 $8M $30.58 $2M +102,266 +64.9%
11 MAN 3.25% 205,731 $8M $37.90 +205,731 NEW
12 KMT 3.18% 364,357 $8M $20.93 $1M +87,906 +31.8%
13 CCJ 3.07% 87,728 $7M $83.86 $188K -8,844 -9.2%
14 SMP 3.05% 178,995 $7M $40.82 -$611K -78,731 -30.6%
15 TBI 2.52% 983,711 $6M $6.13 $204K +84,592 +9.4%
16 COHU 2.42% 285,648 $6M $20.33 $1M +49,837 +21.1%
17 SD 2.27% 481,704 $5M $11.28 $2M +135,634 +39.2%
18 MPAA 2.09% 302,954 $5M $16.54 -$2M -312,898 -50.8%
19 HOFT 2.00% 473,179 $5M $10.15 $1M +118,989 +33.6%
20 SCHL 1.91% 166,944 $5M $27.38 -$3M -194,276 -53.8%
21 VPG 1.90% 142,164 $5M $32.05 -$1M -72,400 -33.7%
22 HCSG 1.78% 253,363 $4M $16.83 -$467K -61,443 -19.5%
23 UFI 1.61% 812,558 $4M $4.76 $360K +140,572 +20.9%
24 IWN —% -$3M -17,897 -100.0% SOLD

New Positions

SymbolValue% Port
MAN $8M 3.25%

Sold Out Positions

SymbolValue% Port
IWN —%
View SEC EDGAR Filings for Azarias Capital Management, L.P. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms