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Asset Manager ← All Institutions

Azarias Capital Management, L.P.

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

Q4 2025 · Filed 2026-01-23
Market Value
$218M
-8.9%
Holdings
25
+1
New Purchases
2
Added To
6
Closed
1
Reduced
12
Top 10 Concentration
73.0%
Turnover
12.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPY 33.28% 29.61% +3.67% $73M
EIG 1.37% 0.00% +1.37% $3M
MAN 3.95% 3.25% +0.70% $9M
MLR 0.69% 0.00% +0.69% $1M
CCJ 3.68% 3.07% +0.61% $8M
MTRX 3.92% 3.47% +0.45% $9M
SD 2.72% 2.27% +0.45% $6M
HOFT 2.45% 2.00% +0.44% $5M
IPI 3.75% 3.32% +0.43% $8M
NXE 4.55% 4.17% +0.38% $10M
GPOR 3.65% 3.37% +0.28% $8M
DNN 3.56% 3.36% +0.21% $8M
COHU 2.53% 2.42% +0.11% $6M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
HCSG 0.00% 1.78% -1.78% $0
URG 8.89% 10.09% -1.20% $19M
VPG 0.78% 1.90% -1.12% $2M
EXK 2.71% 3.82% -1.10% $6M
SCHL 0.84% 1.91% -1.07% $2M
UUUU 2.79% 3.82% -1.03% $6M
MPAA 1.22% 2.09% -0.87% $3M
SMP 2.57% 3.05% -0.48% $6M
TBI 2.06% 2.52% -0.45% $4M
KMT 2.79% 3.18% -0.39% $6M
UFI 1.45% 1.61% -0.16% $3M
TMST 3.81% 3.92% -0.10% $8M

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 $73M 33.3%
Large Cap 1 $8M 3.7%
Mid Cap 7 $49M 22.6%
Small Cap 12 $73M 33.3%
Micro Cap 4 $16M 7.2%

Portfolio Analytics

Avg Market Cap
$34.0B
Median Market Cap
$1.0B
Avg P/E
78.8
Median P/E
34.2
Avg Dividend Yield
0.01%
Avg Beta
1.16
# Stocks
24
# ETFs / Funds
1

Top Holdings (25 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 33.28% 106,461 $73M $681.92 $2M
2 URG 8.89% 13,950,155 $19M $1.39 -$5M +445,857 +3.3%
3 NXE 4.55% 1,079,795 $10M $9.20 -$63K -37,214 -3.3%
4 MAN 3.95% 289,883 $9M $29.73 $821K +84,152 +40.9%
5 MTRX 3.92% 730,767 $9M $11.70 $246K +95,924 +15.1%
6 TMST 3.81% 484,811 $8M $17.16 -$1M -82,675 -14.6%
7 IPI 3.75% 294,870 $8M $27.73 $232K +35,082 +13.5%
8 CCJ 3.68% 87,728 $8M $91.49 $669K
9 GPOR 3.65% 38,273 $8M $207.99 -$101K -6,268 -14.1%
10 DNN 3.56% 2,922,967 $8M $2.66 -$263K
11 UUUU 2.79% 419,028 $6M $14.54 -$3M -176,955 -29.7%
12 KMT 2.79% 214,288 $6M $28.41 -$2M -150,069 -41.2%
13 SD 2.72% 410,574 $6M $14.43 $491K -71,130 -14.8%
14 EXK 2.71% 630,009 $6M $9.40 -$3M -536,928 -46.0%
15 SMP 2.57% 151,941 $6M $36.85 -$2M -27,054 -15.1%
16 COHU 2.53% 237,207 $6M $23.27 -$287K -48,441 -17.0%
17 HOFT 2.45% 473,179 $5M $11.29 $539K
18 TBI 2.06% 988,880 $4M $4.55 -$2M +5,169 +0.5%
19 UFI 1.45% 904,013 $3M $3.50 -$704K +91,455 +11.3%
20 EIG 1.37% 69,108 $3M $43.17 +69,108 NEW
21 MPAA 1.22% 216,408 $3M $12.34 -$2M -86,546 -28.6%
22 SCHL 0.84% 61,522 $2M $29.63 -$3M -105,422 -63.1%
23 VPG 0.78% 44,054 $2M $38.50 -$3M -98,110 -69.0%
24 MLR 0.69% 40,047 $1M $37.37 +40,047 NEW
25 HCSG —% -$4M -253,363 -100.0% SOLD

New Positions

SymbolValue% Port
EIG $3M 1.37%
MLR $1M 0.69%

Sold Out Positions

SymbolValue% Port
HCSG —%
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