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Azarias Capital Management, L.P.

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

Q1 2026 · Filed 2026-04-16
Market Value
$208M
-4.8%
Holdings
26
+1
New Purchases
2
Added To
8
Closed
4
Reduced
10
Top 10 Concentration
76.6%
Turnover
23.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MLR 2.42% 0.69% +1.73% $5M
MPAA 2.84% 1.22% +1.61% $6M
EIG 2.78% 1.37% +1.41% $6M
DNN 4.97% 3.56% +1.40% $10M
AVT 1.30% 0.00% +1.30% $3M
URG 9.75% 8.89% +0.87% $20M
MAN 4.79% 3.95% +0.84% $10M
GPOR 4.29% 3.65% +0.64% $9M
MTRX 4.51% 3.92% +0.59% $9M
UUUU 3.34% 2.79% +0.55% $7M
TMST 4.27% 3.81% +0.46% $9M
AGX 0.10% 0.00% +0.10% $206K
UFI 1.50% 1.45% +0.05% $3M
SPY 33.32% 33.28% +0.04% $69M
HOFT 2.46% 2.45% +0.01% $5M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KMT 0.00% 2.79% -2.79% $0
EXK 0.00% 2.71% -2.71% $0
COHU 0.88% 2.53% -1.65% $2M
CCJ 2.63% 3.68% -1.05% $5M
SCHL 0.00% 0.84% -0.84% $0
VPG 0.00% 0.78% -0.78% $0
NXE 3.81% 4.55% -0.74% $8M
SMP 2.13% 2.57% -0.44% $4M
SD 2.45% 2.72% -0.26% $5M
TBI 1.89% 2.06% -0.18% $4M
IPI 3.57% 3.75% -0.17% $7M

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 $69M 33.3%
Large Cap 1 $5M 2.6%
Mid Cap 9 $39M 18.7%
Small Cap 11 $76M 36.7%
Micro Cap 4 $18M 8.7%

Portfolio Analytics

Avg Market Cap
$33.3B
Median Market Cap
$1.2B
Avg P/E
78.8
Median P/E
35.6
Avg Dividend Yield
0.01%
Avg Beta
1.15
# Stocks
25
# ETFs / Funds
1

Top Holdings (26 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 SPY 33.32% 106,461 $69M $650.34 -$3M
2 URG 9.75% 13,604,304 $20M $1.49 $880K -345,851 -2.5%
3 DNN 4.97% 2,922,967 $10M $3.53 $3M
4 MAN 4.79% 337,613 $10M $29.46 $1M +47,730 +16.5%
5 MTRX 4.51% 817,021 $9M $11.48 $829K +86,254 +11.8%
6 GPOR 4.29% 42,121 $9M $211.57 $951K +3,848 +10.1%
7 TMST 4.27% 543,322 $9M $16.34 $559K +58,511 +12.1%
8 NXE 3.81% 682,943 $8M $11.60 -$2M -396,852 -36.8%
9 IPI 3.57% 173,654 $7M $42.77 -$750K -121,216 -41.1%
10 UUUU 3.34% 380,528 $7M $18.25 $852K -38,500 -9.2%
11 MPAA 2.84% 532,869 $6M $11.06 $3M +316,461 +146.2%
12 EIG 2.78% 140,180 $6M $41.14 $3M +71,072 +102.8%
13 CCJ 2.63% 50,371 $5M $108.61 -$3M -37,357 -42.6%
14 HOFT 2.46% 397,176 $5M $12.88 -$227K -76,003 -16.1%
15 SD 2.45% 312,396 $5M $16.31 -$829K -98,178 -23.9%
16 MLR 2.42% 110,426 $5M $45.55 $4M +70,379 +175.7%
17 SMP 2.13% 127,206 $4M $34.74 -$1M -24,735 -16.3%
18 TBI 1.89% 1,001,950 $4M $3.91 -$582K +13,070 +1.3%
19 UFI 1.50% 875,137 $3M $3.57 -$40K -28,876 -3.2%
20 AVT 1.30% 43,934 $3M $61.62 +43,934 NEW
21 COHU 0.88% 59,559 $2M $30.62 -$4M -177,648 -74.9%
22 AGX 0.10% 378 $206K $544.65 +378 NEW
23 KMT —% -$6M -214,288 -100.0% SOLD
24 EXK —% -$6M -630,009 -100.0% SOLD
25 SCHL —% -$2M -61,522 -100.0% SOLD
26 VPG —% -$2M -44,054 -100.0% SOLD

New Positions

SymbolValue% Port
AVT $3M 1.30%
AGX $206K 0.10%

Sold Out Positions

SymbolValue% Port
VPG —%
KMT —%
EXK —%
SCHL —%
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