1y return+34.0%S&P 500 +20.9%
3y return+79.7%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2021: $167 against $157 in the S&P 500.2
Azarias Capital Management, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| SPYState Str Spdr S&p 500 Etf T | $79.5M | 34.6% | |
| URGUr-energy Inc | $18.0M | 7.8% | −3.0% |
| DNNDenison Mines Corp | $13.0M | 5.6% | +45.0% |
| MTRXMatrix Svc Co | $9.2M | 4.0% | −17.5% |
| MANManpowergroup Inc Wis | $9.0M | 3.9% | −21.2% |
| Seadrill LtdCUSIP G7997W102 | $8.0M | 3.5% | +54.6% |
| GPORGulfport Energy Corp | $7.9M | 3.4% | +10.3% |
| MTUSMetallus Inc | $7.8M | 3.4% | −22.8% |
| MPAAMotorcar Pts Amer Inc | $7.0M | 3.1% | −14.0% |
| MOHMolina Healthcare Inc | $7.0M | 3.0% | New |
| EIGEmployers Hldgs Inc | $6.7M | 2.9% | −5.7% |
| NXENexgen Energy Ltd | $6.4M | 2.8% | |
| HOFTHooker Furnishings Corporati | $6.0M | 2.6% | −15.3% |
| IPIIntrepid Potash Inc | $5.8M | 2.5% | +2.7% |
| MLRMiller Inds Inc Tenn | $5.6M | 2.4% | |
| UUUUEnergy Fuels Inc | $5.5M | 2.4% | |
| EUEncore Energy Corp | $5.4M | 2.3% | −19.3% |
| TBITrueblue Inc | $5.3M | 2.3% | −24.2% |
| CCJCameco Corp | $5.1M | 2.2% | |
| SMPStandard Mtr Prods Inc | $4.7M | 2.1% | −4.8% |
| SDSandridge Energy Inc | $4.4M | 1.9% | +2.9% |
| UFIUnifi Inc | $2.2M | 0.9% | −47.8% |
| AGXArgan Inc | $302K | 0.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CCJCameco Corp | December 31, 2021 | +367.0% | $5.1M |
| DNNDenison Mines Corp | December 31, 2021 | +123.4% | $13.0M |
| NXENexgen Energy Ltd | December 31, 2021 | +114.9% | $6.4M |
| UUUUEnergy Fuels Inc | December 31, 2021 | +90.1% | $5.5M |
| MTRXMatrix Svc Co | December 31, 2021 | +82.2% | $9.2M |
| AGXArgan Inc | March 31, 2026 | +46.6% | $302K |
| IPIIntrepid Potash Inc | June 30, 2023 | +44.5% | $5.8M |
| SMPStandard Mtr Prods Inc | June 30, 2024 | +40.5% | $4.7M |
| MLRMiller Inds Inc Tenn | December 31, 2025 | +36.9% | $5.6M |
| SPYState Str Spdr S&p 500 Etf T | March 31, 2025 | +33.5% | $79.5M |
Sold off last quarter
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.8% | +14.8% |
| March 31, 2026 | +5.3% | −4.6% |
| December 31, 2025 | −1.4% | +2.4% |
| September 30, 2025 | +20.9% | +7.8% |
| June 30, 2025 | +25.8% | +10.5% |
| March 31, 2025 | −17.7% | −4.6% |
| December 31, 2024 | −4.1% | +2.1% |
| September 30, 2024 | +4.2% | +5.4% |
| June 30, 2024 | −6.8% | +4.0% |
| March 31, 2024 | +5.7% | +10.0% |
| December 31, 2023 | +7.9% | +11.2% |
| September 30, 2023 | +22.0% | −3.6% |
| June 30, 2023 | +7.4% | +8.3% |
| March 31, 2023 | −1.8% | +7.0% |
| December 31, 2022 | +6.5% | +7.1% |
| September 30, 2022 | −1.4% | −5.3% |
| June 30, 2022 | −22.4% | −16.5% |
| March 31, 2022 | +8.4% | −4.9% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Azarias Capital Management, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1625279&type=13F-HR&dateb=&owner=include&count=40CIK 1625279
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1625279/000162527926000004/Filed July 13, 2026 · accession 0001625279-26-000004