13F holdings · Q3 2026

Azarias Capital Management

West Chester, PA · files as Azarias Capital Management, L.P.

Holdings as of Sep 30, 2026Filed Oct 14, 2026Next filing due Feb 15, 2027CIK 1625279

Azarias Capital Management reported 23 stocks worth $168M in its 13F filing for Q3 2026, filed Oct 14, 2026. Its largest holdings are SPY (48.2%), URG (7.1%) and DNN (6.4%). Compared with Q2 2026, the fund opened new positions in LKQ, added to CCJ, trimmed URG, DNN and NXE and sold out of AGX.

Reported value$168M−26.7% vs last quarter

Stocks held231 new · 1 sold out

Top 5 weight68.3%very concentrated

Turnover36%of the portfolio changed

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Holdings

#	Stock	Value	Weight	Shares	Change	Shares, 8 qtrs	Held
1	SPY Spdr S&P 500 ETF TR	$81.2M	48.2%	106K	No change		7 of 8
2	URG Ur-Energy Inc	$12M	7.1%	11.1M	−2.1M (−16%)		8 of 8
3	DNN Denison Mines Corp	$10.8M	6.4%	4.2M	−80K (−2%)		8 of 8
4	NXE Nexgen Energy Ltd	$6.2M	3.7%	680K	−2,776 (−0%)		8 of 8
5	CCJ Cameco Corp F	$4.9M	2.9%	56K	+5,712 (+11%)		8 of 8
6	SDRL Seadrill Ltd	$4.7M	2.8%	105K	−106K (−50%)		3 of 8
7	UUUU Energy Fuels Inc	$4.2M	2.5%	381K	No change		8 of 8
8	MTRX Matrix Svc Co	$4.1M	2.4%	426K	−248K (−37%)		8 of 8
9	GPOR Gulfport Energy Corp	$3.6M	2.2%	24K	−22K (−48%)		6 of 8
10	TBI Trueblue Inc	$3.5M	2.1%	385K	−375K (−49%)		8 of 8
11	ABCD Example Holdings Inc	100	153	206	259	312	365
12	WXYZ Example Holdings Inc	137	190	243	296	349	402
13	QRST Example Holdings Inc	174	227	280	333	386	439
14	LMNO Example Holdings Inc	211	264	317	370	423	476

🔒 13 more holdings in this filing. Create a free account or sign in to see them all.

Positions at Sep 30, 2026, as reported. Change is against the fund's Q2 2026 filing; weight is the share of the fund's reported stocks.

Sold out

held in Q2 2026, gone in Q3 2026

Stock	Value last quarter	Shares sold
AGX Argan Inc	$302K	378

Reported value

last 8 quarters

$223MQ4 '24

$180MQ1 '25

$220MQ2 '25

$252MQ3 '25

$228MQ4 '25

$223MQ1 '26

$230MQ2 '26

$168MQ3 '26

The value of the US stocks the fund reported, at quarter end prices. It moves with the market as well as with buying and selling.

Filings for Q3 2026

straight from the SEC

Filed	Form	Quarter
Oct 14, 2026	13F-HR	Q3 2026	SEC filing ↗

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Azarias Capital Management 13F FAQ

What does Azarias Capital Management own?

Azarias Capital Management reported 23 stocks worth $168M in its 13F filing for Q3 2026, filed Oct 14, 2026. Its largest holdings are SPY (48.2%), URG (7.1%) and DNN (6.4%). The table above lists every position in the filing (the top 10 without an account).

What did Azarias Capital Management buy and sell in Q3 2026?

Compared with Q2 2026: 1 new positions, 1 added to, 19 trimmed and 1 sold out. New positions include LKQ. It sold all of AGX.

When will Azarias Capital Management file its next 13F?

Holdings as of Dec 31, 2026 are due by Feb 15, 2027. The filing appears on this page within minutes of reaching the SEC.

How much is Azarias Capital Management's portfolio worth?

The Q3 2026 filing reports $168M in US stocks. That leaves out cash, bonds, short positions and most foreign holdings, so the fund's total assets are usually larger.

For informational and educational purposes only. Not investment advice, and not a recommendation to buy or sell any security. Holdings come from the fund's SEC Form 13F filings as reported and show positions at the end of the quarter, up to 45 days before the filing. The fund may have changed its positions since. A 13F leaves out short positions, cash, bonds and most foreign holdings. See all hedge fund holdings.