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ACM

Azarias Capital Management Portfolio holdings

AUM $230M
1-Year Est. Return 39.35%
This Fund
S&P 500
This Quarter Est. Return
-1.28%
1 Year Est. Return
+39.35%
3 Year Est. Return
+93.14%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$228M
AUM Growth
-$24.1M
Cap. Flow
-$19M
Cap. Flow %
-8.32%
Top 10 Hldgs %
70.84%
Holding
26
New
2
Increased
7
Reduced
12
Closed
1

Top Buys

Rank Stock Value
1
EIG icon
Employers Holdings
EIG
+$2.82M
2
MAN icon
ManpowerGroup
MAN
+$2.63M
3
MLR icon
Miller Industries
MLR
+$1.56M
4
MTRX icon
Matrix Service
MTRX
+$1.21M
5
IPI icon
Intrepid Potash
IPI
+$943K

Top Sells

Rank Stock Value
1
EXK
Endeavour Silver
EXK
+$4.55M
2
HCSG icon
Healthcare Services Group
HCSG
+$4.26M
3
KMT icon
Kennametal
KMT
+$3.83M
4
VPG icon
Vishay Precision Group
VPG
+$3.47M
5
SCHL icon
Scholastic
SCHL
+$3.02M

Sector Composition

Rank Sector Weight
1 Energy 21.83%
2 Materials 20.97%
3 Industrials 12.15%
4 Consumer Discretionary 8%
5 Technology 3.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HCSG icon
26
Healthcare Services Group
HCSG
$1.53B
– –
-253,363
Closed -$4.26M
1
2

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Azarias Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Azarias Capital Management held 26 positions worth $228M, down 9.5% from $252M the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Azarias Capital Management withdrew a net $19M in Q4 2025, closing 1 position and reducing 12 holdings. Its most notable exit was Healthcare Services Group, an estimated $4.26M position sold in full.

By sector, the portfolio is most concentrated in Energy at 22% of assets, up from 21% a quarter earlier, followed by Materials and Industrials.

Against the trend, Azarias Capital Management opened a new position in Employers Holdings worth $2.98M.

  • Azarias Capital Management's largest Q4 2025 buy was Employers Holdings: 69,108 shares worth $2.98M.
  • Azarias Capital Management added most to ManpowerGroup in Q4 2025, an estimated $2.63M increase.
  • Azarias Capital Management's biggest Q4 2025 reduction was Endeavour Silver, cutting an estimated $4.55M.
  • Azarias Capital Management fully exited Healthcare Services Group in Q4 2025, selling an estimated $4.26M.
  • Azarias Capital Management's ten largest holdings make up 71% of its $228M portfolio in Q4 2025.
  • Azarias Capital Management opened 2 new positions and closed 1 in Q4 2025.
  • Azarias Capital Management's portfolio value fell 9.5% quarter-over-quarter to $228M.

Based on Azarias Capital Management's 13F filing for Q4 2025, filed 23 Jan 2026.