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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
(-9.5%)
Cap. Flow
-$19M
Cap. Flow
% of AUM
-8.32%
Top 10 Holdings %
Top 10 Hldgs %
70.84%
Holding
26
New
2
Increased
7
Reduced
12
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Employers Holdings
EIG
|
+$2.82M |
| 2 |
ManpowerGroup
MAN
|
+$2.63M |
| 3 |
Miller Industries
MLR
|
+$1.56M |
| 4 |
Matrix Service
MTRX
|
+$1.21M |
| 5 |
Intrepid Potash
IPI
|
+$943K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXK
Endeavour Silver
EXK
|
+$4.55M |
| 2 |
Healthcare Services Group
HCSG
|
+$4.26M |
| 3 |
Kennametal
KMT
|
+$3.83M |
| 4 |
Vishay Precision Group
VPG
|
+$3.47M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1
State Street SPDR S&P 500 ETF Trust
SPY
$800B
| $72.6M | 31.78% |
106,461
| – | – |
|
|
URG
2
Ur-Energy
URG
$489M
| $19.4M | 8.49% |
13,950,155
+445,857
| +3% | +$660K |
|
|
EU
3
enCore Energy
EU
$208M
| $10.2M | 4.49% |
4,132,851
+99,912
| +2% | +$286K |
|
4
NexGen Energy
NXE
$6.08B
| $9.93M | 4.35% |
1,079,795
-37,214
| -3% | -$329K |
|
|
5
ManpowerGroup
MAN
$2.52B
| $8.62M | 3.77% |
289,883
+84,152
| +41% | +$2.63M |
|
|
6
Matrix Service
MTRX
$329M
| $8.55M | 3.74% |
730,767
+95,924
| +15% | +$1.21M |
|
7
Metallus
MTUS
$823M
| $8.32M | 3.64% |
484,811
-82,675
| -15% | -$1.42M |
|
|
8
Intrepid Potash
IPI
$448M
| $8.18M | 3.58% |
294,870
+35,082
| +14% | +$943K |
|
9
Cameco
CCJ
$37.6B
| $8.03M | 3.51% |
87,728
| – | – |
|
10
Gulfport Energy Corp
GPOR
$2.87B
| $7.96M | 3.49% |
38,273
-6,268
| -14% | -$1.25M |
|
11
Denison Mines
DNN
$2.53B
| $7.78M | 3.4% |
2,922,967
| – | – |
|
12
Energy Fuels
UUUU
$2.85B
| $6.09M | 2.67% |
419,028
-176,955
| -30% | -$3M |
|
|
13
Kennametal
KMT
$2.64B
| $6.09M | 2.67% |
214,288
-150,069
| -41% | -$3.83M |
|
14
SandRidge Energy
SD
$502M
| $5.92M | 2.59% |
410,574
-71,130
| -15% | -$941K |
|
|
EXK
15
Endeavour Silver
EXK
$2.19B
| $5.92M | 2.59% |
630,009
-536,928
| -46% | -$4.55M |
|
16
Standard Motor Products
SMP
$874M
| $5.6M | 2.45% |
151,941
-27,054
| -15% | -$1.04M |
|
17
Cohu
COHU
$2.25B
| $5.52M | 2.42% |
237,207
-48,441
| -17% | -$1.11M |
|
18
Hooker Furnishings Corp
HOFT
$150M
| $5.34M | 2.34% |
473,179
| – | – |
|
|
TBI
19
Trueblue
TBI
$227M
| $4.5M | 1.97% |
988,880
+5,169
| +0.5% | +$26.5K |
|
20
UNIFI
UFI
$121M
| $3.16M | 1.39% |
904,013
+91,455
| +11% | +$353K |
|
|
21
Employers Holdings
EIG
$913M
| $2.98M | 1.31% |
+69,108
| New | +$2.82M |
|
22
Motorcar Parts of America
MPAA
$257M
| $2.67M | 1.17% |
216,408
-86,546
| -29% | -$1.25M |
|
|
23
Scholastic
SCHL
$782M
| $1.82M | 0.8% |
61,522
-105,422
| -63% | -$3.02M |
|
|
24
Vishay Precision Group
VPG
$1.19B
| $1.7M | 0.74% |
44,054
-98,110
| -69% | -$3.47M |
|
|
25
Miller Industries
MLR
$578M
| $1.5M | 0.66% |
+40,047
| New | +$1.56M |
|
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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.