Azarias Capital Management, L.P.
•CIK: 1625279•Filing: Q4 2025
**Azarias Capital Management, L.P.** manages $228M across a concentrated portfolio of 25 positions. The fund exhibits significant exposure to broad market indices, evidenced by the top holding in SPY at $72.6M. Further allocations are notable in sector-specific plays, including URE ($19.4M) and EU ($10.2M). This structure suggests a tactical, large-cap tilt across diverse market segments.
Total AUM
$228.4M
QoQ Performance
-9.5%
Positions
25
Top 10 Concentration
70.8%
Latest Filing
Q4 2025
Top Holdings Allocation
SPY
URE
SPY31.8%
URE8.5%
EU4.5%
NXE4.3%
MAN3.8%
MTRX3.7%
MTUS3.6%
IPI3.6%
📈 Biggest Buys
📉 Biggest Sells
Sector Breakdown
Other68.2%
ETF31.8%
🚪 Exited Positionssold since Q3 2025
Changes from Q3 2025
NEW2 new positions
↑7 increased
↓12 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022