Azarias Capital Management Q2 2026 Portfolio Activity: Significant Energy Buys and Selective Sells
Azarias Capital Management analyzed its holdings for the period ending June 30, 2026. The fund maintained a focus on energy stocks while making notable additions to positions like Seadrill Ltd.
Azarias Capital Management's portfolio analysis as of June 30, 2026 reveals specific changes in its holdings during the second quarter. The fund holds a total portfolio value of $229.8 million and maintains positions across various sectors.
The investor's activity this quarter was characterized by targeted purchases and strategic adjustments within certain sectors, particularly Energy. Notable additions were made to DENISON MINES CORP (DNN) and SEADRILL LTD, while several other positions saw reductions or exits.
Azarias Capital Management significantly increased its stake in DENISON MINES CORP (DNN). The fund added 1,315,775 shares to this position, representing a substantial increase of approximately 45.02% in the number of holdings for this stock.
Concurrently, there was a major purchase in SEADRILL LTD (G7997W102). The fund acquired an additional 74,656 shares during Q2, marking a significant increase of about 54.64%.
In the Energy sector, besides these additions, other holdings like UR-ENERGY INC (URG) and ENCORE ENERGY CORP (EU) saw reductions. URG experienced a slight decrease of about 2.98% in its share count, while EU's position was reduced by approximately 19.26%. The fund also exited the position in UNIFI INC (UFI), which held a portfolio allocation of about 0.94%.
Within other sectors, adjustments were noted but less dramatic than the Energy buys. For instance, MATRIX SVC CO (MTRX), an Industrials stock, saw a reduction of about 17.54% in its share count during Q2.
Additionally, the fund made notable additions to MOLINA HEALTHCARE INC (MOH). The number of shares increased by approximately 100%, indicating a strong new interest or significant buildup in this Healthcare stock. Other minor adjustments included slight reductions in holdings like EMPLOYERS HLDGS INC (EIG) and exits from positions such as UNIFI INC, TRUEBLUE INC, and others with smaller portfolio allocations.