Azarias Capital Management, L.P.

The portfolio consists of 25 holdings, indicating a concentrated strategy. The fund demonstrates a high level of conviction in its selections, with the top 10 positions accounting for approximately 73% of the total portfolio value. The management team appears highly active, with a turnover rate evidenced by the addition of 14 new names and zero complete exits in this quarter, suggesting a strategy of reallocating capital rather than hoarding cash or fully divesting from sectors.

2. Key Holdings

The portfolio is anchored by a massive position in the SPDR S&P 500 ETF (SPY), which comprises 31.78% ($72.60M) of the total assets. This suggests that while the firm engages in active stock selection, it maintains a significant "core" exposure to the broader market to capture beta.