ThePowerofRecovery

Azarias invests in durable US small-cap companies where earnings and industry normalization can drive non-linear returns.

The best opportunities arise when the market underestimates recovery

Azarias was founded because temporary earnings declines in small caps are routinely priced as permanent. We combine fundamental value investing and industry cycle expertise to repeatedly participate in their unexpected recoveries.

Azarias Capital Founded

$0m

Hard close of strategy to protect alpha generation

Typical number of positions in our small-cap value strategy

TheAzariasResearchDNA

We assess every opportunity across three vectors to determine recovery potential, investing where the market has abandoned a recovery we believe is inevitable.

Durability

We invest in businesses with resilient balance sheets, stable or growing market share, and industries not in structural decline.

Normalization

We require a visible and credible catalyst / path to a re-acceleration in depressed earnings within 12 months of initiation.

Asymmetry

We invest when we believe valuations imply permanent impairment despite the firm's durability, targeting 50-100% appreciation within 2 years.*

Concentratedintheuncommon

Ultimately, Azarias provides exposure to a unique selection of small, durable US businesses poised for industry-driven earnings recoveries.

Current industry exposure

Positions diversified across sub-industries

XX%

Correlation to Russell Value 2000 Index

>0%

Typical allocation to <$1bn market caps

Co-investment Opportunities

Dedicatedstrategiestostructural,non-consensusindustrynormalization.

When our deep work on industry cycles produces a high conviction thesis, we build opportunistic strategies for investors seeking exposure to specific thematics with strong fundamentals.

Uranium Opportunity Strategy