ThePowerofRecovery

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

We believe some of the best opportunities arise when the market expects the worst.

Founded in 2014, Azarias exists because temporary earnings declines in small caps are routinely priced as permanent. We have combined fundamental value investing and industry expertise to repeatedly participate in their unexpected recoveries.

AzariasSmallCapValueStrategy

Capacity Constrained

Hard close of strategy to protect alpha generation

Typical number of positions in our small-cap value strategy

~0th percentile

Less correlated than 95% of small cap value peers to the Russell 2000 Value (10-year, eVestment)

>0%

Typical allocation to <$1bn market caps

As of June 30, 2026.

TheAzariasResearchDNA

We assess opportunities across three vectors to estimate recovery potential, focusing on situations where market pricing appears to understate the likelihood of a future recovery.

Durability

We invest in businesses with resilient balance sheets, stable or growing market share, and competitively stable industries.

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

Azarias Small Cap Value Strategy

Ultimately, Azarias provides exposure to an unusual selection of small, durable US businesses we believe are poised for industry-driven earnings recoveries.

Current industry exposure in Azarias Small Cap Value Strategy

As of June 30, 2026.

Thematic investment opportunities

Dedicatedstrategiestostructural,non-consensusindustrynormalization.

Some recoveries are too compelling to express through a single position. When our research uncovers a non-consensus industry recovery with the potential to unfold over multiple years, we launch dedicated strategies that invest in the durable businesses we believe are well positioned to benefit.

Uranium Opportunity Strategy

Launched in 2018, the Uranium Opportunity Strategy invests in durable businesses across the uranium ecosystem we believe are positioned to benefit from a multi-year industry recovery driven by years of underinvestment and growing global demand.

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