The foundation of Azarias Capital’s​ investment philosophy is based on the following core beliefs:

1. SMICROCAP™ companies on the cusp of a turnaround offer asymmetric risk/reward opportunities when they meet
four specific criteria.

2. Concentrated portfolios optimize the benefits of active management.

3. In order to maximize alpha generation potential within the SMICROCAP™ universe, AUM must be limited.

Given those tenets, Azarias is structured to achieve a singular objective: To generate top percentile returns over trailing 5 year and since-inception measurement periods. In alignment with this objective, Azarias has pledged a hard close at $500M (or less) AUM across our Focused Small Cap Value and Long Short Small Cap Value strategies.