Quarterly Commentary

Azarias Capital Management, L.P. (“Azarias”) is a Pennsylvania Registered investment adviser. Registration with the SEC or any state securities authority does not imply a certain level of skill or training. Material contained or linked to on this webpage should not be construed as a solicitation to effect, or attempt to effect transactions is securities, or the rendering of personalized investment advice over the Internet. Azarias may only transact business in those states in which it is registered, or qualifies for an exemption of exclusion from registration requirements.

All investments contain risks, and investors should consider the risks associated with investing in our investment products. Value investing involves the risk that the investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated. Stocks of small companies may be more volatile than, and not as readily marketable as, those of larger companies. Investments made in small capitalization companies are subject to a higher degree of market risk because they tend to be more volatile and less liquid when compared to larger, more established companies. The material included on this website is for informational purposes only, and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment product or to adopt any investment strategy.

All information in this website, including with respect to investment objectives and themes, is subject to change without notice or notification of such changes made. The material on this website is not investment, legal, tax, or accounting advice. This website includes forward looking statements and statements of opinion. No representations are made that any of such statements will prove to be accurate, and there is a substantial likelihood that some or all of the forward looking statements will prove highly inaccurate. No endorsement or recommendation is made as to any other entity or issuer, or any security issued thereby, that is referenced in this website, and any information regarding any such entity, issuer or security should be obtained from such entity or issuer directly. References on this website to “Azarias” or “Azarias Capital” or “ACM” are references to Azarias Capital Management.

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

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