Ashford Capital Management Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 18, 2025), Ashford Capital Management Inc. reported 101 stock positions worth $847.6 million. Its top holding was Cellebrite Di (CLBT) at 4.8% of the portfolio, followed by Ligand Pharmaceuticals (LGND, 3.9%) and Axon Enterprise (AXON, 3.9%). Compared with Q3 2024, it opened 7 new positions, sold out of 8, added to 21 and reduced 42. The biggest buy was Globalstar (GSAT, shares +69%) and the biggest sale Marketaxess (MKTX, shares −29%).

Most Recent 13F
Q2 2026
Location
WILMINGTON, DE
CIK
0000897070
Portfolio Value
$847.6M (Q4 2024)
SEC Filing
0000897070-25-000003 ↗ filed Feb 18, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $739.3M Q1 2024 Q2 2024: $740.6M Q2 2024 Q3 2024: $801.3M Q3 2024 Q4 2024: $847.6M $847.6M Q4 2024 Q1 2025: $775.5M Q1 2025 Q2 2025: $851.1M Q2 2025 Q3 2025: $897.8M Q3 2025 Q4 2025: $897.7M Q4 2025 Q1 2026: $809.2M Q1 2026 Q2 2026: $932.6M Q2 2026

Holdings 101 stocks · $847.6M
CLBT Cellebrite Di Ltd. 4.81% 1,850,680 $40.8M Reduce -2.0%
LGND Ligand Pharmaceuticals 3.93% 310,664 $33.3M Add +0.1%
AXON Axon Enterprise Inc. 3.86% 55,021 $32.7M Reduce -36.5%
SKWD Skyward Specialty Insurance 3.67% 615,821 $31.1M Reduce -2.8%
ODD Oddity Tech Ltd. Class A 3.57% 719,758 $30.2M Add +3.2%
SNEX Stonex Group Inc. 3.39% 293,350 $28.7M Add +4.7%
VTI VG Morningstar TS MKT ETF-US 3.34% 97,720 $28.3M Reduce -3.7%
CPRT Copart Inc. 3.21% 473,393 $27.2M Reduce -1.3%
CVCO Cavco Industries Inc. 3.07% 58,295 $26.0M Add +1.1%
HQY Healthequity Inc. 3.05% 269,312 $25.8M Reduce -11.8%
GSAT Globalstar Inc. 3.02% 12,369,340 $25.6M Add +68.9%
RDVT Red Violet Inc. 2.98% 697,251 $25.2M Reduce -12.8%
EQIX Equinix Inc. 2.88% 25,909 $24.4M Add +6.2%
CSGP Costar Group Inc. 2.69% 318,148 $22.8M Reduce -0.6%
TYL Tyler Technologies Inc. 2.59% 38,103 $22.0M Reduce -12.0%
CYBR Cyberark Software Ltd./Israel 2.58% 65,560 $21.8M Reduce -0.3%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 2.58% 185,811 $21.8M Reduce -7.2%
SUPN Supernus Pharmaceuticals Inc. 2.33% 545,775 $19.7M Add +0.3%
KNSL Kinsale Capital Group Inc. 2.25% 40,995 $19.1M Add +0.3%
AVPT Avepoint Inc. 2.16% 1,108,720 $18.3M Add +1.6%
FNV Franco-Nevada Corp. 2.15% 154,844 $18.2M Reduce -6.9%
AESI Atlas Energy Solutions Inc. 2.09% 797,675 $17.7M Add +36.1%
GSHD Goosehead Insurance Inc. Class A 2.04% 161,520 $17.3M Reduce -7.5%
S Sentinelone Inc. Class A 2.01% 766,355 $17.0M Add +16.4%
INCY Incyte Corp. 1.83% 224,370 $15.5M Reduce -6.8%
BRK.A Berkshire Hathaway Inc. Class A 1.77% 22 $15.0M No change
AYI Acuity Inc. 1.63% 47,203 $13.8M New
DV Doubleverify Holdings Inc. 1.26% 557,530 $10.7M Reduce -24.8%
NVEE NV5 Global Inc. 1.22% 549,500 $10.4M Reduce -0.2%
FROG Jfrog Ltd. 1.15% 332,600 $9.8M Reduce -12.8%
MKTX Marketaxess Holdings Inc. 1.14% 42,765 $9.7M Reduce -29.1%
UNP Union Pacific Corp. 1.11% 41,345 $9.4M No change
GOVT iShares US Treasury Bond ETF 1.03% 379,652 $8.7M Add +114.9%
LNTH Lantheus Holdings Inc. 0.99% 94,180 $8.4M Reduce -0.5%
MSFT Microsoft Corp. 0.92% 18,510 $7.8M Reduce -5.6%
CWAN Clearwater Analytics HDS-A 0.91% 281,120 $7.7M New
SPY SS SPDR S&P 500 ETF Trust-US 0.85% 12,261 $7.2M Reduce -1.6%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.73% 211,860 $6.2M Add +6.6%
QTRX Quanterix Corp. 0.68% 544,530 $5.8M Reduce -25.8%
FEZ State Street SPDR Euro Stoxx 0.64% 112,219 $5.4M Reduce -1.3%
EPD Enterprise Products Partners 0.63% 170,470 $5.3M Add +18.8%
VNQ Vanguard Real Estate ETF 0.61% 58,254 $5.2M Reduce -4.2%
QQQ Invesco QQQ Trust Series 1 0.60% 9,951 $5.1M Reduce -11.9%
IEUR iShares Core MSCI Europe ETF 0.59% 92,784 $5.0M Reduce -4.3%
META Meta Platforms Inc. Class A 0.58% 8,415 $4.9M No change
ET Energy Transfer LP 0.57% 248,203 $4.9M Add +1.9%
ROP Roper Technologies Inc. 0.47% 7,701 $4.0M No change
IEF iShares 7-10 Year Treasury B 0.43% 38,976 $3.6M Reduce -51.8%
BRK.B Berkshire Hathaway Inc. Class B 0.42% 7,819 $3.5M Reduce -1.0%
DELL Dell Technologies -C 0.38% 28,090 $3.2M Add +86.9%
VRTX Vertex Pharmaceuticals Inc. 0.38% 7,919 $3.2M No change
ACGL Arch Capital Group Ltd. 0.35% 32,042 $3.0M No change
GOOGL Alphabet Inc. Class A 0.31% 13,820 $2.6M Reduce -0.7%
SPGI S&P Global Inc. 0.26% 4,354 $2.2M No change
KMI Kinder Morgan Inc. 0.25% 78,450 $2.1M No change
CAH Cardinal Health Inc. 0.25% 17,585 $2.1M No change
MELI MercadoLibre Inc. 0.24% 1,203 $2.0M No change
XOM Exxon Mobil Corp. 0.24% 18,794 $2.0M Reduce -0.1%
MORN Morningstar Inc. 0.22% 5,431 $1.8M No change
MRK Merck & Co. Inc. 0.20% 17,345 $1.7M Reduce -61.2%
TKO Tko Group Holdings Inc. 0.20% 11,827 $1.7M Add +560.0%
EWZ iShares MSCI Brazil ETF 0.20% 74,384 $1.7M New
TER Teradyne Inc. 0.19% 13,061 $1.6M No change
EWW iShares MSCI Mexico ETF 0.19% 34,189 $1.6M New
EFX Equifax Inc. 0.18% 6,090 $1.6M No change
TECH Bio-Techne Corp. 0.18% 20,960 $1.5M No change
AMZN Amazon.com Inc. 0.18% 6,800 $1.5M No change
MOH Molina Healthcare Inc. 0.17% 5,013 $1.5M No change
DHR Danaher Corp. 0.17% 6,147 $1.4M No change
ADBE Adobe Inc. 0.16% 3,124 $1.4M No change
MU Micron Technology Inc. 0.15% 15,480 $1.3M No change
FURY Fury Gold Mines Ltd. 0.14% 3,311,015 $1.2M Add +6.4%
VICR Vicor Corp. 0.14% 24,150 $1.2M Add +2.5%
HUM Humana Inc. 0.13% 4,280 $1.1M No change
AAPL Apple Inc. 0.12% 4,053 $1.0M Reduce -5.2%
WMT Walmart Inc. 0.12% 10,980 $992K Add +10.7%
HACK Amplify Cybersecurity ETF 0.11% 11,956 $891K Reduce -13.3%
AFRM Affirm Holdings Inc. 0.10% 13,800 $840K New
PGR Progressive Corp. 0.09% 3,074 $737K No change
AIOT Powerfleet Inc. 0.09% 128,571 $730K No change
KO The Coca-Cola Co. 0.08% 10,442 $650K Reduce -3.5%
MLR Miller Industries Inc. 0.07% 9,120 $596K No change
VTS Vitesse Energy Inc. 0.07% 23,820 $596K No change
GGN Gamco GLBL Gold NTRL Res Inc. 0.06% 146,000 $550K No change
VGLT Vanguard Long-Term Treasury 0.06% 9,525 $527K Reduce -69.9%
XYLD Global X S&P 500 Cove Call E 0.05% 11,000 $461K Reduce -31.3%
CVX Chevron Corp. 0.05% 2,996 $434K No change
IAU iShares Gold Trust 0.05% 8,711 $431K No change
IWF iShares Russell 1000 Growth 0.05% 958 $385K Reduce -8.9%
SHOP Shopify Inc. Class A 0.05% 3,600 $383K No change
TLT iShares 20+ Year Treasury BD 0.04% 4,153 $363K Reduce -67.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,409 $310K Reduce -1.2%
GLW Corning Inc. 0.03% 6,136 $292K No change
JNJ Johnson & Johnson 0.03% 2,000 $289K Reduce -4.8%
LLY Eli Lilly & Co. 0.03% 365 $282K Reduce -5.7%
GOOG Alphabet Inc. Class C 0.03% 1,400 $267K Reduce -41.7%
RBLX Roblox Corp. Class A 0.03% 4,168 $241K New
GPGI Gpgi Inc. filed as COMPOSECURE INC 0.03% 15,400 $236K New
ISRG Intuitive Surgical Inc. 0.03% 450 $235K No change
PYPL PayPal Holdings Inc. 0.03% 2,730 $233K Add +3.8%
AUR Aurora Innovation Inc. 0.02% 22,500 $142K No change

Portfolio Sells Q3 2024 → Q4 2024
MKTX Marketaxess Holdings Inc. Reduce -29.1% 1.14% −0.79
IEF iShares 7-10 Year Treasury B Reduce -51.8% 0.43% −0.56
TYL Tyler Technologies Inc. Reduce -12.0% 2.59% −0.56
QTRX Quanterix Corp. Reduce -25.8% 0.68% −0.50
PGNY Progyny Inc. Sold out 0.00% −0.48
AXON Axon Enterprise Inc. Reduce -36.5% 3.86% −0.47
FNV Franco-Nevada Corp. Reduce -6.9% 2.15% −0.43
MRK Merck & Co. Inc. Reduce -61.2% 0.20% −0.43
ILF iShares Latin America 40 ETF Sold out 0.00% −0.39
NVEE NV5 Global Inc. Reduce -0.2% 1.22% −0.39
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.37
CSGP Costar Group Inc. Reduce -0.6% 2.69% −0.33
LNTH Lantheus Holdings Inc. Reduce -0.5% 0.99% −0.30
DV Doubleverify Holdings Inc. Reduce -24.8% 1.26% −0.29
VTI VG Morningstar TS MKT ETF-US Reduce -3.7% 3.34% −0.25
FROG Jfrog Ltd. Reduce -12.8% 1.15% −0.23
REGN Regeneron Pharmaceuticals Sold out 0.00% −0.19
VGLT Vanguard Long-Term Treasury Reduce -69.9% 0.06% −0.18
TTD Trade Desk Inc./the Class A Reduce -7.2% 2.58% −0.16
INCY Incyte Corp. Reduce -6.8% 1.83% −0.16
IEUR iShares Core MSCI Europe ETF Reduce -4.3% 0.59% −0.15
ABBV Abbvie Inc. Sold out 0.00% −0.13
MSFT Microsoft Corp. Reduce -5.6% 0.92% −0.13
VNQ Vanguard Real Estate ETF Reduce -4.2% 0.61% −0.13
FEZ State Street SPDR Euro Stoxx Reduce -1.3% 0.64% −0.12
TLT iShares 20+ Year Treasury BD Reduce -67.0% 0.04% −0.11
QQQ Invesco QQQ Trust Series 1 Reduce -11.9% 0.60% −0.09
BXMT Blackstone Mortgage Tru Class A Sold out 0.00% −0.08
HQY Healthequity Inc. Reduce -11.8% 3.05% −0.07
VSAT Viasat Inc. Sold out 0.00% −0.06
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.6% 0.85% −0.04
XOM Exxon Mobil Corp. Reduce -0.1% 0.24% −0.04
DDOG Datadog Inc. Class A Sold out 0.00% −0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.0% 0.42% −0.04
XYLD Global X S&P 500 Cove Call E Reduce -31.3% 0.05% −0.03
KO The Coca-Cola Co. Reduce -3.5% 0.08% −0.02
GOOG Alphabet Inc. Class C Reduce -41.7% 0.03% −0.02
HACK Amplify Cybersecurity ETF Reduce -13.3% 0.11% −0.01
LLY Eli Lilly & Co. Reduce -5.7% 0.03% −0.01
JNJ Johnson & Johnson Reduce -4.8% 0.03% −0.01
AAPL Apple Inc. Reduce -5.2% 0.12% −0.00
IWF iShares Russell 1000 Growth Reduce -8.9% 0.05% −0.00
IBM Intl Business Machines Corp. Reduce -1.2% 0.04% −0.00
GOOGL Alphabet Inc. Class A Reduce -0.7% 0.31% +0.02
CPRT Copart Inc. Reduce -1.3% 3.21% +0.07
GSHD Goosehead Insurance Inc. Class A Reduce -7.5% 2.04% +0.10
RDVT Red Violet Inc. Reduce -12.8% 2.98% +0.14
CYBR Cyberark Software Ltd./Israel Reduce -0.3% 2.58% +0.18
SKWD Skyward Specialty Insurance Reduce -2.8% 3.67% +0.45
CLBT Cellebrite Di Ltd. Reduce -2.0% 4.81% +0.84

Portfolio Buys Q3 2024 → Q4 2024
GSAT Globalstar Inc. Add +68.9% 3.02% +1.89
AYI Acuity Inc. New 1.63% +1.63
CWAN Clearwater Analytics HDS-A New 0.91% +0.91
AVPT Avepoint Inc. Add +1.6% 2.16% +0.56
SNEX Stonex Group Inc. Add +4.7% 3.39% +0.53
GOVT iShares US Treasury Bond ETF Add +114.9% 1.03% +0.51
AESI Atlas Energy Solutions Inc. Add +36.1% 2.09% +0.49
SUPN Supernus Pharmaceuticals Inc. Add +0.3% 2.33% +0.21
EWZ iShares MSCI Brazil ETF New 0.20% +0.20
EWW iShares MSCI Mexico ETF New 0.19% +0.19
EQIX Equinix Inc. Add +6.2% 2.88% +0.18
TKO Tko Group Holdings Inc. Add +560.0% 0.20% +0.17
DELL Dell Technologies -C Add +86.9% 0.38% +0.16
EPD Enterprise Products Partners Add +18.8% 0.63% +0.11
AFRM Affirm Holdings Inc. New 0.10% +0.10
ET Energy Transfer LP Add +1.9% 0.57% +0.09
ODD Oddity Tech Ltd. Class A Add +3.2% 3.57% +0.05
LGND Ligand Pharmaceuticals Add +0.1% 3.93% +0.05
S Sentinelone Inc. Class A Add +16.4% 2.01% +0.04
RBLX Roblox Corp. Class A New 0.03% +0.03
GPGI Gpgi Inc. New 0.03% +0.03
WMT Walmart Inc. Add +10.7% 0.12% +0.02
VICR Vicor Corp. Add +2.5% 0.14% +0.01
PYPL PayPal Holdings Inc. Add +3.8% 0.03% +0.00
CVCO Cavco Industries Inc. Add +1.1% 3.07% −0.01
FURY Fury Gold Mines Ltd. Add +6.4% 0.14% −0.02
VICI Vici Properties Inc. Add +6.6% 0.73% −0.10
KNSL Kinsale Capital Group Inc. Add +0.3% 2.25% −0.12

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 107$932.6MLGND, GSAT, RDVT, VTI, SNEX
Q1 2026 99$809.2MGSAT, LGND, SNEX, SUPN, VTI
Q4 2025 109$897.7MGSAT, LGND, VICR, RDVT, VTI
Q3 2025 110$897.8MGSAT, LGND, ODD, SNEX, CLBT
Q2 2025 102$851.1MODD, LGND, SNEX, GSAT, AXON
Q1 2025 99$775.5MSNEX, LGND, ODD, CVCO, GSAT
Q4 2024 101$847.6MCLBT, LGND, AXON, SKWD, ODD
Q3 2024 102$801.3MAXON, CLBT, LGND, VTI, ODD
Q2 2024 97$740.6MCPRT, ODD, TYL, SKWD, LGND
Q1 2024 91$739.3MCPRT, ODD, CSGP, AXON, SKWD