Ashford Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ashford Capital Management Inc. reported 99 stock positions worth $775.5 million. Its top holding was Stonex (SNEX) at 4.2% of the portfolio, followed by Ligand Pharmaceuticals (LGND, 4.0%) and Oddity Tech Class A (ODD, 4.0%). Compared with Q4 2024, it opened 8 new positions, sold out of 10, added to 26 and reduced 51. The biggest buy was a new position in Invesco Senior Loan ETF (BKLN) and the biggest sale Cellebrite Di (CLBT, shares −33%).

Most Recent 13F
Q2 2026
Location
WILMINGTON, DE
CIK
0000897070
Portfolio Value
$775.5M (Q1 2025)
SEC Filing
0000897070-25-000007 ↗ filed May 15, 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 Q4 2024 Q1 2025: $775.5M $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 99 stocks · $775.5M
SNEX Stonex Group Inc. 4.24% 430,653 $32.9M Reduce -2.1%
LGND Ligand Pharmaceuticals 4.04% 298,035 $31.3M Reduce -4.1%
ODD Oddity Tech Ltd. Class A 3.99% 716,037 $31.0M Reduce -0.5%
CVCO Cavco Industries Inc. 3.72% 55,465 $28.8M Reduce -4.8%
GSAT Globalstar Inc. 3.72% 1,381,392 $28.8M Add +67.5%
VTI VG Morningstar TS MKT ETF-US 3.18% 89,655 $24.6M Reduce -8.3%
HQY Healthequity Inc. 3.13% 274,999 $24.3M Add +2.1%
CPRT Copart Inc. 3.12% 428,234 $24.2M Reduce -9.5%
CLBT Cellebrite Di Ltd. 3.10% 1,237,840 $24.1M Reduce -33.1%
FNV Franco-Nevada Corp. 3.01% 147,964 $23.3M Reduce -4.4%
SKWD Skyward Specialty Insurance 3.00% 440,016 $23.3M Reduce -28.6%
CSGP Costar Group Inc. 2.93% 286,770 $22.7M Reduce -9.9%
RDVT Red Violet Inc. 2.84% 585,904 $22.0M Reduce -16.0%
AESI Atlas Energy Solutions Inc. 2.68% 1,164,775 $20.8M Add +46.0%
EQIX Equinix Inc. 2.56% 24,390 $19.9M Reduce -5.9%
AXON Axon Enterprise Inc. 2.52% 37,150 $19.5M Reduce -32.5%
TYL Tyler Technologies Inc. 2.50% 33,410 $19.4M Reduce -12.3%
KNSL Kinsale Capital Group Inc. 2.46% 39,240 $19.1M Reduce -4.3%
SUPN Supernus Pharmaceuticals Inc. 2.39% 566,556 $18.6M Add +3.8%
BRK.A Berkshire Hathaway Inc. Class A 2.27% 22 $17.6M No change
AYI Acuity Inc. 2.19% 64,460 $17.0M Add +36.6%
S Sentinelone Inc. Class A 2.09% 890,884 $16.2M Add +16.3%
CYBR Cyberark Software Ltd./Israel 2.07% 47,565 $16.1M Reduce -27.4%
CWAN Clearwater Analytics HDS-A 1.93% 558,409 $15.0M Add +98.6%
AVPT Avepoint Inc. 1.66% 888,840 $12.8M Reduce -19.8%
INCY Incyte Corp. 1.44% 184,610 $11.2M Reduce -17.7%
BKLN Invesco Senior Loan ETF 1.44% 539,112 $11.2M New
VICR Vicor Corp. 1.44% 238,045 $11.1M Add +885.7%
FROG Jfrog Ltd. 1.33% 322,680 $10.3M Reduce -3.0%
UNP Union Pacific Corp. 1.26% 41,345 $9.8M No change
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 1.20% 170,230 $9.3M Reduce -8.4%
WGS Genedx Holdings Corp. 1.08% 94,216 $8.3M New
TRAK Repositrak Inc. 1.07% 408,871 $8.3M New
NVEE NV5 Global Inc. 1.06% 427,750 $8.2M Reduce -22.2%
FEZ State Street SPDR Euro Stoxx 1.02% 144,933 $7.9M Add +29.1%
MSFT Microsoft Corp. 0.88% 18,232 $6.8M Reduce -1.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.87% 205,760 $6.7M Reduce -2.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.81% 11,181 $6.3M Reduce -8.8%
IEUR iShares Core MSCI Europe ETF 0.81% 103,940 $6.3M Add +12.0%
VNQ Vanguard Real Estate ETF 0.80% 68,262 $6.2M Add +17.2%
EPD Enterprise Products Partners 0.73% 166,570 $5.7M Reduce -2.3%
META Meta Platforms Inc. Class A 0.62% 8,358 $4.8M Reduce -0.7%
ET Energy Transfer LP 0.55% 230,803 $4.3M Reduce -7.0%
QQQ Invesco QQQ Trust Series 1 0.53% 8,780 $4.1M Reduce -11.8%
EWZ iShares MSCI Brazil ETF 0.53% 159,264 $4.1M Add +114.1%
EWW iShares MSCI Mexico ETF 0.53% 80,269 $4.1M Add +134.8%
ROP Roper Technologies Inc. 0.52% 6,900 $4.1M Reduce -10.4%
VRTX Vertex Pharmaceuticals Inc. 0.51% 8,192 $4.0M Add +3.5%
BRK.B Berkshire Hathaway Inc. Class B 0.49% 7,073 $3.8M Reduce -9.5%
GSHD Goosehead Insurance Inc. Class A 0.43% 27,977 $3.3M Reduce -82.7%
QTRX Quanterix Corp. 0.37% 436,930 $2.8M Reduce -19.8%
XOM Exxon Mobil Corp. 0.28% 18,436 $2.2M Reduce -1.9%
MELI MercadoLibre Inc. 0.27% 1,071 $2.1M Reduce -11.0%
SPGI S&P Global Inc. 0.27% 4,060 $2.1M Reduce -6.8%
TKO Tko Group Holdings Inc. 0.25% 12,527 $1.9M Add +5.9%
MRK Merck & Co. Inc. 0.24% 21,067 $1.9M Add +21.5%
CAH Cardinal Health Inc. 0.24% 13,699 $1.9M Reduce -22.1%
ACGL Arch Capital Group Ltd. 0.23% 18,141 $1.7M Reduce -43.4%
MDT Medtronic PLC 0.22% 19,203 $1.7M New
MKTX Marketaxess Holdings Inc. 0.22% 7,830 $1.7M Reduce -81.7%
GOOGL Alphabet Inc. Class A 0.21% 10,730 $1.7M Reduce -22.4%
MORN Morningstar Inc. 0.21% 5,393 $1.6M Reduce -0.7%
ISRG Intuitive Surgical Inc. 0.21% 3,223 $1.6M Add +616.2%
KMI Kinder Morgan Inc. 0.20% 55,268 $1.6M Reduce -29.6%
EFX Equifax Inc. 0.20% 6,239 $1.5M Add +2.5%
ADBE Adobe Inc. 0.19% 3,856 $1.5M Add +23.4%
FURY Fury Gold Mines Ltd. 0.19% 3,650,015 $1.4M Add +10.2%
DHR Danaher Corp. 0.18% 6,964 $1.4M Add +13.3%
DELL Dell Technologies -C 0.17% 14,679 $1.3M Reduce -47.7%
EWU iShares MSCI United Kingdom 0.17% 35,450 $1.3M New
AMZN Amazon.com Inc. 0.17% 6,800 $1.3M No change
TECH Bio-Techne Corp. 0.16% 21,658 $1.3M Add +3.3%
HACK Amplify Cybersecurity ETF 0.15% 16,153 $1.2M Add +35.1%
AFRM Affirm Holdings Inc. 0.15% 25,293 $1.1M Add +83.3%
TER Teradyne Inc. 0.13% 12,635 $1.0M Reduce -3.3%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.13% 23,506 $1.0M New
WMT Walmart Inc. 0.11% 9,830 $863K Reduce -10.5%
AAPL Apple Inc. 0.10% 3,423 $760K Reduce -15.5%
KO The Coca-Cola Co. 0.10% 10,442 $748K No change
AIOT Powerfleet Inc. 0.09% 128,571 $706K No change
PGR Progressive Corp. 0.09% 2,474 $700K Reduce -19.5%
GGN Gamco GLBL Gold NTRL Res Inc. 0.08% 146,000 $638K No change
CVX Chevron Corp. 0.06% 2,996 $501K No change
MS Morgan Stanley 0.06% 4,210 $491K New
VTS Vitesse Energy Inc. 0.06% 17,830 $438K Reduce -25.1%
XYLD Global X S&P 500 Cove Call E 0.06% 11,000 $434K No change
IAU iShares Gold Trust 0.05% 6,601 $389K Reduce -24.2%
MLR Miller Industries Inc. 0.05% 9,120 $386K No change
IWF iShares Russell 1000 Growth 0.04% 958 $346K No change
SHOP Shopify Inc. Class A 0.04% 3,600 $344K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,272 $316K Reduce -9.7%
RBLX Roblox Corp. Class A 0.04% 5,210 $304K Add +25.0%
LLY Eli Lilly & Co. 0.04% 353 $292K Reduce -3.3%
JNJ Johnson & Johnson 0.04% 1,700 $282K Reduce -15.0%
GLW Corning Inc. 0.04% 6,136 $281K No change
AUR Aurora Innovation Inc. 0.03% 38,000 $256K Add +68.9%
T AT&T Inc. 0.03% 8,770 $248K New
GOOG Alphabet Inc. Class C 0.03% 1,400 $219K No change
GPGI Gpgi Inc. filed as COMPOSECURE INC 0.02% 15,400 $167K No change

Portfolio Sells Q4 2024 → Q1 2025
CLBT Cellebrite Di Ltd. Reduce -33.1% 3.10% −1.71
GSHD Goosehead Insurance Inc. Class A Reduce -82.7% 0.43% −1.62
TTD Trade Desk Inc./the Class A Reduce -8.4% 1.20% −1.38
AXON Axon Enterprise Inc. Reduce -32.5% 2.52% −1.34
DV Doubleverify Holdings Inc. Sold out 0.00% −1.26
GOVT iShares US Treasury Bond ETF Sold out 0.00% −1.03
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.99
MKTX Marketaxess Holdings Inc. Reduce -81.7% 0.22% −0.92
SKWD Skyward Specialty Insurance Reduce -28.6% 3.00% −0.67
AVPT Avepoint Inc. Reduce -19.8% 1.66% −0.50
CYBR Cyberark Software Ltd./Israel Reduce -27.4% 2.07% −0.50
IEF iShares 7-10 Year Treasury B Sold out 0.00% −0.43
INCY Incyte Corp. Reduce -17.7% 1.44% −0.39
EQIX Equinix Inc. Reduce -5.9% 2.56% −0.32
QTRX Quanterix Corp. Reduce -19.8% 0.37% −0.32
DELL Dell Technologies -C Reduce -47.7% 0.17% −0.21
MOH Molina Healthcare Inc. Sold out 0.00% −0.17
VTI VG Morningstar TS MKT ETF-US Reduce -8.3% 3.18% −0.16
NVEE NV5 Global Inc. Reduce -22.2% 1.06% −0.16
MU Micron Technology Inc. Sold out 0.00% −0.15
RDVT Red Violet Inc. Reduce -16.0% 2.84% −0.14
HUM Humana Inc. Sold out 0.00% −0.13
ACGL Arch Capital Group Ltd. Reduce -43.4% 0.23% −0.12
GOOGL Alphabet Inc. Class A Reduce -22.4% 0.21% −0.09
TYL Tyler Technologies Inc. Reduce -12.3% 2.50% −0.09
CPRT Copart Inc. Reduce -9.5% 3.12% −0.08
QQQ Invesco QQQ Trust Series 1 Reduce -11.8% 0.53% −0.07
VGLT Vanguard Long-Term Treasury Sold out 0.00% −0.06
TER Teradyne Inc. Reduce -3.3% 0.13% −0.06
KMI Kinder Morgan Inc. Reduce -29.6% 0.20% −0.05
TLT iShares 20+ Year Treasury BD Sold out 0.00% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -8.8% 0.81% −0.04
MSFT Microsoft Corp. Reduce -1.5% 0.88% −0.04
PYPL PayPal Holdings Inc. Sold out 0.00% −0.03
AAPL Apple Inc. Reduce -15.5% 0.10% −0.02
ET Energy Transfer LP Reduce -7.0% 0.55% −0.02
VTS Vitesse Energy Inc. Reduce -25.1% 0.06% −0.01
MORN Morningstar Inc. Reduce -0.7% 0.21% −0.01
WMT Walmart Inc. Reduce -10.5% 0.11% −0.01
CAH Cardinal Health Inc. Reduce -22.1% 0.24% −0.00
IAU iShares Gold Trust Reduce -24.2% 0.05% −0.00
JNJ Johnson & Johnson Reduce -15.0% 0.04% +0.00
PGR Progressive Corp. Reduce -19.5% 0.09% +0.00
IBM Intl Business Machines Corp. Reduce -9.7% 0.04% +0.00
LLY Eli Lilly & Co. Reduce -3.3% 0.04% +0.00
SPGI S&P Global Inc. Reduce -6.8% 0.27% +0.01
MELI MercadoLibre Inc. Reduce -11.0% 0.27% +0.03
META Meta Platforms Inc. Class A Reduce -0.7% 0.62% +0.04
XOM Exxon Mobil Corp. Reduce -1.9% 0.28% +0.04
ROP Roper Technologies Inc. Reduce -10.4% 0.52% +0.05

Portfolio Buys Q4 2024 → Q1 2025
BKLN Invesco Senior Loan ETF New 1.44% +1.44
VICR Vicor Corp. Add +885.7% 1.44% +1.30
WGS Genedx Holdings Corp. New 1.08% +1.08
TRAK Repositrak Inc. New 1.07% +1.07
CWAN Clearwater Analytics HDS-A Add +98.6% 1.93% +1.02
GSAT Globalstar Inc. Add +67.5% 3.72% +0.69
AESI Atlas Energy Solutions Inc. Add +46.0% 2.68% +0.59
AYI Acuity Inc. Add +36.6% 2.19% +0.56
FEZ State Street SPDR Euro Stoxx Add +29.1% 1.02% +0.38
EWW iShares MSCI Mexico ETF Add +134.8% 0.53% +0.34
EWZ iShares MSCI Brazil ETF Add +114.1% 0.53% +0.33
MDT Medtronic PLC New 0.22% +0.22
IEUR iShares Core MSCI Europe ETF Add +12.0% 0.81% +0.22
VNQ Vanguard Real Estate ETF Add +17.2% 0.80% +0.18
ISRG Intuitive Surgical Inc. Add +616.2% 0.21% +0.18
EWU iShares MSCI United Kingdom New 0.17% +0.17
VRTX Vertex Pharmaceuticals Inc. Add +3.5% 0.51% +0.14
P Everpure Inc. Class A New 0.13% +0.13
HQY Healthequity Inc. Add +2.1% 3.13% +0.09
S Sentinelone Inc. Class A Add +16.3% 2.09% +0.08
SUPN Supernus Pharmaceuticals Inc. Add +3.8% 2.39% +0.06
MS Morgan Stanley New 0.06% +0.06
TKO Tko Group Holdings Inc. Add +5.9% 0.25% +0.05
AFRM Affirm Holdings Inc. Add +83.3% 0.15% +0.05
HACK Amplify Cybersecurity ETF Add +35.1% 0.15% +0.04
FURY Fury Gold Mines Ltd. Add +10.2% 0.19% +0.04
MRK Merck & Co. Inc. Add +21.5% 0.24% +0.04
T AT&T Inc. New 0.03% +0.03
ADBE Adobe Inc. Add +23.4% 0.19% +0.03
DHR Danaher Corp. Add +13.3% 0.18% +0.02
AUR Aurora Innovation Inc. Add +68.9% 0.03% +0.02
EFX Equifax Inc. Add +2.5% 0.20% +0.01
RBLX Roblox Corp. Class A Add +25.0% 0.04% +0.01
TECH Bio-Techne Corp. Add +3.3% 0.16% −0.01

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