Ashford Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ashford Capital Management Inc. reported 110 stock positions worth $897.8 million. Its top holding was Globalstar (GSAT) at 5.7% of the portfolio, followed by Ligand Pharmaceuticals (LGND, 4.8%) and Oddity Tech Class A (ODD, 3.8%). Compared with Q2 2025, it opened 15 new positions, sold out of 7, added to 24 and reduced 44. The biggest buy was Globalstar (GSAT, shares +4%) and the biggest sale Axon Enterprise (AXON, shares −20%).

Most Recent 13F
Q2 2026
Location
WILMINGTON, DE
CIK
0000897070
Portfolio Value
$897.8M (Q3 2025)
SEC Filing
0000897070-25-000013 ↗ filed Nov 14, 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 Q1 2025 Q2 2025: $851.1M Q2 2025 Q3 2025: $897.8M $897.8M Q3 2025 Q4 2025: $897.7M Q4 2025 Q1 2026: $809.2M Q1 2026 Q2 2026: $932.6M Q2 2026

Holdings 110 stocks · $897.8M
GSAT Globalstar Inc. 5.71% 1,409,321 $51.3M Add +3.8%
LGND Ligand Pharmaceuticals 4.82% 244,430 $43.3M Reduce -19.2%
ODD Oddity Tech Ltd. Class A 3.81% 548,592 $34.2M Reduce -2.9%
SNEX Stonex Group Inc. 3.52% 313,244 $31.6M Reduce -13.3%
CLBT Cellebrite Di Ltd. 3.51% 1,700,285 $31.5M Add +34.3%
VTI VG Morningstar TS MKT ETF-US 3.38% 92,534 $30.4M Reduce -1.1%
RDVT Red Violet Inc. 3.38% 580,708 $30.3M Reduce -2.2%
FNV Franco-Nevada Corp. 3.13% 126,252 $28.1M Reduce -8.6%
CVCO Cavco Industries Inc. 3.11% 48,019 $27.9M Reduce -12.7%
SUPN Supernus Pharmaceuticals Inc. 3.00% 563,718 $26.9M Reduce -1.9%
HQY Healthequity Inc. 2.87% 271,963 $25.8M Reduce -2.7%
CSGP Costar Group Inc. 2.64% 280,738 $23.7M Reduce -3.6%
AXON Axon Enterprise Inc. 2.39% 29,936 $21.5M Reduce -20.0%
EQIX Equinix Inc. 2.13% 24,359 $19.1M Reduce -1.0%
CPRT Copart Inc. 2.11% 420,349 $18.9M Reduce -3.0%
AYI Acuity Inc. 2.10% 54,637 $18.8M Reduce -3.3%
SKWD Skyward Specialty Insurance 2.06% 387,972 $18.5M Reduce -4.5%
TYL Tyler Technologies Inc. 1.93% 33,098 $17.3M Reduce -1.7%
BRK.A Berkshire Hathaway Inc. Class A 1.85% 22 $16.6M No change
KNSL Kinsale Capital Group Inc. 1.81% 38,175 $16.2M Reduce -4.9%
CYBR Cyberark Software Ltd./Israel 1.76% 32,784 $15.8M Reduce -30.6%
UFPT Ufp Technologies Inc. 1.68% 75,610 $15.1M Add +6.8%
FROG Jfrog Ltd. 1.63% 309,408 $14.6M Reduce -3.3%
WGS Genedx Holdings Corp. 1.59% 132,456 $14.3M Reduce -22.8%
CWAN Clearwater Analytics HDS-A 1.56% 777,719 $14.0M Reduce -15.0%
S Sentinelone Inc. Class A 1.40% 713,147 $12.6M Reduce -15.7%
TRAK Repositrak Inc. 1.35% 815,208 $12.1M Add +2.9%
AVPT Avepoint Inc. 1.34% 803,369 $12.1M Add +8.6%
INCY Incyte Corp. 1.27% 134,220 $11.4M Reduce -8.3%
NCNO Ncino Inc. 1.25% 413,257 $11.2M Add +11.9%
VICR Vicor Corp. 1.25% 225,192 $11.2M Reduce -2.7%
VOXR Vox Royalty Corp. 1.22% 2,557,400 $11.0M New
UNP Union Pacific Corp. 1.09% 41,345 $9.8M No change
MSFT Microsoft Corp. 1.04% 18,009 $9.3M Reduce -0.0%
VIA Via Transportation Inc. Class A 0.99% 184,650 $8.9M New
PRCH Porch Group Inc. 0.99% 528,380 $8.9M New
FLBL Franklin Senior Loan ETF 0.98% 364,498 $8.8M Reduce -22.0%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.97% 177,229 $8.7M Add +3.0%
BROS Dutch Bros Inc. Class A 0.94% 161,390 $8.4M New
FEZ State Street SPDR Euro Stoxx 0.86% 123,833 $7.7M Reduce -1.2%
AESI Atlas Energy Solutions Inc. 0.84% 665,135 $7.6M Reduce -40.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.83% 11,169 $7.4M No change
IEUR iShares Core MSCI Europe ETF 0.77% 101,849 $6.9M Reduce -0.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.73% 200,460 $6.5M Reduce -2.6%
EPD Enterprise Products Partners 0.57% 164,070 $5.1M Reduce -1.5%
FXI iShares China Large-Cap ETF 0.53% 116,112 $4.8M Add +6.8%
META Meta Platforms Inc. Class A 0.49% 6,005 $4.4M No change
REMX Vaneck Rar Earth ND STG-Usdi 0.47% 64,745 $4.3M Reduce -2.4%
EWW iShares MSCI Mexico ETF 0.44% 57,392 $3.9M Add +2.5%
FALN iShares Fallen Angels ETF 0.43% 138,793 $3.9M New
EWZ iShares MSCI Brazil ETF 0.43% 124,272 $3.9M Reduce -5.3%
ET Energy Transfer LP 0.41% 217,103 $3.7M Reduce -5.9%
ROP Roper Technologies Inc. 0.41% 7,316 $3.6M Add +1.6%
BRK.B Berkshire Hathaway Inc. Class B 0.40% 7,121 $3.6M Reduce -5.4%
VRTX Vertex Pharmaceuticals Inc. 0.36% 8,245 $3.2M Add +7.0%
VNQ Vanguard Real Estate ETF 0.35% 34,252 $3.1M Reduce -25.8%
TER Teradyne Inc. 0.35% 22,736 $3.1M Add +105.4%
HACK Amplify Cybersecurity ETF 0.32% 33,489 $2.9M Add +27.1%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.32% 33,768 $2.8M Add +63.9%
IWO iShares Russell 2000 Growth 0.31% 8,774 $2.8M New
TKO Tko Group Holdings Inc. 0.28% 12,527 $2.5M No change
FURY Fury Gold Mines Ltd. 0.27% 3,650,015 $2.4M No change
MOD Modine Manufacturing Co. 0.26% 16,616 $2.4M New
GOOGL Alphabet Inc. Class A 0.26% 9,676 $2.4M Reduce -9.8%
MRK Merck & Co. Inc. 0.25% 26,683 $2.2M Add +45.3%
MELI MercadoLibre Inc. 0.25% 955 $2.2M Reduce -11.5%
TRV The Travelers Cos Inc. 0.24% 7,764 $2.2M New
TECH Bio-Techne Corp. 0.23% 37,905 $2.1M Add +99.8%
XOM Exxon Mobil Corp. 0.23% 18,436 $2.1M No change
ACGL Arch Capital Group Ltd. 0.23% 22,673 $2.1M Add +7.2%
KMI Kinder Morgan Inc. 0.23% 71,708 $2.0M Add +8.5%
CAH Cardinal Health Inc. 0.22% 12,717 $2.0M Add +5.3%
SPGI S&P Global Inc. 0.22% 4,043 $2.0M Reduce -7.8%
DHR Danaher Corp. 0.22% 9,919 $2.0M Add +62.7%
ISRG Intuitive Surgical Inc. 0.21% 4,223 $1.9M Add +11.7%
AFRM Affirm Holdings Inc. 0.19% 23,603 $1.7M Reduce -1.3%
VRSK Verisk Analytics Inc. 0.18% 6,564 $1.7M New
MORN Morningstar Inc. 0.17% 6,648 $1.5M Add +9.7%
AMZN Amazon.com Inc. 0.16% 6,700 $1.5M No change
AVGO Broadcom Inc. 0.11% 3,100 $1.0M No change
WMT Walmart Inc. 0.11% 9,711 $1.0M No change
AAPL Apple Inc. 0.09% 3,015 $768K No change
GGN Gamco GLBL Gold NTRL Res Inc. 0.08% 146,000 $753K No change
RBLX Roblox Corp. Class A 0.08% 5,210 $722K No change
SHOP Shopify Inc. Class A 0.08% 4,680 $695K Add +30.0%
KO The Coca-Cola Co. 0.07% 10,075 $668K No change
RBC RBC Bearings Inc. 0.07% 1,700 $663K New
GLW Corning Inc. 0.06% 6,136 $503K No change
CVX Chevron Corp. 0.05% 2,996 $465K No change
MS Morgan Stanley 0.05% 2,670 $424K No change
VTS Vitesse Energy Inc. 0.05% 17,830 $414K No change
MP MP Materials Corp. 0.04% 6,000 $402K New
VRT Vertiv Holdings Co. Class A 0.04% 2,500 $377K New
MLR Miller Industries Inc. 0.04% 9,120 $369K No change
MKTX Marketaxess Holdings Inc. 0.04% 2,000 $349K Reduce -74.3%
GOOG Alphabet Inc. Class C 0.04% 1,400 $341K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,196 $337K No change
IWF iShares Russell 1000 Growth 0.04% 701 $328K No change
IBIT iShares Bitcoin Trust ETF 0.04% 5,000 $325K Add +42.9%
JOBY Joby Aviation Inc. 0.04% 20,000 $323K No change
JNJ Johnson & Johnson 0.04% 1,700 $315K No change
CLS Celestica Inc. 0.03% 1,210 $298K New
AUR Aurora Innovation Inc. 0.03% 52,500 $283K Reduce -7.9%
PGR Progressive Corp. 0.03% 1,065 $263K Reduce -57.0%
LLY Eli Lilly & Co. 0.03% 336 $256K No change
T AT&T Inc. 0.03% 8,770 $248K No change
BMNR Bitmine Immersion Technologi 0.02% 4,000 $208K New
IAU iShares Gold Trust 0.02% 2,850 $207K Reduce -31.1%
RSSS Research Solutions Inc. 0.02% 50,000 $187K New
QYLD Global X Nasd 100 Cov Call 0.02% 10,000 $170K No change

Portfolio Sells Q2 2025 → Q3 2025
AXON Axon Enterprise Inc. Reduce -20.0% 2.39% −1.25
ODD Oddity Tech Ltd. Class A Reduce -2.9% 3.81% −1.20
AESI Atlas Energy Solutions Inc. Reduce -40.3% 0.84% −0.91
CWAN Clearwater Analytics HDS-A Reduce -15.0% 1.56% −0.80
SKWD Skyward Specialty Insurance Reduce -4.5% 2.06% −0.70
HQY Healthequity Inc. Reduce -2.7% 2.87% −0.57
CYBR Cyberark Software Ltd./Israel Reduce -30.6% 1.76% −0.49
KNSL Kinsale Capital Group Inc. Reduce -4.9% 1.81% −0.47
S Sentinelone Inc. Class A Reduce -15.7% 1.40% −0.42
TYL Tyler Technologies Inc. Reduce -1.7% 1.93% −0.42
CPRT Copart Inc. Reduce -3.0% 2.11% −0.39
FLBL Franklin Senior Loan ETF Reduce -22.0% 0.98% −0.35
SNEX Stonex Group Inc. Reduce -13.3% 3.52% −0.35
GSHD Goosehead Insurance Inc. Class A Sold out 0.00% −0.34
WGS Genedx Holdings Corp. Reduce -22.8% 1.59% −0.27
NVEE NV5 Global Inc. Sold out 0.00% −0.21
EQIX Equinix Inc. Reduce -1.0% 2.13% −0.17
MDT Medtronic PLC Sold out 0.00% −0.17
EFX Equifax Inc. Sold out 0.00% −0.17
MKTX Marketaxess Holdings Inc. Reduce -74.3% 0.04% −0.17
ADBE Adobe Inc. Sold out 0.00% −0.15
VNQ Vanguard Real Estate ETF Reduce -25.8% 0.35% −0.13
CSGP Costar Group Inc. Reduce -3.6% 2.64% −0.11
DELL Dell Technologies -C Sold out 0.00% −0.09
MELI MercadoLibre Inc. Reduce -11.5% 0.25% −0.08
ET Energy Transfer LP Reduce -5.9% 0.41% −0.08
VICI Vici Properties Inc. Reduce -2.6% 0.73% −0.06
SPGI S&P Global Inc. Reduce -7.8% 0.22% −0.05
RDVT Red Violet Inc. Reduce -2.2% 3.38% −0.05
PGR Progressive Corp. Reduce -57.0% 0.03% −0.05
AIOT Powerfleet Inc. Sold out 0.00% −0.04
EPD Enterprise Products Partners Reduce -1.5% 0.57% −0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.4% 0.40% −0.03
FEZ State Street SPDR Euro Stoxx Reduce -1.2% 0.86% −0.02
IEUR iShares Core MSCI Europe ETF Reduce -0.1% 0.77% −0.02
FROG Jfrog Ltd. Reduce -3.3% 1.63% −0.02
EWZ iShares MSCI Brazil ETF Reduce -5.3% 0.43% −0.02
MSFT Microsoft Corp. Reduce -0.0% 1.04% −0.01
IAU iShares Gold Trust Reduce -31.1% 0.02% −0.01
AUR Aurora Innovation Inc. Reduce -7.9% 0.03% −0.00
AFRM Affirm Holdings Inc. Reduce -1.3% 0.19% −0.00
VICR Vicor Corp. Reduce -2.7% 1.25% +0.01
GOOGL Alphabet Inc. Class A Reduce -9.8% 0.26% +0.04
VTI VG Morningstar TS MKT ETF-US Reduce -1.1% 3.38% +0.04
INCY Incyte Corp. Reduce -8.3% 1.27% +0.10
AYI Acuity Inc. Reduce -3.3% 2.10% +0.12
REMX Vaneck Rar Earth ND STG-Usdi Reduce -2.4% 0.47% +0.16
CVCO Cavco Industries Inc. Reduce -12.7% 3.11% +0.30
FNV Franco-Nevada Corp. Reduce -8.6% 3.13% +0.48
LGND Ligand Pharmaceuticals Reduce -19.2% 4.82% +0.78

Portfolio Buys Q2 2025 → Q3 2025
GSAT Globalstar Inc. Add +3.8% 5.71% +1.96
VOXR Vox Royalty Corp. New 1.22% +1.22
CLBT Cellebrite Di Ltd. Add +34.3% 3.51% +1.13
VIA Via Transportation Inc. Class A New 0.99% +0.99
PRCH Porch Group Inc. New 0.99% +0.99
BROS Dutch Bros Inc. Class A New 0.94% +0.94
FALN iShares Fallen Angels ETF New 0.43% +0.43
IWO iShares Russell 2000 Growth New 0.31% +0.31
MOD Modine Manufacturing Co. New 0.26% +0.26
TRV The Travelers Cos Inc. New 0.24% +0.24
TER Teradyne Inc. Add +105.4% 0.35% +0.23
VRSK Verisk Analytics Inc. New 0.18% +0.18
P Everpure Inc. Class A Add +63.9% 0.32% +0.18
TECH Bio-Techne Corp. Add +99.8% 0.23% +0.12
MRK Merck & Co. Inc. Add +45.3% 0.25% +0.08
DHR Danaher Corp. Add +62.7% 0.22% +0.08
RBC RBC Bearings Inc. New 0.07% +0.07
FXI iShares China Large-Cap ETF Add +6.8% 0.53% +0.06
HACK Amplify Cybersecurity ETF Add +27.1% 0.32% +0.06
MP MP Materials Corp. New 0.04% +0.04
VRT Vertiv Holdings Co. Class A New 0.04% +0.04
EWW iShares MSCI Mexico ETF Add +2.5% 0.44% +0.04
NCNO Ncino Inc. Add +11.9% 1.25% +0.03
CLS Celestica Inc. New 0.03% +0.03
SHOP Shopify Inc. Class A Add +30.0% 0.08% +0.03
BMNR Bitmine Immersion Technologi New 0.02% +0.02
RSSS Research Solutions Inc. New 0.02% +0.02
IBIT iShares Bitcoin Trust ETF Add +42.9% 0.04% +0.01
ACGL Arch Capital Group Ltd. Add +7.2% 0.23% +0.00
KMI Kinder Morgan Inc. Add +8.5% 0.23% −0.00
CAH Cardinal Health Inc. Add +5.3% 0.22% −0.02
ISRG Intuitive Surgical Inc. Add +11.7% 0.21% −0.03
VRTX Vertex Pharmaceuticals Inc. Add +7.0% 0.36% −0.04
MORN Morningstar Inc. Add +9.7% 0.17% −0.05
ROP Roper Technologies Inc. Add +1.6% 0.41% −0.07
AVPT Avepoint Inc. Add +8.6% 1.34% −0.34
UFPT Ufp Technologies Inc. Add +6.8% 1.68% −0.35
TRAK Repositrak Inc. Add +2.9% 1.35% −0.48
TTD Trade Desk Inc./the Class A Add +3.0% 0.97% −0.49

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