Ashford Capital Management Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ashford Capital Management Inc. reported 109 stock positions worth $897.7 million. Its top holding was Globalstar (GSAT) at 6.8% of the portfolio, followed by Ligand Pharmaceuticals (LGND, 4.5%) and Vicor (VICR, 4.3%). Compared with Q3 2025, it opened 10 new positions, sold out of 11, added to 23 and reduced 46. The biggest buy was Vicor (VICR, shares +57%) and the biggest sale Copart (CPRT, shares −63%).

Most Recent 13F
Q2 2026
Location
WILMINGTON, DE
CIK
0000897070
Portfolio Value
$897.7M (Q4 2025)
SEC Filing
0000897070-26-000003 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $897.7M $897.7M Q4 2025 Q1 2026: $809.2M Q1 2026 Q2 2026: $932.6M Q2 2026

Holdings 109 stocks · $897.7M
GSAT Globalstar Inc. 6.79% 998,995 $61.0M Reduce -29.1%
LGND Ligand Pharmaceuticals 4.50% 213,778 $40.4M Reduce -12.5%
VICR Vicor Corp. 4.32% 353,856 $38.8M Add +57.1%
RDVT Red Violet Inc. 3.82% 602,818 $34.3M Add +3.8%
VTI VG Morningstar TS MKT ETF-US 3.50% 93,827 $31.5M Add +1.4%
SUPN Supernus Pharmaceuticals Inc. 3.39% 612,538 $30.4M Add +8.7%
CLBT Cellebrite Di Ltd. 3.36% 1,670,845 $30.1M Reduce -1.7%
SNEX Stonex Group Inc. 3.16% 298,329 $28.4M Reduce -4.8%
ODD Oddity Tech Ltd. Class A 3.07% 685,972 $27.6M Add +25.0%
HQY Healthequity Inc. 2.77% 271,723 $24.9M Reduce -0.1%
AYI Acuity Inc. 2.64% 65,722 $23.7M Add +20.3%
UFPT Ufp Technologies Inc. 2.39% 96,660 $21.5M Add +27.8%
SKWD Skyward Specialty Insurance 2.21% 387,702 $19.8M Reduce -0.1%
FROG Jfrog Ltd. 2.15% 309,118 $19.3M Reduce -0.1%
FNV Franco-Nevada Corp. 2.07% 89,857 $18.6M Reduce -28.8%
EQIX Equinix Inc. 2.00% 23,424 $17.9M Reduce -3.8%
WGS Genedx Holdings Corp. 1.92% 132,326 $17.2M Reduce -0.1%
CVCO Cavco Industries Inc. 1.87% 28,412 $16.8M Reduce -40.8%
CSGP Costar Group Inc. 1.86% 247,959 $16.7M Reduce -11.7%
BRK.A Berkshire Hathaway Inc. Class A 1.85% 22 $16.6M No change
AXON Axon Enterprise Inc. 1.85% 29,199 $16.6M Reduce -2.5%
VOXR Vox Royalty Corp. 1.66% 3,152,370 $14.9M Add +23.3%
KNSL Kinsale Capital Group Inc. 1.66% 38,145 $14.9M Reduce -0.1%
TYL Tyler Technologies Inc. 1.63% 32,193 $14.6M Reduce -2.7%
CYBR Cyberark Software Ltd./Israel 1.60% 32,294 $14.4M Reduce -1.5%
INCY Incyte Corp. 1.53% 139,080 $13.7M Add +3.6%
SRAD Sportradar Group AG-A 1.40% 530,280 $12.6M New
CWAN Clearwater Analytics HDS-A 1.38% 511,779 $12.3M Reduce -34.2%
AVPT Avepoint Inc. 1.24% 802,819 $11.2M Reduce -0.1%
NCNO Ncino Inc. 1.16% 406,307 $10.4M Reduce -1.7%
BROS Dutch Bros Inc. Class A 1.07% 156,280 $9.6M Reduce -3.2%
UNP Union Pacific Corp. 1.07% 41,345 $9.6M No change
YOU Clear Secure Inc. Class A 1.06% 270,050 $9.5M New
IDCC Interdigital Inc. 1.04% 29,408 $9.4M New
S Sentinelone Inc. Class A 1.01% 601,830 $9.0M Reduce -15.6%
MSFT Microsoft Corp. 0.98% 18,109 $8.8M Add +0.6%
TRAK Repositrak Inc. 0.94% 679,581 $8.4M Reduce -16.6%
FEZ State Street SPDR Euro Stoxx 0.89% 123,501 $8.0M Reduce -0.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.85% 11,169 $7.6M No change
IEUR iShares Core MSCI Europe ETF 0.81% 101,876 $7.2M Add +0.0%
FALN iShares Fallen Angels ETF 0.73% 239,038 $6.5M Add +72.2%
CPRT Copart Inc. 0.68% 154,989 $6.1M Reduce -63.1%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.64% 205,760 $5.8M Add +2.6%
VIA Via Transportation Inc. Class A 0.62% 190,660 $5.5M Add +3.3%
FXI iShares China Large-Cap ETF 0.59% 138,817 $5.3M Add +19.6%
EPD Enterprise Products Partners 0.52% 144,610 $4.6M Reduce -11.9%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.49% 114,876 $4.4M Reduce -35.2%
EWW iShares MSCI Mexico ETF 0.47% 61,060 $4.2M Add +6.4%
EWZ iShares MSCI Brazil ETF 0.46% 130,280 $4.1M Add +4.8%
ISRG Intuitive Surgical Inc. 0.45% 7,143 $4.0M Add +69.2%
META Meta Platforms Inc. Class A 0.44% 6,005 $4.0M No change
TER Teradyne Inc. 0.43% 19,856 $3.8M Reduce -12.7%
IWO iShares Russell 2000 Growth 0.43% 11,862 $3.8M Add +35.2%
REMX Vaneck Rar Earth ND STG-Usdi 0.42% 51,593 $3.8M Reduce -20.3%
VRTX Vertex Pharmaceuticals Inc. 0.42% 8,245 $3.7M No change
PRCH Porch Group Inc. 0.41% 404,670 $3.7M Reduce -23.4%
GOOGL Alphabet Inc. Class A 0.40% 11,381 $3.6M Add +17.6%
BRK.B Berkshire Hathaway Inc. Class B 0.40% 7,071 $3.6M Reduce -0.7%
ET Energy Transfer LP 0.34% 184,623 $3.0M Reduce -15.0%
ROP Roper Technologies Inc. 0.33% 6,670 $3.0M Reduce -8.8%
MRK Merck & Co. Inc. 0.32% 26,983 $2.8M Add +1.1%
SRLN SS Blackstone Sr Loan ETF 0.30% 65,943 $2.7M New
HACK Amplify Cybersecurity ETF 0.30% 33,401 $2.7M Reduce -0.3%
TKO Tko Group Holdings Inc. 0.29% 12,297 $2.6M Reduce -1.8%
DHR Danaher Corp. 0.25% 9,919 $2.3M No change
TRV The Travelers Cos Inc. 0.25% 7,764 $2.3M No change
TECH Bio-Techne Corp. 0.25% 37,905 $2.2M No change
XOM Exxon Mobil Corp. 0.25% 18,436 $2.2M No change
FURY Fury Gold Mines Ltd. 0.24% 3,650,015 $2.2M No change
PATH Uipath Inc. Class A 0.23% 125,474 $2.1M New
KMI Kinder Morgan Inc. 0.22% 71,708 $2.0M No change
MOD Modine Manufacturing Co. 0.22% 14,736 $2.0M Reduce -11.3%
RBC RBC Bearings Inc. 0.22% 4,382 $2.0M Add +157.8%
MELI MercadoLibre Inc. 0.21% 955 $1.9M No change
P Everpure Inc. Class A filed as PURE STORAGE INC 0.18% 24,568 $1.6M Reduce -27.2%
AMZN Amazon.com Inc. 0.17% 6,700 $1.5M No change
AESI Atlas Energy Solutions Inc. 0.17% 162,630 $1.5M Reduce -75.5%
VRSK Verisk Analytics Inc. 0.16% 6,564 $1.5M No change
ORCL Oracle Corp. 0.15% 6,828 $1.3M New
CAH Cardinal Health Inc. 0.14% 6,087 $1.3M Reduce -52.1%
WMT Walmart Inc. 0.12% 9,681 $1.1M Reduce -0.3%
AVGO Broadcom Inc. 0.10% 2,600 $900K Reduce -16.1%
AAPL Apple Inc. 0.09% 2,895 $787K Reduce -4.0%
GGN Gamco GLBL Gold NTRL Res Inc. 0.08% 146,000 $753K No change
SHOP Shopify Inc. Class A 0.08% 4,680 $753K No change
KO The Coca-Cola Co. 0.08% 10,075 $704K No change
GLW Corning Inc. 0.06% 6,136 $537K No change
AFRM Affirm Holdings Inc. 0.06% 6,775 $504K Reduce -71.3%
MS Morgan Stanley 0.06% 2,790 $495K Add +4.5%
CVX Chevron Corp. 0.05% 2,996 $457K No change
GOOG Alphabet Inc. Class C 0.05% 1,400 $439K No change
RBLX Roblox Corp. Class A 0.05% 5,210 $422K No change
MKTX Marketaxess Holdings Inc. 0.04% 2,000 $363K No change
LLY Eli Lilly & Co. 0.04% 336 $361K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 1,196 $354K No change
JNJ Johnson & Johnson 0.04% 1,700 $352K No change
MLR Miller Industries Inc. 0.04% 9,120 $341K No change
IWF iShares Russell 1000 Growth 0.04% 701 $332K No change
RHLD Resolute Holdings Manag 0.03% 1,261 $260K New
CLS Celestica Inc. 0.03% 870 $257K Reduce -28.1%
QURE Uniqure NV 0.03% 10,000 $239K New
IAU iShares Gold Trust 0.03% 2,850 $231K No change
VTS Vitesse Energy Inc. 0.03% 11,950 $230K Reduce -33.0%
T AT&T Inc. 0.02% 8,770 $218K No change
VRT Vertiv Holdings Co. Class A 0.02% 1,300 $211K Reduce -48.0%
EWU iShares MSCI United Kingdom 0.02% 4,624 $203K New
QQQ Invesco QQQ Trust Series 1 0.02% 328 $201K New
QYLD Global X Nasd 100 Cov Call 0.02% 10,000 $177K No change
AUR Aurora Innovation Inc. 0.01% 28,500 $109K Reduce -45.7%

Portfolio Sells Q3 2025 → Q4 2025
CPRT Copart Inc. Reduce -63.1% 0.68% −1.43
CVCO Cavco Industries Inc. Reduce -40.8% 1.87% −1.24
FNV Franco-Nevada Corp. Reduce -28.8% 2.07% −1.06
FLBL Franklin Senior Loan ETF Sold out 0.00% −0.98
CSGP Costar Group Inc. Reduce -11.7% 1.86% −0.78
AESI Atlas Energy Solutions Inc. Reduce -75.5% 0.17% −0.67
PRCH Porch Group Inc. Reduce -23.4% 0.41% −0.58
AXON Axon Enterprise Inc. Reduce -2.5% 1.85% −0.55
TTD Trade Desk Inc./the Class A Reduce -35.2% 0.49% −0.48
TRAK Repositrak Inc. Reduce -16.6% 0.94% −0.41
S Sentinelone Inc. Class A Reduce -15.6% 1.01% −0.39
SNEX Stonex Group Inc. Reduce -4.8% 3.16% −0.36
VNQ Vanguard Real Estate ETF Sold out 0.00% −0.35
LGND Ligand Pharmaceuticals Reduce -12.5% 4.50% −0.32
TYL Tyler Technologies Inc. Reduce -2.7% 1.63% −0.30
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.23
SPGI S&P Global Inc. Sold out 0.00% −0.22
CWAN Clearwater Analytics HDS-A Reduce -34.2% 1.38% −0.19
MORN Morningstar Inc. Sold out 0.00% −0.17
CYBR Cyberark Software Ltd./Israel Reduce -1.5% 1.60% −0.16
CLBT Cellebrite Di Ltd. Reduce -1.7% 3.36% −0.15
KNSL Kinsale Capital Group Inc. Reduce -0.1% 1.66% −0.15
AFRM Affirm Holdings Inc. Reduce -71.3% 0.06% −0.14
P Everpure Inc. Class A Reduce -27.2% 0.18% −0.13
EQIX Equinix Inc. Reduce -3.8% 2.00% −0.13
AVPT Avepoint Inc. Reduce -0.1% 1.24% −0.10
HQY Healthequity Inc. Reduce -0.1% 2.77% −0.10
NCNO Ncino Inc. Reduce -1.7% 1.16% −0.09
CAH Cardinal Health Inc. Reduce -52.1% 0.14% −0.08
ET Energy Transfer LP Reduce -15.0% 0.34% −0.08
ROP Roper Technologies Inc. Reduce -8.8% 0.33% −0.08
EPD Enterprise Products Partners Reduce -11.9% 0.52% −0.06
REMX Vaneck Rar Earth ND STG-Usdi Reduce -20.3% 0.42% −0.05
MP MP Materials Corp. Sold out 0.00% −0.04
MOD Modine Manufacturing Co. Reduce -11.3% 0.22% −0.04
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.04
JOBY Joby Aviation Inc. Sold out 0.00% −0.04
PGR Progressive Corp. Sold out 0.00% −0.03
HACK Amplify Cybersecurity ETF Reduce -0.3% 0.30% −0.02
BMNR Bitmine Immersion Technologi Sold out 0.00% −0.02
RSSS Research Solutions Inc. Sold out 0.00% −0.02
VTS Vitesse Energy Inc. Reduce -33.0% 0.03% −0.02
AUR Aurora Innovation Inc. Reduce -45.7% 0.01% −0.02
VRT Vertiv Holdings Co. Class A Reduce -48.0% 0.02% −0.02
AVGO Broadcom Inc. Reduce -16.1% 0.10% −0.01
CLS Celestica Inc. Reduce -28.1% 0.03% −0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.7% 0.40% −0.00
AAPL Apple Inc. Reduce -4.0% 0.09% +0.00
TKO Tko Group Holdings Inc. Reduce -1.8% 0.29% +0.00
WMT Walmart Inc. Reduce -0.3% 0.12% +0.01

Portfolio Buys Q3 2025 → Q4 2025
VICR Vicor Corp. Add +57.1% 4.32% +3.07
SRAD Sportradar Group AG-A New 1.40% +1.40
YOU Clear Secure Inc. Class A New 1.06% +1.06
IDCC Interdigital Inc. New 1.04% +1.04
UFPT Ufp Technologies Inc. Add +27.8% 2.39% +0.71
AYI Acuity Inc. Add +20.3% 2.64% +0.54
RDVT Red Violet Inc. Add +3.8% 3.82% +0.44
VOXR Vox Royalty Corp. Add +23.3% 1.66% +0.44
SUPN Supernus Pharmaceuticals Inc. Add +8.7% 3.39% +0.39
SRLN SS Blackstone Sr Loan ETF New 0.30% +0.30
FALN iShares Fallen Angels ETF Add +72.2% 0.73% +0.30
INCY Incyte Corp. Add +3.6% 1.53% +0.26
ISRG Intuitive Surgical Inc. Add +69.2% 0.45% +0.24
PATH Uipath Inc. Class A New 0.23% +0.23
ORCL Oracle Corp. New 0.15% +0.15
RBC RBC Bearings Inc. Add +157.8% 0.22% +0.14
GOOGL Alphabet Inc. Class A Add +17.6% 0.40% +0.13
VTI VG Morningstar TS MKT ETF-US Add +1.4% 3.50% +0.12
IWO iShares Russell 2000 Growth Add +35.2% 0.43% +0.11
MRK Merck & Co. Inc. Add +1.1% 0.32% +0.07
FXI iShares China Large-Cap ETF Add +19.6% 0.59% +0.06
EWW iShares MSCI Mexico ETF Add +6.4% 0.47% +0.04
IEUR iShares Core MSCI Europe ETF Add +0.0% 0.81% +0.03
EWZ iShares MSCI Brazil ETF Add +4.8% 0.46% +0.03
RHLD Resolute Holdings Manag New 0.03% +0.03
QURE Uniqure NV New 0.03% +0.03
EWU iShares MSCI United Kingdom New 0.02% +0.02
QQQ Invesco QQQ Trust Series 1 New 0.02% +0.02
MS Morgan Stanley Add +4.5% 0.06% +0.01
MSFT Microsoft Corp. Add +0.6% 0.98% −0.06
VICI Vici Properties Inc. Add +2.6% 0.64% −0.08
VIA Via Transportation Inc. Class A Add +3.3% 0.62% −0.37
ODD Oddity Tech Ltd. Class A Add +25.0% 3.07% −0.74

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