# EDGAR Filing Document

**Accession Number:** 0000897070
**File Stem:** 0000897070-26-000003
**Filing Date:** 2026-2
**Character Count:** 14497
**Document Hash:** c6ea0d130fb34bc035731ac8ad4b154e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897070-26-000003.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000897070-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000897070

**ORGANIZATION NAME:**
- **EIN:** 510243208
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03420
- **FILM NUMBER:** 26635153

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WALKER'S MILL ROAD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19807
- **BUSINESS PHONE:** 3026551750

**MAIL ADDRESS:**
- **STREET 1:** 1 WALKER'S MILL ROAD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19807

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ASHFORD CAPITAL MANAGEMENT INC<br>**Address:** 1 WALKER'S MILL ROAD<br>WILMINGTON, DE 19807

**Form 13F File Number:** 028-03420

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Victoria Horan<br>**Title:** Vice President Operations<br>**Phone:** 302-655-1750 x108

**Signature, Place, and Date of Signing:**

Victoria Horan  Wilmington, DE  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 109

**Form 13F Information Table Value Total:** $897666551

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACUITY INC. | COM | 00508Y102 |  | 23662549 | 65722 | SH |  | SOLE | 0 | 65722 | 0 | 0 |
| AFFIRM HOLDINGS - CL A. | COM | 00827B106 |  | 504263 | 6775 | SH |  | SOLE | 0 | 6775 | 0 | 0 |
| ALPHABET INC - CL C | COM | 02079K107 |  | 439320 | 1400 | SH |  | SOLE | 0 | 1400 | 0 | 0 |
| ALPHABET INC. CLASS A | COM | 02079K305 |  | 3562253 | 11381 | SH |  | SOLE | 0 | 11381 | 0 | 0 |
| AMAZON | COM | 023135106 |  | 1546494 | 6700 | SH |  | SOLE | 0 | 6700 | 0 | 0 |
| AMPLIFY CYBERSECURITY ETF | COM | 032108664 |  | 2684438 | 33401 | SH |  | SOLE | 0 | 33401 | 0 | 0 |
| APPLE INC. | COM | 037833100 |  | 787035 | 2895 | SH |  | SOLE | 0 | 2895 | 0 | 0 |
| AT | COM | 00206R102 |  | 217847 | 8770 | SH |  | SOLE | 0 | 8770 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC. | COM | 642045108 |  | 1531975 | 162630 | SH |  | SOLE | 0 | 162630 | 0 | 0 |
| AURORA INNOVATION INC. | COM | 051774107 |  | 109440 | 28500 | SH |  | SOLE | 0 | 28500 | 0 | 0 |
| AVEPOINT INC. | COM | 053604104 |  | 11151156 | 802819 | SH |  | SOLE | 0 | 802819 | 0 | 0 |
| AXON ENTERPRISE INC. | COM | 05464C101 |  | 16582988 | 29199 | SH |  | SOLE | 0 | 29199 | 0 | 0 |
| BERKSHIRE HATHAWAY A | COM | 084670108 |  | 16605600 | 22 | SH |  | SOLE | 0 | 22 | 0 | 0 |
| BERKSHIRE HATHAWAY B | COM | 084670702 |  | 3554238 | 7071 | SH |  | SOLE | 0 | 7071 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 2229193 | 37905 | SH |  | SOLE | 0 | 37905 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 899860 | 2600 | SH |  | SOLE | 0 | 2600 | 0 | 0 |
| CARDINAL HEALTH | COM | 14149Y108 |  | 1250879 | 6087 | SH |  | SOLE | 0 | 6087 | 0 | 0 |
| CAVCO INDUSTRIES INC. | COM | 149568107 |  | 16784105 | 28412 | SH |  | SOLE | 0 | 28412 | 0 | 0 |
| CELESTICA | COM | 15101Q207 |  | 257181 | 870 | SH |  | SOLE | 0 | 870 | 0 | 0 |
| CELLEBRITE DI LTD/ISRAEL | COM | M2197Q107 |  | 30125335 | 1670845 | SH |  | SOLE | 0 | 1670845 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 456620 | 2996 | SH |  | SOLE | 0 | 2996 | 0 | 0 |
| CLEAR SECURE INC. -CLASS A | COM | 18467V109 |  | 9473354 | 270050 | SH |  | SOLE | 0 | 270050 | 0 | 0 |
| CLEARWATER ANALYTICS HDS - CL A | COM | 185123106 |  | 12344109 | 511779 | SH |  | SOLE | 0 | 511779 | 0 | 0 |
| COCA-COLA CO | COM | 191216100 |  | 704343 | 10075 | SH |  | SOLE | 0 | 10075 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 6067819 | 154989 | SH |  | SOLE | 0 | 154989 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 537268 | 6136 | SH |  | SOLE | 0 | 6136 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 16672763 | 247959 | SH |  | SOLE | 0 | 247959 | 0 | 0 |
| CYBERARK SOFTWARE LTD/ISRAEL | COM | M2682V108 |  | 14405062 | 32294 | SH |  | SOLE | 0 | 32294 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2270657 | 9919 | SH |  | SOLE | 0 | 9919 | 0 | 0 |
| DUTCH BROS INC. | COM | 26701L100 |  | 9567462 | 156280 | SH |  | SOLE | 0 | 156280 | 0 | 0 |
| ELI LILLY  COMPANY | COM | 532457108 |  | 361092 | 336 | SH |  | SOLE | 0 | 336 | 0 | 0 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 3044433 | 184623 | SH |  | SOLE | 0 | 184623 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 4636197 | 144610 | SH |  | SOLE | 0 | 144610 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 17946532 | 23424 | SH |  | SOLE | 0 | 23424 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2218588 | 18436 | SH |  | SOLE | 0 | 18436 | 0 | 0 |
| FACEBOOK INC - A | COM | 30303M102 |  | 3963840 | 6005 | SH |  | SOLE | 0 | 6005 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 18625559 | 89857 | SH |  | SOLE | 0 | 89857 | 0 | 0 |
| FURY GOLD MINES LTD | COM | 36117T100 |  | 2153509 | 3650015 | SH |  | SOLE | 0 | 3650015 | 0 | 0 |
| GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU | COM | 36465A109 |  | 753360 | 146000 | SH |  | SOLE | 0 | 146000 | 0 | 0 |
| GENEDX HOLDINGS - CL A. | COM | 81663L200 |  | 17210320 | 132326 | SH |  | SOLE | 0 | 132326 | 0 | 0 |
| GLOBAL X NASDAQ 100 COVERED CALL ETF | COM | 37954Y483 |  | 176700 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| GLOBALSTAR INC. | COM | 378973507 |  | 60978655 | 998995 | SH |  | SOLE | 0 | 998995 | 0 | 0 |
| HEALTHEQUITY INC. | COM | 42226A107 |  | 24892544 | 271723 | SH |  | SOLE | 0 | 271723 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 13736932 | 139080 | SH |  | SOLE | 0 | 139080 | 0 | 0 |
| INTERDIGITAL INC. | COM | 45867G101 |  | 9362919 | 29408 | SH |  | SOLE | 0 | 29408 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINES CORP | COM | 459200101 |  | 354267 | 1196 | SH |  | SOLE | 0 | 1196 | 0 | 0 |
| INTUITIVE SURGICAL INC. | COM | 46120E602 |  | 4045509 | 7143 | SH |  | SOLE | 0 | 7143 | 0 | 0 |
| INVESCO QQQ TRUST SERIES 1 | COM | 46090E103 |  | 201494 | 328 | SH |  | SOLE | 0 | 328 | 0 | 0 |
| ISHARES CHINA LARGE-CAP ETF | COM | 464287184 |  | 5315303 | 138817 | SH |  | SOLE | 0 | 138817 | 0 | 0 |
| ISHARES CORE MSCI EUROPE ETF | COM | 46434V738 |  | 7231158 | 101876 | SH |  | SOLE | 0 | 101876 | 0 | 0 |
| ISHARES FALLEN ANGELS USD BOND ETF | COM | 46435G474 |  | 6525737 | 239038 | SH |  | SOLE | 0 | 239038 | 0 | 0 |
| ISHARES GOLD TRUST | COM | 464285204 |  | 231335 | 2850 | SH |  | SOLE | 0 | 2850 | 0 | 0 |
| ISHARES MSCI BRAZIL | COM | 464286400 |  | 4138996 | 130280 | SH |  | SOLE | 0 | 130280 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | COM | 464286822 |  | 4233290 | 61060 | SH |  | SOLE | 0 | 61060 | 0 | 0 |
| ISHARES MSCI UNITED KINGDOM ETF | COM | 46435G334 |  | 203364 | 4624 | SH |  | SOLE | 0 | 4624 | 0 | 0 |
| ISHARES RUSSELL 1000 GROWTH INDEX FUND | COM | 464287614 |  | 331783 | 701 | SH |  | SOLE | 0 | 701 | 0 | 0 |
| ISHARES RUSSELL 2000 GROWTH INDEX FUND | COM | 464287648 |  | 3831545 | 11862 | SH |  | SOLE | 0 | 11862 | 0 | 0 |
| JFROG LTD | COM | M6191J100 |  | 19307510 | 309118 | SH |  | SOLE | 0 | 309118 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 351815 | 1700 | SH |  | SOLE | 0 | 1700 | 0 | 0 |
| KINDER MORGAN HOLDCO LLC | COM | 49456B101 |  | 1971253 | 71708 | SH |  | SOLE | 0 | 71708 | 0 | 0 |
| KINSALE CAPITAL GROUP INC. | COM | 49714P108 |  | 14919272 | 38145 | SH |  | SOLE | 0 | 38145 | 0 | 0 |
| LIGAND PHARMACEUTICALS - CL B | COM | 53220K504 |  | 40419006 | 213778 | SH |  | SOLE | 0 | 213778 | 0 | 0 |
| MARKETAXESS HOLDINGS INC | COM | 57060D108 |  | 362500 | 2000 | SH |  | SOLE | 0 | 2000 | 0 | 0 |
| MERCADO LIBRE | COM | 58733R102 |  | 1923618 | 955 | SH |  | SOLE | 0 | 955 | 0 | 0 |
| MERCK  CO | COM | 58933Y105 |  | 2840231 | 26983 | SH |  | SOLE | 0 | 26983 | 0 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 8757875 | 18109 | SH |  | SOLE | 0 | 18109 | 0 | 0 |
| MILLER INDUSTRIES RSUS | COM | 600551204 |  | 340814 | 9120 | SH |  | SOLE | 0 | 9120 | 0 | 0 |
| MODINE MANUFACTURING CO | COM | 607828100 |  | 1967403 | 14736 | SH |  | SOLE | 0 | 14736 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 |  | 495309 | 2790 | SH |  | SOLE | 0 | 2790 | 0 | 0 |
| NCINO INC. | COM | 63947X101 |  | 10417711 | 406307 | SH |  | SOLE | 0 | 406307 | 0 | 0 |
| ODDITY TECH LTD. - CL A | COM | M7518J104 |  | 27562355 | 685972 | SH |  | SOLE | 0 | 685972 | 0 | 0 |
| ORACLE CORPORATION | COM | 68389X105 |  | 1330845 | 6828 | SH |  | SOLE | 0 | 6828 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 3694637 | 404670 | SH |  | SOLE | 0 | 404670 | 0 | 0 |
| PURE STORAGE INC. | COM | 74624M102 |  | 1646302 | 24568 | SH |  | SOLE | 0 | 24568 | 0 | 0 |
| RBC BEARINGS INC. | COM | 75524B104 |  | 1965020 | 4382 | SH |  | SOLE | 0 | 4382 | 0 | 0 |
| RED VIOLET INC | COM | 75704L104 |  | 34330485 | 602818 | SH |  | SOLE | 0 | 602818 | 0 | 0 |
| REPOSITRAK INC. | COM | 700215304 |  | 8406417 | 679581 | SH |  | SOLE | 0 | 679581 | 0 | 0 |
| RESOLUTE HOLDINGS MANAGEMENT | COM | 76134H101 |  | 260308 | 1261 | SH |  | SOLE | 0 | 1261 | 0 | 0 |
| ROBLOX CORP. - CL A | COM | 771049103 |  | 422166 | 5210 | SH |  | SOLE | 0 | 5210 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 2969017 | 6670 | SH |  | SOLE | 0 | 6670 | 0 | 0 |
| SENTINELONE INC. - CLASS A | COM | 81730H109 |  | 9027450 | 601830 | SH |  | SOLE | 0 | 601830 | 0 | 0 |
| SHOPIFY INC. - CLASS A | COM | 82509L107 |  | 753340 | 4680 | SH |  | SOLE | 0 | 4680 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE GROUP | COM | 830940102 |  | 19815449 | 387702 | SH |  | SOLE | 0 | 387702 | 0 | 0 |
| SPDR BLACKSTONE SENIOR LOAN ETF | COM | 78467V608 |  | 2721468 | 65943 | SH |  | SOLE | 0 | 65943 | 0 | 0 |
| SPDR EURO STOXX 50 FUND | COM | 78463X202 |  | 7952229 | 123501 | SH |  | SOLE | 0 | 123501 | 0 | 0 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 7616364 | 11169 | SH |  | SOLE | 0 | 11169 | 0 | 0 |
| SPORTRADAR GROUP AG | COM | H8088L103 |  | 12604756 | 530280 | SH |  | SOLE | 0 | 530280 | 0 | 0 |
| STONEX GROUP INC. | COM | 861896108 |  | 28380038 | 298329 | SH |  | SOLE | 0 | 298329 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC. | COM | 868459108 |  | 30443139 | 612538 | SH |  | SOLE | 0 | 612538 | 0 | 0 |
| TERADYNE INC. | COM | 880770102 |  | 3843327 | 19856 | SH |  | SOLE | 0 | 19856 | 0 | 0 |
| THE TRADE DESK - CL A | COM | 88339J105 |  | 4360693 | 114876 | SH |  | SOLE | 0 | 114876 | 0 | 0 |
| THE TRAVELERS COMPANIES | COM | 89417E109 |  | 2252026 | 7764 | SH |  | SOLE | 0 | 7764 | 0 | 0 |
| TKO GROUP HOLDINGS INC. | COM | 87256C101 |  | 2570073 | 12297 | SH |  | SOLE | 0 | 12297 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 14614012 | 32193 | SH |  | SOLE | 0 | 32193 | 0 | 0 |
| UFP TECHNOLOGIES INC. | COM | 902673102 |  | 21461420 | 96660 | SH |  | SOLE | 0 | 96660 | 0 | 0 |
| UIPATH INC. - CLASS A | COM | 90364P105 |  | 2056519 | 125474 | SH |  | SOLE | 0 | 125474 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 9563925 | 41345 | SH |  | SOLE | 0 | 41345 | 0 | 0 |
| UNIQURE NV | COM | N90064101 |  | 239300 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| VANECK RARE EARTH  METALS ETF | COM | 92189H805 |  | 3813755 | 51593 | SH |  | SOLE | 0 | 51593 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | COM | 922908769 |  | 31457378 | 93827 | SH |  | SOLE | 0 | 93827 | 0 | 0 |
| VERISK ANALYTICS INC - CLASS A | COM | 92345Y106 |  | 1468301 | 6564 | SH |  | SOLE | 0 | 6564 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC. | COM | 92532F100 |  | 3737953 | 8245 | SH |  | SOLE | 0 | 8245 | 0 | 0 |
| VERTIV HOLDINGS CO. | COM | 92537N108 |  | 210613 | 1300 | SH |  | SOLE | 0 | 1300 | 0 | 0 |
| VIA TRANSPORTATION INC. - CL A | COM | 92556W104 |  | 5531047 | 190660 | SH |  | SOLE | 0 | 190660 | 0 | 0 |
| VICI PROPERTIES | COM | 925652109 |  | 5785971 | 205760 | SH |  | SOLE | 0 | 205760 | 0 | 0 |
| VICOR CORP | COM | 925815102 |  | 38782618 | 353856 | SH |  | SOLE | 0 | 353856 | 0 | 0 |
| VITESSE ENERGY INC. | COM | 92852X103 |  | 230157 | 11950 | SH |  | SOLE | 0 | 11950 | 0 | 0 |
| VOX ROYALTY CORP. | COM | 92919F103 |  | 14942234 | 3152370 | SH |  | SOLE | 0 | 3152370 | 0 | 0 |
| WAL-MART STORES INC | COM | 931142103 |  | 1078560 | 9681 | SH |  | SOLE | 0 | 9681 | 0 | 0 |

---