# EDGAR Filing Document

**Accession Number:** 0000897070
**File Stem:** 0000897070-23-000004
**Filing Date:** 2023-2
**Character Count:** 12615
**Document Hash:** 5de4dc7f0961f8d3847c6246018d784d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897070-23-000004.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0000897070-23-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000897070
- **IRS NUMBER:** 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:** 23636284

**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:** 12-31-2022

**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  02-15-2023<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:** 90

**Form 13F Information Table Value Total:** $644878838

      (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 |
| APPLE INC. | COM | 037833100 |  | 611970 | 4710 | SH |  | SOLE | 0 | 4710 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 210093 | 1300 | SH |  | SOLE | 0 | 1300 | 0 | 0 |
| ADOBE SYSTEMS | COM | 00724F101 |  | 1315832 | 3910 | SH |  | SOLE | 0 | 3910 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 1390697 | 16497 | SH |  | SOLE | 0 | 16497 | 0 | 0 |
| AKOUSTIS TECHNOLOGIES INC. | COM | 00973N102 |  | 572827 | 203130 | SH |  | SOLE | 0 | 203130 | 0 | 0 |
| AMAZON | COM | 023135106 |  | 714000 | 8500 | SH |  | SOLE | 0 | 8500 | 0 | 0 |
| ARK INNOVATION ETF | COM | 00214Q104 |  | 300404 | 9616 | SH |  | SOLE | 0 | 9616 | 0 | 0 |
| AXON ENTERPRISE INC. | COM | 05464C101 |  | 29386203 | 177100 | SH |  | SOLE | 0 | 177100 | 0 | 0 |
| BALCHEM CORP | COM | 057665200 |  | 237016 | 1941 | SH |  | SOLE | 0 | 1941 | 0 | 0 |
| BJ`S WHOLESALE CLUB INC. | COM | 05550J101 |  | 661600 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| BERKSHIRE HATHAWAY A | COM | 084670108 |  | 10311641 | 22 | SH |  | SOLE | 0 | 22 | 0 | 0 |
| BERKSHIRE HATHAWAY B | COM | 084670702 |  | 2920341 | 9454 | SH |  | SOLE | 0 | 9454 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST INC | COM | 09257W100 |  | 412815 | 19500 | SH |  | SOLE | 0 | 19500 | 0 | 0 |
| CARDINAL HEALTH | COM | 14149Y108 |  | 2050354 | 26673 | SH |  | SOLE | 0 | 26673 | 0 | 0 |
| CHEGG INC. | COM | 163092109 |  | 21486247 | 850267 | SH |  | SOLE | 0 | 850267 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 24054473 | 395048 | SH |  | SOLE | 0 | 395048 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 27727214 | 358789 | SH |  | SOLE | 0 | 358789 | 0 | 0 |
| CSG SYSTEMS INTERNATIONAL INC | COM | 126349109 |  | 20537088 | 359040 | SH |  | SOLE | 0 | 359040 | 0 | 0 |
| CAVCO INDUSTRIES INC. | COM | 149568107 |  | 17909950 | 79160 | SH |  | SOLE | 0 | 79160 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 479238 | 2670 | SH |  | SOLE | 0 | 2670 | 0 | 0 |
| DATADOG INC. | COM | 23804L103 |  | 381024 | 5184 | SH |  | SOLE | 0 | 5184 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2517243 | 9484 | SH |  | SOLE | 0 | 9484 | 0 | 0 |
| DOUBLEVERIFY HOLDINGS INC. | COM | 25862V105 |  | 12256754 | 558140 | SH |  | SOLE | 0 | 558140 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 1591920 | 66000 | SH |  | SOLE | 0 | 66000 | 0 | 0 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 219595 | 18500 | SH |  | SOLE | 0 | 18500 | 0 | 0 |
| SPDR EURO STOXX 50 FUND | COM | 78463X202 |  | 3550145 | 91735 | SH |  | SOLE | 0 | 91735 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 8357216 | 61234 | SH |  | SOLE | 0 | 61234 | 0 | 0 |
| FURY GOLD MINES LTD | COM | 36117T100 |  | 640050 | 1500000 | SH |  | SOLE | 0 | 1500000 | 0 | 0 |
| GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU | COM | 36465A109 |  | 620730 | 171000 | SH |  | SOLE | 0 | 171000 | 0 | 0 |
| GREAT LAKES DREDGE  DOCK CO | COM | 390607109 |  | 14163416 | 2380406 | SH |  | SOLE | 0 | 2380406 | 0 | 0 |
| ALPHABET INC - CL C | COM | 02079K107 |  | 291301 | 3283 | SH |  | SOLE | 0 | 3283 | 0 | 0 |
| ALPHABET INC. CLASS A | COM | 38259P508 |  | 676106 | 7663 | SH |  | SOLE | 0 | 7663 | 0 | 0 |
| GOOSEHEAD INSURANCE INC-CL A | COM | 38267D109 |  | 16284543 | 474215 | SH |  | SOLE | 0 | 474215 | 0 | 0 |
| PUREFUNDS ISE CYBER SECURITY ETF | COM | 26924G201 |  | 659120 | 14963 | SH |  | SOLE | 0 | 14963 | 0 | 0 |
| HEALTHEQUITY INC. | COM | 42226A107 |  | 20285971 | 329104 | SH |  | SOLE | 0 | 329104 | 0 | 0 |
| HARMONY BIOSCIENCES HOLDINGS | COM | 413197104 |  | 19650754 | 356638 | SH |  | SOLE | 0 | 356638 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINES CORP | COM | 459200101 |  | 1250540 | 8876 | SH |  | SOLE | 0 | 8876 | 0 | 0 |
| ISHARES BARCLAY 7-10 YEAR TREASURY BOND FUND | COM | 464287440 |  | 6114883 | 63843 | SH |  | SOLE | 0 | 63843 | 0 | 0 |
| ISHARES CORE MSCI EUROPE ETF | COM | 46434V738 |  | 5210893 | 109703 | SH |  | SOLE | 0 | 109703 | 0 | 0 |
| ISHARES S 600 SMALL CAP INDEX | COM | 464287804 |  | 3003211 | 31733 | SH |  | SOLE | 0 | 31733 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 36308495 | 452048 | SH |  | SOLE | 0 | 452048 | 0 | 0 |
| ISHARES RUSSELL 1000 GROWTH INDEX FUND | COM | 464287614 |  | 280440 | 1309 | SH |  | SOLE | 0 | 1309 | 0 | 0 |
| JAMF HOLDING CORP | COM | 47074L105 |  | 15689900 | 736615 | SH |  | SOLE | 0 | 736615 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 388630 | 2200 | SH |  | SOLE | 0 | 2200 | 0 | 0 |
| KINSALE CAPITAL GROUP INC. | COM | 49714P108 |  | 14625506 | 55925 | SH |  | SOLE | 0 | 55925 | 0 | 0 |
| COCA-COLA CO | COM | 191216100 |  | 711096 | 11179 | SH |  | SOLE | 0 | 11179 | 0 | 0 |
| ELI LILLY  COMPANY | COM | 532457108 |  | 268892 | 735 | SH |  | SOLE | 0 | 735 | 0 | 0 |
| MERCADO LIBRE | COM | 58733R102 |  | 1305748 | 1543 | SH |  | SOLE | 0 | 1543 | 0 | 0 |
| MARKETAXESS HOLDINGS INC | COM | 57060D108 |  | 29212612 | 104746 | SH |  | SOLE | 0 | 104746 | 0 | 0 |
| MOLINA HEALTHCARE INC. | COM | 60855R100 |  | 2207851 | 6686 | SH |  | SOLE | 0 | 6686 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 1385310 | 6396 | SH |  | SOLE | 0 | 6396 | 0 | 0 |
| MOSAIC COMPANY | COM | 61945C103 |  | 877400 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| MP MATERIALS CORP. | COM | 553368101 |  | 242800 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| MERCK  CO | COM | 58933Y105 |  | 5050333 | 45519 | SH |  | SOLE | 0 | 45519 | 0 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 2817885 | 11750 | SH |  | SOLE | 0 | 11750 | 0 | 0 |
| NVE CORPORATION | COM | 629445206 |  | 3909281 | 60375 | SH |  | SOLE | 0 | 60375 | 0 | 0 |
| NV5 GLOBAL INC. | COM | 62945V109 |  | 21692408 | 163939 | SH |  | SOLE | 0 | 163939 | 0 | 0 |
| OPORTUN FINANCIAL CORP | COM | 68376D104 |  | 2023217 | 367190 | SH |  | SOLE | 0 | 367190 | 0 | 0 |
| INVESCO QQQ TRUST SERIES 1 | COM | 46090E103 |  | 2597295 | 9754 | SH |  | SOLE | 0 | 9754 | 0 | 0 |
| QUANTERIX CORP | COM | 74766Q101 |  | 13458017 | 971698 | SH |  | SOLE | 0 | 971698 | 0 | 0 |
| BROOKFIELD REAL ASSETS INCOME FUND INC | COM | 112830104 |  | 432384 | 26773 | SH |  | SOLE | 0 | 26773 | 0 | 0 |
| RED VIOLET INC | COM | 75704L104 |  | 22433036 | 974502 | SH |  | SOLE | 0 | 974502 | 0 | 0 |
| REGENERON PHARMACEUTICALS INC | COM | 75886F107 |  | 520194 | 721 | SH |  | SOLE | 0 | 721 | 0 | 0 |
| RIGETTI COMPUTING INC. | COM | 76655K103 |  | 356977 | 489546 | SH |  | SOLE | 0 | 489546 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 4116521 | 9527 | SH |  | SOLE | 0 | 9527 | 0 | 0 |
| SVB FINANCIAL GROUP | COM | 78486Q101 |  | 837019 | 3637 | SH |  | SOLE | 0 | 3637 | 0 | 0 |
| S GLOBAL INC. | COM | 78409V104 |  | 1424835 | 4254 | SH |  | SOLE | 0 | 4254 | 0 | 0 |
| SPROUT SOCIAL INC | COM | 85209W109 |  | 9384499 | 166215 | SH |  | SOLE | 0 | 166215 | 0 | 0 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 5423240 | 14181 | SH |  | SOLE | 0 | 14181 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC. | COM | 868459108 |  | 33310430 | 933850 | SH |  | SOLE | 0 | 933850 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1353918 | 14857 | SH |  | SOLE | 0 | 14857 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 824822 | 9952 | SH |  | SOLE | 0 | 9952 | 0 | 0 |
| TELLURIAN INC | COM | 87968A104 |  | 168000 | 100000 | SH |  | SOLE | 0 | 100000 | 0 | 0 |
| TERADYNE INC. | COM | 880770102 |  | 1416642 | 16218 | SH |  | SOLE | 0 | 16218 | 0 | 0 |
| ISHARES BARCLAYS 20 YEAR TREASURY BOND FUND | COM | 464287432 |  | 8035886 | 80714 | SH |  | SOLE | 0 | 80714 | 0 | 0 |
| THE TRADE DESK - CL A | COM | 88339J105 |  | 10359361 | 231081 | SH |  | SOLE | 0 | 231081 | 0 | 0 |
| TWILIO INC. - CLASS A | COM | 90138F102 |  | 10621725 | 216947 | SH |  | SOLE | 0 | 216947 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 17003581 | 52739 | SH |  | SOLE | 0 | 52739 | 0 | 0 |
| UDR INC. | COM | 902653104 |  | 263984 | 6816 | SH |  | SOLE | 0 | 6816 | 0 | 0 |
| UNITED HEALTH GROUP | COM | 91324P102 |  | 2319538 | 4375 | SH |  | SOLE | 0 | 4375 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 8639167 | 41721 | SH |  | SOLE | 0 | 41721 | 0 | 0 |
| VANGUARD LONG-TERM TREASURY INDEX FUND ETF | COM | 92206C847 |  | 1376899 | 22345 | SH |  | SOLE | 0 | 22345 | 0 | 0 |
| VICI PROPERTIES | COM | 925652109 |  | 5472360 | 168900 | SH |  | SOLE | 0 | 168900 | 0 | 0 |
| VICOR CORP | COM | 925815102 |  | 14902510 | 277256 | SH |  | SOLE | 0 | 277256 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC. | COM | 92532F100 |  | 1899017 | 6576 | SH |  | SOLE | 0 | 6576 | 0 | 0 |
| VIASAT INC. | COM | 92552V100 |  | 24427154 | 771790 | SH |  | SOLE | 0 | 771790 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | COM | 922908769 |  | 18025967 | 94283 | SH |  | SOLE | 0 | 94283 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2226185 | 20183 | SH |  | SOLE | 0 | 20183 | 0 | 0 |
| GLOBAL X S 500 COVERED CALL ETF | COM | 37954Y475 |  | 751967 | 19100 | SH |  | SOLE | 0 | 19100 | 0 | 0 |
| Y-MABS THERAPEUTICS INC. | COM | 984241109 |  | 482486 | 98870 | SH |  | SOLE | 0 | 98870 | 0 | 0 |

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