# EDGAR Filing Document

**Accession Number:** 0000897070
**File Stem:** 0000897070-25-000009
**Filing Date:** 2025-8
**Character Count:** 13729
**Document Hash:** 89c2fa4dee42509ecfc39b0f1e14251d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897070-25-000009.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0000897070-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**EFFECTIVENESS DATE**: 20250818

**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:** 251226338

**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:** 06-30-2025

**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  08-15-2025<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:** 102

**Form 13F Information Table Value Total:** $851136451

      (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 |  | 16849348 | 56477 | SH |  | SOLE | 0 | 56477 | 0 | 0 |
| ADOBE SYSTEMS | COM | 00724F101 |  | 1308041 | 3381 | SH |  | SOLE | 0 | 3381 | 0 | 0 |
| AFFIRM HOLDINGS - CL A. | COM | 00827B106 |  | 1652653 | 23903 | SH |  | SOLE | 0 | 23903 | 0 | 0 |
| ALPHABET INC - CL C | COM | 02079K107 |  | 248346 | 1400 | SH |  | SOLE | 0 | 1400 | 0 | 0 |
| ALPHABET INC. CLASS A | COM | 02079K305 |  | 1890948 | 10730 | SH |  | SOLE | 0 | 10730 | 0 | 0 |
| AMAZON | COM | 023135106 |  | 1469913 | 6700 | SH |  | SOLE | 0 | 6700 | 0 | 0 |
| AMPLIFY CYBERSECURITY ETF | COM | 032108664 |  | 2275850 | 26350 | SH |  | SOLE | 0 | 26350 | 0 | 0 |
| APPLE INC. | COM | 037833100 |  | 618588 | 3015 | SH |  | SOLE | 0 | 3015 | 0 | 0 |
| ARCH CAPITAL GROUP LTD | COM | G0450A105 |  | 1926436 | 21158 | SH |  | SOLE | 0 | 21158 | 0 | 0 |
| AT | COM | 00206R102 |  | 253804 | 8770 | SH |  | SOLE | 0 | 8770 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC. | COM | 642045108 |  | 14887963 | 1113535 | SH |  | SOLE | 0 | 1113535 | 0 | 0 |
| AURORA INNOVATION INC. | COM | 051774107 |  | 298680 | 57000 | SH |  | SOLE | 0 | 57000 | 0 | 0 |
| AVEPOINT INC. | COM | 053604104 |  | 14288048 | 739930 | SH |  | SOLE | 0 | 739930 | 0 | 0 |
| AXON ENTERPRISE INC. | COM | 05464C101 |  | 30969924 | 37406 | SH |  | SOLE | 0 | 37406 | 0 | 0 |
| BERKSHIRE HATHAWAY A | COM | 084670108 |  | 16033600 | 22 | SH |  | SOLE | 0 | 22 | 0 | 0 |
| BERKSHIRE HATHAWAY B | COM | 084670702 |  | 3655905 | 7526 | SH |  | SOLE | 0 | 7526 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 975904 | 18968 | SH |  | SOLE | 0 | 18968 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 854515 | 3100 | SH |  | SOLE | 0 | 3100 | 0 | 0 |
| CARDINAL HEALTH | COM | 14149Y108 |  | 2028768 | 12076 | SH |  | SOLE | 0 | 12076 | 0 | 0 |
| CAVCO INDUSTRIES INC. | COM | 149568107 |  | 23881920 | 54973 | SH |  | SOLE | 0 | 54973 | 0 | 0 |
| CELLEBRITE DI LTD/ISRAEL | COM | M2197Q107 |  | 20250720 | 1265670 | SH |  | SOLE | 0 | 1265670 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 428997 | 2996 | SH |  | SOLE | 0 | 2996 | 0 | 0 |
| CLEARWATER ANALYTICS HDS - CL A | COM | 185123106 |  | 20075687 | 915444 | SH |  | SOLE | 0 | 915444 | 0 | 0 |
| COCA-COLA CO | COM | 191216100 |  | 712806 | 10075 | SH |  | SOLE | 0 | 10075 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 21275574 | 433576 | SH |  | SOLE | 0 | 433576 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 322692 | 6136 | SH |  | SOLE | 0 | 6136 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 23404681 | 291103 | SH |  | SOLE | 0 | 291103 | 0 | 0 |
| CYBERARK SOFTWARE LTD/ISRAEL | COM | M2682V108 |  | 19205957 | 47203 | SH |  | SOLE | 0 | 47203 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1204599 | 6098 | SH |  | SOLE | 0 | 6098 | 0 | 0 |
| DELL TECHNOLOGIES - CLASS C | COM | 24703L202 |  | 797268 | 6503 | SH |  | SOLE | 0 | 6503 | 0 | 0 |
| ELI LILLY  COMPANY | COM | 532457108 |  | 261922 | 336 | SH |  | SOLE | 0 | 336 | 0 | 0 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 4184458 | 230803 | SH |  | SOLE | 0 | 230803 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 5165336 | 166570 | SH |  | SOLE | 0 | 166570 | 0 | 0 |
| EQUIFAX INC. | COM | 294429105 |  | 1417716 | 5466 | SH |  | SOLE | 0 | 5466 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 19567767 | 24599 | SH |  | SOLE | 0 | 24599 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1987401 | 18436 | SH |  | SOLE | 0 | 18436 | 0 | 0 |
| FACEBOOK INC - A | COM | 30303M102 |  | 4432230 | 6005 | SH |  | SOLE | 0 | 6005 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 22633746 | 138078 | SH |  | SOLE | 0 | 138078 | 0 | 0 |
| FRANKLIN SENIOR LOAN ETF | COM | 35473P595 |  | 11322291 | 467284 | SH |  | SOLE | 0 | 467284 | 0 | 0 |
| FURY GOLD MINES LTD | COM | 36117T100 |  | 1788507 | 3650015 | SH |  | SOLE | 0 | 3650015 | 0 | 0 |
| GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU | COM | 36465A109 |  | 640940 | 146000 | SH |  | SOLE | 0 | 146000 | 0 | 0 |
| GENEDX HOLDINGS - CL A. | COM | 81663L200 |  | 15833565 | 171526 | SH |  | SOLE | 0 | 171526 | 0 | 0 |
| GLOBAL X NASDAQ 100 COVERED CALL ETF | COM | 37954Y483 |  | 167200 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| GLOBALSTAR INC. | COM | 378973507 |  | 31971904 | 1357618 | SH |  | SOLE | 0 | 1357618 | 0 | 0 |
| GOOSEHEAD INSURANCE INC-CL A | COM | 38267D109 |  | 2918196 | 27658 | SH |  | SOLE | 0 | 27658 | 0 | 0 |
| HEALTHEQUITY INC. | COM | 42226A107 |  | 29270363 | 279404 | SH |  | SOLE | 0 | 279404 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 9969840 | 146400 | SH |  | SOLE | 0 | 146400 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINES CORP | COM | 459200101 |  | 352557 | 1196 | SH |  | SOLE | 0 | 1196 | 0 | 0 |
| INTUITIVE SURGICAL INC. | COM | 46120E602 |  | 2054633 | 3781 | SH |  | SOLE | 0 | 3781 | 0 | 0 |
| ISHARES BITCOIN TRUST | COM | 46438F101 |  | 214235 | 3500 | SH |  | SOLE | 0 | 3500 | 0 | 0 |
| ISHARES CHINA LARGE-CAP ETF | COM | 464287184 |  | 3994489 | 108664 | SH |  | SOLE | 0 | 108664 | 0 | 0 |
| ISHARES CORE MSCI EUROPE ETF | COM | 46434V738 |  | 6749686 | 101959 | SH |  | SOLE | 0 | 101959 | 0 | 0 |
| ISHARES GOLD TRUST | COM | 464285204 |  | 258046 | 4138 | SH |  | SOLE | 0 | 4138 | 0 | 0 |
| ISHARES MSCI BRAZIL | COM | 464286400 |  | 3785120 | 131200 | SH |  | SOLE | 0 | 131200 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | COM | 464286822 |  | 3390633 | 55988 | SH |  | SOLE | 0 | 55988 | 0 | 0 |
| ISHARES RUSSELL 1000 GROWTH INDEX FUND | COM | 464287614 |  | 297631 | 701 | SH |  | SOLE | 0 | 701 | 0 | 0 |
| JFROG LTD | COM | M6191J100 |  | 14032736 | 319798 | SH |  | SOLE | 0 | 319798 | 0 | 0 |
| JOBY AVIATION - CLASS A | COM | G65163100 |  | 211000 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 259675 | 1700 | SH |  | SOLE | 0 | 1700 | 0 | 0 |
| KINDER MORGAN HOLDCO LLC | COM | 49456B101 |  | 1942928 | 66086 | SH |  | SOLE | 0 | 66086 | 0 | 0 |
| KINSALE CAPITAL GROUP INC. | COM | 49714P108 |  | 19418907 | 40130 | SH |  | SOLE | 0 | 40130 | 0 | 0 |
| LIGAND PHARMACEUTICALS - CL B | COM | 53220K504 |  | 34391269 | 302527 | SH |  | SOLE | 0 | 302527 | 0 | 0 |
| MARKETAXESS HOLDINGS INC | COM | 57060D108 |  | 1735575 | 7771 | SH |  | SOLE | 0 | 7771 | 0 | 0 |
| MEDTRONIC INC. | COM | G5960L103 |  | 1466548 | 16824 | SH |  | SOLE | 0 | 16824 | 0 | 0 |
| MERCADO LIBRE | COM | 58733R102 |  | 2820107 | 1079 | SH |  | SOLE | 0 | 1079 | 0 | 0 |
| MERCK  CO | COM | 58933Y105 |  | 1453536 | 18362 | SH |  | SOLE | 0 | 18362 | 0 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 8960841 | 18015 | SH |  | SOLE | 0 | 18015 | 0 | 0 |
| MILLER INDUSTRIES RSUS | COM | 600551204 |  | 405475 | 9120 | SH |  | SOLE | 0 | 9120 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 |  | 376096 | 2670 | SH |  | SOLE | 0 | 2670 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 1902102 | 6059 | SH |  | SOLE | 0 | 6059 | 0 | 0 |
| NCINO INC. | COM | 63947X101 |  | 10324846 | 369140 | SH |  | SOLE | 0 | 369140 | 0 | 0 |
| NV5 GLOBAL INC. | COM | 62945V109 |  | 1787397 | 77410 | SH |  | SOLE | 0 | 77410 | 0 | 0 |
| ODDITY TECH LTD. - CL A | COM | M7518J104 |  | 42637078 | 564954 | SH |  | SOLE | 0 | 564954 | 0 | 0 |
| POWERFLEET INC. | COM | 73931J109 |  | 344800 | 80000 | SH |  | SOLE | 0 | 80000 | 0 | 0 |
| PROGRESSIVE CORP/THE | COM | 743315103 |  | 660212 | 2474 | SH |  | SOLE | 0 | 2474 | 0 | 0 |
| PURE STORAGE | COM | 74624M102 |  | 1186666 | 20609 | SH |  | SOLE | 0 | 20609 | 0 | 0 |
| RED VIOLET INC | COM | 75704L104 |  | 29200889 | 593514 | SH |  | SOLE | 0 | 593514 | 0 | 0 |
| REPOSITRAK INC. | COM | 700215304 |  | 15565826 | 792154 | SH |  | SOLE | 0 | 792154 | 0 | 0 |
| ROBLOX CORP. - CL A | COM | 771049103 |  | 548092 | 5210 | SH |  | SOLE | 0 | 5210 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 4083515 | 7204 | SH |  | SOLE | 0 | 7204 | 0 | 0 |
| S GLOBAL INC. | COM | 78409V104 |  | 2312694 | 4386 | SH |  | SOLE | 0 | 4386 | 0 | 0 |
| SENTINELONE INC. - CLASS A | COM | 81730H109 |  | 15460182 | 845743 | SH |  | SOLE | 0 | 845743 | 0 | 0 |
| SHOPIFY INC. - CLASS A | COM | 82509L107 |  | 415260 | 3600 | SH |  | SOLE | 0 | 3600 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE GROUP | COM | 830940102 |  | 23464589 | 406032 | SH |  | SOLE | 0 | 406032 | 0 | 0 |
| SPDR EURO STOXX 50 FUND | COM | 78463X202 |  | 7486439 | 125338 | SH |  | SOLE | 0 | 125338 | 0 | 0 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 6900767 | 11169 | SH |  | SOLE | 0 | 11169 | 0 | 0 |
| STONEX GROUP INC. | COM | 861896108 |  | 32940912 | 361432 | SH |  | SOLE | 0 | 361432 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC. | COM | 868459108 |  | 18104205 | 574372 | SH |  | SOLE | 0 | 574372 | 0 | 0 |
| TERADYNE INC. | COM | 880770102 |  | 995324 | 11069 | SH |  | SOLE | 0 | 11069 | 0 | 0 |
| THE TRADE DESK - CL A | COM | 88339J105 |  | 12385160 | 172040 | SH |  | SOLE | 0 | 172040 | 0 | 0 |
| TKO GROUP HOLDINGS INC. | COM | 87256C101 |  | 2279288 | 12527 | SH |  | SOLE | 0 | 12527 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 19969223 | 33684 | SH |  | SOLE | 0 | 33684 | 0 | 0 |
| UFP TECHNOLOGIES INC. | COM | 902673102 |  | 17284086 | 70790 | SH |  | SOLE | 0 | 70790 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 9512658 | 41345 | SH |  | SOLE | 0 | 41345 | 0 | 0 |
| VANECK RARE EARTH  METALS ETF | COM | 92189H805 |  | 2690982 | 66313 | SH |  | SOLE | 0 | 66313 | 0 | 0 |
| VANGUARD REIT ETF | COM | 922908553 |  | 4113147 | 46184 | SH |  | SOLE | 0 | 46184 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | COM | 922908769 |  | 28445417 | 93592 | SH |  | SOLE | 0 | 93592 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC. | COM | 92532F100 |  | 3431156 | 7707 | SH |  | SOLE | 0 | 7707 | 0 | 0 |
| VICI PROPERTIES | COM | 925652109 |  | 6707776 | 205760 | SH |  | SOLE | 0 | 205760 | 0 | 0 |
| VICOR CORP | COM | 925815102 |  | 10499116 | 231462 | SH |  | SOLE | 0 | 231462 | 0 | 0 |
| VITESSE ENERGY INC. | COM | 92852X103 |  | 393865 | 17830 | SH |  | SOLE | 0 | 17830 | 0 | 0 |
| WAL-MART STORES INC | COM | 931142103 |  | 949542 | 9711 | SH |  | SOLE | 0 | 9711 | 0 | 0 |

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