# EDGAR Filing Document

**Accession Number:** 0000897070
**File Stem:** 0000897070-25-000013
**Filing Date:** 2025-11
**Character Count:** 14564
**Document Hash:** 1cf942ce75c27fb793bdb4d3d72520da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897070-25-000013.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000897070-25-000013

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251487630

**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:** 09-30-2025

**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  11-14-2025<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:** 110

**Form 13F Information Table Value Total:** $897762976

      (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 |  | 767709 | 3015 | SH |  | SOLE | 0 | 3015 | 0 | 0 |
| ARCH CAPITAL GROUP LTD | COM | G0450A105 |  | 2057121 | 22673 | SH |  | SOLE | 0 | 22673 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC. | COM | 642045108 |  | 7562585 | 665135 | SH |  | SOLE | 0 | 665135 | 0 | 0 |
| AFFIRM HOLDINGS - CL A. | COM | 00827B106 |  | 1724907 | 23603 | SH |  | SOLE | 0 | 23603 | 0 | 0 |
| AMAZON | COM | 023135106 |  | 1471119 | 6700 | SH |  | SOLE | 0 | 6700 | 0 | 0 |
| AURORA INNOVATION INC. | COM | 051774107 |  | 282975 | 52500 | SH |  | SOLE | 0 | 52500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1022721 | 3100 | SH |  | SOLE | 0 | 3100 | 0 | 0 |
| AVEPOINT INC. | COM | 053604104 |  | 12058569 | 803369 | SH |  | SOLE | 0 | 803369 | 0 | 0 |
| AXON ENTERPRISE INC. | COM | 05464C101 |  | 21483271 | 29936 | SH |  | SOLE | 0 | 29936 | 0 | 0 |
| ACUITY INC. | COM | 00508Y102 |  | 18816436 | 54637 | SH |  | SOLE | 0 | 54637 | 0 | 0 |
| BITMINE IMMERSION TECH. | COM | 09175A206 |  | 207720 | 4000 | SH |  | SOLE | 0 | 4000 | 0 | 0 |
| BERKSHIRE HATHAWAY A | COM | 084670108 |  | 16592400 | 22 | SH |  | SOLE | 0 | 22 | 0 | 0 |
| BERKSHIRE HATHAWAY B | COM | 084670702 |  | 3580012 | 7121 | SH |  | SOLE | 0 | 7121 | 0 | 0 |
| DUTCH BROS INC. | COM | 26701L100 |  | 8447153 | 161390 | SH |  | SOLE | 0 | 161390 | 0 | 0 |
| CARDINAL HEALTH | COM | 14149Y108 |  | 1996060 | 12717 | SH |  | SOLE | 0 | 12717 | 0 | 0 |
| CELLEBRITE DI LTD/ISRAEL | COM | M2197Q107 |  | 31506281 | 1700285 | SH |  | SOLE | 0 | 1700285 | 0 | 0 |
| CELESTICA | COM | 15101Q207 |  | 298120 | 1210 | SH |  | SOLE | 0 | 1210 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 18903095 | 420349 | SH |  | SOLE | 0 | 420349 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 23685865 | 280738 | SH |  | SOLE | 0 | 280738 | 0 | 0 |
| CAVCO INDUSTRIES INC. | COM | 149568107 |  | 27886074 | 48019 | SH |  | SOLE | 0 | 48019 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 465249 | 2996 | SH |  | SOLE | 0 | 2996 | 0 | 0 |
| CLEARWATER ANALYTICS HDS - CL A | COM | 185123106 |  | 14014496 | 777719 | SH |  | SOLE | 0 | 777719 | 0 | 0 |
| CYBERARK SOFTWARE LTD/ISRAEL | COM | M2682V108 |  | 15839590 | 32784 | SH |  | SOLE | 0 | 32784 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1966541 | 9919 | SH |  | SOLE | 0 | 9919 | 0 | 0 |
| ENTERPRISE PRODUCTS PARTNERS | COM | 293792107 |  | 5130469 | 164070 | SH |  | SOLE | 0 | 164070 | 0 | 0 |
| EQUINIX INC | COM | 29444U700 |  | 19078943 | 24359 | SH |  | SOLE | 0 | 24359 | 0 | 0 |
| ENERGY TRANSFER LP | COM | 29273V100 |  | 3725487 | 217103 | SH |  | SOLE | 0 | 217103 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | COM | 464286822 |  | 3914708 | 57392 | SH |  | SOLE | 0 | 57392 | 0 | 0 |
| ISHARES MSCI BRAZIL | COM | 464286400 |  | 3852432 | 124272 | SH |  | SOLE | 0 | 124272 | 0 | 0 |
| ISHARES FALLEN ANGELS USD BOND ETF | COM | 46435G474 |  | 3855670 | 138793 | SH |  | SOLE | 0 | 138793 | 0 | 0 |
| SPDR EURO STOXX 50 FUND | COM | 78463X202 |  | 7692506 | 123833 | SH |  | SOLE | 0 | 123833 | 0 | 0 |
| FRANKLIN SENIOR LOAN ETF | COM | 35473P595 |  | 8755242 | 364498 | SH |  | SOLE | 0 | 364498 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 28142833 | 126252 | SH |  | SOLE | 0 | 126252 | 0 | 0 |
| JFROG LTD | COM | M6191J100 |  | 14644281 | 309408 | SH |  | SOLE | 0 | 309408 | 0 | 0 |
| FURY GOLD MINES LTD | COM | 36117T100 |  | 2383825 | 3650015 | SH |  | SOLE | 0 | 3650015 | 0 | 0 |
| ISHARES CHINA LARGE-CAP ETF | COM | 464287184 |  | 4776848 | 116112 | SH |  | SOLE | 0 | 116112 | 0 | 0 |
| GAMCO GLOBAL GOLD NATURAL RESOURCES AND INCOME TRU | COM | 36465A109 |  | 752630 | 146000 | SH |  | SOLE | 0 | 146000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 503336 | 6136 | SH |  | SOLE | 0 | 6136 | 0 | 0 |
| ALPHABET INC - CL C | COM | 02079K107 |  | 340970 | 1400 | SH |  | SOLE | 0 | 1400 | 0 | 0 |
| ALPHABET INC. CLASS A | COM | 02079K305 |  | 2352236 | 9676 | SH |  | SOLE | 0 | 9676 | 0 | 0 |
| GLOBALSTAR INC. | COM | 378973507 |  | 51285191 | 1409321 | SH |  | SOLE | 0 | 1409321 | 0 | 0 |
| AMPLIFY CYBERSECURITY ETF | COM | 032108664 |  | 2906845 | 33489 | SH |  | SOLE | 0 | 33489 | 0 | 0 |
| HEALTHEQUITY INC. | COM | 42226A107 |  | 25773934 | 271963 | SH |  | SOLE | 0 | 271963 | 0 | 0 |
| ISHARES GOLD TRUST | COM | 464285204 |  | 207395 | 2850 | SH |  | SOLE | 0 | 2850 | 0 | 0 |
| ISHARES BITCOIN TRUST | COM | 46438F101 |  | 325000 | 5000 | SH |  | SOLE | 0 | 5000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINES CORP | COM | 459200101 |  | 337463 | 1196 | SH |  | SOLE | 0 | 1196 | 0 | 0 |
| ISHARES CORE MSCI EUROPE ETF | COM | 46434V738 |  | 6937954 | 101849 | SH |  | SOLE | 0 | 101849 | 0 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 11383198 | 134220 | SH |  | SOLE | 0 | 134220 | 0 | 0 |
| INTUITIVE SURGICAL INC. | COM | 46120E602 |  | 1888652 | 4223 | SH |  | SOLE | 0 | 4223 | 0 | 0 |
| ISHARES RUSSELL 1000 GROWTH INDEX FUND | COM | 464287614 |  | 328355 | 701 | SH |  | SOLE | 0 | 701 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 315214 | 1700 | SH |  | SOLE | 0 | 1700 | 0 | 0 |
| JOBY AVIATION - CLASS A | COM | G65163100 |  | 322800 | 20000 | SH |  | SOLE | 0 | 20000 | 0 | 0 |
| KINDER MORGAN HOLDCO LLC | COM | 49456B101 |  | 2030053 | 71708 | SH |  | SOLE | 0 | 71708 | 0 | 0 |
| KINSALE CAPITAL GROUP INC. | COM | 49714P108 |  | 16234301 | 38175 | SH |  | SOLE | 0 | 38175 | 0 | 0 |
| COCA-COLA CO | COM | 191216100 |  | 668174 | 10075 | SH |  | SOLE | 0 | 10075 | 0 | 0 |
| LIGAND PHARMACEUTICALS - CL B | COM | 53220K504 |  | 43298330 | 244430 | SH |  | SOLE | 0 | 244430 | 0 | 0 |
| ELI LILLY  COMPANY | COM | 532457108 |  | 256368 | 336 | SH |  | SOLE | 0 | 336 | 0 | 0 |
| MERCADO LIBRE | COM | 58733R102 |  | 2231778 | 955 | SH |  | SOLE | 0 | 955 | 0 | 0 |
| FACEBOOK INC - A | COM | 30303M102 |  | 4409952 | 6005 | SH |  | SOLE | 0 | 6005 | 0 | 0 |
| MARKETAXESS HOLDINGS INC | COM | 57060D108 |  | 348500 | 2000 | SH |  | SOLE | 0 | 2000 | 0 | 0 |
| MILLER INDUSTRIES RSUS | COM | 600551204 |  | 368630 | 9120 | SH |  | SOLE | 0 | 9120 | 0 | 0 |
| MODINE MANUFACTURING CO | COM | 607828100 |  | 2362131 | 16616 | SH |  | SOLE | 0 | 16616 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 1542402 | 6648 | SH |  | SOLE | 0 | 6648 | 0 | 0 |
| MP MATERIALS CORP. | COM | 553368101 |  | 402420 | 6000 | SH |  | SOLE | 0 | 6000 | 0 | 0 |
| MERCK  CO | COM | 58933Y105 |  | 2239504 | 26683 | SH |  | SOLE | 0 | 26683 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 |  | 424423 | 2670 | SH |  | SOLE | 0 | 2670 | 0 | 0 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 9327762 | 18009 | SH |  | SOLE | 0 | 18009 | 0 | 0 |
| NCINO INC. | COM | 63947X101 |  | 11203397 | 413257 | SH |  | SOLE | 0 | 413257 | 0 | 0 |
| ODDITY TECH LTD. - CL A | COM | M7518J104 |  | 34177282 | 548592 | SH |  | SOLE | 0 | 548592 | 0 | 0 |
| PROGRESSIVE CORP/THE | COM | 743315103 |  | 263002 | 1065 | SH |  | SOLE | 0 | 1065 | 0 | 0 |
| PORCH GROUP INC | COM | 733245104 |  | 8866216 | 528380 | SH |  | SOLE | 0 | 528380 | 0 | 0 |
| PURE STORAGE | COM | 74624M102 |  | 2830096 | 33768 | SH |  | SOLE | 0 | 33768 | 0 | 0 |
| GLOBAL X NASDAQ 100 COVERED CALL ETF | COM | 37954Y483 |  | 170100 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| RBC BEARINGS INC. | COM | 75524B104 |  | 663493 | 1700 | SH |  | SOLE | 0 | 1700 | 0 | 0 |
| ROBLOX CORP. - CL A | COM | 771049103 |  | 721689 | 5210 | SH |  | SOLE | 0 | 5210 | 0 | 0 |
| RED VIOLET INC | COM | 75704L104 |  | 30341993 | 580708 | SH |  | SOLE | 0 | 580708 | 0 | 0 |
| VANECK RARE EARTH  METALS ETF | COM | 92189H805 |  | 4261516 | 64745 | SH |  | SOLE | 0 | 64745 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 3648416 | 7316 | SH |  | SOLE | 0 | 7316 | 0 | 0 |
| RESEARCH SOLUTIONS INC | COM | 761025105 |  | 186500 | 50000 | SH |  | SOLE | 0 | 50000 | 0 | 0 |
| SENTINELONE INC. - CLASS A | COM | 81730H109 |  | 12558519 | 713147 | SH |  | SOLE | 0 | 713147 | 0 | 0 |
| SHOPIFY INC. - CLASS A | COM | 82509L107 |  | 695495 | 4680 | SH |  | SOLE | 0 | 4680 | 0 | 0 |
| SKYWARD SPECIALTY INSURANCE GROUP | COM | 830940102 |  | 18451948 | 387972 | SH |  | SOLE | 0 | 387972 | 0 | 0 |
| STONEX GROUP INC. | COM | 861896108 |  | 31612584 | 313244 | SH |  | SOLE | 0 | 313244 | 0 | 0 |
| S GLOBAL INC. | COM | 78409V104 |  | 1967769 | 4043 | SH |  | SOLE | 0 | 4043 | 0 | 0 |
| SPDR S 500 ETF TRUST | COM | 78462F103 |  | 7440564 | 11169 | SH |  | SOLE | 0 | 11169 | 0 | 0 |
| SUPERNUS PHARMACEUTICALS INC. | COM | 868459108 |  | 26940083 | 563718 | SH |  | SOLE | 0 | 563718 | 0 | 0 |
| AT | COM | 00206R102 |  | 247665 | 8770 | SH |  | SOLE | 0 | 8770 | 0 | 0 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 2108655 | 37905 | SH |  | SOLE | 0 | 37905 | 0 | 0 |
| TERADYNE INC. | COM | 880770102 |  | 3129383 | 22736 | SH |  | SOLE | 0 | 22736 | 0 | 0 |
| TKO GROUP HOLDINGS INC. | COM | 87256C101 |  | 2529953 | 12527 | SH |  | SOLE | 0 | 12527 | 0 | 0 |
| REPOSITRAK INC. | COM | 700215304 |  | 12081383 | 815208 | SH |  | SOLE | 0 | 815208 | 0 | 0 |
| THE TRAVELERS COMPANIES | COM | 89417E109 |  | 2167864 | 7764 | SH |  | SOLE | 0 | 7764 | 0 | 0 |
| THE TRADE DESK - CL A | COM | 88339J105 |  | 8685993 | 177229 | SH |  | SOLE | 0 | 177229 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 17315550 | 33098 | SH |  | SOLE | 0 | 33098 | 0 | 0 |
| UFP TECHNOLOGIES INC. | COM | 902673102 |  | 15091756 | 75610 | SH |  | SOLE | 0 | 75610 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 9772718 | 41345 | SH |  | SOLE | 0 | 41345 | 0 | 0 |
| VIA TRANSPORTATION INC. - CL A | COM | 92556W104 |  | 8877972 | 184650 | SH |  | SOLE | 0 | 184650 | 0 | 0 |
| VICI PROPERTIES | COM | 925652109 |  | 6537001 | 200460 | SH |  | SOLE | 0 | 200460 | 0 | 0 |
| VICOR CORP | COM | 925815102 |  | 11196546 | 225192 | SH |  | SOLE | 0 | 225192 | 0 | 0 |
| VANGUARD REIT ETF | COM | 922908553 |  | 3131318 | 34252 | SH |  | SOLE | 0 | 34252 | 0 | 0 |
| VOX ROYALTY CORP. | COM | 92919F103 |  | 10996820 | 2557400 | SH |  | SOLE | 0 | 2557400 | 0 | 0 |
| VERISK ANALYTICS INC - CLASS A | COM | 92345Y106 |  | 1650912 | 6564 | SH |  | SOLE | 0 | 6564 | 0 | 0 |
| VERTIV HOLDINGS CO. | COM | 92537N108 |  | 377150 | 2500 | SH |  | SOLE | 0 | 2500 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC. | COM | 92532F100 |  | 3229072 | 8245 | SH |  | SOLE | 0 | 8245 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | COM | 922908769 |  | 30366883 | 92534 | SH |  | SOLE | 0 | 92534 | 0 | 0 |
| VITESSE ENERGY INC. | COM | 92852X103 |  | 414191 | 17830 | SH |  | SOLE | 0 | 17830 | 0 | 0 |
| GENEDX HOLDINGS - CL A. | COM | 81663L200 |  | 14270809 | 132456 | SH |  | SOLE | 0 | 132456 | 0 | 0 |
| WAL-MART STORES INC | COM | 931142103 |  | 1000816 | 9711 | SH |  | SOLE | 0 | 9711 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2078659 | 18436 | SH |  | SOLE | 0 | 18436 | 0 | 0 |
| ISHARES RUSSELL 2000 GROWTH INDEX FUND | COM | 464287648 |  | 2808031 | 8774 | SH |  | SOLE | 0 | 8774 | 0 | 0 |

---