9AT: ASHFORD CAPITAL MANAGEMENT INC

other names

ASHFORD CAPITAL MANAGEMENT INC

Adviser Profile

As of Date	12/16/2025
Registration	SEC, Approved, 02/15/1980
ADV Location	WILMINGTON, DE, United States
Contact Info	302 xxxxxxx
Websites

AUM^*	965,833,061 22%
of that, discretionary	965,833,061 22%
Private Fund GAV^*	219,204,317 2%
Avg Account Size	10,166,664 28%
% High Net Worth	52.58% -10%
SMA’s	Yes
Private Funds	4

Adviser Type

- Large advisory firm

Number of Employees 14 -7%

of those in investment advisory functions 8 -11%

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Publication of periodicals or newsletters

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count4	GAV$219,204,317

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SUNRIVER MANAGEMENT LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds7
Adviser KEY SQUARE GROUP LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM557.0m	#Funds-
Adviser MOERUS CAPITAL MANAGEMENT LLC	Hedge Fund31.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV31.8m	AUM778.6m	#Funds3
Adviser SYNERGY FUND MANAGEMENT GROUP LIMITED	Hedge Fund272.8m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV272.8m	AUM453.4m	#Funds9
Adviser COMMODORE CAPITAL	Hedge Fund1.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM1.8b	#Funds3
Adviser BAYMOUNT MANAGEMENT LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM485.7m	#Funds-
Adviser JB INVESTMENTS MANAGEMENT, LLC	Hedge Fund798.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV798.4m	AUM798.4m	#Funds3
Adviser FOURSIXTHREE CAPITAL LP	Hedge Fund1.3b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.3b	AUM1.6b	#Funds7
Adviser HERCULES ADVISER LLC	Hedge Fund1.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.2b	AUM1.2b	#Funds7
Adviser LIJARO ASSET MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM801.1m	#Funds-

Brochure Summary

Overview

Ashford Capital Management, Inc. (ACM), a Delaware Corporation, was founded in November 1979 by Theodore H. Ashford, Chairman. Theodore H. Ashford III is the principal owner, Chief Executive Officer and Co-Chief Investment Officer. There are three other employees with ownership, each of whom owns less than 25% of the company. ACM has one office in Wilmington, Delaware. ACM provides discretionary investment management services with respect to: equity securities, fixed income securities, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, mutual fund shares, United States government securities, option contracts on securities, business development limited partnerships, and money market instruments. Additionally, as the investment adviser to Anvil Investment Associates, L.P. and Osprey Investment Partners, L.P., ACM provides

services with respect to investment in private companies. Client accounts are managed based on strategies offered by ACM. These strategies currently include Small Company Growth Separate Accounts, Long-Term Durable Growth Separate Accounts, Small Company Growth Limited Partnership Offerings, Long-Term Value/Growth Limited Partnership and an Asset Allocation Program. The Small Company Growth Separate Accounts and Asset Allocation Program strategies may be managed and modified to meet the needs of clients based on, but not limited to, factors such as previous security holdings, tax situation, risk tolerance, etc. Clients may impose restrictions on investing in certain securities or types of securities in separate accounts under management. As of September 30, 2023, ACM managed $791,748,903 a discretionary basis and no assets on a non-discretionary basis.

ASHFORD CAPITAL MANAGEMENT INC

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

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Overview