13F-HR 1 dec2002-13f.txt Main Page (1) TYPE 13F-HR DOCUMENT-COUNT 1 PERIOD 12/31/02 FILER CIK 0000897070 CCC $3ffyizp SUBMISSION-CONTACT NAME VICTORIA HORAN PHONE 302-655-1750 Attached Documents Page (2) FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2002 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. Address: P.O. Box 4172 Wilmington, DE 19807 13F File Number: 28-3420 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: Louise Victoria Horan Title: Vice President, Operations Phone: 302-655-1750 Signature, Place, and Date of Signing: ____________________________ _____________________________ __________ [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 113 Form 13F Information Table Value Total: $437,595 (thousands) List of Other Included Managers: Brandywine Managers, LLC NAME OF ISSUER TITLE OF CLASS CUSIP VALUE(K) SH/P AMT S/P P/C INV DSC MANAGERS SOLE SHARED NONE AARON RENTS INC COMMON 002535201 4720 215700 SH SOLE 215700 0 0 ACTEL CORP COMMON 004934105 2184 134673 SH SOLE 134673 0 0 ACTIVCARD S A DEPOSITORY RECEI 00505N109 5308 620800 SH SOLE 620800 0 0 ADOBE SYS INC COMMON 00724F101 521 21000 SH SOLE 21000 0 0 ADOLOR CORP COMMON 00724X102 2006 144201 SH SOLE 144201 0 0 ALLIED CAP CORP NEW COMMON 01903Q108 9090 416398 SH SOLE 416398 0 0 AMBASSADORS GROUP INC COMMON 023177108 10635 821801 SH SOLE 821801 0 0 AMBASSADORS INTL INC COMMON 023178106 8503 945801 SH SOLE 945801 0 0 AMERICAN PWR CONVERSION COMMON 029066107 827 54600 SH SOLE 54600 0 0 APPLIED IMAGING CORP COMMON 03820G106 1489 676700 SH SOLE 676700 0 0 ARMOR HOLDINGS INC COMMON 042260109 9662 701700 SH SOLE 701700 0 0 BALCHEM CORP COMMON 057665200 10206 420000 SH SOLE 420000 0 0 BELLSOUTH CORP COMMON 079860102 233 9000 SH SOLE 9000 0 0 BERKSHIRE HATHAWAY INC D CL A 084670108 1964 27 SH SOLE 27 0 0 BERKSHIRE HATHAWAY INC D CL B 084670207 1672 690 SH SOLE 690 0 0 BOSTON COMMUNICATIONS GR COMMON 100582105 4255 334800 SH SOLE 334800 0 0 BROWN & BROWN INC COMMON 115236101 10649 329494 SH SOLE 329494 0 0 CSG SYS INTL INC COMMON 126349109 11237 823201 SH SOLE 823201 0 0 CARDINAL HEALTH INC COMMON 14149Y108 277 4675 SH SOLE 4675 0 0 CARMAX INC COMMON 143130102 213 11905 SH SOLE 11905 0 0 CASH AMER INTL INC COMMON 14754D100 6114 642200 SH SOLE 642200 0 0 CENTRAL PKG CORP COMMON 154785109 14748 781966 SH SOLE 781966 0 0 CEPHALON INC COMMON 156708109 1479 30394 SH SOLE 30394 0 0 CEPHALON INC NOTE 5.250 5/0 156708AC3 6656 6775000 PRN SOLE 6775000 0 0 CHEVRONTEXACO CORP COMMON 166764100 400 6016 SH SOLE 6016 0 0 CIRCUIT CITY STORE INC COMMON 172737108 418 56344 SH SOLE 56344 0 0 CLARUS CORP COMMON 182707109 5001 889900 SH SOLE 889900 0 0 COCA COLA CO COMMON 191216100 365 8332 SH SOLE 8332 0 0 COLLAGENEX PHARMACEUTICA COMMON 19419B100 7321 771400 SH SOLE 771400 0 0 COLLAGENEX PHARM WT EXC $6.00 03/08/ 194990107 0 106666 SOLE 106666 0 0 COPART INC COMMON 217204106 8092 683474 SH SOLE 683474 0 0 COSTAR GROUP INC COMMON 22160N109 3887 210700 SH SOLE 210700 0 0 COUSINS PPTYS INC COMMON 222795106 5923 239800 SH SOLE 239800 0 0 CREDIT ACCEP CORP MICH COMMON 225310101 154 24200 SH SOLE 24200 0 0 DAILY JOURNAL CORP COMMON 233912104 538 22400 SH SOLE 22400 0 0 DU PONT E I DE NEMOURS & COMMON 263534109 702 16568 SH SOLE 16568 0 0 DURATEK INC COMMON 26658Q102 8145 975500 SH SOLE 975500 0 0 EPIQ SYS INC COMMON 26882D109 12043 788675 SH SOLE 788675 0 0 EQUINIX INC COMMON 29444U106 21 99000 SH SOLE 99000 0 0 EXPEDITORS INTL WASH INC COMMON 302130109 5185 158800 SH SOLE 158800 0 0 EXXON MOBIL CORP COMMON 30231G102 2017 57728 SH SOLE 57728 0 0 FTI CONSULTING INC COMMON 302941109 6757 168300 SH SOLE 168300 0 0 FEDERAL AGRIC MTG CORP CL C 313148306 3920 127950 SH SOLE 127950 0 0 FIRST AMERN CORP CALIF DBCV 4.500 4/1 318522AD1 1997 1900000 PRN SOLE 1900000 0 0 FIRST DATA CORP COMMON 319963104 6705 189340 SH SOLE 189340 0 0 GLENBOROUGH RLTY TR INC COMMON 37803P105 2470 138600 SH SOLE 138600 0 0 HARRIS INTERACTIVE INC COMMON 414549105 2304 780900 SH SOLE 780900 0 0 HEWLETT PACKARD CO COMMON 428236103 258 14834 SH SOLE 14834 0 0 HI-TECH PHARMACAL INC COMMON 42840B101 4954 193150 SH SOLE 193150 0 0 IMMUCOR INC COMMON 452526106 6787 335150 SH SOLE 335150 0 0 IMPAX LABS COMMON 45256B101 5320 1326733 SH SOLE 1326733 0 0 INHALE THERAPEUTIC SYS I SDCV 5.00 02/08 457191AD6 1284 2100000 PRN SOLE 2100000 0 0 INHALE THERAPEUTIC SYS I NOTE 5.000 2/0 457191AF1 850 1390000 PRN SOLE 1390000 0 0 INTEGRAL SYS INC MD COMMON 45810H107 13014 649100 SH SOLE 649100 0 0 INTEL CORP COMMON 458140100 187 12000 SH SOLE 12000 0 0 INTERNATIONAL RECTIFIER COMMON 460254105 249 13500 SH SOLE 13500 0 0 INT'L RECTIFIER NOTE 4.250 7/1 460254AE5 9654 11308000 PRN SOLE 11308000 0 0 INTERNATIONAL SPEEDWAY C CL A 460335201 8372 224501 SH SOLE 224501 0 0 INTERNATIONAL SPEEDWAY C CL B 460335300 1396 37725 SH SOLE 37725 0 0 IONICS INC COMMON 462218108 324 14200 SH SOLE 14200 0 0 JOHNSON & JOHNSON COMMON 478160104 408 7600 SH SOLE 7600 0 0 KRONOS INC COMMON 501052104 11533 311798 SH SOLE 311798 0 0 LENDINGTREE INC COMMON 52602Q105 580 45000 SH SOLE 45000 0 0 LIBERTY PPTY TR SH BEN INT 531172104 2134 66800 SH SOLE 66800 0 0 LIFELINE SYS INC COMMON 532192101 4127 184000 SH SOLE 184000 0 0 LITTELFUSE INC COMMON 537008104 3639 215855 SH SOLE 215855 0 0 MBNA CORP COMMON 55262L100 6373 335060 SH SOLE 335060 0 0 MANOR CARE INC NEW COMMON 564055101 251 13500 SH SOLE 13500 0 0 MAPINFO CORP COMMON 565105103 3442 620220 SH SOLE 620220 0 0 MAXIM INTEGRATED PRODS I COMMON 57772K101 3588 108600 SH SOLE 108600 0 0 MEDALLION FINL CORP COMMON 583928106 581 148900 SH SOLE 148900 0 0 MEDQUIST INC COM 584949101 1106 54614 SH SOLE 54614 0 0 MEGO FINANCIAL CORP. WARRANT $4.00 7/ 584990105 0 200000 SOLE 200000 0 0 MEMBERWORKS INC COMMON 586002107 6899 383700 SH SOLE 383700 0 0 MERCK & CO INC COMMON 589331107 209 3700 SH SOLE 3700 0 0 MERCURY COMPUTER SYS COMMON 589378108 6971 228399 SH SOLE 228399 0 0 MICROSOFT CORP COMMON 594918104 259 5000 SH SOLE 5000 0 0 MULTI COLOR CORP COMMON 625383104 5864 346350 SH SOLE 346350 0 0 NUCO2, INC COMMON 629428103 1691 210000 SH SOLE 210000 0 0 NAVIGATORS GROUP INC COMMON 638904102 5109 222600 SH SOLE 222600 0 0 PENWEST PHARMACEUTICALS COMMON 709754105 4263 402200 SH SOLE 402200 0 0 PHARMACEUTICAL RES INC COMMON 717125108 10186 341800 SH SOLE 341800 0 0 PHILADELPHIA CONS HLDG C COMMON 717528103 2683 75800 SH SOLE 75800 0 0 PHOENIX TECHNOLOGY LTD COMMON 719153108 3119 540600 SH SOLE 540600 0 0 PLUMTREE SOFTWARE INC COMMON 72940Q104 1871 693000 SH SOLE 693000 0 0 PRE PAID LEGAL SVCS INC COMMON 740065107 9498 362500 SH SOLE 362500 0 0 PROQUEST COMPANY COMMON 74346P102 3481 177600 SH SOLE 177600 0 0 QUOVADX INC COMMON 74913K106 256 105800 SH SOLE 105800 0 0 RESPIRONICS INC COMMON 761230101 1739 57148 SH SOLE 57148 0 0 SRI CORP SDCV 8.750 1/0 784642AA8 765 215000 PRN SOLE 215000 0 0 SAFENET INC COMMON 78645R107 8109 319900 SH SOLE 319900 0 0 SELECTIVE INS GROUP INC COMMON 816300107 483 19200 SH SOLE 19200 0 0 SEPRACOR INC 144 SDCV 7.000 12/1 817315AF1 3213 3895000 PRN SOLE 3895000 0 0 SEPRACOR INC SDCV 7.000 12/1 817315AH7 5297 6420000 PRN SOLE 6420000 0 0 SERACARE LIFE SCIENCES I COMMON 81747Q100 4540 756600 SH SOLE 756600 0 0 SILICON VY BANCSHARES COMMON 827064106 3239 177500 SH SOLE 177500 0 0 STRAYER ED INC COMMON 863236105 2271 39500 SH SOLE 39500 0 0 SUN MICROSYSTEMS INC COMMON 866810104 79 25560 SH SOLE 25560 0 0 SYLVAN LEARNING SYS INC COMMON 871399101 6115 372893 SH SOLE 372893 0 0 SYSTEMS & COMPUTER TECHN SDCV 5.000 10/1 871873AB1 5009 5300000 PRN SOLE 5300000 0 0 TALX CORP COMMON 874918105 7650 592110 SH SOLE 592110 0 0 UNION PAC CORP COMMON 907818108 746 12458 SH SOLE 12458 0 0 UNITED DOMINION REALTY T COMMON 910197102 601 36762 SH SOLE 36762 0 0 UNITEDHEALTH GROUP INC COMMON 91324P102 2363 28300 SH SOLE 28300 0 0 UTAH MED PRODS INC COMMON 917488108 2437 127600 SH SOLE 127600 0 0 VALUEVISION MEDIA INC CL A 92047K107 5384 359400 SH SOLE 359400 0 0 VIRAGE LOGIC CORP COMMON 92763R104 4935 492000 SH SOLE 492000 0 0 VISUAL NETWORKS INC COMMON 928444108 2349 1620300 SH SOLE 1620300 0 0 VITESSE SEMICONDUCTOR CO COMMON 928497106 839 383900 SH SOLE 383900 0 0 YOCREAM INTL INC COMMON 986001105 932 122000 SH SOLE 122000 0 0 SCOTTISH ANNUITY & LIFE ORD G7885T104 1113 63800 SH SOLE 63800 0 0 TARO PHARMACEUTICAL INDS ORD M8737E108 5433 144500 SH SOLE 144500 0 0 CARLISLE HLDGS LTD ORD P21277101 171 62235 SH SOLE 62235 0 0
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