13F-HR 1 sep2003-13f.txt Main Page (1) TYPE 13F-HR DOCUMENT-COUNT 1 PERIOD 9/30/03 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: September 30, 2003 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: 2 Form 13F Information Table Entry Total: 126 Form 13F Information Table Value Total: $712,716 (thousands) List of Other Included Managers: Brandywine Managers, LLC SEC file #028-06335 ABANCO Investments Ltd. SEC file #028-06287 NAME OF ISSUER TITLE OF CLASS CUSIP VALUE(K) SH/P AMT S/P P/C INV DSC MANAGERS SOLE SHARED NONE ACTIVCARD CORP COM 00506J107 7126 872180 SH SOLE 872180 0 0 ACTEL CORP COM 004934105 6771 282473 SH SOLE 282473 0 0 ADOBE SYSTEMS COM 00724F101 827 21000 SH SOLE 21000 0 0 ADOLOR CORP COM 00724X102 2619 142699 SH SOLE 142699 0 0 ARMOR HLDGS INC COM 042260109 16678 995700 SH SOLE 995700 0 0 APPLIED IMAGING CORP COM 03820G106 699 550170 SH SOLE 550170 0 0 ALLIED CAP CORP COM 01903Q108 7211 293236 SH SOLE 293236 0 0 AMBASSADORS INT COM 023178106 13915 1141499 SH SOLE 1141499 0 0 AMER POWER CONV COM 029066107 945 54600 SH SOLE 54600 0 0 AMERICAN VANGUARD CORPORA COM 030371108 993 39700 SH SOLE 39700 0 0 BALCHEM CORP COM 057665200 10869 534100 SH SOLE 534100 0 0 BELLSOUTH CORP COM 079860102 213 9000 SH SOLE 9000 0 0 IMMUCOR INC COM 452526106 16233 602350 SH SOLE 602350 0 0 BERKSHIRE HATHAWAY A COM 084670108 2025 27 SH SOLE 27 0 0 BERKSHIRE HATHAWAY B COM 084670207 1722 690 SH SOLE 690 0 0 BIO-REFERENCE LABS INC COM 09057G602 7039 695600 SH SOLE 695600 0 0 BROWN & BROWN INC COM 115236101 12917 419650 SH SOLE 419650 0 0 CARDINAL HEALTH COM 14149Y108 273 4675 SH SOLE 4675 0 0 CCC INFORMATION SERVICES COM 12487Q109 3975 237200 SH SOLE 237200 0 0 COLLAGENEX PHARMACEUTICAL COM 19419B100 6346 590300 SH SOLE 590300 0 0 CARLISLE HOLDINGS LIMITED COM P21277101 389 62235 SH SOLE 62235 0 0 CLARUS CORP COM 182707109 7660 1115000 SH SOLE 1115000 0 0 CENTRAL PARKING COM 154785109 3714 303159 SH SOLE 303159 0 0 COPART INC COM 217204106 11227 1033799 SH SOLE 1033799 0 0 CERADYNE INC COM 156710105 388 15000 SH SOLE 15000 0 0 COSTAR GROUP INC COM 22160N109 7861 300500 SH SOLE 300500 0 0 CSG SYSTEMS INT COM 126349109 21395 1444599 SH SOLE 1444599 0 0 COGNIZANT TECH SOLUTIONS COM 192446102 3828 105000 SH SOLE 105000 0 0 COUSINS PPTYS COM 222795106 5425 195500 SH SOLE 195500 0 0 TCW CONVERTIBLE SECURITIES F N COM 872340104 1635 360835 SH SOLE 360835 0 0 CHEVRONTEXACO CORPORATION COM 166764100 401 5616 SH SOLE 5616 0 0 DUPONT COM 263534109 735 18361 SH SOLE 18361 0 0 DAILY JOURNAL CORP COM 233912104 600 22400 SH SOLE 22400 0 0 DURATEK INC COM 26658Q102 10107 1171100 SH SOLE 1171100 0 0 DSP GROUP INC COM 23332B106 4593 184300 SH SOLE 184300 0 0 DEVRY INC COM 251893103 710 30000 SH SOLE 30000 0 0 AMBASSADORS GROUP INC COM 023177108 15328 901099 SH SOLE 901099 0 0 EPIQ SYSTEMS COM 26882D109 12074 710625 SH SOLE 710625 0 0 EQUINIX INC COM 29444U502 6552 351480 SH SOLE 351480 0 0 EQUINIX INC NOTE 13.00% CONV BONDS 29444UAC0 480 3000000 PRN SOLE 3000000 0 0 EVCI CAREER COLLEGES COM 26926P100 348 133700 SH SOLE 133700 0 0 EXPEDITORS INTL COM 302130109 4833 140500 SH SOLE 140500 0 0 FIRST AMERICAN CORP CALIF CONV BONDS 318522AD1 2013 1950000 PRN SOLE 1950000 0 0 FTI CONSULTING INC COM 302941109 4551 262325 SH SOLE 262325 0 0 FIRST DATA CORP COM 319963104 6534 163514 SH SOLE 163514 0 0 GLENBOROUGH RLT COM 37803P105 1243 65900 SH SOLE 65900 0 0 GALAXY NUTR FOODS INC COM 36317Q104 821 283100 SH SOLE 283100 0 0 MANOR CARE INC COM 564055101 405 13500 SH SOLE 13500 0 0 DOT HILL SYSTEMS CORP COM 25848T109 7999 580900 SH SOLE 580900 0 0 HI-TECH PHARMACAL INC COM 42840B101 1450 61694 SH SOLE 61694 0 0 HMS HOLDINGS CORP COM 40425J101 345 100000 SH SOLE 100000 0 0 HARRIS INTERACTIVE INC COM 414549105 3352 476200 SH SOLE 476200 0 0 HEWLETT-PACKARD COM 428236103 287 14834 SH SOLE 14834 0 0 INTERACTIVE CORPORATION COM 45840Q101 1559 46985 SH SOLE 46985 0 0 INHALE THERAPEUTIC SYSTEM CONV BONDS 457191AD6 1838 2100000 PRN SOLE 2100000 0 0 INHALE THERAPEUTIC SYSTEM CONV BONDS 457191AF1 1216 1390000 PRN SOLE 1390000 0 0 INTEL CORPORATION COM 458140100 330 12000 SH SOLE 12000 0 0 IONICS INC COM 462218108 274 11200 SH SOLE 11200 0 0 INTL PAPER COM 460146103 209 5346 SH SOLE 5346 0 0 IMPAX LABORATORIES INC COM 45256B101 23219 1856016 SH SOLE 1856016 0 0 IMPAX LABORATORIES INC (REST I COM 45256B101 2036 162724 SH SOLE 162724 0 0 INT'L RECTIFIER COM 460254105 21603 577000 SH SOLE 577000 0 0 INT'L RECTIFIER (REG'D) N CONV BONDS 460254AE5 48 50000 PRN SOLE 50000 0 0 INTL SPEEDWAY-A COM 460335201 14488 330099 SH SOLE 330099 0 0 INTL SPEEDWAY-B COM 460335300 1658 37725 SH SOLE 37725 0 0 INTEGRAL SYS IN COM 45810H107 14322 792600 SH SOLE 792600 0 0 JOHNSON & JOHNSON COM 478160104 376 7600 SH SOLE 7600 0 0 COCA-COLA CO COM 191216100 358 8332 SH SOLE 8332 0 0 MBNA CORP COM 55262L100 6707 294185 SH SOLE 294185 0 0 KROLL INC COM 501049100 10000 537610 SH SOLE 537610 0 0 KRONOS INC COM 501052104 14738 278556 SH SOLE 278556 0 0 KV PHARMACEUTICAL CO.-CL COM 482740206 14837 659400 SH SOLE 659400 0 0 MULTI-COLOR CORP COM 625383104 11197 506650 SH SOLE 506650 0 0 LITTELFUSE INC COM 537008104 4085 177600 SH SOLE 177600 0 0 LIFELINE SYS INC COM 532192101 7882 249900 SH SOLE 249900 0 0 LUMINEX CORP. COM 55027E102 758 113600 SH SOLE 113600 0 0 EXCELLIGENCE LEARNING CORP COM 300684107 457 90800 SH SOLE 90800 0 0 LIBERTY PROP COM 531172104 2088 56450 SH SOLE 56450 0 0 MAPINFO CORP COM 565105103 6633 691760 SH SOLE 691760 0 0 MARTEK BIOSCIEN COM 572901106 5174 98300 SH SOLE 98300 0 0 MEMBERWORKS INC COM 586002107 19160 604600 SH SOLE 604600 0 0 MEDQUIST INC COM 584949101 572 29598 SH SOLE 29598 0 0 MERCURY COMPUTE COM 589378108 4737 222099 SH SOLE 222099 0 0 MACROVISION CORP COM 555904101 8736 472200 SH SOLE 472200 0 0 MAXIM INTEGRATE COM 57772K101 4002 101600 SH SOLE 101600 0 0 NAVIGATORS GROUP INC COM 638904102 7105 218600 SH SOLE 218600 0 0 NUCO2 INC COM 629428103 1737 157600 SH SOLE 157600 0 0 NUCO2 INC (S3) COM 629428103 1897 175000 SH SOLE 175000 0 0 OPSWARE INC COM 68383A101 9636 1320000 SH SOLE 1320000 0 0 OVERSTOCK COM INC DEL COM 690370101 15292 1026850 SH SOLE 1026850 0 0 PHILA CONS HLDG COM 717528103 5484 119900 SH SOLE 119900 0 0 POLYMEDICA CORP. COM 731738100 8279 312400 SH SOLE 312400 0 0 PLANTRONICS INC. COM 727493108 1014 42500 SH SOLE 42500 0 0 PLUMTREE SOFTWARE COM 72940Q104 9509 2248100 SH SOLE 2248100 0 0 PENWEST PHARM COM 709754105 4670 214600 SH SOLE 214600 0 0 PRACTICE WORKS INC COM 739419109 5815 271100 SH SOLE 271100 0 0 PHARM RESOURCES COM 717125108 11775 172600 SH SOLE 172600 0 0 PSYCHIATRIC SOLUTIONS INC COM 74439H108 830 60000 SH SOLE 60000 0 0 PHOENIX TECH COM 719153108 7972 1271600 SH SOLE 1271600 0 0 CASH AMER INTL COM 14754D100 12789 779800 SH SOLE 779800 0 0 PENWEST PHARM S3 COM 709754105 1523 70000 SH SOLE 70000 0 0 RESPIRONICS INC COM 761230101 1948 46576 SH SOLE 46576 0 0 AARON RENTS INC COM 002535201 6883 328550 SH SOLE 328550 0 0 SCOTTISH RE GROUP, LTD. COM G7885T104 1451 60100 SH SOLE 60100 0 0 SYS & COMP TECH COM 871873105 4392 420700 SH SOLE 420700 0 0 SAFENET INC COM 78645R107 13437 371900 SH SOLE 371900 0 0 SPORTSMAN'S GUIDE INC COM 848907200 1265 97300 SH SOLE 97300 0 0 SILICON VALLEY BANCSHARES COM 827064106 12122 439200 SH SOLE 439200 0 0 SYLVAN LEARNING COM 871399101 13458 490991 SH SOLE 490991 0 0 SERACARE LIFE SCIENCES INC COM 81747Q100 5943 867600 SH SOLE 867600 0 0 STRAYER EDUC IN COM 863236105 3326 34400 SH SOLE 34400 0 0 TALX CORP COM 874918105 20721 836535 SH SOLE 836535 0 0 TARO PHARMACEUTICAL INDUSTRI S COM M8737E108 10236 182400 SH SOLE 182400 0 0 T ROWE PRICE GROUP COM 74144T108 272 6600 SH SOLE 6600 0 0 UTD DOM RLTY COM 910197102 535 29244 SH SOLE 29244 0 0 UNITED HEALTH GROUP COM 91324P102 2729 54240 SH SOLE 54240 0 0 UNION PAC CORP COM 907818108 725 12458 SH SOLE 12458 0 0 UTAH MEDICAL PRODUCTS INC COM 917488108 4443 179500 SH SOLE 179500 0 0 VIGNETTE CORP COM 926734104 58 25000 SH SOLE 25000 0 0 VIRAGE LOGIC CORPORATION COM 92763R104 3826 503400 SH SOLE 503400 0 0 VISUAL NETWKS COM 928444108 3949 1974700 SH SOLE 1974700 0 0 VERISITY LTD COM M97385112 2153 172200 SH SOLE 172200 0 0 VITESSE SEMICONDUCTOR CORP COM 928497106 8089 1261900 SH SOLE 1261900 0 0 VALUE VISION IN COM 92047K107 9043 570200 SH SOLE 570200 0 0 EXXON MOBIL CORP COM 30231G102 2026 55348 SH SOLE 55348 0 0 YOCREAM INTERNATIONAL INC COM 986001105 383 78300 SH SOLE 78300 0 0
/TEXT /DOCUMENT /SUBMISSION