ASHFORD CAPITAL MANAGEMENT INC

Twenty-two shares of Berkshire Hathaway Class A stock — unchanged in count for at least two straight quarters, quietly worth $15.8 million — anchor one end of Ashford Capital Management's book. At the other end, Vicor Corp was slashed 67.9% in share count (353,856 to 113,535 shares), the largest single cut in the portfolio, a genuine $38.7 million reduction in flow terms. Six software names — CyberArk, Clearwater Analytics, AvePoint, nCino, SentinelOne, and The Trade Desk — were fully exited in the same quarter, a coordinated retreat from the sector. StoneX Group (+56.4% shares) and Clear Secure (+97.5% shares) were the offsetting adds, alongside new energy-royalty positions in LandBridge and Viper Energy.