On February 13, 2026, Ashford Capital Management disclosed a buy of 128,664 shares of Vicor (VICR +1.04%), with an estimated transaction value of $10.94 million based on quarterly average pricing.
What happened
According to a filing with the Securities and Exchange Commission dated February 13, 2026, Ashford Capital Management Inc increased its position in Vicor (VICR +1.04%) by 128,664 shares. The estimated value of this trade, based on the average closing price for the quarter, was $10.94 million. The quarter-end value of the fund’s stake in the company rose by $27.59 million, which includes both trading activity and stock price movements.
What else to know
- This was a buy, bringing the position to 4.32% of the fund's reportable U.S. equity assets.
- Top holdings after the filing:
- NASDAQ: GSAT: $60.98 million (6.8% of AUM)
- NASDAQ: LGND: $40.42 million (4.5% of AUM)
- NASDAQ: VICR: $38.78 million (4.3% of AUM)
- NASDAQ: RDVT: $34.33 million (3.8% of AUM)
- NYSEMKT: VTI: $31.46 million (3.5% of AUM)
- As of February 13, 2026, Vicor shares were priced at $155.96, up a staggering 213.0% over the past year and outperforming the S&P 500 by 201.3 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 13, 2026) | $155.96 |
| Market capitalization | $7.02 billion |
| Revenue (TTM) | $441.6 million |
| Net income (TTM) | $82.3 million |
Company snapshot
- Vicor offers modular power components, DC-DC converters, custom power systems, and related accessories for electrical power conversion
- The company generates revenue by designing, manufacturing, and selling power conversion products and custom solutions to original equipment manufacturers and contract manufacturers
- It serves customers in aerospace, defense, industrial automation, instrumentation, lighting, telecommunications, networking, and transportation sectors
Vicor is a technology company specializing in high-performance power conversion solutions for demanding applications. The company leverages proprietary technology to deliver efficient, compact, and scalable power modules and systems. Its focus on innovation and customization provides a competitive advantage in industries requiring reliable and advanced power management.
What this transaction means for investors
Momentum like this forces conviction tests. After a 213% run in a year, adding to Vicor suggests Ashford believes this is a story about structural power density demand—instead of simply being a trade.
The third quarter numbers help explain that confidence. Revenue reached $110.4 million, up 18.5% from a year ago, while gross margin expanded to 57.5%. Net income came in at $28.3 million, or $0.63 per diluted share, and operating cash flow hit $38.5 million.
With those numbers, it’s clear this is not a sleepy cyclical manufacturer. Vicor sits on critical IP in high-performance computing power modules, with licensing revenue now a meaningful contributor. The $45 million second-quarter patent settlement distorted sequential comparisons, but underlying profitability still improved year over year.
Within the portfolio, this remains a mid-sized position at 4.3% of assets, behind names like Globalstar and Ligand. For long-term investors, the key question is whether Vicor’s technology becomes standard infrastructure in AI and data center builds. If it does, the multiple may not look so stretched in hindsight.
