On February 13, 2026, Ashford Capital Management disclosed in a Securities and Exchange Commission filing that it reduced its position in Cavco Industries (CVCO 1.97%) by 19,607 shares, an estimated $11.11 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated February 13, 2026, Ashford Capital Management sold 19,607 shares of Cavco Industries in the fourth quarter of 2025. The estimated value of this trade was $11.11 million based on the average closing price during the quarter. The fund's remaining stake was 28,412 shares, with the quarter-end position valued at $16.78 million. The net position change, reflecting both trades and stock price movements, was $11.10 million.
What else to know
- Ashford Capital Management’s Cavco Industries position now accounts for 1.87% of its reportable assets, down from 3.1% the prior quarter.
- 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, Cavco Industries shares were priced at $590.38, up 10.3% over the past year and underperforming the S&P 500 by 1.5 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/13/26) | $590.38 |
| Market Capitalization | $4 billion |
| Revenue (TTM) | $2.20 billion |
| Net Income (TTM) | $184.42 million |
Company snapshot
- Cavco Industries manufactures and retails factory-built homes, modular homes, park model RVs, vacation cabins, and commercial structures under multiple brand names.
- The company generates revenue through the sale of manufactured housing, modular units, financial services (including mortgages and insurance), and a network of company-owned and independent retail outlets.
- It serves homebuyers, developers, community operators, and institutional clients across the United States and Canada.
Cavco Industries is a leading U.S. producer of manufactured and modular homes, operating through an extensive retail and distribution network. The company leverages strong brand recognition and diversified product offerings to address affordable housing needs and specialty commercial projects. Its integrated approach, which includes financial services and insurance, supports a resilient business model and positions Cavco as a key player in the residential construction sector.
What this transaction means for investors
Capital rotation like this is rarely about panic. After a strong run in manufactured housing over the past few years, trimming Cavco reallocates capital without abandoning the theme altogether. The stock has lagged the broader market, but its fundamentals remain solid.
In its fiscal third quarter, Cavco generated $581 million in revenue, up 11.3% year over year, helped by higher home sales volume and pricing. Gross profit rose to $135.9 million, though margins compressed, and diluted EPS declined 19% to $5.58. The company closed its American Homestar acquisition during the quarter, adding $42 million in revenue but also incremental SG&A and deal costs. Meanwhile, the backlog stands at $160 million, representing roughly four to six weeks of production.
Within a portfolio led by higher beta names like Globalstar and Ligand, Cavco now represents just 1.87% of assets. That suggests this was a sizing decision more than a conviction call.
