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Carvana
CVNA

775 hedge funds and large institutions have $51.3B invested in Carvana in 2025 Q3 according to their latest regulatory filings, with 129 funds opening new positions, 322 increasing their positions, 235 reducing their positions, and 85 closing their positions.

New
Increased
Maintained
Reduced
Closed

52% more first-time investments, than exits

New positions opened: 129 | Existing positions closed: 85

37% more call options, than puts

Call options by funds: $8.11B | Put options by funds: $5.91B

37% more repeat investments, than reductions

Existing positions increased: 322 | Existing positions reduced: 235

15% more capital invested

Capital invested by funds: $44.6B → $51.3B (+$6.71B)

10% more funds holding in top 10

Funds holding in top 10: 39 → 43 (+4)

5% more funds holding

Funds holding: 740 → 775 (+35)

2.52% more ownership

Funds ownership: 489.6% → 492.12% (+2.5%)

Holders
775
Holders Change
+35
Holders Change %
+4.73%
% of All Funds
10.17%
Holding in Top 10
43
Holding in Top 10 Change
+4
Holding in Top 10 Change %
+10.26%
% of All Funds
0.56%
New
129
Increased
322
Reduced
235
Closed
85
Calls
$8.11B
Puts
$5.91B
Net Calls
+$2.2B
Net Calls Change
-$304M

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$1.12B
2
Viking Global Investors
Viking Global Investors
Connecticut
+$366M
3
Sands Capital Management
Sands Capital Management
Virginia
+$283M
4
Invesco
Invesco
Georgia
+$254M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$247M

Top Sellers

Rank Fund Capital Flow
1
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$475M
2
Two Sigma Advisers
Two Sigma Advisers
New York
-$320M
3
UBS Group
UBS Group
Switzerland
-$303M
4
Bank of America
Bank of America
North Carolina
-$284M
5
LIM
Lingotto Investment Management
United Kingdom
-$240M
Name Holding Trade Value Shares
Change 		Change in
Stake
Norges Bank
776
Norges Bank
Norway
– -$259M -3,850,130 Closed
CSS
777
Cubist Systematic Strategies
Connecticut
– -$25.7M -358,830 Closed
QIM
778
Quantitative Investment Management
Virginia
– -$21.8M -322,875 Closed
ECM
779
ExodusPoint Capital Management
New York
– -$17.6M -261,620 Closed
Jacobs Levy Equity Management
780
Jacobs Levy Equity Management
New Jersey
– -$6.33M -93,870 Closed
BBL
781
Beck Bode LLC
Massachusetts
– -$5.66M -83,915 Closed
LCM
782
Laurion Capital Management
New York
– -$5.82M -81,310 Closed
NM
783
NWI Management
New York
– -$5.05M -75,000 Closed
QT
784
Quantbot Technologies
New York
– -$3.37M -50,030 Closed
WG
785
Winton Group
United Kingdom
– -$3.1M -46,015 Closed
FC
786
FORA Capital
Florida
– -$2.95M -43,715 Closed
CCS
787
Concentric Capital Strategies
Connecticut
– -$2.89M -42,855 Closed
BCM
788
Bayesian Capital Management
New York
– -$2.73M -40,500 Closed
DF
789
Donoghue Forlines
Massachusetts
– -$2.68M -39,710 Closed
BAM
790
Bosun Asset Management
Illinois
– -$2.67M -39,635 Closed
PI
791
Point72 Italy
Italy
– -$2.08M -30,805 Closed
DS
792
DRW Securities
Illinois
– -$2.18M -30,485 Closed
UOTTAIMCU
793
University of Texas/Texas AM Investment Management Co (UTIMCO)
Texas
– -$1.96M -29,145 Closed
SB
794
SIG Brokerage
New York
– -$1.99M -27,760 Closed
VA
795
Valmark Advisers
Ohio
– -$1.78M -26,455 Closed
EAM
796
Empirical Asset Management
Massachusetts
– -$1.72M -25,545 Closed
PFM
797
Privium Fund Management
Netherlands
– -$1.68M -25,000 Closed
OC
798
Oppenheimer & Co
New York
– -$1.52M -22,540 Closed
Axa
799
Axa
France
– -$1.43M -21,265 Closed
AIM
800
Aigen Investment Management
New York
– -$1.17M -17,400 Closed
30 31
32
33 34

CVNA Hedge Fund Activity: Q3 2025 in Review

775 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Carvana (CVNA) for Q3 2025, worth a combined $51.3B — up 15% from $44.6B a quarter earlier.

Buyers outnumbered sellers: 129 funds opened new CVNA positions and 85 closed out — a net gain of 44 holders — while 322 added to existing stakes and 235 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $1.12B. The largest seller was D.E. Shaw & Co, cutting an estimated $475M.

  • 775 institutional investors held Carvana (CVNA) as of Q3 2025, up from 740 in Q2 2025.
  • Funds reported $51.3B of Carvana stock for Q3 2025, up 15% quarter-over-quarter.
  • 129 funds opened new Carvana positions in Q3 2025 and 85 closed out, a net change of +44 holders.
  • The largest Carvana buyer in Q3 2025 was JP Morgan Chase, an estimated $1.12B added.
  • The largest Carvana seller in Q3 2025 was D.E. Shaw & Co, an estimated $475M sold.

Based on aggregated 13F filings for Q3 2025.