CarMax
753 hedge funds and large institutions have $12.6B invested in CarMax in 2025 Q1 according to their latest regulatory filings, with 88 funds opening new positions, 262 increasing their positions, 287 reducing their positions, and 75 closing their positions.
70% more call options, than puts
Call options by funds: $237M | Put options by funds: $140M
17% more first-time investments, than exits
New positions opened: 88 | Existing positions closed: 75
1.74% more ownership
Funds ownership: 103.79% → 105.53% (+1.7%)
1% more funds holding
Funds holding: 749 → 753 (+4)
9% less repeat investments, than reductions
Existing positions increased: 262 | Existing positions reduced: 287
5% less capital invested
Capital invested by funds: $13.4B → $12.6B (-$715M)
8% less funds holding in top 10
Funds holding in top 10: 24 → 22 (-2)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Marshall Wace
London,
United Kingdom
|
+$191M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$71.1M |
| 3 |
Millennium Management
New York
|
+$69.1M |
| 4 |
Fuller & Thaler Asset Management
San Mateo,
California
|
+$62.4M |
| 5 |
Fidelity Investments
Boston,
Massachusetts
|
+$43M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$161M |
| 2 |
Goldman Sachs
New York
|
-$133M |
| 3 |
Brown Advisory
Baltimore,
Maryland
|
-$75.2M |
| 4 |
Renaissance Technologies
New York
|
-$50.4M |
| 5 |
ACM
AKRE Capital Management
Middleburg,
Virginia
|
-$37.1M |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
HWA
826
HHM Wealth Advisors
Chattanooga,
Tennessee
| – | -$164 | -2 | Closed |
|
827
Parallax Volatility Advisers
San Francisco,
California
| – | -$82 | -1 | Closed |
|
KMX Hedge Fund Activity: Q1 2025 in Review
753 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in CarMax (KMX) for Q1 2025, worth a combined $12.6B — down 5.4% from $13.4B a quarter earlier.
Buyers outnumbered sellers: 88 funds opened new KMX positions and 75 closed out — a net gain of 13 holders — while 262 added to existing stakes and 287 trimmed.
The largest buyer was Marshall Wace, adding an estimated $191M. The largest seller was Principal Financial Group, cutting an estimated $161M.
- 753 institutional investors held CarMax (KMX) as of Q1 2025, up from 749 in Q4 2024.
- Funds reported $12.6B of CarMax stock for Q1 2025, down 5.4% quarter-over-quarter.
- 88 funds opened new CarMax positions in Q1 2025 and 75 closed out, a net change of +13 holders.
- The largest CarMax buyer in Q1 2025 was Marshall Wace, an estimated $191M added.
- The largest CarMax seller in Q1 2025 was Principal Financial Group, an estimated $161M sold.
Based on aggregated 13F filings for Q1 2025.