We are live on ! Find out more

731 hedge funds and large institutions have $10.7B invested in CarMax in 2025 Q2 according to their latest regulatory filings, with 105 funds opening new positions, 260 increasing their positions, 278 reducing their positions, and 119 closing their positions.

New
Increased
Maintained
Reduced
Closed

70% more call options, than puts

Call options by funds: $184M | Put options by funds: $108M

0.98% more ownership

Funds ownership: 105.53%106.52% (+0.98%)

6% less repeat investments, than reductions

Existing positions increased: 260 | Existing positions reduced: 278

3% less funds holding

Funds holding: 753731 (-22)

12% less first-time investments, than exits

New positions opened: 105 | Existing positions closed: 119

15% less capital invested

Capital invested by funds: $12.6B → $10.7B (-$1.9B)

41% less funds holding in top 10

Funds holding in top 10: 2213 (-9)

Holders
731
Holders Change
-22
Holders Change %
-2.92%
% of All Funds
9.62%
Holding in Top 10
13
Holding in Top 10 Change
-9
Holding in Top 10 Change %
-40.91%
% of All Funds
0.17%
New
105
Increased
260
Reduced
278
Closed
119
Calls
$184M
Puts
$108M
Net Calls
+$76M
Net Calls Change
-$22M
Name Holding Trade Value Shares
Change
Change in
Stake
LPL Financial
101
LPL Financial
California
$14.7M -$365K -5,432 -2%
Bank of Montreal
102
Bank of Montreal
Ontario, Canada
$13.8M -$1.04M -15,390 -7%
California Public Employees Retirement System
103
California Public Employees Retirement System
California
$13.6M -$2.56M -38,136 -16%
HF
104
HRT Financial
New York
$13.4M +$12.2M +180,749 +946%
ONB
105
Old National Bancorp
Indiana
$13.2M +$244K +3,629 +2%
ACM
106
Aquatic Capital Management
Illinois
$13.2M +$13.2M +196,588 New
OC
107
Oppenheimer & Co
New York
$13M -$55.5K -825 -0.4%
HFS
108
Hantz Financial Services
Michigan
$12.9M +$4.02M +59,840 +45%
MPWT
109
MassMutual Private Wealth & Trust
Connecticut
$11.7M +$668K +9,927 +6%
GS
110
Gagnon Securities
New York
$11M +$408K +6,067 +4%
Osaic Holdings
111
Osaic Holdings
Arizona
$10.8M +$3.54M +52,576 +49%
AllianceBernstein
112
AllianceBernstein
Tennessee
$10.7M -$2.25M -33,528 -17%
Mitsubishi UFJ Asset Management
113
Mitsubishi UFJ Asset Management
Japan
$10.7M -$7.85M -116,682 -42%
LCOV
114
London Company of Virginia
Virginia
$10.6M -$52.7K -783 -0.5%
Stifel Financial
115
Stifel Financial
Missouri
$10.6M +$1.01M +15,034 +11%
Fidelity Investments
116
Fidelity Investments
Massachusetts
$10.5M -$30.8M -458,235 -74%
Cetera Investment Advisers
117
Cetera Investment Advisers
Illinois
$10.5M +$77.7K +1,156 +0.7%
First Manhattan
118
First Manhattan
New York
$10.5M -$146K -2,165 -1%
Brown Advisory
119
Brown Advisory
Maryland
$10.4M -$1.67M -24,886 -14%
Ninety One (UK)
120
Ninety One (UK)
United Kingdom
$10.4M -$1.74M -25,914 -14%
State Board of Administration of Florida Retirement System
121
State Board of Administration of Florida Retirement System
Florida
$10.2M -$497K -7,388 -5%
ACM
122
AKRE Capital Management
Virginia
$10.1M -$3.68M -54,675 -27%
HCM
123
Hutchinson Capital Management
California
$9.96M -$265K -3,934 -3%
ERP
124
Eldred Rock Partners
Texas
$9.89M -$524K -7,798 -5%
California State Teachers Retirement System (CalSTRS)
125
California State Teachers Retirement System (CalSTRS)
California
$9.83M -$4.98M -73,988 -34%

KMX Hedge Fund Activity: Q2 2025 in Review

731 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in CarMax (KMX) for Q2 2025, worth a combined $10.7B — down 15% from $12.6B a quarter earlier.

Sellers outnumbered buyers: 119 funds closed out of KMX and 105 opened new positions — a net loss of 14 holders — while 278 trimmed existing stakes and 260 added.

The largest buyer was AQR Capital Management, adding an estimated $198M. The largest seller was Principal Financial Group, cutting an estimated $270M.

  • 731 institutional investors held CarMax (KMX) as of Q2 2025, down from 753 in Q1 2025.
  • Funds reported $10.7B of CarMax stock for Q2 2025, down 15% quarter-over-quarter.
  • 105 funds opened new CarMax positions in Q2 2025 and 119 closed out, a net change of -14 holders.
  • The largest CarMax buyer in Q2 2025 was AQR Capital Management, an estimated $198M added.
  • The largest CarMax seller in Q2 2025 was Principal Financial Group, an estimated $270M sold.

Based on aggregated 13F filings for Q2 2025.