CarMax
KMX
622 hedge funds and large institutions have $6.54B invested in CarMax in 2025 Q3 according to their latest regulatory filings, with 64 funds opening new positions, 229 increasing their positions, 254 reducing their positions, and 164 closing their positions.
3% more call options, than puts
Call options by funds: $187M | Put options by funds: $182M
10% less repeat investments, than reductions
Existing positions increased: 229 | Existing positions reduced: 254
9.45% less ownership
Funds ownership: 106.52% → 97.07% (-9.4%)
15% less funds holding
Funds holding: 731 → 622 (-109)
38% less funds holding in top 10
Funds holding in top 10: 13 → 8 (-5)
39% less capital invested
Capital invested by funds: $10.7B → $6.54B (-$4.21B)
61% less first-time investments, than exits
New positions opened: 64 | Existing positions closed: 164
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$89.2M |
| 2 |
VVP
Vulcan Value Partners
Birmingham,
Alabama
|
+$79.9M |
| 3 |
HRCM
Hawk Ridge Capital Management
Los Angeles,
California
|
+$58.2M |
| 4 |
Dimensional Fund Advisors
Austin,
Texas
|
+$54.8M |
| 5 |
Acadian Asset Management
Boston,
Massachusetts
|
+$42.5M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$144M |
| 2 |
Diamond Hill Capital Management
Columbus,
Ohio
|
-$127M |
| 3 |
VLKIM
Van Lanschot Kempen Investment Management
Amsterdam,
Netherlands
|
-$89.7M |
| 4 |
AQR Capital Management
Greenwich,
Connecticut
|
-$78.1M |
| 5 |
D.E. Shaw & Co
New York
|
-$59M |
KMX Hedge Fund Activity: Q3 2025 in Review
622 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in CarMax (KMX) for Q3 2025, worth a combined $6.54B — down 39% from $10.7B a quarter earlier.
Sellers outnumbered buyers: 164 funds closed out of KMX and 64 opened new positions — a net loss of 100 holders — while 254 trimmed existing stakes and 229 added.
The largest buyer was Arrowstreet Capital, adding an estimated $89.2M. The largest seller was Principal Financial Group, cutting an estimated $144M.
- 622 institutional investors held CarMax (KMX) as of Q3 2025, down from 731 in Q2 2025.
- Funds reported $6.54B of CarMax stock for Q3 2025, down 39% quarter-over-quarter.
- 64 funds opened new CarMax positions in Q3 2025 and 164 closed out, a net change of -100 holders.
- The largest CarMax buyer in Q3 2025 was Arrowstreet Capital, an estimated $89.2M added.
- The largest CarMax seller in Q3 2025 was Principal Financial Group, an estimated $144M sold.
Based on aggregated 13F filings for Q3 2025.