CarMax
KMX
732 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, 261 increasing their positions, 277 reducing their positions, and 119 closing their positions.
70% more call options, than puts
Call options by funds: $184M | Put options by funds: $108M
1% more ownership
Funds ownership: 105.52% → 106.52% (+1%)
6% less repeat investments, than reductions
Existing positions increased: 261 | Existing positions reduced: 277
3% less funds holding
Funds holding: 754 → 732 (-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 (-$1.89B)
41% less funds holding in top 10
Funds holding in top 10: 22 → 13 (-9)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AQR Capital Management
Greenwich,
Connecticut
|
+$198M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$127M |
| 3 |
D.E. Shaw & Co
New York
|
+$118M |
| 4 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
+$110M |
| 5 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
+$101M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$270M |
| 2 |
Holocene Advisors
New York
|
-$262M |
| 3 |
Norges Bank
Oslo,
Norway
|
-$169M |
| 4 |
Marshall Wace
London,
United Kingdom
|
-$156M |
| 5 |
BlackRock
New York
|
-$83.9M |
KMX Hedge Fund Activity: Q2 2025 in Review
732 of the 7,613 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 277 trimmed existing stakes and 261 added.
The largest buyer was AQR Capital Management, adding an estimated $198M. The largest seller was Principal Financial Group, cutting an estimated $270M.
- 732 institutional investors held CarMax (KMX) as of Q2 2025, down from 754 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.