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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
Vanguard Group
1
Vanguard Group
Pennsylvania
$1.18B -$35.1M -521,892 -3%
BlackRock
2
BlackRock
New York
$728M -$83.9M -1,247,877 -10%
Diamond Hill Capital Management
3
Diamond Hill Capital Management
Ohio
$468M +$74.2M +1,102,820 +19%
State Street
4
State Street
Massachusetts
$381M -$36.7M -545,041 -9%
Janus Henderson Group
5
Janus Henderson Group
United Kingdom
$325M +$5.67M +84,277 +2%
Primecap Management
6
Primecap Management
California
$318M -$2.11M -31,395 -0.7%
AQR Capital Management
7
AQR Capital Management
Connecticut
$298M +$198M +2,947,996 +195%
Geode Capital Management
8
Geode Capital Management
Massachusetts
$255M -$872K -12,959 -0.3%
Baird Financial Group
9
Baird Financial Group
Wisconsin
$222M +$13.8M +204,481 +7%
Norges Bank
10
Norges Bank
Norway
$208M -$169M -2,509,539 -45%
Invesco
11
Invesco
Georgia
$202M +$9.1M +135,334 +5%
FMI
12
Fiduciary Management Inc
Wisconsin
$193M +$14.9M +221,835 +8%
Dimensional Fund Advisors
13
Dimensional Fund Advisors
Texas
$186M +$65M +966,373 +54%
TCAM
14
Turtle Creek Asset Management
Ontario, Canada
$181M +$5.96M +88,600 +3%
Principal Financial Group
15
Principal Financial Group
Iowa
$173M -$270M -4,015,349 -61%
FPA
16
First Pacific Advisors
California
$163M +$1.03M +15,270 +0.6%
Morgan Stanley
17
Morgan Stanley
New York
$162M +$18.8M +279,387 +13%
UBS Group
18
UBS Group
Switzerland
$148M -$53.9M -801,581 -27%
Arrowstreet Capital
19
Arrowstreet Capital
Massachusetts
$136M +$127M +1,894,408 +1,410%
Manulife (Manufacturers Life Insurance)
20
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$124M +$110M +1,640,219 +796%
D.E. Shaw & Co
21
D.E. Shaw & Co
New York
$119M +$118M +1,759,274 +14,045%
Bank of America
22
Bank of America
North Carolina
$119M -$4.61M -68,560 -4%
CB
23
Cooke & Bieler
Pennsylvania
$117M -$2.2M -32,687 -2%
GC
24
Giverny Capital
Quebec, Canada
$111M +$962K +14,308 +0.9%
Kovitz Investment Group Partners
25
Kovitz Investment Group Partners
Illinois
$110M +$6.72M +99,871 +7%

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.