CarMax
627 hedge funds and large institutions have $6.73B invested in CarMax in 2025 Q3 according to their latest regulatory filings, with 65 funds opening new positions, 231 increasing their positions, 255 reducing their positions, and 163 closing their positions.
3% more call options, than puts
Call options by funds: $187M | Put options by funds: $182M
9% less repeat investments, than reductions
Existing positions increased: 231 | Existing positions reduced: 255
6.62% less ownership
Funds ownership: 106.51% → 99.89% (-6.6%)
15% less funds holding
Funds holding: 734 → 627 (-107)
38% less funds holding in top 10
Funds holding in top 10: 13 → 8 (-5)
39% less capital inflows, than outflows
Capital inflows: $1.02B | Capital outflows: $1.67B
60% less first-time investments, than exits
New positions opened: 65 | Existing positions closed: 163
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$89.2M |
| 2 |
Vulcan Value Partners
Birmingham,
Alabama
|
+$79.9M |
| 3 |
Norges Bank
Oslo,
Norway
|
+$68.3M |
| 4 |
Hawk Ridge Capital Management
Los Angeles,
California
|
+$58.2M |
| 5 |
Dimensional Fund Advisors
Austin,
Texas
|
+$54.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Principal Financial Group
Des Moines,
Iowa
|
-$144M |
| 2 |
Diamond Hill Capital Management
Columbus,
Ohio
|
-$127M |
| 3 |
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
627 of the 7,661 institutional investors tracked by Wall St. Rank reported a position in CarMax (KMX) for Q3 2025, worth a combined $6.73B — down 37% from $10.7B a quarter earlier.
Sellers outnumbered buyers: 163 funds closed out of KMX and 65 opened new positions — a net loss of 98 holders — while 255 trimmed existing stakes and 231 added.
The largest buyer was Arrowstreet Capital, adding an estimated $89.2M. The largest seller was Principal Financial Group, cutting an estimated $144M.
- 627 institutional investors held CarMax (KMX) as of Q3 2025, down from 734 in Q2 2025.
- Funds reported $6.73B of CarMax stock for Q3 2025, down 37% quarter-over-quarter.
- 65 funds opened new CarMax positions in Q3 2025 and 163 closed out, a net change of -98 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.