CarMax
538 hedge funds and large institutions have $5.83B invested in CarMax in 2025 Q4 according to their latest regulatory filings, with 109 funds opening new positions, 169 increasing their positions, 212 reducing their positions, and 188 closing their positions.
35% more call options, than puts
Call options by funds: $186M | Put options by funds: $138M
25% more funds holding in top 10
Funds holding in top 10: 8 → 10 (+2)
9.32% more ownership
Funds ownership: 97.07% → 106.39% (+9.3%)
11% less capital invested
Capital invested by funds: $6.54B → $5.83B (-$710M)
14% less funds holding
Funds holding: 623 → 538 (-85)
20% less repeat investments, than reductions
Existing positions increased: 169 | Existing positions reduced: 212
42% less first-time investments, than exits
New positions opened: 109 | Existing positions closed: 188
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BlackRock
New York
|
+$255M |
| 2 |
SIM
SRS Investment Management
New York
|
+$213M |
| 3 |
AMH
Apollo Management Holdings
New York
|
+$202M |
| 4 |
AQR Capital Management
Greenwich,
Connecticut
|
+$191M |
| 5 |
D.E. Shaw & Co
New York
|
+$114M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FMI
Fiduciary Management Inc
Milwaukee,
Wisconsin
|
-$146M |
| 2 |
TCAM
Turtle Creek Asset Management
Toronto,
Ontario, Canada
|
-$121M |
| 3 |
CB
Cooke & Bieler
Philadelphia,
Pennsylvania
|
-$101M |
| 4 |
Invesco
Atlanta,
Georgia
|
-$91.6M |
| 5 |
GC
Giverny Capital
Montreal,
Quebec, Canada
|
-$74.9M |
KMX Hedge Fund Activity: Q4 2025 in Review
538 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in CarMax (KMX) for Q4 2025, worth a combined $5.83B — down 11% from $6.54B a quarter earlier.
Sellers outnumbered buyers: 188 funds closed out of KMX and 109 opened new positions — a net loss of 79 holders — while 212 trimmed existing stakes and 169 added.
The largest buyer was BlackRock, adding an estimated $255M. The largest seller was Fiduciary Management Inc, exiting entirely with an estimated $146M sold.
- 538 institutional investors held CarMax (KMX) as of Q4 2025, down from 623 in Q3 2025.
- Funds reported $5.83B of CarMax stock for Q4 2025, down 11% quarter-over-quarter.
- 109 funds opened new CarMax positions in Q4 2025 and 188 closed out, a net change of -79 holders.
- The largest CarMax buyer in Q4 2025 was BlackRock, an estimated $255M added.
- The largest CarMax seller in Q4 2025 was Fiduciary Management Inc, an estimated $146M sold.
Based on aggregated 13F filings for Q4 2025.