CarMax

KMX • NYSE

CarMax is a auto - dealerships company in the consumer cyclical sector on NYSE, led by Charles Joseph Wilson, with a market cap of $5.7B. As of Q3 2025, 99% of shares are held by 606 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.51%.

Chief Executive OfficerCharles Joseph Wilson

Market Cap$5.7B

Auto - Dealerships

Consumer Cyclical

Employees29.8K

Websitecarmax.com

Country

United States of America

Overview

Overview of institutional ownership in KMX as of Q3 2025 with a market cap of $6.6B

All Institutions

Institutions: 606
Value Held: $6.5B
Shares Held: 145.6M
Avg Position: $10.8M
Median Position: $691.8K

Hedge Funds

Hedge Funds: 61
Value Held: $736.2M
Shares Held: 16.4M
Avg Position: $12.1M
Median Position: $2.4M

Ownership Breakdown

Institutional (non-HF)

88.03%

$5.8B

Hedge Funds

11.17%

$736.2M

Retail & Other

0.795%

$52.4M

Based on market cap of $6.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in KMX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$758.3M 0.01% of portfolio	11.51% 16.9M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$515.2M 0.01% of portfolio	7.82% 11.5M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$248.7M 0.01% of portfolio	3.77% 5.5M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$218.8M 0.10% of portfolio	3.32% 4.9M shares	≤ Q2 2013 Held for 12y 5m+	$218.74B
DIAMOND HILL CAPITAL MANAGEMENT INC Long Only Manager	Heather Brilliant CEO	$216.9M 1.03% of portfolio	3.29% 4.8M shares	Q4 2022 Held for 2y 11m	$21.0B
PRIMECAP MANAGEMENT CO/CA/ Long Only Manager	Theofanis A Kolokotrones Chairman	$204.6M 0.16% of portfolio	3.11% 4.6M shares	≤ Q2 2013 Held for 12y 5m+	$128.84B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	Gerard Kieran O'Reilly CEO	$165.4M 0.04% of portfolio	2.51% 3.7M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$158.1M 0.10% of portfolio	2.40% 3.5M shares	Q4 2024 Held for 11 months	$158.92B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$153.7M 0.02% of portfolio	2.33% 3.4M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
Baird Financial Group, Inc. Private Equity	Paul Lee Schultz General Counsel	$153.2M 0.25% of portfolio	2.33% 3.4M shares	Q3 2017 Held for 8y 2m	$62.0B

Net Capital Flow

Institutional buying and selling activity for KMX in Q3 2025

Net Flow: −$795.5M
Buyers: 235
Sellers: 411
Total Bought: +$599.1M
Total Sold: −$1.4B
Avg Position: $8.9M

Biggest Buyers

Institution	Net Bought	Current Position
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$67.0M +1.5M shares	$158.1M 3.5M shares
Vulcan Value Partners, LLC Long Only Manager	+$60.1M +1.3M shares	$104.6M 2.3M shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	+$41.2M +918.6K shares	$165.4M 3.7M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$31.9M +711.7K shares	$48.8M 1.1M shares
B BlackRock, Inc. Institution	+$28.9M +643.9K shares	$515.2M 11.5M shares
COOKE & BIELER LP Long Only Manager	+$22.7M +504.8K shares	$100.6M 2.2M shares
Candriam Luxembourg S.C.A. Long Only Manager	+$21.1M +469.6K shares	$22.2M 494.1K shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	+$20.3M +452.1K shares	$21.1M 470.5K shares
Rings Capital Management LLC Hedge Fund•Value	+$20.1M +448.0K shares	$48.2M 1.1M shares
Invesco Ltd. ETF Provider	+$19.2M +426.8K shares	$153.7M 3.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
PRINCIPAL FINANCIAL GROUP INC Institution	−$108.1M −2.4M shares	$7.3M 162.2K shares
DIAMOND HILL CAPITAL MANAGEMENT INC Long Only Manager	−$95.5M −2.1M shares	$216.9M 4.8M shares
K KEMPEN CAPITAL MANAGEMENT N.V. Institution	−$89.7M −1.3M shares	Sold Off 0 shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$58.3M −1.3M shares	$140.5M 3.1M shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	−$57.4M −854.0K shares	Sold Off 0 shares
M Man Group plc Institution	−$48.7M −724.2K shares	Sold Off 0 shares
D D. E. Shaw & Co., Inc. Institution	−$44.3M −987.4K shares	$35.2M 784.4K shares
ThornTree Capital Partners LP Hedge Fund•Long/Short	−$40.8M −606.9K shares	Sold Off 0 shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$38.0M −846.9K shares	$10.4M 232.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$36.4M −811.7K shares	$17.6M 391.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited KMX in Q3 2025

New Positions: 22
New Value: $69.5M
Exited Positions: 164
Exited Value: $531.6M

New Positions

Institution	Position Value
Hawk Ridge Management LLC Hedge Fund•Long/Short	$43.7M 974.0K shares
SRS Investment Management, LLC Hedge Fund•Long/Short	$13.9M 310.2K shares
KIRR MARBACH & CO LLC /IN/ Long Only Manager	$6.2M 137.7K shares
I Invenomic Capital Management LP Hedge Fund•Long/Short	$3.5M 78.3K shares
D Davis Investment Partners, LLC RIA/Wealth	$412.2K 9.0K shares
C CSS LLC/IL Institution	$348.2K 7.8K shares
I Ilex Capital Partners LLP Institution	$313.5K 7.0K shares
C CAXTON ASSOCIATES LLP Institution	$241.3K 5.4K shares
Perigon Wealth Management, LLC RIA/Wealth	$217.4K 4.8K shares
Ritter Daniher Financial Advisory LLC / DE RIA/Wealth	$211.9K 4.7K shares

Exited Positions

Institution	Previous Position
K KEMPEN CAPITAL MANAGEMENT N.V. Institution	$89.7M 1.3M shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$57.4M 854.0K shares
M Man Group plc Institution	$48.7M 724.2K shares
ThornTree Capital Partners LP Hedge Fund•Long/Short	$40.8M 606.9K shares
DF DENT & CO INC Long Only Manager	$34.5M 513.6K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$24.2M 359.6K shares
Makaira Partners LLC Hedge Fund•Value	$18.3M 272.2K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$17.5M 260.6K shares
H HRT FINANCIAL LLC Institution	$13.4M 199.9K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$13.2M 196.6K shares

Options Activity

Institutions with the largest Call and Put options positions in KMX as of Q3 2025

Call Positions: 27
Call Value: $150.4M
Put Positions: 24
Put Value: $154.8M

Call Positions

Institution	Position Value
S Squarepoint Ops LLC Hedge Fund•Quant	$19.7M 4.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$19.6M 4.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$13.4M 3.0K contracts
BANK OF MONTREAL /CAN/ Institution	$11.5M 2.6K contracts
J JANE STREET GROUP, LLC Institution	$10.2M 2.3K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$9.6M 2.1K contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$9.0M 2.0K contracts
Walleye Trading LLC RIA/Wealth	$8.7M 1.9K contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$7.6M 1.7K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$7.5M 1.7K contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$43.0M 9.6K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$37.2M 8.3K contracts
D D. E. Shaw & Co., Inc. Institution	$15.3M 3.4K contracts
P PEAK6 LLC Institution	$7.6M 1.7K contracts
J JANE STREET GROUP, LLC Institution	$7.5M 1.7K contracts
Q Qube Research & Technologies Ltd Institution	$7.4M 1.6K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$5.6M 1.2K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$4.8M 1.1K contracts
W WOLVERINE TRADING, LLC Institution	$4.2M 931.0 contracts
Walleye Trading LLC RIA/Wealth	$3.8M 858.0 contracts

Most Committed Institutions

Institutions with KMX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Rings Capital Management LLC Hedge Fund•Value	Dan Juran Managing Partner	22.62% $48.2M	0.73% 1.1M shares	Q4 2022 Held for 2y 11m	$213.0M
Silver Heights Capital Management Inc. Long Only Manager	Lung-Ming Lam President	18.64% $41.6M	0.63% 926.2K shares	Q4 2016 Held for 8y 11m	$223.0M
M Mount Capital Ltd Institution	-	13.21% $36.8M	0.56% 820.8K shares	Q2 2024 Held for 1y 5m	$278.8M
C Courant Investment Management LLC Hedge Fund•Value	Claude [Nmn] Leveille Managing Partner	8.78% $11.1M	0.17% 247.5K shares	Q1 2018 Held for 7y 8m	$126.5M
BANYAN CAPTIAL MANAGEMENT, INC. RIA/Wealth	Drew Douglas Estes President	3.79% $8.0M	0.12% 177.9K shares	Q4 2018 Held for 6y 11m	$210.7M
B BIGLARI, SARDAR Institution	-	3.71% $1.8M	0.03% 41.1K shares	Q4 2021 Held for 3y 11m	$49.7M
T Turtle Creek Asset Management Inc. Institution	-	3.67% $121.5M	1.84% 2.7M shares	Q3 2018 Held for 7y 2m	$3.3B
Kiltearn Partners LLP Long Only Manager	Murdoch Ross Murchison CEO	3.39% $16.9M	0.26% 376.6K shares	Q2 2020 Held for 5y 5m	$498.9M
INKWELL CAPITAL LLC RIA/Wealth	Aaron Byrd President	2.96% $2.9M	0.04% 64.5K shares	Q4 2024 Held for 11 months	$97.8M
N Nexus Investment Management Inc. Private Equity	Daniel Edward Flesh Managing Partner	2.86% $20.1M	0.31% 448.7K shares	≤ Q2 2013 Held for 12y 5m+	$704.4M

Hedge Fund Spotlight

Discover hedge funds investing in KMX

AIGEN INVESTMENT MANAGEMENT, LP

Hedge Fund • Long/Short

Portfolio ManagerJuhua Zhu

Portfolio Value: $646.1M
Positions: 764
Last Reported: Q3 2025

Sector Allocation

Position in CarMax

Market Value: $611.4K
Shares Held: 13.6K
Portfolio Weight: 0.09%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$7.1M	1.10%
2 Honeywell International HON	Conglomerates Industrials	$7.1M	1.10%
3 Boston Scientific BSX	Medical - Devices Healthcare	$6.7M	1.04%