Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

CARMAX INC (KMX)

543 + Investors. Track Smart Money conviction in KMX. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -71
Streak
3Q ▼
Buyers last Q
42%

Smart Money Signals — KMX

Based on 511 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 3 quarters in a row

last 6Q
For 3 consecutive quarters, more hedge funds reduced or closed their KMX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 72% of 3.0Y peak

72% of all-time peak
511 funds currently hold this stock — 72% of the 3.0-year high of 709 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 27% fewer funds vs a year ago

fund count last 6Q
190 fewer hedge funds hold KMX compared to a year ago (-27% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 42% buying

277 buying383 selling
Last quarter: 383 funds reduced or exited vs 277 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈

More new buyers each quarter (+41 vs last Q)

new funds entering per quarter
Funds opening a new KMX position: 90 → 104 → 66 → 107. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

69% of holders stayed for 2+ years

■ 69% conviction (2yr+) ■ 14% medium ■ 17% new
353 out of 511 hedge funds have held KMX for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +4%, value -35%

Value
-34%
Shares
+4%
Last quarter: funds added +4% more shares while total portfolio value only changed -35%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
➡️

Steady discovery — ~107 new funds/quarter

83 → 90 → 104 → 66 → 107 new funds/Q
New funds entering each quarter: 90 → 104 → 66 → 107. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Deep conviction — 73% of holders stayed 2+ years

■ 73% veterans ■ 9% 1-2yr ■ 19% new
Of 543 current holders: 394 (73%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 40% AUM from top-100 funds

40% from top-100 AUM funds
43 of 511 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in KMX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.4
out of 10
Low Exit Risk
Exit risk score 2.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Hedge Fund Ownership: KMX

How many hedge funds hold KMX — quarterly history vs. share price
Quarterly hedge fund ownership of KMX vs. share price

Market Analysis: KMX

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: KMX

-- --
Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

70 top-rated funds 5 high-conviction
Consensus
8.0
/ 10
breadth
×
Elite
3.8
/ 10
conviction
Hedge Fund Positioning: KMX
2026 Q1 Stats Unlock in 22 days 543 + Investors

Track Smart Money conviction in KMX. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 543 621 -12.56%
13F Shares 158M 152M 4.19%
Total Value $6.09B $9.35B -34.9%
New Positions 109 67 +42
Increased Positions 218 293 -75
Closed Positions 183 176 +7
Reduced Positions 250 276 -26
Total Calls 19 24 -20.83%
Total Puts 19 21 -9.52%
PUT/CALL Ratio 1.0 0.88 Neutral

Statistics: KMX

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
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Income Statement & Cash Flow
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Institutional Holders (2026 Q1)

543 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in KMX. Verified SEC 13F-HR filings.

Top 25 institutional holders of KMX — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 GAGNON SECURITIES LLC 2.97% 309,699 $12.9M
2 Nexus Investment Management ULC 2.70% 464,815 $19.3M
3 Asset Management Advisors, LLC 2.07% 82,179 $3.4M
4 Midway Capital Research & Management 1.74% 44,469 $1.8M
5 KIRR MARBACH & CO LLC /IN/ 0.95% 125,479 $5.2M
6 HF Advisory Group, LLC 0.66% 46,418 $1.9M
7 Lakewood Asset Management LLC 0.60% 22,549 $938K
8 Alpha Omega Wealth Management LLC 0.50% 73,763 $3.1M
9 Salvus Wealth Management, LLC 0.32% 13,383 $556K
10 Peoples Bank/KS 0.31% 7,355 $306K
11 Davis Investment Partners, LLC 0.18% 12,328 $513K
12 Vision Capital Management, Inc. 0.17% 31,850 $1.3M
13 POINCIANA ADVISORS GROUP, LLC 0.16% 4,849 $202K
14 waypoint wealth counsel 0.14% 6,567 $273K
15 DAVENPORT & Co LLC 0.14% 616,133 $25.6M
16 OLD NATIONAL BANCORP /IN/ 0.14% 193,940 $8.1M
17 GILPIN WEALTH MANAGEMENT, LLC 0.11% 3,369 $140K
18 WEDGE CAPITAL MANAGEMENT L L P/NC 0.09% 119,255 $5.0M
19 OPPENHEIMER & CO INC 0.09% 180,703 $7.5M
20 Revisor Wealth Management LLC 0.09% 7,843 $326K
21 QTR Family Wealth, LLC 0.08% 4,893 $204K
22 Premier Path Wealth Partners, LLC 0.07% 13,397 $557K
23 SAGE RHINO CAPITAL LLC 0.06% 7,947 $330K
24 Pallas Capital Advisors LLC 0.05% 32,339 $1.3M
25 HARVEY INVESTMENT CO LLC 0.05% 11,030 —
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — CARMAX INC (KMX)

What does the Smart Money Trend signal show for KMX?

Selling streak — 3 quarters in a row: For 3 consecutive quarters, more hedge funds reduced or closed their KMX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for KMX?

More sellers than buyers — 42% buying: Last quarter: 383 funds reduced or exited vs 277 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for KMX holders?

Elite ownership — 40% AUM from top-100 funds: 43 of 511 holders are among the 100 largest funds by AUM, controlling 40% of total institutional value in KMX. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held KMX?

69% of holders stayed for 2+ years: 353 out of 511 hedge funds have held KMX for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.