Carmax Inc (KMX) Hedge Fund Ownership (Q2 2026)

Carmax Inc (KMX)

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

Smart Money Signals — KMX

Based on 557 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q

For 2 consecutive quarters, more hedge funds added KMX than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

📊

High ownership — 75% of 3.0Y peak

75% of all-time peak

557 funds currently hold this stock — 75% of the 3.0-year high of 744 funds (reached 2025 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.

📉

Outflows — 23% fewer funds vs a year ago

fund count last 6Q

168 fewer hedge funds hold KMX compared to a year ago (-23% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.

🟠

More sellers than buyers — 41% buying

242 buying351 selling

Last quarter: 351 funds reduced or exited vs 242 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.

⚠️

Fewer new buyers each quarter (-6 vs last Q)

new funds entering per quarter

Funds opening this position for the first time: 70 → 110 → 103 → 97. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.

🔒

68% of holders stayed for 2+ years

■ 68% conviction (2yr+) ■ 13% medium ■ 19% new

377 out of 557 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.

💰

Price up while funds trimmed (+16% value, -3% shares)

Value

+15%

-3%

Last quarter: total value of institutional KMX holdings rose +16% even though funds reduced share count by 3%. The stock price increased enough to offset the selling. Institutions are quietly trimming into price strength — watch for rotation.

📈

Growing discovery — still being found

107 → 70 → 110 → 103 → 97 new funds/Q

New funds entering each quarter: 70 → 110 → 103 → 97. A growing number of institutions are discovering KMX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

🏛️

Veteran-anchored — 72% veterans vs 20% newcomers

■ 72% veterans ■ 8% 1-2yr ■ 20% new

Entry-cohort mix of 592 holders: 425 (72%) are 2+ year veterans, 47 entered 1–2 years ago, and 120 (20%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.

🏆

Elite ownership — 54% AUM from top-100 funds

54% from top-100 AUM funds

58 of 554 holders are among the 100 largest funds by AUM, controlling 54% 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.

2.7

out of 10

Low Exit Risk

Exit risk score 2.7/10 — 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.

Metric	All 13F Filers (2026 Q2)	Prior (2026 Q1)	Change
Funds Holding	548	551	-0.54%
13F Shares	152M	166M	-8.3%
Total Value	$7.96B	$7.02B	13.42%
New Positions	95	103	-8
Increased Positions	134	172	-38
Closed Positions	95	87	+8
Reduced Positions	249	195	+54
Total Calls	18	15	20.0%
Total Puts	20	23	-13.04%
PUT/CALL Ratio	1.11	1.53	Neutral

Metric

All 13F Filers (2026 Q2)

Prior (2026 Q1)

Change

Funds Holding

548

551

-0.54%

13F Shares

152M

166M

-8.3%

Total Value

$7.96B

$7.02B

13.42%

New Positions

103

-8

Increased Positions

134

172

-38

Closed Positions

Reduced Positions

249

195

+54

Total Calls

20.0%

Total Puts

-13.04%

PUT/CALL Ratio

1.11

1.53

Neutral

Institutional Holders (2026 Q2)

548 + investors

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

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 KMX holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	Rings Capital Management LLC	25.54%	949,000	$50.2M
2	Framtiden Holdings Management Co LLC	20.83%	610,000	$34.4M
3	Silver Heights Capital Management Inc	14.90%	912,993	$48.3M
4	Mount Capital Ltd	11.67%	584,800	$30.9M
5	Kiltearn Partners LLP	5.22%	406,479	$21.5M
6	BML Capital Management, LLC	5.18%	172,500	$9.1M
7	Hawk Ridge Capital Management LP	4.81%	2,834,458	$149.9M
8	Endure Capital Management, LLC	4.50%	383,260	$20.3M
9	Banyan Capital Management, INC.	3.89%	169,214	$8.9M
10	Starboard Value LP	3.75%	3,206,438	$169.6M
11	Hillman Capital Management, Inc.	3.50%	91,385	$4.8M
12	Biglari, Sardar	3.49%	41,100	$2.2M
13	Gagnon Securities LLC	3.32%	325,410	$17.2M
14	Nexus Investment Management ULC	3.17%	459,315	$24.3M
15	SRS Investment Management, LLC	2.90%	5,922,862	$313.3M
16	Asset Management Advisors, LLC	2.32%	79,419	$4.2M
17	Broad Run Investment Management, LLC	2.31%	283,226	$15.0M
18	First Pacific Advisors, LP	1.97%	3,008,564	$159.1M
19	Midway Capital Research & Management	1.91%	45,398	$2.4M
20	Elevated Private Wealth, LLC	1.90%	37,866	$2.0M
21	VARCOV Co.	1.51%	75,144	$4.0M
22	Vulcan Value Partners, LLC	1.47%	912,638	$48.3M
23	Slate Path Capital LP	1.34%	1,827,700	$96.7M
24	Kinsale Capital Group, Inc.	1.22%	174,637	$9.2M
25	Apollo Management Holdings, L.P.	1.18%	1,986,285	$105.1M

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?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added KMX than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for KMX?

More sellers than buyers — 41% buying: Last quarter: 351 funds reduced or exited vs 242 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 — 54% AUM from top-100 funds: 58 of 554 holders are among the 100 largest funds by AUM, controlling 54% 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?

68% of holders stayed for 2+ years: 377 out of 557 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.

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Carmax Inc (KMX)

Smart Money Signals — KMX

Buying streak — 2 quarters in a row

High ownership — 75% of 3.0Y peak

Outflows — 23% fewer funds vs a year ago

More sellers than buyers — 41% buying

Fewer new buyers each quarter (-6 vs last Q)

68% of holders stayed for 2+ years

Price up while funds trimmed (+16% value, -3% shares)

Growing discovery — still being found

Veteran-anchored — 72% veterans vs 20% newcomers

Elite ownership — 54% AUM from top-100 funds

Institutional Sentiment Summary — KMX

What Fund Managers Are Saying About KMX

Hedge Fund Ownership: KMX

Market Analysis: KMX

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: KMX

Hedge Fund Positioning: KMX

Statistics: KMX

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q2)

Frequently Asked Questions — Carmax Inc (KMX)

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