Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Carmax Inc (KMX)

544 + 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
↑ +14
Streak
1Q ▲
Buyers last Q
49%

Smart Money Signals — KMX

Based on 548 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, 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 — 74% of 3.0Y peak

74% of all-time peak
548 funds currently hold this stock — 74% 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 — 26% fewer funds vs a year ago

fund count last 6Q
196 fewer hedge funds hold KMX compared to a year ago (-26% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 49% buying

281 buying287 selling
Last quarter: 287 funds reduced or exited vs 281 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 (-7 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 106 → 69 → 109 → 102. 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+) ■ 14% medium ■ 18% new
375 out of 548 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.
📈

Growing discovery — still being found

96 → 106 → 69 → 109 → 102 new funds/Q
New funds entering each quarter: 106 → 69 → 109 → 102. A growing number of institutions are discovering KMX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 73% veterans vs 19% newcomers

■ 73% veterans ■ 8% 1-2yr ■ 19% new
Entry-cohort mix of 581 holders: 424 (73%) are 2+ year veterans, 46 entered 1–2 years ago, and 111 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 38% AUM from major funds

38% from top-100 AUM funds
51 of 543 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
2.2
out of 10
Low Exit Risk
Exit risk score 2.2/10 — 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.

Institutional Sentiment Summary — KMX

In 2026 Q1, 281 hedge funds were net buyers of KMX (102 opened a new position, 179 added to an existing one), while 287 reduced or exited (199 trimmed, 88 sold completely) — a 49% buyer ratio, indicating roughly balanced activity. 38% of total institutional value in KMX is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +14 funds (more new holders than closures). Total institutional holders: 548.

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

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Carmax Inc (KMX) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much KMX has moved relative to its sector benchmark (XLY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 78d ago
KMX
+25.3%
XLY
+8.9%

KMX outperformed XLY by +16.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 33d ago
KMX
+41.1%
XLY
+1.9%

Since the filing became public, KMX outperformed XLY by +39.2% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

35 top-rated funds 5 high-conviction
Consensus
6.8
/ 10
breadth
×
Elite
4.6
/ 10
conviction
Hedge Fund Positioning: KMX
544 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 544 534 1.87%
13F Shares 161M 158M 1.33%
Total Value $6.58B $6.12B 7.58%
New Positions 99 109 -10
Increased Positions 169 169 -
Closed Positions 89 192 -103
Reduced Positions 195 205 -10
Total Calls 15 19 -21.05%
Total Puts 23 20 15.0%
PUT/CALL Ratio 1.53 1.05 Bearish

Statistics: KMX

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Institutional Holders (2026 Q1)

544 + 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:
Top 25 KMX holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Framtiden Holdings Management Co LLC 21.98% 540,000 $22.5M
2 Rings Capital Management LLC 21.20% 949,000 $39.5M
3 Silver Heights Capital Management Inc 14.66% 917,698 $38.2M
4 Endure Capital Management, LLC 10.44% 365,447 $15.2M
5 Mount Capital Ltd 6.88% 410,400 $17.1M
6 Starboard Value LP 5.64% 6,201,362 $257.9M
7 Kiltearn Partners LLP 4.42% 394,700 $16.4M
8 BML Capital Management, LLC 4.14% 155,000 $6.4M
9 Biglari, Sardar 3.36% 41,100 $1.7M
10 Hillman Capital Management, Inc. 3.15% 109,181 $4.5M
11 Banyan Capital Management, INC. 3.09% 172,211 $7.2M
12 Gagnon Securities LLC 2.97% 309,699 $12.9M
13 Inkwell Capital LLC 2.71% 63,906 $2.7M
14 Nexus Investment Management ULC 2.70% 464,815 $19.3M
15 SRS Investment Management, LLC 2.48% 5,651,674 $235.0M
16 Vulcan Value Partners, LLC 2.43% 2,204,876 $91.7M
17 Apollo Management Holdings, L.P. 2.27% 4,144,741 $172.3M
18 Broad Run Investment Management, LLC 2.08% 284,385 $11.8M
19 Asset Management Advisors, LLC 2.07% 82,179 $3.4M
20 Midway Capital Research & Management 1.74% 44,469 $1.8M
21 First Pacific Advisors, LP 1.74% 2,981,709 $124.0M
22 PlanVest Financial, Inc 1.00% 31,504 $1.3M
23 Kinsale Capital Group, Inc. 0.98% 146,993 $6.1M
24 Kirr Marbach & Co LLC /In/ 0.95% 125,479 $5.2M
25 QVT Financial LP 0.79% 260,903 $10.8M
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 — 1 quarter in a row: For 1 consecutive quarter, 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 — 49% buying: Last quarter: 287 funds reduced or exited vs 281 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?

Strong quality — 38% AUM from major funds: 51 of 543 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held KMX?

68% of holders stayed for 2+ years: 375 out of 548 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.

Is it too late to buy Carmax Inc (KMX) following the 2026 Q1 hedge fund 13F filings?

As of today, KMX has moved +41.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +1.9% for the XLY sector ETF — an outperformance of +39.2%. Since the quarter end (March 31, 2026), KMX has gained +25.3% vs +8.9% for XLY. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

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.

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