- Quarter end
- 31 Dec 2025
- the date the book describes
- Filed
- 27 Oct 2026
- latest of these filings; the earliest 6 Feb 2026
- Managers listing it
- 30
- at least, of 95 tracked, among listed positions
- Comparable managers
- 92
- filed both Q3 2025 and Q4 2025; 8 listed it in both
- Shares listed
- 30,466,183
- combined, among listed positions
- Reported value
- $1.2bn
- combined, at the quarter end
Among the 92 comparable managers: 15 buyers (opened or added shares) and 19 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +6,670,124.
Managers listing KMX in Q4 2025
Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.
30 of 30 holders
Page 1 of 2
What managers have written about KMX
Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.
- Starboard Value's letter to CarMax's incoming CEO10 Mar 2026 · Activist letter · Subject of the letter · Starboard Value LP’s 13F
- Before the letter
- 31 Dec 2025 (Q4 2025 13F): not among Starboard Value LP’s listed positions. A holding below the listed range, under another security, or none at all would read the same.
- After the letter
- 31 Mar 2026 (Q1 2026 13F): 6,201,362 shares, reported at $258m.
Largest increases and reductions, by shares
Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.
Increases
- AQR Capital Management LLCexisting position · 7,930,345 shares now+4,780,903
- D. E. Shaw & Co.existing position · 3,642,950 shares now+2,858,518
- Two Sigma Investments LPexisting position · 2,968,026 shares now+2,207,785
- Two Sigma Advisers LPexisting position · 2,908,400 shares now+2,185,300
- Renaissance Technologies LLCexisting position · 1,149,000 shares now+1,075,700
Reductions
- Invesco Ltdexisting position · 1,136,054 shares now-2,289,683
- Arrowstreet Capital LPexisting position · 1,772,526 shares now-1,750,397
- Acadian Asset Management LLCexisting position · 7,267 shares now-1,080,296
- Janus Henderson Group Ltdexisting position · 4,530,820 shares now-344,409
- Marshall Wace LLPexisting position · 57,434 shares now-305,420
New positions and exits
At least these many: a manager is shown exiting only where its own filing shows the position gone.
New (3)
- Man Group PLC$2.6m
- Woodline Partners LP$2.6m
- Bridgewater Associates LP$2.5m
Exited (6)
- Wellington Management Group LLPwas $44m
- Balyasny Asset Management LLCwas $15m
- Squarepoint Ops LLCwas $10m
- Brevan Howard Capital Management LPwas $3.3m
- Winton Group Ltdwas $1.1m
- Ruane Cunniff & Goldfarb LPwas $201k
Ownership over time
Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
17 in Q3 2024 to 12 in Q2 2026
Tracked managers listing it, at least.
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
| Quarter | Holders | Reported value | Buyers | Sellers |
|---|---|---|---|---|
| Q2 2013 | 14 | $2.6bn | n.a. | n.a. |
| Q3 2013 | 13 | $2.7bn | n.a. | n.a. |
| Q4 2013 | 10 | $2.5bn | n.a. | n.a. |
| Q1 2014 | 12 | $3.0bn | n.a. | n.a. |
| Q2 2014 | 11 | $3.3bn | n.a. | n.a. |
| Q3 2014 | 11 | $3.1bn | n.a. | n.a. |
| Q4 2014 | 8 | $4.2bn | n.a. | n.a. |
| Q1 2015 | 10 | $4.2bn | n.a. | n.a. |
| Q2 2015 | 14 | $3.5bn | n.a. | n.a. |
| Q3 2015 | 13 | $3.2bn | n.a. | n.a. |
| Q4 2015 | 9 | $3.1bn | n.a. | n.a. |
| Q1 2016 | 9 | $2.9bn | n.a. | n.a. |
| Q2 2016 | 12 | $2.9bn | n.a. | n.a. |
| Q3 2016 | 15 | $2.7bn | n.a. | n.a. |
| Q4 2016 | 12 | $3.5bn | n.a. | n.a. |
| Q1 2017 | 16 | $3.2bn | n.a. | n.a. |
| Q2 2017 | 16 | $3.5bn | n.a. | n.a. |
| Q3 2017 | 20 | $4.0bn | n.a. | n.a. |
| Q4 2017 | 21 | $2.9bn | n.a. | n.a. |
| Q1 2018 | 16 | $2.7bn | n.a. | n.a. |
| Q2 2018 | 20 | $3.2bn | n.a. | n.a. |
| Q3 2018 | 18 | $3.2bn | n.a. | n.a. |
| Q4 2018 | 21 | $2.5bn | n.a. | n.a. |
| Q1 2019 | 15 | $2.6bn | n.a. | n.a. |
| Q2 2019 | 22 | $3.2bn | n.a. | n.a. |
| Q3 2019 | 24 | $3.3bn | n.a. | n.a. |
| Q4 2019 | 22 | $3.1bn | n.a. | n.a. |
| Q1 2020 | 17 | $2.0bn | n.a. | n.a. |
| Q2 2020 | 14 | $3.5bn | n.a. | n.a. |
| Q3 2020 | 16 | $3.0bn | n.a. | n.a. |
| Q4 2020 | 17 | $3.3bn | n.a. | n.a. |
| Q1 2021 | 19 | $4.0bn | n.a. | n.a. |
| Q2 2021 | 16 | $3.9bn | n.a. | n.a. |
| Q3 2021 | 14 | $3.8bn | n.a. | n.a. |
| Q4 2021 | 15 | $4.3bn | n.a. | n.a. |
| Q1 2022 | 13 | $3.2bn | n.a. | n.a. |
| Q2 2022 | 11 | $2.8bn | n.a. | n.a. |
| Q3 2022 | 9 | $2.0bn | n.a. | n.a. |
| Q4 2022 | 13 | $2.1bn | n.a. | n.a. |
| Q1 2023 | 12 | $1.9bn | n.a. | n.a. |
| Q2 2023 | 13 | $2.3bn | n.a. | n.a. |
| Q3 2023 | 12 | $1.8bn | n.a. | n.a. |
| Q4 2023 | 17 | $2.0bn | 10 | 6 |
| Q1 2024 | 18 | $2.2bn | 12 | 6 |
| Q2 2024 | 18 | $1.6bn | 13 | 9 |
| Q3 2024 | 17 | $1.0bn | 9 | 8 |
| Q4 2024 | 19 | $1.3bn | 12 | 5 |
| Q1 2025 | 23 | $1.5bn | 17 | 5 |
| Q2 2025 | 19 | $1.3bn | 13 | 7 |
| Q3 2025 | 11 | $650m | 6 | 5 |
| Q4 2025 | 12 | $1.0bn | 15 | 19 |
| Q1 2026 | 12 | $1.4bn | 18 | 15 |
| Q2 2026 | 12 | $1.4bn | 20 | 12 |
Compare with…
Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.
KMX and AMZN →KMX and TSLA →KMX and HD →Choose a stock to compare with KMX →
How much of the picture this is
A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.
Which funds own KMX, latest filings →Back to the 13F Explorer →