SCHEDULE: AQR Capital Management Discloses 5.59% Stake in CarMax

AQR Capital Management, LLC and its parent company have reported a beneficial ownership of 5.59% of CarMax Inc.'s common stock as of December 31, 2025.

Summary

• AQR Capital Management, LLC and AQR Capital Management Holdings, LLC collectively beneficially own 7,930,345 shares of CarMax Inc. common stock.
• This represents 5.59% of CarMax Inc.'s outstanding common stock.
• The reporting persons hold shared voting power and shared dispositive power over all 7,930,345 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of CarMax Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant institutional stake by a reputable firm like AQR Capital Management can signal confidence in CarMax's long-term prospects and stability, without implying any immediate operational changes.

Positives

• AQR Capital Management, a prominent investment adviser, has taken a significant passive stake of 5.59% in CarMax Inc., indicating institutional confidence in the company.
• The investment is stated to be in the ordinary course of business, suggesting a long-term investment strategy rather than an activist play.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that a significant stake by a quantitative investment firm like AQR Capital Management in CarMax Inc. suggests a data-driven positive outlook on the automotive retail sector, particularly for established players with strong market positions. This move could be interpreted by the market as a vote of confidence, potentially influencing other institutional investors in the sector.

Comparison to Industry Standards

• A 5.59% stake is a substantial passive investment for an institutional investor, placing AQR Capital Management among the larger shareholders of CarMax Inc.
• Compared to other major institutional holders in the automotive retail space, such a stake is typical for a large asset manager seeking diversified exposure or a specific value play. For example, Vanguard Group and BlackRock often hold similar or larger passive stakes across various public companies, including competitors like Lithia Motors or AutoNation, reflecting broad market exposure rather than a concentrated activist position.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor taking a passive stake may be viewed positively, potentially increasing investor confidence and market stability for CarMax Inc.

Key Dates

Recommendation

The filing indicates a significant institutional investor, AQR Capital Management, has taken a 5.59% passive stake in CarMax. While this signals institutional confidence, the filing itself does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. It primarily confirms a substantial investment by a sophisticated player, suggesting a 'hold' position for existing investors to observe future performance and market reactions, and for potential investors to conduct further due diligence.

Keywords

CarMax, KMX, AQR Capital Management, Institutional Ownership, Beneficial Ownership, Schedule 13G, Common Stock, Investment Adviser, Automotive Retail