SCHEDULE: AQR Capital Management Discloses 7.1% Stake in CarMax

AQR Capital Management, LLC and AQR Capital Management Holdings, LLC have reported a combined beneficial ownership of 10,060,502 shares, representing 7.1% of CarMax Inc.'s common stock as of March 31, 2026.

Summary

• AQR Capital Management, LLC and its parent AQR Capital Management Holdings, LLC have filed a Schedule 13G, indicating their beneficial ownership of CarMax Inc. common stock.
• As of March 31, 2026, the total number of shares beneficially owned by both entities is 10,060,502.
• This holding represents 7.1% of the total class of securities.
• AQR Capital Management, LLC holds shared voting power and shared dispositive power for 9,927,479 shares and 10,060,502 shares, respectively.
• Both entities have sole voting power and sole dispositive power of 0 shares.
• The filing confirms that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of CarMax Inc.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It reports a significant ownership stake by an institutional investor but provides no new operational or financial information about CarMax itself.

Positives

• AQR Capital Management, a significant investment management firm, has taken a notable stake in CarMax, which could be interpreted as a positive signal of confidence in the company's future prospects.
• The filing indicates that the shares are held in the ordinary course of business, suggesting a standard investment strategy rather than a hostile takeover attempt.

Negatives

• The filing does not contain any negative financial results or operational challenges for CarMax; it solely reports on AQR's ownership stake.

Risks

• While not explicitly stated as risks within this filing, significant institutional ownership can lead to increased volatility if the holder decides to divest its position.
• Changes in investment strategy by large holders like AQR could impact CarMax's stock price.

Future Outlook

This filing does not contain forward-looking statements or guidance from CarMax. It solely reports on the ownership stake of AQR Capital Management.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

StockSavvy.ai notes that significant institutional filings like this Schedule 13G from established asset managers such as AQR Capital Management often signal a belief in the target company's underlying value or strategic direction. For CarMax, a leader in the used car market, such an investment could reflect confidence in its business model amidst evolving automotive retail trends.

Stakeholder Impact

• Shareholders: The increased institutional ownership by AQR may lead to greater market interest and potentially influence stock price, though the filing itself does not guarantee this.
• Management: CarMax management will be aware of AQR's significant stake, which could influence strategic discussions or board composition if ownership levels change further.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• AQR Capital Management will continue to hold and manage its investment in CarMax.
• CarMax will continue its operations as a used vehicle retailer.

Key Dates

Keywords

CarMax, AQR Capital Management, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, SEC Filing, Investment Management