# Carmax (KMX): value investors who own it | moatshark

4 value investors held Carmax in their Q3 2026 13F, led by First Pacific Advisors (FPA), Vulcan Value Partners, Biglari Capital, Markel Group.

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| First Pacific Advisors (FPA) | 2.0% | $159m | Added +0.9% | 17 |
| Vulcan Value Partners | 1.5% | $48.3m | Trimmed -59% | 10 |
| Biglari Capital | 0.6% | $6.6m | Unchanged | 16 |
| Markel Group | 0.1% | $7.2m | Unchanged | 15 |

## Fund holders

| Fund | Manager | Weight | Value | As at |
| --- | --- | --- | --- | --- |
| Vulcan Value Partners Small Cap Fund | Vulcan Value Partners | 2.2% | $1.8m | 2026-07-31 |
| Vulcan Value Partners Fund | Vulcan Value Partners | 2.0% | $4.6m | 2026-07-31 |
| FPA Crescent Fund | First Pacific Advisors (FPA) | 0.8% | $97.6m | 2026-06-30 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/kmx). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.