Giverny Capital Asset Management Exited Its Long-Term Holding CarMax (KMX) in 2025

分组1 - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500 which returned 2.66% [1] - Year-to-date, the fund achieved a return of 12.58%, compared to 17.88% for the S&P 500 [1] - The portfolio's underweight in large technology companies and overweight in smaller niche leaders negatively impacted performance [1] 分组2 - CarMax, Inc. (NYSE:KMX) was highlighted in Giverny Capital Asset Management's investor letter, with a one-month return of 15.88% but a 52-week loss of 46.84% [2] - As of January 29, 2026, CarMax's stock closed at $45.53 per share, with a market capitalization of $6.686 billion [2] - Giverny Capital Asset Management expressed disappointment in its relationship with CarMax, citing management's failure to adapt to industry conditions [3] 分组3 - CarMax reported total sales of $5.8 billion in Q3 of fiscal 2026, reflecting a 6.9% decline from the previous year due to lower volume [4] - Despite acknowledging CarMax's potential, Giverny Capital Asset Management believes certain AI stocks offer greater upside potential and less downside risk [4]