CarMax (KMX) Fell due to Market Volatility

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund featured stocks such as CarMax, Inc. (NYSE:KMX) in the fourth quarter 2023 investor letter. Headquartered in Richmond, Virginia, CarMax, Inc. (NYSE:KMX) is a used vehicle retailer. On January 12, 2024, CarMax, Inc. (NYSE:KMX) stock closed at $69.59 per share. One-month return of CarMax, Inc. (NYSE:KMX) was -7.69%, and its shares gained 7.06% of their value over the last 52 weeks. CarMax, Inc. (NYSE:KMX) has a market capitalization of $10.99 billion.

Madison Mid Cap Fund stated the following regarding CarMax, Inc. (NYSE:KMX) in its fourth quarter 2023 investor letter:

“The bottom five detractors for the quarter were Arch Capital Group, Liberty Broadband, Brown & Brown, Markel Group, and CarMax, Inc. (NYSE:KMX). Finally, shares in CarMax were volatile in the quarter, but ended up lagging the index as investors continue to wait for stabilization in the weak used car market.”

Image: Courtesy of Carmax

CarMax, Inc. (NYSE:KMX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held CarMax, Inc. (NYSE:KMX) at the end of third quarter which was 40 in the previous quarter.

We discussed CarMax, Inc. (NYSE:KMX) in another article and shared Alphyn Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.