Smart Money Is Buying Carvana Co.

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According to the most recent reported 13F filings, institutional investors showed notable buying activity in Carvana Co. (CVNA), with several prominent hedge funds, value, and quantitative investors significantly increasing their positions during the quarter. The buying comes as Carvana continues to attract investor interest following the company’s dramatic operational turnaround and improving profitability.

Below are some of the most notable buyers from the latest reported quarter:

Cliff Sosin

Shares: 22,559,570  Added: 18,018,279  Value: $1.48B

CAS Investment Partners made by far the largest reported purchase of CVNA during the quarter, adding more than 18.01 million shares to an existing position of approximately 4.54 million shares. The increase lifted the firm’s total holding to more than 22.55 million shares valued at approximately $1.48 billion, highlighting substantial conviction in Carvana.

Andreas Halvorsen

Shares: 12,322,311  Added: 9,542,276  Value: $0.81B

Viking Global Investors significantly increased its Carvana position during the quarter, purchasing more than 9.54 million additional shares. The firm previously held approximately 2.78 million shares, with the latest buying taking its total position to more than 12.32 million shares valued at approximately $810 million.

Steve Mandel

Shares: 10,520,666  Added: 8,765,957  Value: $0.69B

Lone Pine Capital was another major buyer, adding more than 8.76 million CVNA shares during the quarter. The purchase increased the firm’s position from approximately 1.75 million shares to more than 10.52 million shares, valued at roughly $690 million.

Lee Ainslie

Shares: 2,638,673  Added: 2,218,397  Value: $0.17B

Maverick Capital substantially increased its exposure to Carvana, purchasing more than 2.21 million additional shares. The firm previously held approximately 420,000 shares and finished the quarter with more than 2.63 million shares valued at approximately $170 million.

Rob Vinall

Shares: 1,763,296  Added: 1,385,998  Value: $0.12B

RV Capital AG added nearly 1.39 million Carvana shares during the quarter, increasing its position from approximately 377,000 shares to more than 1.76 million shares. The holding was valued at approximately $120 million at the end of the reporting period.

Joel Greenblatt

Shares: 261,018  Added: 203,800  Value: $0.02B

Gotham Asset Management increased its Carvana position by 203,800 shares during the quarter. The firm previously owned 57,218 shares and finished the period with 261,018 shares valued at approximately $20 million.

Cliff Asness

Shares: 116,491  Added: 96,522  Value: $0.01B

AQR Capital Management also increased its exposure to Carvana, adding 96,522 shares to its existing position. The purchase lifted AQR’s total holding to 116,491 shares, reflecting additional interest from one of the industry’s best-known quantitative investment firms.

Stanley Druckenmiller

Shares: 151,000  New Position  Value: $0.01B

Duquesne Family Office initiated a new position in Carvana during the quarter, purchasing 151,000 shares. While smaller than several of the other investments shown, the new position is notable given Druckenmiller’s long-term record as a highly regarded macro and growth-oriented investor.

Overall Takeaway

Collectively, the latest filings highlight substantial institutional buying interest in Carvana. The most significant accumulation came from Cliff Sosin’s CAS Investment Partners, which added more than 18 million shares and finished the quarter with a position valued at approximately $1.48 billion.

Viking Global and Lone Pine Capital also made major additions, purchasing approximately 9.54 million and 8.77 million shares, respectively. Maverick Capital and RV Capital significantly expanded their existing holdings, while Gotham Asset Management and AQR Capital Management also added shares.

Stanley Druckenmiller’s Duquesne Family Office was particularly notable as the only investor shown initiating an entirely new position. Overall, the filings suggest broad institutional conviction in Carvana across a diverse group of concentrated, growth-oriented, value, and quantitative investment strategies.