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Parallax Volatility Advisers

Parallax Volatility Advisers Portfolio holdings

AUM $58.9B
1-Year Est. Return 51.73%
This Fund
S&P 500
This Quarter Est. Return
+3.14%
1 Year Est. Return
+51.73%
3 Year Est. Return
+168.58%
5 Year Est. Return
+213.54%
10 Year Est. Return
+865.31%
AUM
$50.7B
AUM Growth
-$15.2B
Cap. Flow
-$465M
Cap. Flow %
-0.92%
Top 10 Hldgs %
39.98%
Holding
1,934
New
364
Increased
545
Reduced
471
Closed
329

Top Buys

Rank Stock Value
1
AXP icon
American Express
AXP
+$263M
2
IWM icon
iShares Russell 2000 ETF
IWM
+$154M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$90.9M
4
BABA icon
Alibaba
BABA
+$47.6M
5
AVGO icon
Broadcom
AVGO
+$36.4M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$191M
2
NVDA icon
NVIDIA
NVDA
+$134M
3
GLD icon
SPDR Gold Trust
GLD
+$80.5M
4
QQQ icon
Invesco QQQ Trust
QQQ
+$65.2M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$49.8M

Sector Composition

Rank Sector Weight
1 Miscellaneous 95.43%
2 Technology 1.29%
3 Financials 1.28%
4 Consumer Discretionary 0.7%
5 Industrials 0.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAT icon
251
PUT
Caterpillar
CAT
$378B
$25.1M 0.05%
43,800
+12,200
+39% +$6.78M
GM icon
252
PUT
General Motors
GM
$75.3B
$25.1M 0.05%
308,100
+291,900
+1,802% +$20.6M
APO icon
253
PUT
Apollo Global Management
APO
$77.8B
$25M 0.05%
172,800
+37,800
+28% +$5.02M
BSX icon
254
PUT
Boston Scientific
BSX
$65.2B
$24.9M 0.05%
+261,500
New +$25.6M
HSBC icon
255
PUT
HSBC
HSBC
$364B
$24.9M 0.05%
316,000
+170,000
+116% +$12.2M
UNP icon
256
CALL
Union Pacific
UNP
$171B
$24.8M 0.05%
107,300
-33,700
-24% -$7.69M
BX icon
257
CALL
Blackstone
BX
$101B
$24.7M 0.05%
160,100
+79,500
+99% +$12.1M
ISRG icon
258
PUT
Intuitive Surgical
ISRG
$124B
$24.6M 0.05%
43,500
+16,700
+62% +$8.89M
DUK icon
259
PUT
Duke Energy
DUK
$94.5B
$24.6M 0.05%
210,100
+3,500
+2% +$427K
LLY icon
260
PUT
Eli Lilly
LLY
$1T
$24.6M 0.05%
22,900
-39,400
-63% -$37.7M
ORCL icon
261
Oracle
ORCL
$468B
$24.6M 0.05%
125,989
+23,144
+23% +$5.51M
OXY icon
262
CALL
Occidental Petroleum
OXY
$60.6B
$24.3M 0.05%
591,300
+213,300
+56% +$8.9M
GE icon
263
PUT
GE Aerospace
GE
$347B
$24.2M 0.05%
78,500
– –
ASML icon
264
CALL
ASML
ASML
$678B
$24.1M 0.05%
22,500
-15,800
-41% -$16.5M
ASML icon
265
PUT
ASML
ASML
$678B
$24M 0.05%
22,400
-9,300
-29% -$9.7M
BIDU icon
266
PUT
Baidu
BIDU
$31.4B
$23.9M 0.05%
182,800
+67,400
+58% +$8.37M
RITM icon
267
PUT
Rithm Capital
RITM
$5.56B
$23.8M 0.05%
2,180,000
+1,015,000
+87% +$11.2M
CVS icon
268
CALL
CVS Health
CVS
$123B
$23.5M 0.05%
295,500
+105,900
+56% +$8.35M
CI icon
269
CALL
Cigna
CI
$72.9B
$23.4M 0.05%
85,200
+85,000
+42,500% +$23.8M
TSM icon
270
TSMC
TSM
$2.28T
$23.4M 0.05%
77,052
-44,106
-36% -$12.9M
SNOW icon
271
Snowflake
SNOW
$116B
$23.2M 0.05%
105,773
-33,186
-24% -$8.1M
ARM icon
272
Arm
ARM
$279B
$23M 0.05%
210,570
+88,626
+73% +$12.9M
CLSK icon
273
CALL
CleanSpark
CLSK
$3.46B
$22.9M 0.05%
2,266,600
+1,293,900
+133% +$19.4M
CRWD icon
274
PUT
CrowdStrike
CRWD
$215B
$22.9M 0.05%
195,600
-298,400
-60% -$38M
CRM icon
275
CALL
Salesforce
CRM
$205B
$22.6M 0.04%
85,200
-178,600
-68% -$44.4M
9 10
11
12 13

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Parallax Volatility Advisers's Q4 2025 Portfolio in Review

As of Q4 2025, Parallax Volatility Advisers held 1,934 positions worth $50.7B, down 23% from $65.9B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Parallax Volatility Advisers's Q4 2025 filing shows 364 new, 545 increased, 471 reduced and 329 closed positions. Its largest new stake was American Express: 733,883 shares worth $272M. The largest sale was Meta Platforms (Facebook), an estimated $191M.

By sector, the portfolio is most concentrated in Miscellaneous at 95% of assets, down from 96% a quarter earlier, followed by Technology and Financials.

  • Parallax Volatility Advisers's largest Q4 2025 buy was American Express: 733,883 shares worth $272M.
  • Parallax Volatility Advisers added most to Alibaba in Q4 2025, an estimated $47.6M increase.
  • Parallax Volatility Advisers's biggest Q4 2025 reduction was SPDR Gold Trust, cutting an estimated $80.5M.
  • Parallax Volatility Advisers fully exited Meta Platforms (Facebook) in Q4 2025, selling an estimated $191M.
  • Parallax Volatility Advisers's ten largest holdings make up 40% of its $50.7B portfolio in Q4 2025.
  • Parallax Volatility Advisers opened 364 new positions and closed 329 in Q4 2025.
  • Parallax Volatility Advisers's portfolio value fell 23% quarter-over-quarter to $50.7B.

Based on Parallax Volatility Advisers's 13F filing for Q4 2025, filed 17 Feb 2026.