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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
DAR icon
301
PUT
Darling Ingredients
DAR
$10.6B
$19.9M 0.04%
552,500
+7,500
+1% +$254K
W icon
302
PUT
Wayfair
W
$13.7B
$19.5M 0.04%
194,500
-40,300
-17% -$3.88M
RGTI icon
303
PUT
Rigetti Computing
RGTI
$5.28B
$19.4M 0.04%
876,000
-241,500
-22% -$7.87M
SHOP icon
304
Shopify
SHOP
$173B
$19.4M 0.04%
120,421
+2,502
+2% +$402K
QBTS icon
305
CALL
D-Wave Quantum Inc
QBTS
$6.58B
$19.4M 0.04%
741,200
-226,300
-23% -$6.59M
VST icon
306
Vistra
VST
$50.9B
$19.4M 0.04%
120,021
+110,015
+1,099% +$20M
RIO icon
307
CALL
Rio Tinto
RIO
$169B
$19.4M 0.04%
241,800
+72,300
+43% +$5.2M
DTE icon
308
CALL
DTE Energy
DTE
$28.6B
$19.3M 0.04%
150,000
– –
MA icon
309
PUT
Mastercard
MA
$500B
$19.2M 0.04%
33,600
-500
-1% -$280K
KO icon
310
CALL
Coca-Cola
KO
$380B
$19.1M 0.04%
273,800
-431,900
-61% -$30.1M
MRK icon
311
CALL
Merck
MRK
$366B
$19.1M 0.04%
181,600
-143,600
-44% -$13.5M
AAL icon
312
CALL
American Airlines Group
AAL
$8.55B
$19.1M 0.04%
1,243,700
+343,100
+38% +$4.63M
XLY icon
313
PUT
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.1B
$18.7M 0.04%
157,000
-156,400
-50% -$18.5M
KMI icon
314
PUT
Kinder Morgan
KMI
$71.2B
$18.7M 0.04%
680,500
+352,600
+108% +$9.53M
KKR icon
315
PUT
KKR & Co
KKR
$94.9B
$18.7M 0.04%
146,700
+67,500
+85% +$8.4M
IBM icon
316
IBM
IBM
$219B
$18.7M 0.04%
63,088
+59,642
+1,731% +$17.9M
NIO icon
317
PUT
NIO
NIO
$9.5B
$18.4M 0.04%
3,605,900
+1,744,700
+94% +$10.8M
PMT
318
PUT
PennyMac Mortgage Investment
PMT
$838M
$18.4M 0.04%
1,465,200
-648,500
-31% -$8.08M
CRK icon
319
PUT
Comstock Resources
CRK
$4.45B
$18.3M 0.04%
790,600
+135,300
+21% +$2.98M
ENPH icon
320
PUT
Enphase Energy
ENPH
$5.13B
$18.1M 0.04%
563,600
+530,500
+1,603% +$17.2M
COST icon
321
CALL
Costco
COST
$404B
$17.9M 0.04%
20,800
+9,100
+78% +$8.25M
INSM icon
322
PUT
Insmed
INSM
$27.3B
$17.8M 0.04%
102,300
-105,500
-51% -$19.3M
PEP icon
323
CALL
PepsiCo
PEP
$189B
$17.7M 0.04%
123,500
+43,600
+55% +$6.41M
JD icon
324
PUT
JD.com
JD
$37.4B
$17.7M 0.03%
615,400
-41,100
-6% -$1.29M
UNFI icon
325
PUT
United Natural Foods
UNFI
$2.72B
$17.5M 0.03%
520,000
+45,000
+9% +$1.67M
11 12
13
14 15

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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.