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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
UAL icon
426
United Airlines
UAL
$35.1B
$10.7M 0.02%
95,292
-101,067
-51% -$10.2M
LUV icon
427
PUT
Southwest Airlines
LUV
$18.9B
$10.6M 0.02%
256,400
+101,400
+65% +$3.54M
ZS icon
428
PUT
Zscaler
ZS
$26.4B
$10.6M 0.02%
47,000
+700
+2% +$198K
ALGM icon
429
PUT
Allegro MicroSystems
ALGM
$6.8B
$10.6M 0.02%
400,000
+100,000
+33% +$2.75M
GME icon
430
PUT
GameStop
GME
$8.48B
$10.5M 0.02%
523,300
+5,000
+1% +$112K
NXE icon
431
CALL
NexGen Energy
NXE
$7.17B
$10.5M 0.02%
1,140,000
+449,400
+65% +$3.97M
TKO icon
432
CALL
TKO Group
TKO
$14.3B
$10.4M 0.02%
50,000
– –
SMCI icon
433
CALL
Super Micro Computer
SMCI
$26.4B
$10.4M 0.02%
354,700
+5,000
+1% +$206K
JNJ icon
434
CALL
Johnson & Johnson
JNJ
$649B
$10.3M 0.02%
50,000
-8,600
-15% -$1.7M
JNJ icon
435
Johnson & Johnson
JNJ
$649B
$10.3M 0.02%
+49,958
New +$9.88M
NVO
436
CALL
Novo Nordisk
NVO
$200B
$10.3M 0.02%
202,900
+100,300
+98% +$5.13M
UPWK icon
437
PUT
Upwork
UPWK
$1.04B
$10.3M 0.02%
520,000
– –
KKR icon
438
CALL
KKR & Co
KKR
$94.9B
$10.3M 0.02%
80,800
+29,600
+58% +$3.68M
IYR icon
439
CALL
iShares US Real Estate ETF
IYR
$4.32B
$10.2M 0.02%
108,700
+105,900
+3,782% +$10.1M
DE icon
440
PUT
Deere & Co
DE
$184B
$10.2M 0.02%
21,900
+1,900
+10% +$892K
LUV icon
441
Southwest Airlines
LUV
$18.9B
$10.2M 0.02%
246,168
+159,953
+186% +$5.59M
ALB icon
442
PUT
Albemarle
ALB
$15.3B
$10.2M 0.02%
+71,800
New +$8.15M
TER icon
443
CALL
Teradyne
TER
$58.2B
$10.1M 0.02%
52,300
+51,700
+8,617% +$8.87M
OGN icon
444
PUT
Organon & Co
OGN
$3.61B
$10.1M 0.02%
1,406,900
+207,900
+17% +$1.64M
XBI icon
445
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.3B
$10.1M 0.02%
82,600
-19,400
-19% -$2.22M
CB icon
446
CALL
Chubb
CB
$130B
$10.1M 0.02%
32,200
+200
+0.6% +$58.5K
T icon
447
CALL
AT&T
T
$175B
$9.94M 0.02%
400,000
+390,300
+4,024% +$9.88M
DKS icon
448
PUT
Dick's Sporting Goods
DKS
$11.8B
$9.9M 0.02%
50,000
-55,700
-53% -$12.1M
TLRY icon
449
CALL
Tilray
TLRY
$592M
$9.89M 0.02%
1,095,500
+985,950
+900% +$12M
TEVA icon
450
CALL
Teva Pharmaceuticals
TEVA
$42.8B
$9.87M 0.02%
316,300
+250,000
+377% +$6.16M
16 17
18
19 20

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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.