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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
AFL icon
451
CALL
Aflac
AFL
$57.7B
$9.87M 0.02%
89,500
– –
HUT
452
PUT
Hut 8
HUT
$12.3B
$9.86M 0.02%
+214,700
New +$9.46M
XIFR
453
PUT
XPLR Infrastructure LP
XIFR
$1.16B
$9.77M 0.02%
976,800
– –
CRCL
454
PUT
Circle Internet Group
CRCL
$24.4B
$9.72M 0.02%
122,600
+51,100
+71% +$5.28M
EXE
455
Expand Energy Corp
EXE
$22.7B
$9.72M 0.02%
88,095
+69,349
+370% +$7.69M
VRT icon
456
CALL
Vertiv
VRT
$112B
$9.72M 0.02%
60,000
-28,000
-32% -$4.86M
XLB icon
457
PUT
State Street Materials Select Sector SPDR ETF
XLB
$8.56B
$9.7M 0.02%
213,800
+210,800
+7,027% +$9.32M
JKS
458
PUT
JinkoSolar
JKS
$651M
$9.68M 0.02%
375,000
– –
RSP icon
459
CALL
Invesco S&P 500 Equal Weight ETF
RSP
$99.3B
$9.67M 0.02%
50,500
+21,800
+76% +$4.14M
XOP icon
460
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.19B
$9.67M 0.02%
76,600
-43,700
-36% -$5.66M
TLT icon
461
iShares 20+ Year Treasury Bond ETF
TLT
$47.1B
$9.67M 0.02%
110,931
-151,300
-58% -$13.5M
CORZ icon
462
CALL
Core Scientific
CORZ
$6.02B
$9.64M 0.02%
662,000
-960,400
-59% -$16.7M
SYF icon
463
CALL
Synchrony
SYF
$25.6B
$9.62M 0.02%
+115,300
New +$8.81M
ROKU icon
464
CALL
Roku
ROKU
$23.1B
$9.6M 0.02%
88,500
+31,000
+54% +$3.15M
RSP icon
465
PUT
Invesco S&P 500 Equal Weight ETF
RSP
$99.3B
$9.58M 0.02%
50,000
+28,400
+131% +$5.39M
AR icon
466
PUT
Antero Resources
AR
$12B
$9.57M 0.02%
+277,600
New +$9.4M
VLO icon
467
PUT
Valero Energy
VLO
$110B
$9.56M 0.02%
58,700
-108,600
-65% -$18.4M
XLU icon
468
State Street Utilities Select Sector SPDR ETF
XLU
$22.6B
$9.55M 0.02%
223,683
+223,681
+11,184,050% +$9.91M
ANET icon
469
PUT
Arista Networks
ANET
$246B
$9.47M 0.02%
72,300
-22,700
-24% -$3.12M
KRE icon
470
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.29B
$9.47M 0.02%
146,100
-279,400
-66% -$17.6M
PAR icon
471
PUT
PAR Technology
PAR
$761M
$9.43M 0.02%
260,000
+112,800
+77% +$4.07M
CRWV
472
CoreWeave
CRWV
$55.1B
$9.4M 0.02%
131,308
+101,308
+338% +$10.3M
HCA icon
473
CALL
HCA Healthcare
HCA
$87B
$9.34M 0.02%
20,000
– –
ADI icon
474
PUT
Analog Devices
ADI
$176B
$9.3M 0.02%
34,300
+23,800
+227% +$5.98M
XLK icon
475
PUT
State Street Technology Select Sector SPDR ETF
XLK
$122B
$9.26M 0.02%
64,300
-35,100
-35% -$5.07M
17 18
19
20 21

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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.