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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
AXP icon
26
American Express
AXP
$220B
$272M 0.54%
+733,883
New +$263M
AMZN icon
27
CALL
Amazon
AMZN
$2.77T
$265M 0.52%
1,149,800
+77,900
+7% +$17.8M
MSFT icon
28
PUT
Microsoft
MSFT
$3.67T
$263M 0.52%
543,700
+328,500
+153% +$165M
SMH icon
29
CALL
VanEck Semiconductor ETF
SMH
$69.8B
$259M 0.51%
718,700
+252,100
+54% +$88.5M
SLV icon
30
CALL
iShares Silver Trust
SLV
$32B
$258M 0.51%
4,010,900
+2,385,700
+147% +$119M
CVNA icon
31
CALL
Carvana
CVNA
$53.8B
$237M 0.47%
2,812,000
-966,500
-26% -$71.9M
AMZN icon
32
PUT
Amazon
AMZN
$2.77T
$236M 0.47%
1,023,200
-336,200
-25% -$76.9M
COIN icon
33
PUT
Coinbase
COIN
$47.2B
$229M 0.45%
1,014,100
-7,300
-0.7% -$2.18M
EFA icon
34
PUT
iShares MSCI EAFE ETF
EFA
$79.7B
$224M 0.44%
2,327,600
+1,706,500
+275% +$162M
MSFT icon
35
CALL
Microsoft
MSFT
$3.67T
$222M 0.44%
458,700
+18,800
+4% +$9.42M
APO icon
36
CALL
Apollo Global Management
APO
$77.8B
$212M 0.42%
1,463,500
+309,100
+27% +$41.1M
MSTR icon
37
PUT
Strategy Inc
MSTR
$54.2B
$211M 0.42%
1,386,900
+114,900
+9% +$26.5M
BABA icon
38
PUT
Alibaba
BABA
$280B
$197M 0.39%
1,341,000
+330,600
+33% +$53.8M
SLV icon
39
PUT
iShares Silver Trust
SLV
$32B
$196M 0.39%
3,035,600
+2,461,000
+428% +$123M
HYG icon
40
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.4B
$192M 0.38%
2,384,800
-803,300
-25% -$64.7M
AAL icon
41
PUT
American Airlines Group
AAL
$8.55B
$191M 0.38%
12,466,200
-1,362,100
-10% -$18.4M
AAPL icon
42
CALL
Apple
AAPL
$4.61T
$185M 0.36%
680,300
-162,600
-19% -$43.7M
NFLX icon
43
PUT
Netflix
NFLX
$320B
$182M 0.36%
1,939,200
+874,200
+82% +$94.2M
UBER icon
44
PUT
Uber
UBER
$149B
$180M 0.35%
2,201,400
+410,400
+23% +$37M
GOOG icon
45
PUT
Alphabet (Google) Class C
GOOG
$4.1T
$179M 0.35%
569,300
+39,300
+7% +$11.3M
AXP icon
46
PUT
American Express
AXP
$220B
$175M 0.35%
473,500
+388,500
+457% +$139M
EEM icon
47
CALL
iShares MSCI Emerging Markets ETF
EEM
$32B
$174M 0.34%
3,188,800
+1,238,300
+63% +$67.3M
MU icon
48
PUT
Micron Technology
MU
$1.13T
$172M 0.34%
603,200
+258,200
+75% +$59.2M
XLE icon
49
PUT
State Street Energy Select Sector SPDR ETF
XLE
$42.6B
$169M 0.33%
3,776,100
+691,500
+22% +$30.8M
JPM icon
50
PUT
JPMorgan Chase
JPM
$940B
$164M 0.32%
510,000
+140,700
+38% +$43.6M
1
2
3 4 5

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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.