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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
BIXI
651
Bitcoin Infrastructure Acquisition Corp
BIXI
$304M
$4.97M 0.01%
+504,816
New +$4.98M
COHR icon
652
Coherent
COHR
$59.1B
$4.96M 0.01%
26,852
+8,836
+49% +$1.32M
KMB icon
653
CALL
Kimberly-Clark
KMB
$34.2B
$4.95M 0.01%
49,100
+7,100
+17% +$777K
CSX icon
654
CALL
CSX Corp
CSX
$90.8B
$4.92M 0.01%
135,600
-145,200
-52% -$5.2M
GILD icon
655
PUT
Gilead Sciences
GILD
$182B
$4.91M 0.01%
40,000
+30,000
+300% +$3.65M
GPRE icon
656
PUT
Green Plains
GPRE
$1.11B
$4.9M 0.01%
500,000
– –
CRCL
657
CALL
Circle Internet Group
CRCL
$24.4B
$4.89M 0.01%
61,700
-59,500
-49% -$6.15M
LMND icon
658
Lemonade
LMND
$3.91B
$4.89M 0.01%
68,727
+9,726
+16% +$653K
AEO icon
659
American Eagle Outfitters
AEO
$2.89B
$4.83M 0.01%
183,013
+22,993
+14% +$454K
KEEL
660
CALL
Keel Infrastructure Corp
KEEL
$2.3B
$4.8M 0.01%
2,042,300
+1,186,400
+139% +$4.06M
TOST icon
661
CALL
Toast
TOST
$19.2B
$4.79M 0.01%
135,000
-40,100
-23% -$1.45M
IYR icon
662
PUT
iShares US Real Estate ETF
IYR
$4.32B
$4.79M 0.01%
51,000
+50,500
+10,100% +$4.81M
GTLB icon
663
PUT
GitLab
GTLB
$7.86B
$4.79M 0.01%
127,500
-15,000
-11% -$649K
FSLR icon
664
CALL
First Solar
FSLR
$22.9B
$4.78M 0.01%
18,300
+800
+5% +$202K
FXI icon
665
CALL
iShares China Large-Cap ETF
FXI
$4.17B
$4.75M 0.01%
124,000
-242,000
-66% -$9.6M
PLTR icon
666
CALL
Palantir
PLTR
$409B
$4.75M 0.01%
26,700
-13,300
-33% -$2.41M
QUBT icon
667
CALL
Quantum Computing Inc
QUBT
$1.86B
$4.72M 0.01%
+460,000
New +$6.55M
TD icon
668
PUT
Toronto Dominion Bank
TD
$197B
$4.71M 0.01%
50,000
– –
TGT icon
669
PUT
Target
TGT
$73.9B
$4.69M 0.01%
48,000
-226,900
-83% -$20.9M
HPE icon
670
PUT
Hewlett Packard
HPE
$74.4B
$4.66M 0.01%
193,800
+39,400
+26% +$928K
GD icon
671
CALL
General Dynamics
GD
$96.5B
$4.65M 0.01%
13,800
– –
EWZ icon
672
CALL
iShares MSCI Brazil ETF
EWZ
$8.79B
$4.63M 0.01%
145,600
-218,600
-60% -$6.91M
HSBC icon
673
HSBC
HSBC
$364B
$4.62M 0.01%
58,770
+15,062
+34% +$1.08M
IBIT icon
674
iShares Bitcoin Trust
IBIT
$61B
$4.62M 0.01%
93,057
+37,075
+66% +$2.11M
DLTR icon
675
CALL
Dollar Tree
DLTR
$23.3B
$4.61M 0.01%
37,500
-5,200
-12% -$557K
25 26
27
28 29

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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.