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Parallax Volatility Advisers Portfolio holdings
AUM
$38.6B
1-Year Est. Return
45.89%
This Fund
S&P 500
This Quarter
Est. Return
+3.14%
1 Year Est. Return
+45.89%
3 Year Est. Return
+130.56%
5 Year Est. Return
+159.19%
10 Year Est. Return
+649.1%
AUM
$50.7B
AUM Growth
-$15.2B
(-23%)
Cap. Flow
-$16B
Cap. Flow
% of AUM
-31.47%
Top 10 Holdings %
Top 10 Hldgs %
39.98%
Holding
1,934
New
364
Increased
545
Reduced
471
Closed
329
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$263M |
| 2 |
iShares Russell 2000 ETF
IWM
|
+$154M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$90.9M |
| 4 |
Alibaba
BABA
|
+$47.6M |
| 5 |
Broadcom
AVGO
|
+$36.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$191M |
| 2 |
NVIDIA
NVDA
|
+$134M |
| 3 |
SPDR Gold Trust
GLD
|
+$80.5M |
| 4 |
Invesco QQQ Trust
QQQ
|
+$65.2M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$49.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 1.29% |
| 2 | Financials | 1.28% |
| 3 | Consumer Discretionary | 0.7% |
| 4 | Industrials | 0.48% |
| 5 | Communication Services | 0.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
PUT
Caterpillar
CAT
$387B
| $25.1M | 0.05% |
43,800
+12,200
| +39% | +$6.78M |
|
252
PUT
General Motors
GM
$76.8B
| $25.1M | 0.05% |
308,100
+291,900
| +1,802% | +$20.6M |
|
253
PUT
Apollo Global Management
APO
$73.4B
| $25M | 0.05% |
172,800
+37,800
| +28% | +$5.02M |
|
254
PUT
Boston Scientific
BSX
$71.5B
| $24.9M | 0.05% |
+261,500
| New | +$25.6M |
|
255
PUT
HSBC
HSBC
$356B
| $24.9M | 0.05% |
316,000
+170,000
| +116% | +$12.2M |
|
256
CALL
Union Pacific
UNP
$174B
| $24.8M | 0.05% |
107,300
-33,700
| -24% | -$7.69M |
|
257
CALL
Blackstone
BX
$110B
| $24.7M | 0.05% |
160,100
+79,500
| +99% | +$12.1M |
|
258
PUT
Intuitive Surgical
ISRG
$134B
| $24.6M | 0.05% |
43,500
+16,700
| +62% | +$8.89M |
|
259
PUT
Duke Energy
DUK
$97.3B
| $24.6M | 0.05% |
210,100
+3,500
| +2% | +$427K |
|
260
PUT
Eli Lilly
LLY
$1.06T
| $24.6M | 0.05% |
22,900
-39,400
| -63% | -$37.7M |
|
261
Oracle
ORCL
$423B
| $24.6M | 0.05% |
125,989
+23,144
| +23% | +$5.51M |
|
262
CALL
Occidental Petroleum
OXY
$55.9B
| $24.3M | 0.05% |
591,300
+213,300
| +56% | +$8.9M |
|
263
PUT
GE Aerospace
GE
$384B
| $24.2M | 0.05% |
78,500
| – | – |
|
264
CALL
ASML
ASML
$669B
| $24.1M | 0.05% |
22,500
-15,800
| -41% | -$16.5M |
|
|
265
PUT
ASML
ASML
$669B
| $24M | 0.05% |
22,400
-9,300
| -29% | -$9.7M |
|
266
PUT
Baidu
BIDU
$37.2B
| $23.9M | 0.05% |
182,800
+67,400
| +58% | +$8.37M |
|
267
PUT
Rithm Capital
RITM
$5.69B
| $23.8M | 0.05% |
2,180,000
+1,015,000
| +87% | +$11.2M |
|
268
CALL
CVS Health
CVS
$122B
| $23.5M | 0.05% |
295,500
+105,900
| +56% | +$8.35M |
|
269
CALL
Cigna
CI
$74.6B
| $23.4M | 0.05% |
85,200
+85,000
| +42,500% | +$23.8M |
|
270
TSMC
TSM
$2.18T
| $23.4M | 0.05% |
77,052
-44,106
| -36% | -$12.9M |
|
271
Snowflake
SNOW
$115B
| $23.2M | 0.05% |
105,773
-33,186
| -24% | -$8.1M |
|
272
Arm
ARM
$302B
| $23M | 0.05% |
210,570
+88,626
| +73% | +$12.9M |
|
273
CALL
CleanSpark
CLSK
$3.16B
| $22.9M | 0.05% |
2,266,600
+1,293,900
| +133% | +$19.4M |
|
274
PUT
CrowdStrike
CRWD
$218B
| $22.9M | 0.05% |
195,600
-298,400
| -60% | -$38M |
|
275
CALL
Salesforce
CRM
$158B
| $22.6M | 0.04% |
85,200
-178,600
| -68% | -$44.4M |
|
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HF
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 withdrew a net $16B in Q4 2025, closing 329 positions and reducing 471 holdings. Its most notable exit was Meta Platforms (Facebook), an estimated $191M position sold in full.
By sector, the portfolio is most concentrated in Technology at 1.3% of assets, down from 1.3% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Parallax Volatility Advisers opened a new position in American Express worth $272M.
- 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.