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Parallax Volatility Advisers

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
Cap. Flow
-$16B
Cap. Flow %
-31.47%
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 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
RGLD icon
276
PUT
Royal Gold
RGLD
$19.5B
$22.2M 0.04%
100,000
-15,000
-13% -$2.98M
IONQ icon
277
CALL
IonQ
IONQ
$16.6B
$22.2M 0.04%
495,400
+210,400
+74% +$11.8M
IONQ icon
278
PUT
IonQ
IONQ
$16.6B
$22.2M 0.04%
495,000
+80,000
+19% +$4.48M
GEO icon
279
PUT
The GEO Group
GEO
$4.1B
$22.1M 0.04%
1,370,100
+20,100
+1% +$335K
SMTC icon
280
PUT
Semtech
SMTC
$13B
$22M 0.04%
299,000
+20,000
+7% +$1.42M
CSCO icon
281
CALL
Cisco
CSCO
$479B
$21.9M 0.04%
284,500
-621,100
-69% -$46.1M
KMI icon
282
CALL
Kinder Morgan
KMI
$68.7B
$21.7M 0.04%
789,600
+636,300
+415% +$17.2M
PEP icon
283
PUT
PepsiCo
PEP
$190B
$21.6M 0.04%
150,800
-129,400
-46% -$19M
ASHR icon
284
PUT
Xtrackers Harvest CSI 300 China A-Shares ETF
ASHR
$1.6B
$21.6M 0.04%
656,400
+35,500
+6% +$1.16M
MARA icon
285
PUT
Marathon Digital Holdings
MARA
$3.85B
$21.5M 0.04%
2,388,900
-21,000
-0.9% -$310K
PDD icon
286
Pinduoduo
PDD
$131B
$21.3M 0.04%
+187,904
New +$23.3M
UAL icon
287
CALL
United Airlines
UAL
$42.1B
$21.3M 0.04%
190,300
-61,500
-24% -$6.21M
IREN icon
288
PUT
Iris Energy
IREN
$14.7B
$21.2M 0.04%
561,300
-386,700
-41% -$19.9M
CVX icon
289
CALL
Chevron
CVX
$366B
$21.2M 0.04%
139,100
+66,100
+91% +$10.1M
FUTU icon
290
PUT
Futu Holdings
FUTU
$15.3B
$21M 0.04%
127,900
+76,600
+149% +$13.1M
TMO icon
291
PUT
Thermo Fisher Scientific
TMO
$220B
$20.9M 0.04%
+36,100
New +$20.4M
HAL icon
292
PUT
Halliburton
HAL
$26.6B
$20.9M 0.04%
739,500
+509,500
+222% +$13.5M
XLU icon
293
CALL
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
$20.8M 0.04%
487,400
-148,200
-23% -$6.56M
NBR icon
294
PUT
Nabors Industries
NBR
$1.21B
$20.6M 0.04%
379,600
+25,000
+7% +$1.22M
UPS icon
295
CALL
United Parcel Service
UPS
$88.9B
$20.5M 0.04%
207,000
+70,300
+51% +$6.58M
NKE icon
296
PUT
Nike
NKE
$61.9B
$20.5M 0.04%
322,000
-216,500
-40% -$14.1M
EXPE icon
297
CALL
Expedia Group
EXPE
$37.3B
$20.3M 0.04%
71,700
+21,700
+43% +$5.36M
IIPR icon
298
PUT
Innovative Industrial Properties
IIPR
$1.72B
$20.1M 0.04%
424,800
+214,800
+102% +$11.1M
TWLO icon
299
Twilio
TWLO
$36.6B
$20M 0.04%
140,919
-14,630
-9% -$1.81M
RIVN icon
300
PUT
Rivian
RIVN
$23.2B
$20M 0.04%
1,014,000
-140,000
-12% -$2.22M
10 11
12
13 14

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Carson Wealth (CWM LLC)
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Grantham, Mayo, Van Otterloo & Co (GMO)
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HF
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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 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.