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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 | |
|---|---|---|---|---|---|---|
301
PUT
Darling Ingredients
DAR
$9.44B
| $19.9M | 0.04% |
552,500
+7,500
| +1% | +$254K |
|
302
PUT
Wayfair
W
$14.6B
| $19.5M | 0.04% |
194,500
-40,300
| -17% | -$3.88M |
|
303
PUT
Rigetti Computing
RGTI
$5.99B
| $19.4M | 0.04% |
876,000
-241,500
| -22% | -$7.87M |
|
304
Shopify
SHOP
$195B
| $19.4M | 0.04% |
120,421
+2,502
| +2% | +$402K |
|
305
CALL
D-Wave Quantum Inc. Common Stock
QBTS
$7.73B
| $19.4M | 0.04% |
741,200
-226,300
| -23% | -$6.59M |
|
306
Vistra
VST
$47.4B
| $19.4M | 0.04% |
120,021
+110,015
| +1,099% | +$20M |
|
307
CALL
Rio Tinto
RIO
$164B
| $19.4M | 0.04% |
241,800
+72,300
| +43% | +$5.2M |
|
308
CALL
DTE Energy
DTE
$29.1B
| $19.3M | 0.04% |
150,000
| – | – |
|
309
PUT
Mastercard
MA
$493B
| $19.2M | 0.04% |
33,600
-500
| -1% | -$280K |
|
310
CALL
Coca-Cola
KO
$375B
| $19.1M | 0.04% |
273,800
-431,900
| -61% | -$30.1M |
|
311
CALL
Merck
MRK
$318B
| $19.1M | 0.04% |
181,600
-143,600
| -44% | -$13.5M |
|
312
CALL
American Airlines Group
AAL
$10.6B
| $19.1M | 0.04% |
1,243,700
+343,100
| +38% | +$4.63M |
|
313
PUT
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$23.2B
| $18.7M | 0.04% |
157,000
-156,400
| -50% | -$18.5M |
|
314
PUT
Kinder Morgan
KMI
$68.7B
| $18.7M | 0.04% |
680,500
+352,600
| +108% | +$9.53M |
|
315
PUT
KKR & Co
KKR
$92.3B
| $18.7M | 0.04% |
146,700
+67,500
| +85% | +$8.4M |
|
316
IBM
IBM
$224B
| $18.7M | 0.04% |
63,088
+59,642
| +1,731% | +$17.9M |
|
317
PUT
NIO
NIO
$11.9B
| $18.4M | 0.04% |
3,605,900
+1,744,700
| +94% | +$10.8M |
|
|
PMT
318
PUT
PennyMac Mortgage Investment
PMT
$842M
| $18.4M | 0.04% |
1,465,200
-648,500
| -31% | -$8.08M |
|
319
PUT
Comstock Resources
CRK
$3.94B
| $18.3M | 0.04% |
790,600
+135,300
| +21% | +$2.98M |
|
320
PUT
Enphase Energy
ENPH
$5.53B
| $18.1M | 0.04% |
563,600
+530,500
| +1,603% | +$17.2M |
|
321
CALL
Costco
COST
$420B
| $17.9M | 0.04% |
20,800
+9,100
| +78% | +$8.25M |
|
322
PUT
Insmed
INSM
$28.6B
| $17.8M | 0.04% |
102,300
-105,500
| -51% | -$19.3M |
|
323
CALL
PepsiCo
PEP
$190B
| $17.7M | 0.04% |
123,500
+43,600
| +55% | +$6.41M |
|
324
PUT
JD.com
JD
$44.5B
| $17.7M | 0.03% |
615,400
-41,100
| -6% | -$1.29M |
|
325
PUT
United Natural Foods
UNFI
$2.85B
| $17.5M | 0.03% |
520,000
+45,000
| +9% | +$1.67M |
|
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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.