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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 | |
|---|---|---|---|---|---|---|
326
PUT
Nu Holdings
NU
$66.9B
| $17.5M | 0.03% |
1,044,600
-208,200
| -17% | -$3.35M |
|
327
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $17.4M | 0.03% |
200,100
+137,500
| +220% | +$12.3M |
|
328
CALL
Lam Research
LRCX
$390B
| $17.4M | 0.03% |
101,700
-44,100
| -30% | -$6.86M |
|
329
CALL
Kroger
KR
$34.8B
| $17.4M | 0.03% |
278,500
+72,000
| +35% | +$4.71M |
|
330
PUT
Guardant Health
GH
$22.6B
| $17.4M | 0.03% |
170,000
-1,230,000
| -88% | -$110M |
|
331
PUT
ServiceNow
NOW
$129B
| $17.3M | 0.03% |
+112,700
| New | +$19.3M |
|
332
CALL
Applied Digital
APLD
$8.41B
| $17M | 0.03% |
692,800
+428,600
| +162% | +$12.3M |
|
333
Netflix
NFLX
$309B
| $16.9M | 0.03% |
180,574
-265,316
| -60% | -$28.6M |
|
334
CALL
Dollar General
DG
$27.9B
| $16.8M | 0.03% |
126,800
-5,800
| -4% | -$647K |
|
335
CALL
State Street SPDR S&P Metals & Mining ETF
XME
$4.42B
| $16.8M | 0.03% |
161,800
+64,600
| +66% | +$6.38M |
|
336
Western Digital
WDC
$150B
| $16.7M | 0.03% |
97,217
+60,186
| +163% | +$9.13M |
|
337
Caterpillar
CAT
$387B
| $16.7M | 0.03% |
+29,177
| New | +$16.2M |
|
338
JPMorgan Chase
JPM
$950B
| $16.7M | 0.03% |
51,775
-15,622
| -23% | -$4.84M |
|
339
CALL
Intuit
INTU
$89B
| $16.6M | 0.03% |
25,000
+24,800
| +12,400% | +$16.4M |
|
340
PUT
Twilio
TWLO
$36.6B
| $16.5M | 0.03% |
116,000
+10,000
| +9% | +$1.24M |
|
341
Capital One
COF
$134B
| $16.5M | 0.03% |
68,020
+65,885
| +3,086% | +$14.7M |
|
342
PUT
Texas Instruments
TXN
$261B
| $16.5M | 0.03% |
95,000
-82,500
| -46% | -$14.1M |
|
343
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $16.5M | 0.03% |
+204,395
| New | +$16.5M |
|
344
CALL
McKesson
MCK
$101B
| $16.4M | 0.03% |
20,000
| – | – |
|
345
PUT
Trump Media & Technology Group
DJT
$2.83B
| $16.2M | 0.03% |
1,223,900
+734,600
| +150% | +$10M |
|
346
CALL
Zscaler
ZS
$27.3B
| $16.2M | 0.03% |
72,000
+66,700
| +1,258% | +$18.8M |
|
347
Delta Air Lines
DAL
$60.1B
| $16.1M | 0.03% |
231,783
-187,129
| -45% | -$11.7M |
|
|
SCHW
348
Charles Schwab
SCHW
$187B
| $16.1M | 0.03% |
160,692
+11,344
| +8% | +$1.08M |
|
349
PUT
ConocoPhillips
COP
$141B
| $15.9M | 0.03% |
+169,800
| New | +$15.4M |
|
350
PUT
Abercrombie & Fitch
ANF
$5B
| $15.5M | 0.03% |
122,900
-400
| -0.3% | -$35K |
|
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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.