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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 | |
|---|---|---|---|---|---|---|
426
United Airlines
UAL
$42.1B
| $10.7M | 0.02% |
95,292
-101,067
| -51% | -$10.2M |
|
427
PUT
Southwest Airlines
LUV
$23B
| $10.6M | 0.02% |
256,400
+101,400
| +65% | +$3.54M |
|
428
PUT
Zscaler
ZS
$27.3B
| $10.6M | 0.02% |
47,000
+700
| +2% | +$198K |
|
429
PUT
Allegro MicroSystems
ALGM
$8.16B
| $10.6M | 0.02% |
400,000
+100,000
| +33% | +$2.75M |
|
430
PUT
GameStop
GME
$8.6B
| $10.5M | 0.02% |
523,300
+5,000
| +1% | +$112K |
|
431
CALL
NexGen Energy
NXE
$6.99B
| $10.5M | 0.02% |
1,140,000
+449,400
| +65% | +$3.97M |
|
432
CALL
TKO Group
TKO
$13.6B
| $10.4M | 0.02% |
50,000
| – | – |
|
433
CALL
Super Micro Computer
SMCI
$20.1B
| $10.4M | 0.02% |
354,700
+5,000
| +1% | +$206K |
|
434
CALL
Johnson & Johnson
JNJ
$625B
| $10.3M | 0.02% |
50,000
-8,600
| -15% | -$1.7M |
|
|
435
Johnson & Johnson
JNJ
$625B
| $10.3M | 0.02% |
+49,958
| New | +$9.88M |
|
|
NVO
436
CALL
Novo Nordisk
NVO
$209B
| $10.3M | 0.02% |
202,900
+100,300
| +98% | +$5.13M |
|
437
PUT
Upwork
UPWK
$1.19B
| $10.3M | 0.02% |
520,000
| – | – |
|
438
CALL
KKR & Co
KKR
$92.3B
| $10.3M | 0.02% |
80,800
+29,600
| +58% | +$3.68M |
|
439
CALL
iShares US Real Estate ETF
IYR
$4.65B
| $10.2M | 0.02% |
108,700
+105,900
| +3,782% | +$10.1M |
|
440
PUT
Deere & Co
DE
$168B
| $10.2M | 0.02% |
21,900
+1,900
| +10% | +$892K |
|
|
441
Southwest Airlines
LUV
$23B
| $10.2M | 0.02% |
246,168
+159,953
| +186% | +$5.59M |
|
442
PUT
Albemarle
ALB
$15.5B
| $10.2M | 0.02% |
+71,800
| New | +$8.15M |
|
443
CALL
Teradyne
TER
$59.3B
| $10.1M | 0.02% |
52,300
+51,700
| +8,617% | +$8.87M |
|
444
PUT
Organon & Co
OGN
$3.57B
| $10.1M | 0.02% |
1,406,900
+207,900
| +17% | +$1.64M |
|
445
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.3B
| $10.1M | 0.02% |
82,600
-19,400
| -19% | -$2.22M |
|
446
CALL
Chubb
CB
$135B
| $10.1M | 0.02% |
32,200
+200
| +0.6% | +$58.5K |
|
447
CALL
AT&T
T
$163B
| $9.94M | 0.02% |
400,000
+390,300
| +4,024% | +$9.88M |
|
448
PUT
Dick's Sporting Goods
DKS
$18.7B
| $9.9M | 0.02% |
50,000
-55,700
| -53% | -$12.1M |
|
449
CALL
Tilray
TLRY
$622M
| $9.89M | 0.02% |
1,095,500
+985,950
| +900% | +$12M |
|
450
CALL
Teva Pharmaceuticals
TEVA
$41.2B
| $9.87M | 0.02% |
316,300
+250,000
| +377% | +$6.16M |
|
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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.