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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 | |
|---|---|---|---|---|---|---|
451
CALL
Aflac
AFL
$62.6B
| $9.87M | 0.02% |
89,500
| – | – |
|
|
HUT
452
PUT
Hut 8
HUT
$10.9B
| $9.86M | 0.02% |
+214,700
| New | +$9.46M |
|
|
XIFR
453
PUT
XPLR Infrastructure LP
XIFR
$1.08B
| $9.77M | 0.02% |
976,800
| – | – |
|
|
CRCL
454
PUT
Circle Internet Group
CRCL
$16.9B
| $9.72M | 0.02% |
122,600
+51,100
| +71% | +$5.28M |
|
|
EXE
455
Expand Energy Corp
EXE
$21.5B
| $9.72M | 0.02% |
88,095
+69,349
| +370% | +$7.69M |
|
456
CALL
Vertiv
VRT
$105B
| $9.72M | 0.02% |
60,000
-28,000
| -32% | -$4.86M |
|
457
PUT
State Street Materials Select Sector SPDR ETF
XLB
$8.66B
| $9.7M | 0.02% |
213,800
+210,800
| +7,027% | +$9.32M |
|
|
JKS
458
PUT
JinkoSolar
JKS
$891M
| $9.68M | 0.02% |
375,000
| – | – |
|
459
CALL
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $9.67M | 0.02% |
50,500
+21,800
| +76% | +$4.14M |
|
460
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.51B
| $9.67M | 0.02% |
76,600
-43,700
| -36% | -$5.66M |
|
461
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $9.67M | 0.02% |
110,931
-151,300
| -58% | -$13.5M |
|
462
CALL
Core Scientific
CORZ
$6.75B
| $9.64M | 0.02% |
662,000
-960,400
| -59% | -$16.7M |
|
463
CALL
Synchrony
SYF
$25.6B
| $9.62M | 0.02% |
+115,300
| New | +$8.81M |
|
464
CALL
Roku
ROKU
$22.7B
| $9.6M | 0.02% |
88,500
+31,000
| +54% | +$3.15M |
|
|
465
PUT
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $9.58M | 0.02% |
50,000
+28,400
| +131% | +$5.39M |
|
466
PUT
Antero Resources
AR
$10.7B
| $9.57M | 0.02% |
+277,600
| New | +$9.4M |
|
467
PUT
Valero Energy
VLO
$85.9B
| $9.56M | 0.02% |
58,700
-108,600
| -65% | -$18.4M |
|
468
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
| $9.55M | 0.02% |
223,683
+223,681
| +11,184,050% | +$9.91M |
|
469
PUT
Arista Networks
ANET
$238B
| $9.47M | 0.02% |
72,300
-22,700
| -24% | -$3.12M |
|
470
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
| $9.47M | 0.02% |
146,100
-279,400
| -66% | -$17.6M |
|
471
PUT
PAR Technology
PAR
$735M
| $9.43M | 0.02% |
260,000
+112,800
| +77% | +$4.07M |
|
|
CRWV
472
CoreWeave
CRWV
$49.5B
| $9.4M | 0.02% |
131,308
+101,308
| +338% | +$10.3M |
|
473
CALL
HCA Healthcare
HCA
$89.5B
| $9.34M | 0.02% |
20,000
| – | – |
|
474
PUT
Analog Devices
ADI
$190B
| $9.3M | 0.02% |
34,300
+23,800
| +227% | +$5.98M |
|
475
PUT
State Street Technology Select Sector SPDR ETF
XLK
$124B
| $9.26M | 0.02% |
64,300
-35,100
| -35% | -$5.07M |
|
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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.