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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
BMY icon
601
CALL
Bristol-Myers Squibb
BMY
$132B
$5.99M 0.01%
111,100
+26,100
+31% +$1.26M
LCID icon
602
PUT
Lucid Motors
LCID
$2.77B
$5.93M 0.01%
561,400
-178,200
-24% -$2.85M
TSEM icon
603
CALL
Tower Semiconductor
TSEM
$28.5B
$5.87M 0.01%
50,000
-92,500
-65% -$8.91M
JNJ icon
604
PUT
Johnson & Johnson
JNJ
$625B
$5.86M 0.01%
28,300
-15,900
-36% -$3.14M
JBL icon
605
CALL
Jabil
JBL
$35.8B
$5.84M 0.01%
25,600
+600
+2% +$128K
AEM icon
606
Agnico Eagle Mines
AEM
$90.5B
$5.82M 0.01%
34,345
-13,778
-29% -$2.32M
SYF icon
607
PUT
Synchrony
SYF
$25.6B
$5.82M 0.01%
+69,700
New +$5.33M
APH icon
608
CALL
Amphenol
APH
$209B
$5.81M 0.01%
43,000
-7,000
-14% -$936K
OKTA icon
609
Okta
OKTA
$25.8B
$5.77M 0.01%
66,755
-889
-1% -$77.6K
TWLO icon
610
CALL
Twilio
TWLO
$36.6B
$5.69M 0.01%
40,000
+15,000
+60% +$1.86M
ALAB icon
611
CALL
Astera Labs
ALAB
$58B
$5.67M 0.01%
34,100
+7,700
+29% +$1.29M
LOW icon
612
PUT
Lowe's Companies
LOW
$125B
$5.67M 0.01%
23,500
+11,900
+103% +$2.86M
Z icon
613
PUT
Zillow
Z
$7.56B
$5.64M 0.01%
82,700
-68,500
-45% -$4.96M
RSP icon
614
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$5.63M 0.01%
+29,365
New +$5.57M
EXPE icon
615
PUT
Expedia Group
EXPE
$37.3B
$5.61M 0.01%
+19,800
New +$4.89M
ZM icon
616
CALL
Zoom
ZM
$30.6B
$5.6M 0.01%
+64,900
New +$5.46M
PTEN icon
617
CALL
Patterson-UTI
PTEN
$3.76B
$5.6M 0.01%
+916,000
New +$5.47M
SHEL icon
618
CALL
Shell
SHEL
$245B
$5.59M 0.01%
76,100
-50,400
-40% -$3.71M
KBE icon
619
PUT
State Street SPDR S&P Bank ETF
KBE
$1.66B
$5.52M 0.01%
91,000
+30,000
+49% +$1.77M
PLD icon
620
Prologis
PLD
$133B
$5.49M 0.01%
43,015
+30,204
+236% +$3.76M
CBRL icon
621
PUT
Cracker Barrel
CBRL
$1.29B
$5.45M 0.01%
214,700
– –
ON icon
622
CALL
ON Semiconductor
ON
$31.6B
$5.42M 0.01%
100,000
– –
SNAP icon
623
PUT
Snap
SNAP
$9.01B
$5.41M 0.01%
670,700
-131,800
-16% -$1.04M
ELV icon
624
PUT
Elevance Health
ELV
$85.5B
$5.4M 0.01%
15,400
+400
+3% +$135K
CNC icon
625
CALL
Centene
CNC
$32.5B
$5.39M 0.01%
131,000
+96,000
+274% +$3.59M
23 24
25
26 27

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Nomura Asset Management
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Credit Agricole
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Carson Wealth (CWM LLC)
Carson Wealth (CWM LLC) Omaha, Nebraska $38.1B AUM 19.66% 1-Year Est. Return
Fayez Sarofim & Co
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Grantham, Mayo, Van Otterloo & Co (GMO)
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Nomura Holdings
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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.