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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 | |
|---|---|---|---|---|---|---|
|
BIXI
651
Bitcoin Infrastructure Acquisition Corp
BIXI
| $4.97M | 0.01% |
+504,816
| New | +$4.98M |
|
652
Coherent
COHR
$74.2B
| $4.96M | 0.01% |
26,852
+8,836
| +49% | +$1.32M |
|
653
CALL
Kimberly-Clark
KMB
$36.5B
| $4.95M | 0.01% |
49,100
+7,100
| +17% | +$777K |
|
654
CALL
CSX Corp
CSX
$93.1B
| $4.92M | 0.01% |
135,600
-145,200
| -52% | -$5.2M |
|
655
PUT
Gilead Sciences
GILD
$165B
| $4.91M | 0.01% |
40,000
+30,000
| +300% | +$3.65M |
|
656
PUT
Green Plains
GPRE
$1.03B
| $4.9M | 0.01% |
500,000
| – | – |
|
|
CRCL
657
CALL
Circle Internet Group
CRCL
$16.9B
| $4.89M | 0.01% |
61,700
-59,500
| -49% | -$6.15M |
|
658
Lemonade
LMND
$4.1B
| $4.89M | 0.01% |
68,727
+9,726
| +16% | +$653K |
|
659
American Eagle Outfitters
AEO
$3.01B
| $4.83M | 0.01% |
183,013
+22,993
| +14% | +$454K |
|
|
KEEL
660
CALL
Keel Infrastructure Corp
KEEL
$2.34B
| $4.8M | 0.01% |
2,042,300
+1,186,400
| +139% | +$4.06M |
|
661
CALL
Toast
TOST
$19.9B
| $4.79M | 0.01% |
135,000
-40,100
| -23% | -$1.45M |
|
662
PUT
iShares US Real Estate ETF
IYR
$4.65B
| $4.79M | 0.01% |
51,000
+50,500
| +10,100% | +$4.81M |
|
663
PUT
GitLab
GTLB
$6.58B
| $4.79M | 0.01% |
127,500
-15,000
| -11% | -$649K |
|
664
CALL
First Solar
FSLR
$26.9B
| $4.78M | 0.01% |
18,300
+800
| +5% | +$202K |
|
665
CALL
iShares China Large-Cap ETF
FXI
$4.31B
| $4.75M | 0.01% |
124,000
-242,000
| -66% | -$9.6M |
|
666
CALL
Palantir
PLTR
$413B
| $4.75M | 0.01% |
26,700
-13,300
| -33% | -$2.41M |
|
667
CALL
Quantum Computing Inc
QUBT
$2.07B
| $4.72M | 0.01% |
+460,000
| New | +$6.55M |
|
668
PUT
Toronto Dominion Bank
TD
$200B
| $4.71M | 0.01% |
50,000
| – | – |
|
669
PUT
Target
TGT
$68B
| $4.69M | 0.01% |
48,000
-226,900
| -83% | -$20.9M |
|
670
PUT
Hewlett Packard
HPE
$70.5B
| $4.66M | 0.01% |
193,800
+39,400
| +26% | +$928K |
|
671
CALL
General Dynamics
GD
$106B
| $4.65M | 0.01% |
13,800
| – | – |
|
672
CALL
iShares MSCI Brazil ETF
EWZ
$8.95B
| $4.63M | 0.01% |
145,600
-218,600
| -60% | -$6.91M |
|
673
HSBC
HSBC
$356B
| $4.62M | 0.01% |
58,770
+15,062
| +34% | +$1.08M |
|
674
iShares Bitcoin Trust
IBIT
$47.8B
| $4.62M | 0.01% |
93,057
+37,075
| +66% | +$2.11M |
|
675
CALL
Dollar Tree
DLTR
$25.2B
| $4.61M | 0.01% |
37,500
-5,200
| -12% | -$557K |
|
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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.