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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
APP icon
676
CALL
Applovin
APP
$116B
$4.58M 0.01%
6,800
-116,200
-94% -$73.2M
MOS icon
677
PUT
The Mosaic Company
MOS
$7.33B
$4.55M 0.01%
+188,800
New +$5.08M
VISN
678
CALL
Vistance Networks Inc
VISN
$2.52B
$4.53M 0.01%
250,000
– –
ICLN icon
679
CALL
iShares Global Clean Energy ETF
ICLN
$2.4B
$4.52M 0.01%
+275,000
New +$4.58M
CRH icon
680
PUT
CRH
CRH
$66.8B
$4.52M 0.01%
36,200
+34,500
+2,029% +$4.11M
TEM
681
PUT
Tempus AI
TEM
$9.39B
$4.51M 0.01%
76,400
-83,600
-52% -$6.54M
CRDO icon
682
CALL
Credo Technology Group
CRDO
$46.6B
$4.5M 0.01%
31,300
-800
-2% -$123K
CAR icon
683
PUT
Avis
CAR
$5.02B
$4.49M 0.01%
+35,000
New +$4.88M
SVAQU
684
Silicon Valley Acquisition Corp Units
SVAQU
$4.49M 0.01%
+451,500
New +$4.49M
XRX icon
685
PUT
Xerox
XRX
$425M
$4.47M 0.01%
1,885,400
-596,000
-24% -$1.76M
RBLX icon
686
CALL
Roblox
RBLX
$27B
$4.46M 0.01%
55,000
-12,500
-19% -$1.33M
BHP icon
687
CALL
BHP
BHP
$230B
$4.46M 0.01%
73,800
+73,400
+18,350% +$4.17M
T icon
688
PUT
AT&T
T
$163B
$4.43M 0.01%
178,300
-177,000
-50% -$4.48M
FLG
689
CALL
Flagstar Bank National Association
FLG
$5.82B
$4.43M 0.01%
351,600
– –
EBAY icon
690
PUT
eBay
EBAY
$49.8B
$4.39M 0.01%
50,400
+49,700
+7,100% +$4.3M
MRK icon
691
Merck
MRK
$318B
$4.39M 0.01%
+41,697
New +$3.91M
TMUS icon
692
T-Mobile US
TMUS
$190B
$4.39M 0.01%
21,602
+2,838
+15% +$602K
AGG icon
693
iShares Core US Aggregate Bond ETF
AGG
$138B
$4.36M 0.01%
43,651
– –
MRK icon
694
PUT
Merck
MRK
$318B
$4.34M 0.01%
41,200
+21,200
+106% +$1.99M
BTDR icon
695
Bitdeer Technologies
BTDR
$2.65B
$4.33M 0.01%
386,217
+211,217
+121% +$3.4M
ALB icon
696
CALL
Albemarle
ALB
$15.5B
$4.33M 0.01%
+30,600
New +$3.47M
MPC icon
697
CALL
Marathon Petroleum
MPC
$83.7B
$4.33M 0.01%
26,600
+24,700
+1,300% +$4.62M
SOC icon
698
CALL
Sable Offshore Corp
SOC
$911M
$4.31M 0.01%
477,300
-217,800
-31% -$2.06M
CI icon
699
PUT
Cigna
CI
$74.6B
$4.29M 0.01%
15,600
– –
PCG icon
700
CALL
PG&E
PCG
$38.5B
$4.29M 0.01%
267,100
-101,300
-27% -$1.62M
26 27
28
29 30

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Nomura Asset Management
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Credit Agricole
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Carson Wealth (CWM LLC)
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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.