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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
UNH icon
51
PUT
UnitedHealth
UNH
$375B
$164M 0.32%
496,300
+354,300
+250% +$120M
BRK.B icon
52
CALL
Berkshire Hathaway Class B
BRK.B
$1.12T
$163M 0.32%
325,200
+42,300
+15% +$21M
EEM icon
53
PUT
iShares MSCI Emerging Markets ETF
EEM
$29.5B
$162M 0.32%
2,970,000
-3,568,400
-55% -$194M
TTWO icon
54
PUT
Take-Two Interactive
TTWO
$43.9B
$162M 0.32%
631,100
+341,700
+118% +$85.2M
AMD icon
55
PUT
Advanced Micro Devices
AMD
$786B
$161M 0.32%
751,800
-193,800
-20% -$43.5M
BAC icon
56
PUT
Bank of America
BAC
$442B
$155M 0.31%
2,817,500
+297,800
+12% +$15.7M
IWM icon
57
iShares Russell 2000 ETF
IWM
$82.5B
$154M 0.3%
+625,766
New +$154M
VST icon
58
PUT
Vistra
VST
$47.4B
$152M 0.3%
943,200
+291,500
+45% +$53.1M
TSLA icon
59
Tesla
TSLA
$1.27T
$145M 0.29%
321,611
+74,424
+30% +$33M
C icon
60
CALL
Citigroup
C
$231B
$144M 0.28%
1,237,300
+562,700
+83% +$58.4M
BRK.B icon
61
PUT
Berkshire Hathaway Class B
BRK.B
$1.12T
$138M 0.27%
274,100
+217,900
+388% +$108M
JPM icon
62
CALL
JPMorgan Chase
JPM
$955B
$137M 0.27%
425,700
+188,000
+79% +$58.2M
GLD icon
63
SPDR Gold Trust
GLD
$138B
$134M 0.26%
337,377
-210,700
-38% -$80.5M
XLI icon
64
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$33.9B
$134M 0.26%
861,700
+86,800
+11% +$13.4M
AXP icon
65
CALL
American Express
AXP
$236B
$134M 0.26%
360,900
-373,000
-51% -$133M
ABNB icon
66
PUT
Airbnb
ABNB
$90.5B
$132M 0.26%
969,400
-56,900
-6% -$7.09M
IBIT icon
67
CALL
iShares Bitcoin Trust
IBIT
$47.8B
$129M 0.25%
2,597,600
+959,000
+59% +$54.5M
VRT icon
68
PUT
Vertiv
VRT
$107B
$129M 0.25%
795,800
+746,500
+1,514% +$130M
HOOD icon
69
CALL
Robinhood
HOOD
$83.4B
$128M 0.25%
1,135,900
+278,500
+32% +$36.2M
GOOG icon
70
CALL
Alphabet (Google) Class C
GOOG
$4.4T
$128M 0.25%
407,000
+49,100
+14% +$14.1M
KRE icon
71
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.71B
$125M 0.25%
1,924,900
-741,200
-28% -$46.6M
ORCL icon
72
CALL
Oracle
ORCL
$416B
$124M 0.25%
638,100
+513,900
+414% +$122M
UAL icon
73
PUT
United Airlines
UAL
$43.1B
$120M 0.24%
1,076,800
-804,800
-43% -$81.3M
C icon
74
PUT
Citigroup
C
$231B
$118M 0.23%
1,012,900
-52,300
-5% -$5.43M
BAC icon
75
CALL
Bank of America
BAC
$442B
$117M 0.23%
2,123,400
+1,270,200
+149% +$67.1M
1 2
3
4 5

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Carson Wealth (CWM LLC)
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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.