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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 | |
|---|---|---|---|---|---|---|
826
PUT
DraftKings
DKNG
$11.9B
| $2.76M | 0.01% |
80,000
| – | – |
|
827
C3.ai
AI
$1.59B
| $2.75M | 0.01% |
+204,200
| New | +$3.26M |
|
828
CALL
FedEx
FDX
$75.4B
| $2.74M | 0.01% |
9,500
+6,200
| +188% | +$1.63M |
|
|
829
PUT
C3.ai
AI
$1.59B
| $2.72M | 0.01% |
+202,000
| New | +$3.22M |
|
830
CALL
VF Corp
VFC
$5.89B
| $2.71M | 0.01% |
150,000
| – | – |
|
831
PUT
YPF Sociedad Anonima American Depositary Shares (Each representing ten (10) Class D shares of Capital Stock)
YPF
$19.3B
| $2.71M | 0.01% |
75,000
-10,000
| -12% | -$332K |
|
832
Cenovus Energy
CVE
$52.1B
| $2.7M | 0.01% |
+159,856
| New | +$2.78M |
|
833
PUT
Celestica
CLS
$36.5B
| $2.69M | 0.01% |
9,100
+3,000
| +49% | +$904K |
|
834
Ross Stores
ROST
$81.9B
| $2.68M | 0.01% |
14,862
+5,324
| +56% | +$888K |
|
835
PUT
CME Group
CME
$94.8B
| $2.68M | 0.01% |
9,800
+8,300
| +553% | +$2.26M |
|
|
JBS
836
CALL
JBS N.V.
JBS
$46.8B
| $2.67M | 0.01% |
185,000
+50,000
| +37% | +$687K |
|
837
KraneShares CSI China Internet ETF
KWEB
$5.67B
| $2.65M | 0.01% |
+77,949
| New | +$3M |
|
|
CFLT
838
PUT
DELISTED
Confluent
CFLT
| $2.65M | 0.01% |
87,700
| – | – |
|
839
Kraft Heinz
KHC
$30B
| $2.65M | 0.01% |
109,073
-57,745
| -35% | -$1.44M |
|
840
CALL
Bit Digital
BTBT
$482M
| $2.64M | 0.01% |
1,398,800
+70,200
| +5% | +$203K |
|
841
US Bancorp
USB
$99.6B
| $2.64M | 0.01% |
49,545
+42,872
| +642% | +$2.11M |
|
842
CALL
Procter & Gamble
PG
$339B
| $2.64M | 0.01% |
18,400
+11,500
| +167% | +$1.7M |
|
|
TLN
843
PUT
Talen Energy Corp
TLN
$16.7B
| $2.62M | 0.01% |
7,000
+4,600
| +192% | +$1.79M |
|
844
CALL
TotalEnergies
TTE
$190B
| $2.62M | 0.01% |
40,000
| – | – |
|
|
NOVTU
845
Novanta Inc Units
NOVTU
$760M
| $2.62M | 0.01% |
+47,565
| New | +$2.51M |
|
|
XIFR
846
XPLR Infrastructure LP
XIFR
$1.08B
| $2.6M | 0.01% |
259,807
+9,394
| +4% | +$91K |
|
847
PUT
Medtronic
MDT
$112B
| $2.59M | 0.01% |
27,000
+1,700
| +7% | +$165K |
|
848
AES
AES
$10.5B
| $2.59M | 0.01% |
180,478
-34,185
| -16% | -$482K |
|
|
CRCL
849
Circle Internet Group
CRCL
$16.9B
| $2.56M | 0.01% |
+32,328
| New | +$3.34M |
|
850
Shell
SHEL
$245B
| $2.55M | 0.01% |
34,719
-28,929
| -45% | -$2.13M |
|
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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.