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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
CRWV
76
PUT
CoreWeave
CRWV
$46.6B
$117M 0.23%
1,628,600
+1,209,600
+289% +$123M
SPOT icon
77
PUT
Spotify
SPOT
$97.7B
$116M 0.23%
199,400
-1,000
-0.5% -$625K
IBIT icon
78
PUT
iShares Bitcoin Trust
IBIT
$47.4B
$111M 0.22%
2,230,100
+1,960,100
+726% +$111M
CRWV
79
CALL
CoreWeave
CRWV
$46.6B
$110M 0.22%
1,540,700
+1,309,400
+566% +$133M
XOM icon
80
CALL
ExxonMobil
XOM
$642B
$108M 0.21%
893,900
+282,800
+46% +$32.8M
EFA icon
81
CALL
iShares MSCI EAFE ETF
EFA
$79.4B
$104M 0.21%
1,087,900
+776,500
+249% +$73.6M
SNOW icon
82
CALL
Snowflake
SNOW
$110B
$103M 0.2%
471,400
+224,500
+91% +$54.8M
BKNG icon
83
PUT
Booking.com
BKNG
$156B
$101M 0.2%
472,500
– –
IBM icon
84
PUT
IBM
IBM
$220B
$99.6M 0.2%
336,100
+316,100
+1,581% +$94.7M
XLE icon
85
CALL
State Street Energy Select Sector SPDR ETF
XLE
$38.1B
$95.9M 0.19%
2,144,000
-881,000
-29% -$39.2M
RCL icon
86
CALL
Royal Caribbean
RCL
$85.7B
$95.4M 0.19%
342,000
-400
-0.1% -$113K
TLT icon
87
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$41.6B
$93.9M 0.19%
1,077,500
+1,040,000
+2,773% +$93M
SPY icon
88
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$91.7M 0.18%
+134,473
New +$90.9M
EAT icon
89
PUT
Brinker International
EAT
$9.75B
$91M 0.18%
633,800
+76,800
+14% +$10.1M
AFRM icon
90
PUT
Affirm
AFRM
$25.6B
$89.2M 0.18%
1,198,600
+236,300
+25% +$17M
CCL icon
91
PUT
Carnival Corporation Ltd
CCL
$39.4B
$88.8M 0.18%
2,908,500
-1,067,400
-27% -$29.8M
QCOM icon
92
PUT
Qualcomm
QCOM
$168B
$88.8M 0.18%
518,900
-156,300
-23% -$26.8M
INTC icon
93
CALL
Intel
INTC
$503B
$88.7M 0.17%
2,403,100
+952,100
+66% +$36M
PLTR icon
94
PUT
Palantir
PLTR
$375B
$87.3M 0.17%
491,300
-163,800
-25% -$29.7M
BA icon
95
CALL
Boeing
BA
$184B
$86.5M 0.17%
398,300
-115,500
-22% -$23.8M
GS icon
96
PUT
Goldman Sachs
GS
$301B
$84.4M 0.17%
96,000
+16,700
+21% +$13.6M
GE icon
97
GE Aerospace
GE
$389B
$83.7M 0.17%
271,716
+65,034
+31% +$19.6M
BABA icon
98
CALL
Alibaba
BABA
$304B
$83.3M 0.16%
568,500
-174,800
-24% -$28.5M
DAL icon
99
PUT
Delta Air Lines
DAL
$60.5B
$83.1M 0.16%
1,197,000
-491,300
-29% -$30.7M
WFC icon
100
PUT
Wells Fargo
WFC
$265B
$82.9M 0.16%
889,600
+259,900
+41% +$22.6M
2 3
4
5 6

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Nomura Asset Management
Nomura Asset Management Tokyo, Japan $38.8B AUM 30.94% 1-Year Est. Return
Credit Agricole
Credit Agricole Montrouge Cedex, France $38.1B AUM
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)
Grantham, Mayo, Van Otterloo & Co (GMO) Boston, Massachusetts $39.1B AUM 28.69% 1-Year Est. Return
Nomura Holdings
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HF
HRT Financial New York $40.1B AUM 58.22% 1-Year Est. Return

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.