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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
ARM icon
101
CALL
Arm
ARM
$306B
$82.7M 0.16%
756,900
+42,200
+6% +$6.14M
MSTR icon
102
CALL
Strategy Inc
MSTR
$37.2B
$82.6M 0.16%
543,300
+318,900
+142% +$73.4M
AVGO icon
103
CALL
Broadcom
AVGO
$2T
$82.4M 0.16%
238,100
-232,100
-49% -$83M
KWEB icon
104
CALL
KraneShares CSI China Internet ETF
KWEB
$5.62B
$81.9M 0.16%
2,406,200
+1,075,000
+81% +$41.3M
MS icon
105
PUT
Morgan Stanley
MS
$336B
$81.2M 0.16%
457,300
-85,200
-16% -$14.2M
QCOM icon
106
CALL
Qualcomm
QCOM
$168B
$79.7M 0.16%
466,000
-100,000
-18% -$17.1M
GDX icon
107
PUT
VanEck Gold Miners ETF
GDX
$25.6B
$79.3M 0.16%
924,800
-50,600
-5% -$4M
XLU icon
108
PUT
State Street Utilities Select Sector SPDR ETF
XLU
$22.4B
$78.9M 0.16%
1,848,700
+317,500
+21% +$14.1M
TPR icon
109
PUT
Tapestry
TPR
$32.7B
$78.9M 0.16%
617,600
+13,000
+2% +$1.49M
PANW icon
110
PUT
Palo Alto Networks
PANW
$293B
$77.8M 0.15%
422,600
+64,000
+18% +$12.9M
GS icon
111
CALL
Goldman Sachs
GS
$301B
$76.6M 0.15%
87,200
+30,000
+52% +$24.5M
NFLX icon
112
CALL
Netflix
NFLX
$307B
$76.4M 0.15%
814,800
+231,800
+40% +$25M
HOOD icon
113
PUT
Robinhood
HOOD
$81.6B
$76.4M 0.15%
675,100
+222,200
+49% +$28.9M
CSCO icon
114
PUT
Cisco
CSCO
$476B
$75.9M 0.15%
985,500
+776,500
+372% +$57.6M
CVNA icon
115
PUT
Carvana
CVNA
$75.1B
$75M 0.15%
889,000
+518,000
+140% +$38.5M
PDD icon
116
CALL
Pinduoduo
PDD
$129B
$73.6M 0.15%
649,100
-145,600
-18% -$18.1M
MP icon
117
PUT
MP Materials
MP
$8.45B
$71.8M 0.14%
1,420,700
+25,000
+2% +$1.59M
PLTR icon
118
Palantir
PLTR
$375B
$71.3M 0.14%
401,108
-216,916
-35% -$39.3M
XYZ
119
CALL
Block Inc
XYZ
$47B
$70.5M 0.14%
1,082,400
+454,500
+72% +$31.4M
WMT icon
120
PUT
Walmart Inc
WMT
$892B
$67.8M 0.13%
608,300
+291,800
+92% +$31.3M
WMT icon
121
CALL
Walmart Inc
WMT
$892B
$67.6M 0.13%
606,800
+505,400
+498% +$54.3M
SNOW icon
122
PUT
Snowflake
SNOW
$110B
$67.5M 0.13%
307,600
+125,300
+69% +$30.6M
GEV icon
123
CALL
GE Vernova
GEV
$266B
$67.4M 0.13%
103,200
+7,200
+8% +$4.39M
CMG icon
124
PUT
Chipotle Mexican Grill
CMG
$42.7B
$67M 0.13%
1,810,500
+1,167,200
+181% +$42.2M
MS icon
125
Morgan Stanley
MS
$336B
$66.8M 0.13%
376,397
+211,536
+128% +$35.3M
3 4
5
6 7

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Credit Agricole
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Carson Wealth (CWM LLC)
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Grantham, Mayo, Van Otterloo & Co (GMO)
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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.