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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
NNDM
1376
PUT
Nano Dimension
NNDM
$343M
$154K ﹤0.01%
100,000
– –
MGM icon
1377
CALL
MGM Resorts International
MGM
$11.2B
$153K ﹤0.01%
4,200
– –
QS icon
1378
QuantumScape Corp
QS
$3.74B
$152K ﹤0.01%
14,556
+2,964
+26% +$40.9K
IGACR
1379
Invest Green Acquisition Corp Rights
IGACR
$151K ﹤0.01%
+796,800
New +$153K
VFC icon
1380
VF Corp
VFC
$5.89B
$148K ﹤0.01%
+8,211
New +$133K
MGNI icon
1381
CALL
Magnite
MGNI
$3.55B
$146K ﹤0.01%
9,000
-5,000
-36% -$83K
AIIA.RT
1382
AI Infrastructure Acquisition Corp Rights
AIIA.RT
$140K ﹤0.01%
+539,787
New +$144K
ED icon
1383
PUT
Consolidated Edison
ED
$39.9B
$139K ﹤0.01%
+1,400
New +$139K
BACQR
1384
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$135K ﹤0.01%
183,502
+108,502
+145% +$88.6K
CLF icon
1385
PUT
Cleveland-Cliffs
CLF
$6.99B
$134K ﹤0.01%
+10,100
New +$128K
KOYNU
1386
CSLM Digital Asset Acquisition Corp III Units
KOYNU
$214M
$133K ﹤0.01%
+13,102
New +$133K
MNST icon
1387
CALL
Monster Beverage
MNST
$88.5B
$130K ﹤0.01%
+1,700
New +$122K
IAU icon
1388
PUT
iShares Gold Trust
IAU
$67.5B
$130K ﹤0.01%
1,600
– –
NNDM
1389
Nano Dimension
NNDM
$343M
$129K ﹤0.01%
83,884
+12,717
+18% +$21.5K
CYTK icon
1390
CALL
Cytokinetics
CYTK
$10.4B
$127K ﹤0.01%
2,000
– –
DXCM icon
1391
DexCom
DXCM
$32B
$127K ﹤0.01%
1,914
-27,763
-94% -$1.79M
RH icon
1392
PUT
RH
RH
$3.71B
$125K ﹤0.01%
+700
New +$120K
BIXIW
1393
Bitcoin Infrastructure Acquisition Corp Warrant
BIXIW
$2.2M
$123K ﹤0.01%
+439,715
New +$106K
KLAC icon
1394
PUT
KLA
KLAC
$259B
$122K ﹤0.01%
+1,000
New +$117K
DHI icon
1395
CALL
D.R. Horton
DHI
$42.3B
$115K ﹤0.01%
+800
New +$122K
EME icon
1396
Emcor
EME
$36B
$115K ﹤0.01%
+188
New +$122K
DHR icon
1397
CALL
Danaher
DHR
$144B
$114K ﹤0.01%
500
-16,900
-97% -$3.72M
P
1398
CALL
Everpure Inc
P
$29.9B
$114K ﹤0.01%
+1,700
New +$142K
BILI icon
1399
CALL
Bilibili
BILI
$7.84B
$111K ﹤0.01%
4,500
-286,700
-98% -$7.71M
BEAG
1400
Bold Eagle Acquisition Corp
BEAG
$335M
$110K ﹤0.01%
10,400
-39,600
-79% -$422K
54 55
56
57 58

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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.