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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
IQ icon
1476
iQIYI
IQ
$1.28B
$33.1K ﹤0.01%
17,241
+11,374
+194% +$24.3K
TVGNW icon
1477
Tevogen Inc. Warrant
TVGNW
$976K
$32.1K ﹤0.01%
838,222
-6,349
-0.8% -$303
SVCCW
1478
Stellar V Capital Corp Warrant
SVCCW
$31K ﹤0.01%
100,000
-50,000
-33% -$19.1K
LEGT.WS
1479
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$29.1K ﹤0.01%
70,991
+18,991
+37% +$9.62K
RNGTW
1480
Range Capital Acquisition Corp II Warrants
RNGTW
$28.2K ﹤0.01%
+88,200
New +$35.9K
ATIIW
1481
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$17.9M
$27.3K ﹤0.01%
49,796
-74,094
-60% -$36.6K
ED icon
1482
Consolidated Edison
ED
$39.8B
$27.2K ﹤0.01%
+274
New +$27.2K
AEO icon
1483
PUT
American Eagle Outfitters
AEO
$3.01B
$26.4K ﹤0.01%
+1,000
New +$19.8K
HBAN icon
1484
PUT
Huntington Bancshares
HBAN
$35.5B
$26K ﹤0.01%
1,500
– –
WBD icon
1485
PUT
Warner Bros
WBD
$67.1B
$25.9K ﹤0.01%
900
-8,400
-90% -$196K
GAP
1486
The Gap Inc
GAP
$7.37B
$25.3K ﹤0.01%
+990
New +$24K
MCGAW
1487
Yorkville Acquisition Corp Warrant
MCGAW
$24.8K ﹤0.01%
49,564
+34,994
+240% +$31K
TVACW
1488
Texas Ventures Acquisition III Corp Warrants
TVACW
$6.62M
$24.6K ﹤0.01%
27,300
-172,468
-86% -$201K
PELIR
1489
DELISTED
Pelican Acquisition Corp Right
PELIR
$23K ﹤0.01%
100,000
-146,000
-59% -$38.9K
MLACR
1490
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$22.9K ﹤0.01%
95,398
-104,602
-52% -$41K
APADR
1491
DELISTED
A Paradise Acquisition Corp Rights
APADR
$22.8K ﹤0.01%
+91,196
New +$20.9K
TME icon
1492
PUT
Tencent Music
TME
$15.6B
$22.8K ﹤0.01%
+1,300
New +$26.4K
RANGR
1493
Range Capital Acquisition Corp Rights
RANGR
$22.5K ﹤0.01%
+50,000
New +$22.9K
SBXD.WS
1494
SilverBox Corp IV Warrants
SBXD.WS
$22.1K ﹤0.01%
78,848
+21,227
+37% +$7.75K
FACTW
1495
FACT II Acquisition Corp Warrant
FACTW
$1.84M
$21.2K ﹤0.01%
60,459
-74,341
-55% -$27.9K
CCIIW
1496
Cohen Circle Acquisition Corp II Warrant
CCIIW
$5.2M
$21K ﹤0.01%
30,000
-62,760
-68% -$48.8K
LULU icon
1497
PUT
lululemon athletica
LULU
$14.6B
$20.8K ﹤0.01%
100
-279,700
-100% -$50.7M
XHB icon
1498
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.56B
$20.6K ﹤0.01%
+200
New +$21.2K
CRACR
1499
Crown Reserve Acquisition Corp I Rights
CRACR
$20.5K ﹤0.01%
+100,000
New +$19.1K
MKC icon
1500
PUT
McCormick & Company Non-Voting
MKC
$14.2B
$20.4K ﹤0.01%
300
-14,600
-98% -$970K
58 59
60
61 62

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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.