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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
BAX icon
1601
Baxter International
BAX
$14.2B
– –
-42,836
Closed -$975K
BAX icon
1602
PUT
Baxter International
BAX
$14.2B
– –
-670,000
Closed -$15.3M
BHC icon
1603
PUT
Bausch Health
BHC
$2.34B
– –
-27,400
Closed -$177K
BIDU icon
1604
Baidu
BIDU
$37.2B
– –
-101,369
Closed -$12.6M
BIIB icon
1605
CALL
Biogen
BIIB
$30.7B
– –
-7,500
Closed -$1.05M
BILL icon
1606
CALL
BILL Holdings
BILL
$4.78B
– –
-3,900
Closed -$207K
BILL icon
1607
BILL Holdings
BILL
$4.78B
– –
-701
Closed -$37.1K
BILL icon
1608
PUT
BILL Holdings
BILL
$4.78B
– –
-10,100
Closed -$535K
BNY
1609
CALL
Bank of New York Mellon
BNY
$107B
– –
-100,000
Closed -$10.9M
BMO icon
1610
CALL
Bank of Montreal
BMO
$127B
– –
-65,000
Closed -$8.47M
BORR
1611
CALL
Borr Drilling
BORR
$1.19B
– –
-10,000
Closed -$26.9K
BOX icon
1612
CALL
Box
BOX
$4.6B
– –
-40,000
Closed -$1.29M
BOX icon
1613
PUT
Box
BOX
$4.6B
– –
-40,000
Closed -$1.29M
BSY icon
1614
PUT
Bentley Systems
BSY
$10.7B
– –
-20,000
Closed -$1.03M
BURL icon
1615
Burlington
BURL
$23.2B
– –
-3,937
Closed -$1.07M
BWXT icon
1616
CALL
BWX Technologies
BWXT
$15.6B
– –
-2,500
Closed -$461K
BXP icon
1617
CALL
Boston Properties
BXP
$11.1B
– –
-100,000
Closed -$7.43M
BXP icon
1618
PUT
Boston Properties
BXP
$11.1B
– –
-100,000
Closed -$7.43M
CAH icon
1619
CALL
Cardinal Health
CAH
$55.4B
– –
-25,000
Closed -$3.92M
CAH icon
1620
PUT
Cardinal Health
CAH
$55.4B
– –
-30,000
Closed -$4.71M
CAKE icon
1621
CALL
Cheesecake Factory
CAKE
$5.33B
– –
-5,000
Closed -$273K
CCL icon
1622
Carnival Corporation Ltd
CCL
$39.7B
– –
-262,094
Closed -$7.31M
CDNS icon
1623
CALL
Cadence Design Systems
CDNS
$93.4B
– –
-200
Closed -$70.3K
CFLT
1624
DELISTED
Confluent
CFLT
– –
-18,186
Closed -$446K
CGC
1625
CALL
Canopy Growth
CGC
$410M
– –
-1,600
Closed -$2.34K
63 64
65
66 67

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Credit Agricole
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Carson Wealth (CWM LLC)
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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.