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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
EWU icon
1676
iShares MSCI United Kingdom ETF
EWU
$4.16B
– –
-16,992
Closed -$713K
FCX icon
1677
Freeport-McMoran
FCX
$97.2B
– –
-37,523
Closed -$1.63M
FLR icon
1678
Fluor
FLR
$8B
– –
-14,945
Closed -$661K
FN icon
1679
CALL
Fabrinet
FN
$20B
– –
-200
Closed -$72.9K
FN icon
1680
PUT
Fabrinet
FN
$20B
– –
-600
Closed -$219K
FSLY icon
1681
Fastly Inc
FSLY
$3.58B
– –
-12,095
Closed -$103K
GFI icon
1682
CALL
Gold Fields
GFI
$36.3B
– –
-30,000
Closed -$1.26M
GOOGL icon
1683
Alphabet (Google) Class A
GOOGL
$4.33T
– –
-174,161
Closed -$49.8M
GTLS
1684
CALL
DELISTED
Chart Industries
GTLS
– –
-23,400
Closed -$4.68M
GUSH icon
1685
CALL
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF
GUSH
$224M
– –
-20,000
Closed -$492K
HIVE
1686
HIVE Digital Technologies
HIVE
$763M
– –
-260,000
Closed -$1.1M
HIVE
1687
PUT
HIVE Digital Technologies
HIVE
$763M
– –
-590,700
Closed -$2.38M
HNRG icon
1688
CALL
Hallador Energy
HNRG
$699M
– –
-22,500
Closed -$440K
HNRG icon
1689
Hallador Energy
HNRG
$699M
– –
-18,937
Closed -$371K
HNRG icon
1690
PUT
Hallador Energy
HNRG
$699M
– –
-225,000
Closed -$4.4M
HOUS
1691
CALL
DELISTED
Anywhere Real Estate
HOUS
– –
-323,000
Closed -$3.42M
HOUS
1692
DELISTED
Anywhere Real Estate
HOUS
– –
-517,773
Closed -$5.48M
HUM icon
1693
CALL
Humana
HUM
$46.2B
– –
-21,000
Closed -$5.46M
HYAC.WS
1694
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
– –
-81,701
Closed -$36.5K
IE icon
1695
Ivanhoe Electric
IE
$1.74B
– –
-13,106
Closed -$188K
IGV icon
1696
CALL
iShares Expanded Tech-Software Sector ETF
IGV
$14.5B
– –
-12,100
Closed -$1.39M
IGV icon
1697
PUT
iShares Expanded Tech-Software Sector ETF
IGV
$14.5B
– –
-500
Closed -$57.5K
IJR icon
1698
iShares Core S&P Small-Cap ETF
IJR
$112B
– –
-1,486
Closed -$177K
IJR icon
1699
PUT
iShares Core S&P Small-Cap ETF
IJR
$112B
– –
-112,200
Closed -$13.3M
INFY icon
1700
Infosys
INFY
$50.5B
– –
-32,548
Closed -$530K
66 67
68
69 70

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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.