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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
INFY icon
1701
PUT
Infosys
INFY
$50.7B
– –
-60,000
Closed -$976K
INSM icon
1702
CALL
Insmed
INSM
$28.6B
– –
-200
Closed -$28.8K
INTC icon
1703
Intel
INTC
$513B
– –
-379,436
Closed -$14.3M
IP icon
1704
CALL
International Paper
IP
$22B
– –
-100,000
Closed -$4.64M
IP icon
1705
International Paper
IP
$22B
– –
-14,602
Closed -$678K
IP icon
1706
PUT
International Paper
IP
$22B
– –
-17,500
Closed -$812K
ITB icon
1707
CALL
iShares US Home Construction ETF
ITB
$2.41B
– –
-1,400
Closed -$150K
IWD icon
1708
CALL
iShares Russell 1000 Value ETF
IWD
$83.9B
– –
-8,400
Closed -$1.71M
IWD icon
1709
PUT
iShares Russell 1000 Value ETF
IWD
$83.9B
– –
-6,900
Closed -$1.4M
JOBY icon
1710
Joby Aviation
JOBY
$8.55B
– –
-292
Closed -$4.71K
JOBY icon
1711
PUT
Joby Aviation
JOBY
$8.55B
– –
-280,000
Closed -$4.52M
KBE icon
1712
CALL
State Street SPDR S&P Bank ETF
KBE
$1.71B
– –
-35,400
Closed -$2.1M
KDP icon
1713
Keurig Dr Pepper
KDP
$40.8B
– –
-6
Closed -$153
KDP icon
1714
PUT
Keurig Dr Pepper
KDP
$40.8B
– –
-22,500
Closed -$574K
KMI icon
1715
Kinder Morgan
KMI
$68.7B
– –
-87,636
Closed -$2.37M
KODK icon
1716
Kodak
KODK
$983M
– –
-75,330
Closed -$483K
KODK icon
1717
PUT
Kodak
KODK
$983M
– –
-862,000
Closed -$5.53M
KVUE icon
1718
PUT
Kenvue
KVUE
$36.9B
– –
-100,000
Closed -$1.62M
LAC
1719
Lithium Americas
LAC
$1.17B
– –
-9,290
Closed -$53K
LAC
1720
PUT
Lithium Americas
LAC
$1.17B
– –
-526,500
Closed -$3.01M
LAZ icon
1721
Lazard
LAZ
$4.31B
– –
-5,791
Closed -$306K
LCID icon
1722
Lucid Motors
LCID
$2.77B
– –
-63,343
Closed -$1.01M
LIN icon
1723
PUT
Linde
LIN
$226B
– –
-15,000
Closed -$7.13M
LLY icon
1724
CALL
Eli Lilly
LLY
$1.06T
– –
-25,000
Closed -$19.1M
LMT icon
1725
Lockheed Martin
LMT
$136B
– –
-3,646
Closed -$1.74M
67 68
69
70 71

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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.