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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
PAYX icon
1751
Paychex
PAYX
$42.6B
– –
-1,848
Closed -$234K
PFSI icon
1752
PennyMac Financial
PFSI
$3.97B
– –
-2,500
Closed -$310K
PFSI icon
1753
PUT
PennyMac Financial
PFSI
$3.97B
– –
-135,000
Closed -$16.7M
PH icon
1754
Parker-Hannifin
PH
$134B
– –
-3,833
Closed -$2.91M
PH icon
1755
PUT
Parker-Hannifin
PH
$134B
– –
-8,000
Closed -$6.07M
PHM icon
1756
Pultegroup
PHM
$24.6B
– –
-2,016
Closed -$266K
PHM icon
1757
PUT
Pultegroup
PHM
$24.6B
– –
-59,700
Closed -$7.89M
POWL icon
1758
CALL
Powell Industries
POWL
$7.52B
– –
-3,000
Closed -$305K
PPL
1759
CALL
PPL Corp
PPL
$26B
– –
-72,500
Closed -$2.69M
PTEN icon
1760
Patterson-UTI
PTEN
$3.87B
– –
-37,992
Closed -$227K
PTON icon
1761
CALL
Peloton Interactive
PTON
$2.38B
– –
-5,700
Closed -$51.3K
PTON icon
1762
Peloton Interactive
PTON
$2.38B
– –
-166,641
Closed -$1.5M
PTON icon
1763
PUT
Peloton Interactive
PTON
$2.38B
– –
-89,100
Closed -$802K
QQQ icon
1764
Invesco QQQ Trust
QQQ
$479B
– –
-106,284
Closed -$65.2M
RGEN icon
1765
Repligen
RGEN
$8.96B
– –
-11,314
Closed -$1.51M
RGEN icon
1766
PUT
Repligen
RGEN
$8.96B
– –
-15,000
Closed -$2.01M
RGLD icon
1767
Royal Gold
RGLD
$18.4B
– –
-1,220
Closed -$242K
RIG icon
1768
Transocean
RIG
$5.8B
– –
-144,865
Closed -$562K
RIO icon
1769
Rio Tinto
RIO
$162B
– –
-6,820
Closed -$491K
RIOT icon
1770
Riot Platforms
RIOT
$8.12B
– –
-361,224
Closed -$6.18M
RPRX icon
1771
CALL
Royalty Pharma
RPRX
$25.3B
– –
-370,200
Closed -$13.1M
RWT
1772
PUT
Redwood Trust
RWT
$572M
– –
-1,880,300
Closed -$10.9M
SABR icon
1773
CALL
Sabre
SABR
$866M
– –
-4,500
Closed -$8.23K
SABR icon
1774
PUT
Sabre
SABR
$866M
– –
-200,000
Closed -$366K
SAP icon
1775
CALL
SAP
SAP
$230B
– –
-5,400
Closed -$1.44M
69 70
71
72 73

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Credit Agricole
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Carson Wealth (CWM LLC)
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Grantham, Mayo, Van Otterloo & Co (GMO)
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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.