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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
SAP icon
1776
SAP
SAP
$230B
– –
-390
Closed -$104K
ECHO
1777
CALL
EchoStar
ECHO
$25.3B
– –
-20,700
Closed -$1.58M
SDRL icon
1778
Seadrill
SDRL
$2.69B
– –
-117,101
Closed -$3.54M
SHOO icon
1779
Steven Madden
SHOO
$3.53B
– –
-29,673
Closed -$993K
SMH icon
1780
VanEck Semiconductor ETF
SMH
$71.8B
– –
-48,366
Closed -$17M
SOUN icon
1781
CALL
SoundHound AI
SOUN
$3.08B
– –
-170,000
Closed -$2.73M
SOXX icon
1782
iShares Semiconductor ETF
SOXX
$47.7B
– –
-55,420
Closed -$16.3M
SPR
1783
PUT
DELISTED
Spirit AeroSystems
SPR
– –
-34,200
Closed -$1.32M
SRE icon
1784
CALL
Sempra
SRE
$55.1B
– –
-57,700
Closed -$5.19M
SRE icon
1785
PUT
Sempra
SRE
$55.1B
– –
-57,500
Closed -$5.17M
STX icon
1786
CALL
Seagate
STX
$193B
– –
-12,500
Closed -$2.95M
SU icon
1787
CALL
Suncor Energy
SU
$71.8B
– –
-90,000
Closed -$3.76M
SUI icon
1788
CALL
Sun Communities
SUI
$14.7B
– –
-45,000
Closed -$5.8M
SUI icon
1789
Sun Communities
SUI
$14.7B
– –
-8,365
Closed -$1.08M
SUI icon
1790
PUT
Sun Communities
SUI
$14.7B
– –
-45,000
Closed -$5.8M
SYF icon
1791
Synchrony
SYF
$25.6B
– –
-22,655
Closed -$1.73M
SYM icon
1792
Symbotic
SYM
$5.14B
– –
-6,269
Closed -$338K
SYM icon
1793
PUT
Symbotic
SYM
$5.14B
– –
-1,100
Closed -$59.3K
TALO icon
1794
Talos Energy
TALO
$2.35B
– –
-7,714
Closed -$74K
TALO icon
1795
PUT
Talos Energy
TALO
$2.35B
– –
-87,600
Closed -$840K
TDG icon
1796
TransDigm Group
TDG
$69.8B
– –
-193
Closed -$254K
TDOC icon
1797
Teladoc Health
TDOC
$1.21B
– –
-16,322
Closed -$128K
TECK icon
1798
CALL
Teck Resources
TECK
$32.4B
– –
-16,200
Closed -$711K
TECK icon
1799
PUT
Teck Resources
TECK
$32.4B
– –
-4,000
Closed -$176K
TIGR
1800
CALL
UP Fintech Holding
TIGR
$847M
– –
-400
Closed -$4.27K
70 71
72
73 74

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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.