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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
WGO icon
1826
Winnebago Industries
WGO
$885M
– –
-45,000
Closed -$1.64M
WMB icon
1827
Williams Companies
WMB
$87.8B
– –
-26,465
Closed -$1.6M
WOLF icon
1828
PUT
Wolfspeed
WOLF
$1.43B
– –
-171,200
Closed -$4.9M
XLK icon
1829
State Street Technology Select Sector SPDR ETF
XLK
$122B
– –
-1,314
Closed -$190K
XLP icon
1830
CALL
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.9B
– –
-176,500
Closed -$13.8M
XLRE icon
1831
State Street Real Estate Select Sector SPDR ETF
XLRE
$8.56B
– –
-42,000
Closed -$1.77M
YPF icon
1832
CALL
YPF Sociedad Anonima American Depositary Shares (Each representing ten (10) Class D shares of Capital Stock)
YPF
$19.5B
– –
-80,500
Closed -$1.96M
GTM
1833
ZoomInfo Technologies
GTM
$1.21B
– –
-16,974
Closed -$185K
ZTO icon
1834
CALL
ZTO Express
ZTO
$18.3B
– –
-25,000
Closed -$480K
TEM
1835
CALL
Tempus AI
TEM
$8.32B
– –
-106,300
Closed -$8.58M
TEM
1836
Tempus AI
TEM
$8.32B
– –
-15,356
Closed -$1.2M
NEE.PRS
1837
NextEra Energy 7.299% Corporate Units
NEE.PRS
$2.1B
– –
-27,844
Closed -$2.1M
MACIW
1838
Melar Acquisition Corp I Warrant
MACIW
– –
-43,785
Closed -$6.85K
ETHA
1839
CALL
iShares Ethereum Trust ETF
ETHA
$5.53B
– –
-106,600
Closed -$3.36M
ETHA
1840
PUT
iShares Ethereum Trust ETF
ETHA
$5.53B
– –
-7,400
Closed -$233K
VACHW
1841
DELISTED
Voyager Acquisition Corp Warrants
VACHW
– –
-25,000
Closed -$4.25K
FLG
1842
Flagstar Bank National Association
FLG
$5.9B
– –
-7,409
Closed -$88.6K
POLEW
1843
Andretti Acquisition Corp II Warrant
POLEW
$1.96M
– –
-62,717
Closed -$12.5K
PRMB
1844
CALL
Primo Brands
PRMB
$8.66B
– –
-169,100
Closed -$3.74M
DYNCW
1845
Dynamix Corp Warrant
DYNCW
– –
-10,777
Closed -$22.7K
XYZ
1846
Block Inc
XYZ
$47.5B
– –
-12,083
Closed -$833K
JACS.RT
1847
Jackson Acquisition Co II Rights
JACS.RT
– –
-50,000
Closed -$13K
DRDBW
1848
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.28M
– –
-25,000
Closed -$12.9K
DMAAR
1849
Drugs Made In America Acquisition Corp Rights
DMAAR
– –
-87,926
Closed -$19.1K
KFIIR
1850
K&F Growth Acquisition Corp II Rights
KFIIR
– –
-300,000
Closed -$42K
72 73
74
75 76

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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.