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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
AACBR
1851
Artius II Acquisition Inc Rights
AACBR
– –
-38,365
Closed -$8.82K
KIDZW
1852
KIDZ AI Inc Warrants
KIDZW
$228K
– –
-69,606
Closed -$5.58K
TACHU
1853
Titan Acquisition Corp Units
TACHU
– –
-50,212
Closed -$517K
LOKVW
1854
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
– –
-165,548
Closed -$80.3K
RAC.WS
1855
Rithm Acquisition Corp Warrants
RAC.WS
– –
-50,000
Closed -$31.8K
NPACU
1856
New Providence Acquisition Corp III Units
NPACU
– –
-39,498
Closed -$405K
DAAQU
1857
Digital Asset Acquisition Corp Units
DAAQU
$119M
– –
-14,000
Closed -$148K
CEPT
1858
DELISTED
Cantor Equity Partners II
CEPT
– –
-20,000
Closed -$210K
GTENU
1859
Gores Holdings X Units
GTENU
$278M
– –
-64,101
Closed -$666K
GLXY
1860
Galaxy Digital Inc
GLXY
$3.74B
– –
-19,660
Closed -$609K
CHACR
1861
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
– –
-401,530
Closed -$124K
CRAQU
1862
Cal Redwood Acquisition Corp Units
CRAQU
– –
-29,503
Closed -$300K
PELIU
1863
DELISTED
Pelican Acquisition Corp Unit
PELIU
– –
-50,000
Closed -$568K
SZZL
1864
Sizzle Acquisition Corp II
SZZL
$325M
– –
-79,972
Closed -$806K
CHPGU
1865
ChampionsGate Acquisition Corp Unit
CHPGU
– –
-49,967
Closed -$528K
TACHW
1866
Titan Acquisition Corp Warrants
TACHW
$8.32M
– –
-187,500
Closed -$56.5K
BMNR
1867
BitMine Immersion Technologies
BMNR
$11B
– –
-22,000
Closed -$892K
NAMMW
1868
Namib Minerals Warrants
NAMMW
$4.6M
– –
-291,152
Closed -$40.8K
IPCX
1869
Inflection Point Acquisition Corp III
IPCX
$160M
– –
-95,364
Closed -$960K
IPCXR
1870
Inflection Point Acquisition Corp III Rights
IPCXR
– –
-195,364
Closed -$86K
PACHU
1871
Pioneer Acquisition I Corp Units
PACHU
– –
-58,744
Closed -$590K
DAICW
1872
CID HoldCo Inc Warrants
DAICW
$70.5K
– –
-95,194
Closed -$14.5K
FACWW
1873
Factorial Energy Inc Warrant
FACWW
$9.66M
– –
-116,026
Closed -$29K
BGLWW
1874
Blue Gold Ltd Warrant
BGLWW
$518K
– –
-80,000
Closed -$36.6K
CAEP
1875
DELISTED
Cantor Equity Partners III
CAEP
– –
-45,000
Closed -$464K
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.