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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
MCGAU
1876
Yorkville Acquisition Corp Unit
MCGAU
$158M
– –
-50,000
Closed -$553K
CCIIU
1877
Cohen Circle Acquisition Corp II Unit
CCIIU
– –
-24,939
Closed -$256K
EVAC.U
1878
EQV Ventures Acquisition Corp II Units
EVAC.U
– –
-26,775
Closed -$268K
ONCHU
1879
1RT Acquisition Corp Units
ONCHU
$156M
– –
-56,319
Closed -$594K
CCCX
1880
DELISTED
Churchill Capital Corp X
CCCX
– –
-20,000
Closed -$257K
CCCXW
1881
DELISTED
Churchill Capital Corp X Warrants
CCCXW
– –
-15,000
Closed -$53.3K
APADU
1882
DELISTED
A Paradise Acquisition Corp Unit
APADU
– –
-67,476
Closed -$673K
HVMCU
1883
Highview Merger Corp Units
HVMCU
– –
-124,282
Closed -$1.26M
MKLYU
1884
McKinley Acquisition Corp Units
MKLYU
$159M
– –
-82,500
Closed -$824K
BLSH
1885
CALL
Bullish
BLSH
$3.57B
– –
-218,100
Closed -$13.9M
BLSH
1886
PUT
Bullish
BLSH
$3.57B
– –
-198,300
Closed -$12.6M
OBAWW
1887
Oxley Bridge Acquisition Ltd Warrants
OBAWW
– –
-291,427
Closed -$49.6K
BCARW
1888
D. Boral ARC Acquisition I Corp Warrant
BCARW
$7.7M
– –
-33,200
Closed -$7.3K
EVAC.WS
1889
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
– –
-92,359
Closed -$22.2K
MBVIU
1890
M3-Brigade Acquisition VI Corp Units
MBVIU
$308M
– –
-100,000
Closed -$1.01M
GSRFU
1891
GSR IV Acquisition Corp Units
GSRFU
– –
-250,000
Closed -$2.53M
SVACU
1892
DELISTED
Spring Valley Acquisition Corp III Unit
SVACU
– –
-100,000
Closed -$1.03M
SPEG
1893
Silver Pegasus Acquisition Corp
SPEG
– –
-99,237
Closed -$989K
TLNCU
1894
Talon Capital Corp Units
TLNCU
– –
-80,900
Closed -$813K
PAII
1895
Pyrophyte Acquisition Corp II
PAII
$279M
– –
-263,600
Closed -$2.63M
BLZRU
1896
Trailblazer Acquisition Corp Unit
BLZRU
– –
-84,281
Closed -$862K
OTGAU
1897
OTG Acquisition Corp I Unit
OTGAU
$214M
– –
-353,403
Closed -$3.56M
KOYN
1898
CSLM Digital Asset Acquisition Corp III
KOYN
$323M
– –
-270,482
Closed -$2.68M
BDCIU
1899
BTC Development Corp Unit
BDCIU
$232M
– –
-100,000
Closed -$1.01M
72 73 74 75
76

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Credit Agricole
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Carson Wealth (CWM LLC)
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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.