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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
(-23%)
Cap. Flow
-$16B
Cap. Flow
% of AUM
-31.47%
Top 10 Holdings %
Top 10 Hldgs %
39.98%
Holding
1,934
New
364
Increased
545
Reduced
471
Closed
329
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$263M |
| 2 |
iShares Russell 2000 ETF
IWM
|
+$154M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$90.9M |
| 4 |
Alibaba
BABA
|
+$47.6M |
| 5 |
Broadcom
AVGO
|
+$36.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$191M |
| 2 |
NVIDIA
NVDA
|
+$134M |
| 3 |
SPDR Gold Trust
GLD
|
+$80.5M |
| 4 |
Invesco QQQ Trust
QQQ
|
+$65.2M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
201
PUT
Ares Capital
ARCC
$14.1B
| $34.4M | 0.07% |
1,700,100
+10,000
| +0.6% | +$202K |
|
202
CALL
Wayfair
W
$14.3B
| $34.4M | 0.07% |
342,100
-44,100
| -11% | -$4.24M |
|
203
CALL
Lockheed Martin
LMT
$135B
| $34.2M | 0.07% |
70,800
+51,800
| +273% | +$24.8M |
|
|
NBIS
204
PUT
Nebius Group N.V.
NBIS
$48.2B
| $34M | 0.07% |
405,600
+104,000
| +34% | +$10.8M |
|
205
PUT
Costco
COST
$421B
| $33.9M | 0.07% |
39,300
+2,000
| +5% | +$1.81M |
|
206
PUT
Truist Financial
TFC
$64.2B
| $33.8M | 0.07% |
686,800
+686,300
| +137,260% | +$31.6M |
|
207
PUT
D-Wave Quantum Inc. Common Stock
QBTS
$7.19B
| $33.7M | 0.07% |
1,290,000
+659,900
| +105% | +$19.2M |
|
208
PUT
Ares Management
ARES
$31.2B
| $33.6M | 0.07% |
+208,000
| New | +$32.4M |
|
|
NBIS
209
CALL
Nebius Group N.V.
NBIS
$48.2B
| $33.5M | 0.07% |
400,700
+106,000
| +36% | +$11M |
|
210
PUT
Lam Research
LRCX
$383B
| $33.4M | 0.07% |
195,300
+62,700
| +47% | +$9.75M |
|
211
CALL
Cameco
CCJ
$40.8B
| $33.2M | 0.07% |
362,500
-56,100
| -13% | -$5.05M |
|
212
CALL
TSMC
TSM
$2.17T
| $32.7M | 0.06% |
107,500
+100
| +0.1% | +$29.3K |
|
213
PUT
Sea Limited
SE
$68B
| $32.2M | 0.06% |
252,500
-17,500
| -6% | -$2.59M |
|
214
CALL
General Motors
GM
$76.3B
| $31.6M | 0.06% |
389,200
+209,200
| +116% | +$14.7M |
|
215
PUT
NextEra Energy
NEE
$176B
| $31.3M | 0.06% |
390,400
+271,300
| +228% | +$22.5M |
|
216
CALL
Devon Energy
DVN
$49.7B
| $31.2M | 0.06% |
850,600
+611,900
| +256% | +$21.4M |
|
217
PUT
iShares Semiconductor ETF
SOXX
$47.7B
| $31M | 0.06% |
103,100
-21,200
| -17% | -$6.25M |
|
218
PUT
Coca-Cola
KO
$374B
| $30.8M | 0.06% |
441,100
-230,400
| -34% | -$16.1M |
|
219
CALL
GE Aerospace
GE
$389B
| $30.8M | 0.06% |
100,000
-225,000
| -69% | -$67.8M |
|
220
PUT
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$46.3B
| $30.7M | 0.06% |
63,800
+49,900
| +359% | +$23.6M |
|
|
221
CALL
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$46.3B
| $30.6M | 0.06% |
63,600
+37,700
| +146% | +$17.8M |
|
222
PUT
KraneShares CSI China Internet ETF
KWEB
$5.62B
| $30.5M | 0.06% |
896,400
-747,500
| -45% | -$28.7M |
|
223
CALL
Newmont
NEM
$111B
| $30.5M | 0.06% |
305,000
-77,500
| -20% | -$7M |
|
224
PUT
Arbor Realty Trust
ABR
$957M
| $30.2M | 0.06% |
3,890,600
+1,730,000
| +80% | +$17M |
|
|
225
PUT
Cameco
CCJ
$40.8B
| $29.8M | 0.06% |
325,900
-419,700
| -56% | -$37.8M |
|
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HF
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.