Parallax Volatility Advisers, L.P.
Institutional investor · Portfolio as of Q4 2025
Top Holdings1,605 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
STATE STREET SPDR S&P 500 ETF TRUST CL USD INC | 13M | $8.9B | 17.5% | — | — | — | Decreased — |
INVESCO QQQ TRUST SERIES 1 CL USD INC | 3.8M | $2.3B | 4.6% | — | — | — | Decreased — |
INVESCO QQQ TRUST SERIES 1 CL USD INC | 3.1M | $1.9B | 3.8% | — | — | — | Decreased — |
STATE STREET SPDR S&P 500 ETF TRUST CL USD INC | 2.7M | $1.9B | 3.7% | — | — | — | Increased — |
ISHARES RUSSELL 2000 ETF ETF | 4.9M | $1.2B | 2.4% | — | — | — | Decreased — |
TESLA INC | 2.5M | $1.1B | 2.2% | — | — | — | Increased — |
FINANCIAL SELECT SECTOR SPDR | 17.6M | $964M | 1.9% | — | — | — | Increased — |
NVIDIA CORP | 4.2M | $779.9M | 1.5% | — | — | — | Decreased — |
FINANCIAL SELECT SECTOR SPDR | 11.4M | $621.7M | 1.2% | — | — | — | Increased — |
META PLATFORMS INC-CLASS A | 929,400 | $613.5M | 1.2% | — | — | — | Decreased — |
APPLE INC | 2.2M | $588M | 1.2% | — | — | — | Increased — |
META PLATFORMS INC-CLASS A | 871,100 | $575M | 1.1% | — | — | — | Increased — |
SPDR GOLD TRUST | 1.3M | $517.2M | 1.0% | — | — | — | Decreased — |
NVIDIA CORP | 2.7M | $500.5M | 1.0% | — | — | — | Increased — |
BROADCOM INC | 1.4M | $489.8M | 1.0% | — | — | — | Decreased — |
ALPHABET INC-CL A | 1.6M | $485.2M | 1.0% | — | — | — | Increased — |
SPDR GOLD TRUST | 1.2M | $465.8M | 0.9% | — | — | — | Decreased — |
TESLA INC | 779,300 | $350.5M | 0.7% | — | — | — | Increased — |
VANECK SEMICONDUCTOR ETF | 860,400 | $309.9M | 0.6% | — | — | — | Decreased — |
TAIWAN SEMICONDUCTOR SPONSORED ADR /1 ADR REPS 5 ORD SHS/ | 998,000 | $303.3M | 0.6% | — | — | — | Decreased — |
Parallax Volatility Advisers, L.P. manages $50.7B across 1605 positions as of Q4 2025. Top holdings: SPY (17.5%), QQQ (4.6%), QQQ (3.8%). Fund DNA: Momentum Trader. HoldingsIntel Rating: 1.5/5.0.
Active quarter - 200 new positions, 182 exits, 155 increased. No standout high-conviction moves this quarter. Portfolio: $50.7B across 1605 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer