§ 13F · FUND PROFILE
Parallax Volatility Advisers, L.P..
Volatility arbitrage, options strategies
AUM · $65.9B (13F)Positions · 1573Turnover · 51% · Q1Filed · May 15, 2026
CONCENTRATION
43%
Top 10 holdings
NEW BUYS
+179
+$658M deployed
EXITS
0
No exits
SECTOR SHIFT
OTHER → TECHNOLOGY
-3pp · +-1pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q1 2026
FILED MAY 15, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | 9.70M | $6.3B | 16.4% | −23% |
| 2 | QQQ | INVESCO QQQ TR | 4.21M | $2.4B | 6.3% | +8% |
| 3 | QQQ | INVESCO QQQ TR | 3.23M | $1.9B | 4.8% | — |
| 4 | SPY | STATE STR SPDR S&P 500 ETF T | 2.57M | $1.7B | 4.3% | — |
| 5 | IWM | ISHARES TR | 4.26M | $1.1B | 2.7% | +8% |
| 6 | XLF | SELECT SECTOR SPDR TR | 16.04M | $839M | 2.2% | +11% |
| 7 | XLF | SELECT SECTOR SPDR TR | 14.16M | $740M | 1.9% | — |
| 8 | IWM | ISHARES TR | 2.94M | $728M | 1.9% | — |
| 9 | NVDA | NVIDIA CORPORATION | 2.57M | $448M | 1.2% | −32% |
| 10 | SMH | VANECK ETF TRUST | 1.09M | $417M | 1.1% | +11% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other17.8% (−3pp)
Technology7.9% (−1pp)
Semiconductors6.1% (−1pp)
Media4.3% (−2pp)
Energy4.3%
Financial Services3.6% (−2pp)
§ 03 · THE PARALLAX SIGNAL
AC read
Parallax Volatility Advisers, L.P. is a Systematic / Quant fund managing $65.9 billion in assets. The fund runs a massive portfolio of 1,573 positions, moderate concentration, with the top 10 accounting for 43%. Trading activity is aggressive at 51% quarterly turnover, with 179 new positions and 0 exits last quarter. Top sector allocations: Other (18%), Technology (8%), Semiconductors (6%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q1 2026
Busy quarter
+179 buys · −0 exits · 549 changed
Q4 2025
Busy quarter
+154 buys · −0 exits · 586 changed
Q3 2025
Busy quarter
+825 buys · −0 exits · 0 changed