§ 13F · FUND PROFILE
Parallax Volatility Advisers, L.P..
Volatility arbitrage, options strategies
AUM · $65941.7T (13F)Positions · 1573Turnover · 91% · Q4Filed · Feb 17, 2026
CONCENTRATION
40%
Top 10 holdings
NEW BUYS
+226
+$666.4T deployed
EXITS
0
No exits
SECTOR SHIFT
RETAIL → OTHER
1pp · +6pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF TR | 13.02M | $8875.6T | 17.5% | −61% |
| 2 | QQQ | INVESCO QQQ TR | 3.77M | $2315.1T | 4.6% | −47% |
| 3 | QQQ | INVESCO QQQ TR | 3.12M | $1914.4T | 3.8% | −56% |
| 4 | SPY | SPDR S&P 500 ETF TR | 2.73M | $1863.6T | 3.7% | −92% |
| 5 | IWM | ISHARES TR | 4.86M | $1197.3T | 2.4% | +75% |
| 6 | TSLA | TESLA INC | 2.51M | $1127.0T | 2.2% | +364% |
| 7 | XLF | SELECT SECTOR SPDR TR | 17.60M | $964.0T | 1.9% | +12% |
| 8 | NVDA | NVIDIA CORPORATION | 4.18M | $779.9T | 1.5% | +76% |
| 9 | XLF | SELECT SECTOR SPDR TR | 11.35M | $621.7T | 1.2% | −28% |
| 10 | META | META PLATFORMS INC | 929K | $613.5T | 1.2% | +226% |
§ 02 · SECTOR ALLOCATION
Where the money is
Other20.6% (+6pp)
Technology9.1% (+3pp)
Semiconductors7.3% (+1pp)
Media6.2% (+1pp)
Financial Services5.7% (+2pp)
Retail4.0% (+1pp)
§ 03 · THE PARALLAX SIGNAL
AC read
Parallax Volatility Advisers, L.P. is a Systematic / Quant fund managing $65941655.0 trillion in assets. The fund runs a massive portfolio of 1,573 positions, moderate concentration, with the top 10 accounting for 40%. Trading activity is aggressive at 91% quarterly turnover, with 226 new positions and 0 exits last quarter. Top sector allocations: Other (21%), Technology (9%), Semiconductors (7%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Busy quarter
+226 buys · −0 exits · 1237 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed