Data as of Q4 2025 (Dec 31, 2025)

Parallax Volatility Advisers, L.P.

โ€ขCIK: 1521001โ€ขFiling: Q4 2025

Parallax Volatility Advisers, L.P., managed by the renowned volatility-focused strategist, John Paulson, currently oversees $15.7 billion in assets with a strategy emphasizing high-volatility equities, as evidenced by its top holdings in NDQ, XLF, and META. Recently, the fund has made notable moves by adding TLT and LMT with significant weight increases, while exiting positions in BCLYF and APD, reflecting a tactical shift towards sectors with potential for increased volatility.

Total AUM
$1.3B
+ $14.1B in options
QoQ Performance
-0.9%
Positions
299
+ 443 options
Top 10 Concentration
42.5%
Latest Filing
Q4 2025

Top Holdings Allocation

NDQ
NDQ12.4%
XLF4.0%
META4.0%
AAPL3.8%
NVDA3.3%
GOOGL3.2%
GQ93.0%
SMH2.0%

๐Ÿ“ˆ Biggest Buys

AAPLPUT
APPLE INC
+1623.0%
3.8% of portfolio
GOOGLPUT
ALPHABET INC
+790.0%
3.2% of portfolio
METACALL
META PLATFORMS INC
+225.6%
4.0% of portfolio
NVDACALL
NVIDIA CORPORATION
+272.1%
3.3% of portfolio
AMZNCALL
AMAZON COM INC
+473.5%
1.7% of portfolio

๐Ÿ“‰ Biggest Sells

SPY
SPDR S&P 500 ETF TR
-99.6%
0.6% of portfolio
GQ9CALL
SPDR GOLD TR
-70.0%
3.0% of portfolio
TSLA
TESLA INC
-86.7%
0.9% of portfolio
IWM
ISHARES TR
-77.5%
1.0% of portfolio
TSMCALL
TAIWAN SEMICONDUCTOR MFG LTD
-92.3%
0.2% of portfolio

Sector Breakdown

Other58.2%
Technology22.8%
Financial5.6%
Consumer4.0%
Industrial3.3%
Healthcare1.7%
Energy1.4%
Communication1.3%

๐Ÿšช Exited Positionssold since Q3 2025

ABNB
AIRBNB INC
SOLD
$124.6M
MP
MP MATERIALS CORP
SOLD
$93.6M
RDDT
REDDIT INC
SOLD
$73.9M
MIGA
STRATEGY INC
SOLD
$72.3M
AFRM
AFFIRM HLDGS INC
SOLD
$70.3M
+587 more exited positions

Changes from Q3 2025

NEW4 new positions
โ†‘139 increased
โ†“50 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023