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Parallax Volatility Advisers, L.P.
Parallax Volatility Advisers, L.P. is an asset management firm headquartered in San Francisco, California, operating primarily as a hedge fund. The firm was founded in 1996 and specializes in volatility trading strategies. It has fewer than 50 employees and manages investment portfolios for institutional clients, such as pension funds, foundations, and high-net-worth individuals.
Investment Strategy
Parallax Volatility Advisers, L.P. employs options-based, volatility-oriented trading strategies, seeking to generate risk-adjusted returns by capitalizing on inefficiencies in global equity and options markets. The approach integrates quantitative analysis, proprietary models, and active risk management. The firm focuses on option arbitrage, volatility trading, and relative value strategies, aiming to achieve returns while controlling exposure to broader market risks.
Latest 13F Filing Activity
Parallax Volatility Advisers, L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 398 equity positions and 1,011 options positions with a total 13F market value of $44B. The fund increased holdings in Arm Holdings PLC, Netflix Inc., Ge Aerospace among other positions. Parallax Volatility Advisers, L.P. reduced exposure to Taiwan Semiconductor MFG LTD, Tesla Inc., Apple Inc. among others.
Top Holdings
Equity Positions (398)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NVDA | NVIDIA CORPORATION | 0.44% | $193.6M | 1,237,449 | $70.94 | $157.99 | +$21.6M |
A ARM | ARM HOLDINGS PLC | 0.22% | $96.0M | 593,626 | $146.19 | $161.74 | +$70.3M |
N NFLX | NETFLIX INC | 0.21% | $92.4M | 68,984 | $1104.83 | $1339.13 | +$58.1M |
N NET | CLOUDFLARE INC | 0.16% | $68.9M | 360,365 | $130.70 | $195.83 | +$39.8M |
G GEV | GE VERNOVA INC | 0.13% | $59.1M | 111,761 | $259.51 | $529.15 | +$15.0M |
Options Positions (1,011)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $8.39B | 135,757 | $617.85 | $555.85 | +67,753 | +$4.58B |
Q QQQ | INVESCO QQQ TR | Bought | Put | $3.41B | 61,877 | $551.64 | $392.25 | +3,253 | +$664.4M |
Q QQQ | INVESCO QQQ TR | Sold | Call | $1.29B | 23,374 | $551.64 | $338.48 | -2,016 | +$98.8M |
I IWM | ISHARES TR | Sold | Put | $1.11B | 51,507 | $215.79 | $193.00 | -1,936 | +$45.3M |
S SPY | SPDR S&P 500 ETF TR | Bought | Call | $1.07B | 17,276 | $617.85 | $559.73 | +4,607 | +$358.7M |
Industry Allocation
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