Parallax Volatility Advisers, L.P.

CIK 0001521001 · Q1 2026

13F Equity AUM

$38.4B

-24.1% QoQ

Positions

732

-57 QoQ

AUM Rank

#268

Top 2%

Skill Alpha (FF)

+0.6%/yr^ns

No Clear Edge

Rank #1,856 · Top 23%

vs S&P -0.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 43.1%Top 10: 50.6%Top 20: 60.1%

SPY20.8%

NDQ11.2%

IWM4.6%

XLF4.4%

NVDA2.1%

SMH1.8%

GQ91.7%

META1.5%

AMZN1.3%

TSLA1.2%

Others (722)49.4%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services60.5%

Technology14.2%

Consumer Cyclical6.1%

Communication Services4.8%

Energy4.3%

Industrials2.9%

Other7.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 732Median: 0.01%Avg: 0.14%

0–0.5%

701(32.9%)

0.5–1%

17(11.8%)

1–3%

10(14.3%)

3–5%

2(9.0%)

5%+

2(31.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 612Unique: 120vs 20 funds

8.2%Low

732

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

11.7%

MORGAN STANLEY

10.5%

BANK OF AMERICA CORP /DE/

11.6%

BlackRock, Inc.

13.3%

STATE STREET CORP

14.2%

FMR LLC

15.9%

GEODE CAPITAL MANAGEMENT, LLC

13.2%

VANGUARD CAPITAL MANAGEMENT LLC

13.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

14.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New179Increased200Decreased349Exited233

New Positions

NEXTERA ENERGY INC0.5%

+2.0M

ORACLE CORP0.1%

+1.0M

IGV0.1%

+463K

LITE0.1%

+34K

AAOI0.1%

+219K

CHRW0.1%

+105K

HWM0.0%

+65K

GLNG0.0%

+327K

SVMCN 4.75 12/15/290.0%

+5.0M

LYB0.0%

+141K

Increased

IBIT1.0%

+4.4M(+90%)

XLF4.4%

+3.3M(+11%)

HYG1.2%

+3.3M(+126%)

CBRL 0.625 06/15/260.0%

+3.0M(+75%)

BTDR0.1%

+2.6M(+133%)

XLE1.2%

+2.1M(+34%)

RIG0.1%

+1.6M(+105%)

PINS0.1%

+1.5M(+3255%)

GDX0.7%

+1.5M(+112%)

HAL0.2%

+1.5M(+159%)

Decreased

NIO0.1%

-5,062,400(-54%)

COIN 0.5 06/01/260.1%

-5,000,000(-13%)

WULF0.2%

-4,202,451(-49%)

SPY20.8%

-3,616,073(-23%)

PAR 1.5 10/15/270.0%

-3,250,000(-52%)

NU0.1%

-3,186,900(-65%)

RIOT0.1%

-2,828,200(-60%)

SLV0.8%

-2,602,929(-37%)

CMG0.0%

-2,530,126(-90%)

AFRM 0 11/15/260.0%

-2,500,000(-24%)

Exited

BURL

-173,100

CAVA

-653,342

-137,301

-129,865

-795,008

-20,000,000

-18,000,000

-20,000,000

-37,216

-16,457,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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