PARALLAX VOLATILITY ADVISERS L P
Q4 2025 Form 13-F
SAN FRANCISCO, CALIFORNIA
CIK 0001521001
· CRD 158143
· SEC-registered investment adviser
$50.7B Reported Value Total
PARALLAX VOLATILITY ADVISERS, L.P. reports 3 total accounts under management (AUM). There are 3 discretionary accounts valued at $5,979,806,000, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
4 funds
· $7.2B gross asset value
Hedge Fund: $7.2B
Source: Form ADV filed 2026-03-19
Reported value
$50.7B
Quarter over quarter
+1.5%
Holdings
543
Top-10 concentration
40.0%
Key People
Form ADV owners & control persons
William Frederick Bartlett
CHIEF EXECUTIVE OFFICER, LIMITED PARTNER
Stephen Daniel Hutchison
PRINCIPAL PORTFOLIO MANAGER, LIMITED PARTNER
Jill Caroline Armstrong
CHIEF FINANCIAL OFFICER, CHIEF COMPLIANCE OFFICER, CHIEF OPERATING OFFICER, LIMITED PARTNER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $50.7B |
| Positions | 543 |
| Change in reported value | -23.1% |
| New positions | 200 |
| Exited positions | 183 |
| Position turnover | 52.8% |
| Top-10 concentration | 40.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
623 | $58.9B |
|
Q1 2026 13F
Filed May 15, 2026
|
589 | $38.6B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
543 | $50.7B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
523 | $65.9B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
473 | $44.4B |
|
Q1 2025 13F
Filed May 15, 2025
|
495 | $36.9B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
616 | $51.6B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
551 | $54.9B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
555 | $46.5B |
|
Q1 2024 13F
Filed May 15, 2024
|
531 | $44.7B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
563 | $49.0B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
630 | $44.8B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
648 | $45.9B |
|
Q1 2023 13F
Filed May 15, 2023
|
837 | $48.9B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
865 | $64.4B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
939 | $64.7B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
940 | $105.1B |
|
Q1 2022 13F
Filed May 16, 2022
|
909 | $191.6B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
921 | $110.9B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
915 | $52.0B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | SPY P SPDR S&P 500 ETF TR | $8.9B | 17.51% |
| 2 | QQQ P INVESCO QQQ TR | $2.3B | 4.57% |
| 3 | QQQ C INVESCO QQQ TR | $1.9B | 3.78% |
| 4 | SPY C SPDR S&P 500 ETF TR | $1.9B | 3.68% |
| 5 | IWM P ISHARES TR | $1.2B | 2.36% |
| 6 | TSLA P TESLA INC | $1.1B | 2.22% |
| 7 | XLF C SELECT SECTOR SPDR TR | $964.0M | 1.9% |
| 8 | NVDA P NVIDIA CORPORATION | $779.9M | 1.54% |
| 9 | XLF P SELECT SECTOR SPDR TR | $621.7M | 1.23% |
| 10 | META C META PLATFORMS INC | $613.5M | 1.21% |
| 11 | AAPL P APPLE INC | $588.0M | 1.16% |
| 12 | META P META PLATFORMS INC | $575.0M | 1.13% |
| 13 | GLD P SPDR GOLD TR | $517.2M | 1.02% |
| 14 | NVDA C NVIDIA CORPORATION | $500.5M | 0.99% |
| 15 | AVGO P BROADCOM INC | $489.8M | 0.97% |
| 16 | GOOGL P ALPHABET INC | $485.2M | 0.96% |
| 17 | GLD C SPDR GOLD TR | $465.8M | 0.92% |
| 18 | TSLA C TESLA INC | $350.5M | 0.69% |
| 19 | SMH P VANECK ETF TRUST | $309.9M | 0.61% |
| 20 | TSM P TAIWAN SEMICONDUCTOR MFG LTD | $303.3M | 0.6% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.