Parallax Volatility Advisers, L.P.

CIK 0001521001 · Q2 2026

13F Equity AUM

$58.8B

+53.1% QoQ

Positions

782

+50 QoQ

AUM Rank

#168

Top 2%

Skill Alpha (FF)

+0.7%/yr^ns

No Clear Edge

Rank #2,135 · Top 26%

vs S&P +1.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 61.8%Top 10: 68.1%Top 20: 73.3%

SPY38.9%

NDQ15.5%

IWM3.4%

XLF2.1%

SMH1.9%

NVDA1.8%

GQ91.8%

TSLA0.9%

AMD0.9%

MU0.8%

Others (772)31.9%

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

Position Sizing

Positions: 782Median: 0.01%Avg: 0.13%

0–0.5%

767(28.9%)

0.5–1%

8(5.7%)

1–3%

4(7.6%)

3–5%

1(3.4%)

5%+

2(54.4%)

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

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Portfolio Overlap

Shared: 0Unique: 782vs 20 funds

0%Low

782

Fund positions

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.

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Position Changes This Quarter

New178Increased276Decreased276Exited115

New Positions

SPACE EXPLORATION TE…0.3%

+906K

ADSK0.2%

+477K

BURL0.1%

+253K

CARNIVAL CORP LTD0.1%

+1.8M

ETHA0.1%

+2.2M

RSP0.1%

+149K

CMCSA0.0%

+935K

SPG0.0%

+75K

EWY0.0%

+95K

WEC 4.375 06/01/290.0%

+15.0M

Increased

SPY38.9%

+18.4M(+150%)

NDQ15.5%

+5.0M(+67%)

SVMCN 4.75 12/15/290.0%

+4.8M(+96%)

MSTR 0 12/01/290.0%

+3.8M(+33%)

CMG0.2%

+3.1M(+1132%)

NU0.1%

+2.9M(+169%)

TLT0.5%

+2.4M(+370%)

RIG0.0%

+1.4M(+47%)

GQ91.8%

+1.3M(+86%)

EFA0.8%

+1.2M(+35%)

Decreased

XLF2.1%

-9,379,878(-29%)

NIO0.0%

-3,499,400(-80%)

HYG0.4%

-2,857,400(-49%)

WULF0.1%

-2,270,800(-51%)

BAC0.2%

-2,035,483(-50%)

CHEF 2.375 12/15/280.1%

-2,000,000(-13%)

XLE0.6%

-1,928,220(-23%)

MARA0.1%

-1,881,300(-46%)

CORZ0.1%

-1,841,047(-58%)

AAL0.3%

-1,683,830(-13%)

Exited

SPOT

-204,242

CCL

-2,653,700

ORACLE CORP

-1,042,038

-550,001

-35,000,000

-818,978

-219,371

-150,002

-65,274

-175,000

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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