When Fund Holdings Change: A Q3 vs. Q4 2022 Comparison of Parallax Volatility Advisers

2022 has been an interesting year for the stock market, with events like the pandemic and political upheavals affecting investors worldwide. One way to keep track of these events is by examining SEC Form 13F filings. Parallax Volatility Advisers, L.P's Q3 vs.Q4 2022 comparison shows how the fund’s holdings have evolved during this time across various industries. SPDR S&P 500 ETF TR: Put Changed from Q3 to Q4 The SPDR S&P 500 ETF is a classic index that tracks the overall performance of the US stock market. Throughout Q3 2022, Parallax Volatility Advisers, L.P held put options on 18,797,700 shares. However, this position changed in Q4 2022 when they held put options on only 15,932,500 shares, a decrease of 9.3%. The corresponding value decreased from $6,714,157 to $6,093,065. INVESCO QQQ TR: Put Increased, Call Decreased from Q3 to Q4 The Invesco QQQ trust is an index-traded fund that includes tech heavyweights like Amazon, Google, and Apple. In terms of options held on the QQQ, Parallax Volatility Advisers, L.P increased their put options from 7,318,200 shares to 9,986,900 shares, a 36% increase. Meanwhile, they decreased their call options from 5,524,100 shares to 5,389,600 shares, a 2.8% decrease. The value of the put options increased from $1,955,869 to $2,659,311. JPMORGAN CHASE & CO: Call and Put Increased Substantially from Q3 to Q4 Another interesting change occurred with JPMorgan Chase & Co. In Q4 2022, Parallax Volatility Advisers increased their holdings of both call and put options. They held put options on 5,372,200 shares in Q4, compared to only 2,168,100 in Q3. Meanwhile, they held call options on 4,493,600 shares in Q4, compared to only 2,134,600 in Q3. The value of the holdings increased from $449,960 to $1,322,003 for calls and $226,566 to $720,412 for puts. ISHARES TR: Major Shift from Q3 to Q4 with Puts and Calls A more dramatic transition was seen in the case of iShares TR. For puts, Parallax Volatility Advisers shifted from holdings of 13,180,700 shares in Q3 to only 6,370,400 shares in Q4. This represented a decrease of almost 50%. For calls, they held 6,694,800 shares in Q3 and only 4,342,200 shares in Q4. This represented a decrease of 31.4%. The corresponding values were also affected, with the value of puts decreasing from $2,173,736 to $1,110,742 and the value of calls decreasing from $1,104,088 to $757,105. Concluding Thoughts Overall, Parallax Volatility Advisers, L.P's Q3 vs. Q4 2022 comparison shows a mix of changes in holdings across several companies and sectors. Some changes were subtle, while others were more significant. It is important for investors to keep track of these changes, as they could provide insights into the likely direction of the market. By tracking SEC Form 13F filings, investors can see the moves that professional fund managers are making and potentially use this data to inform their own investment decisions.