PVA is a California limited partnership that has been in business since 1996. Its managing
principals and principal owners consist of S. Daniel Hutchison, William Bartlett and Jill
Armstrong. Mr. Hutchison, as the principal portfolio manager, and Mr. Bartlett, as Chief
Executive Officer, are primarily responsible for day-to-day trading activities, and Ms.
Armstrong, as Chief Operating Officer, is primarily responsible for business operations.
PVA’s general partner is Parallax Volatility Advisers GP, LLC, and the managing
members and owners of that general partner are Mr. Hutchison, Mr. Bartlett, and Ms.
Armstrong.
As of December 31, 2022, PVA had total net discretionary assets under management of
approximately $3,011,824,540 and regulatory assets under management of approximately
$24,600,536,413. PVA only manages assets on a discretionary basis.
PVA currently manages two separate fund families as described below. Each fund family
is a master-feeder structure with a Cayman Islands exempted limited partnership master
fund (together, the “Master Funds”), a Cayman Islands corporation offshore feeder and a
US limited partnership onshore feeder. In each master-feeder arrangement, the two feeder
funds invest substantially all of their assets in the respective Master Fund. PVA’s affiliate,
Parallax Partners, LLC, a California limited liability company (“Parallax Partners”), is the
general partner to every limited partnership in these fund structures (i.e. each Cayman
Islands Master Fund and each onshore feeder fund). Each of the Master Funds and the
feeder funds is individually referred to as a “Fund,”
and they are referred to together as the
“Funds.”
Parallax Core: Parallax Master Fund, L.P., Parallax Fund, L.P., and Parallax Offshore
Investors Fund Ltd. are the “Parallax Core” funds. Parallax Fund, L.P. launched in 1996,
and the other Parallax Core Funds launched in 2007. Parallax Core invests in various types
of instruments, markets and trading strategies, including the sub-strategy described below,
which was incubated in Parallax Core and spun out in 2021, and other strategies that may
be spun out at a later date. To retain Parallax Core’s investment exposure to the Cega RV
strategy, Parallax Core holds an investment in the Cega RV fund family’s master fund.
Cega RV: Cega RV Master Fund, L.P., Cega RV Fund, L.P., and Cega RV Offshore Fund
Ltd. (“Cega RV”) launched February 1, 2021.
Additional information about each fund family’s investment strategies is in Item 8 of this
brochure. PVA is authorized to enter into any type of investment transaction that it deems
appropriate under the terms of each Master Fund’s respective Investment Adviser
Agreement.
PVA may launch additional investment funds and may manage additional client accounts
or funds at any point in the future. PVA may not update this brochure to reflect additional
clients if such change is immaterial.
Fund investors have no opportunity to select or evaluate any investments or strategies.
PVA selects all Master Funds’ investments and strategies. PVA does not tailor its advisory
services to the individual needs of particular Fund investors and manages each Master Fund
only in accordance with its stated strategy.