Overview
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, 2023, PVA had total net discretionary assets under management of
approximately $1,811,536,380 and regulatory assets under management of approximately
$8,103,391,500. PVA only manages assets on a discretionary basis.
PVA currently manages a single fund family as described below, but it may launch
additional investment funds and may manage additional client accounts or funds in the
future. PVA may not update this brochure to reflect additional clients if such change is
immaterial.
Parallax Core: Parallax Master Fund, L.P., Parallax Fund, L.P., and Parallax Offshore
Investors Fund Ltd. are the “Parallax Core” funds. Parallax Core is a master-feeder
structure with a Cayman Islands exempted limited partnership master fund (the “Master
Fund”), a Cayman Islands corporation offshore feeder and a US limited partnership
onshore feeder. In the
master-feeder arrangement, the two feeder funds invest substantially
all of their assets in the Master Fund. PVA’s affiliate, Parallax Partners, LLC, a California
limited liability company (“Parallax Partners”), is the general partner to the limited
partnerships in this structure (i.e., the Master Fund and the onshore feeder fund). The
Master Fund and each feeder fund is individually referred to as a “Fund,” and they are
referred to together as the “Funds.” Parallax Fund, L.P. launched in 1996, and the other
Parallax Core Funds launched in 2007.
The Master Fund employs an equity volatility relative value strategy that targets the most
attractive risk adjusted portfolio of volatility exposures through US and non-US options
contracts (including covered and uncovered puts and calls) and other securities
instruments. The Master Fund invests in various types of instruments, markets and trading
strategies. Additional information about the Master Fund’s investment strategy 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 the Master Fund’s Investment Adviser Agreement.
Fund investors have no opportunity to select or evaluate any investments or strategies.
PVA selects all Master Fund investments and strategies. PVA does not tailor its advisory
services to the individual needs of particular Fund investors and manages the Master Fund
only in accordance with its stated strategy.