Parallax Volatility Advisers (PVA) manages a single fund family, Parallax Core, which employs an equity volatility relative value strategy. This strategy targets attractive risk-adjusted volatility exposures through options contracts and other securities. PVA's affiliate, Parallax Partners, LLC, is the general partner to the limited partnerships in this structure. Fund investors cannot select investments; PVA manages the fund according to its stated strategy.
Fee Structure
Parallax Volatility Advisers manages the Parallax Core funds, and investors in these funds pay a management fee of 1.65% per year, paid monthly. Investors also bear a performance allocation, with two options: a standard option allocating 25% of net profits exceeding cumulative losses, and a hurdle option allocating 35% of net profits exceeding a hurdle amount based on the Standard Overnight Financing Rate. Fees are generally non-negotiable, but may be waived for certain investors like PVA employees and their families.