Invariant Investment Management
CIK 1850871 · View on SEC EDGAR ↗
- Portfolio value
- $170.6M
- Positions
- 68
- As of
- June 30, 2026
#6,978 of 9,443 by 13F value · top 73.9%
Portfolio value QoQ: +5.0% 13F does not disclose cash
- Top 10 holdings weight
- 74.01%
- Top 25 holdings weight
- 87.75%
- Positions above 1%
- 14
- Effective number of positions
- 12.6
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 8.23% Est. buys $15,178,677 · sells $13,707,895
- New positions
- 2
- Increased
- 31
- Decreased
- 25
- Closed
- 4
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Technology
2.8%
Financial Services
2.2%
Health Care
2.0%
Consumer Discretionary
1.6%
Industrials
1.4%
Retail
1.4%
Consumer Staples
1.2%
Energy
1.2%
Consumer products
0.8%
Utilities
0.2%
Communication Services
0.1%
Other/Unmapped
85.1%
Full portfolio 68 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| RSP | $26,491,998 | 15.53% | 123,219 | $3,079,644 | Up ×2 | ||
| IEF iShares 7-10 Year Treasury Bond ETF | $26,224,782 | 15.37% | 278,454 | $4,954,198 | Up ×2 | ||
| AVUV | $18,584,864 | 10.90% | 150,096 | $404,029 | Down ×1 | ||
| AVDV | $15,964,730 | 9.36% | 150,938 | $-1,639,975 | Down ×2 | ||
| SHY iShares 1-3 Year Treasury Bond ETF | $8,771,402 | 5.14% | 106,994 | $-2,033 | Up ×1 | ||
| VOO | $8,103,939 | 4.75% | 11,734 | $2,319,517 | Up ×2 | ||
| AVEM | $7,104,258 | 4.16% | 74,538 | $-5,606,563 | Down ×1 | ||
| SGOV iShares 0-3 Month Treasury Bond ETF | $5,998,980 | 3.52% | 59,727 | $-980,679 | Down ×2 | ||
| USMV | $5,076,872 | 2.98% | 51,863 | Up ×1 | |||
| JPST | $3,914,504 | 2.29% | 77,592 | $-187,457 | Down ×2 | ||
| AVUS | $3,014,253 | 1.77% | 23,562 | $343,256 | Up ×2 | ||
| JMST | $2,898,003 | 1.70% | 56,902 | $-31,584 | Down ×2 | ||
| BSMS Invesco BulletShares 2028 Municipal Bond ETF | $2,664,679 | 1.56% | 113,415 | $20,271 | Up ×2 | ||
| MBB iShares MBS ETF | $1,883,328 | 1.10% | 19,976 | $48,950 | Up ×2 | ||
| AAPL Apple Inc. - Common Stock | $1,404,947 | 0.82% | 4,494 | $178,717 | Down ×2 | ||
| MO Altria Group, Inc. | $1,363,823 | 0.80% | 18,974 | $63,368 | Down ×1 | ||
| V Visa Inc. | $1,310,908 | 0.77% | 3,669 | $201,561 | Up ×2 | ||
| CAH Cardinal Health, Inc. Common Stock | $1,293,624 | 0.76% | 5,446 | $79,509 | Down ×1 | ||
| AGG | $1,144,539 | 0.67% | 11,601 | $81,976 | Up ×2 | ||
| GWW W.W. Grainger, Inc. Common Stock | $1,142,220 | 0.67% | 834 | $108,351 | Down ×1 | ||
| MA Mastercard Incorporated Common Stock | $1,083,625 | 0.64% | 2,033 | $251,236 | Up ×2 | ||
| NVDA NVIDIA Corporation - Common Stock | $1,082,283 | 0.63% | 5,535 | $65,738 | Up ×1 | ||
| ADBE Adobe Inc. - Common Stock | $1,075,957 | 0.63% | 4,934 | $91,814 | Up ×2 | ||
| MCK McKesson Corporation Common Stock | $1,054,457 | 0.62% | 1,345 | $-141,473 | Down ×1 | ||
| CL Colgate-Palmolive Company Common Stock | $1,024,890 | 0.60% | 10,974 | $235,147 | Up ×2 | ||
| EQT EQT Corporation Common Stock | $953,233 | 0.56% | 18,434 | $-146,470 | Down ×1 | ||
| DPZ Domino's Pizza Inc - Common Stock | $920,298 | 0.54% | 3,008 | $217,898 | Up ×2 | ||
| EOG EOG Resources, Inc. Common Stock | $884,018 | 0.52% | 6,832 | $-65,358 | Down ×1 | ||
| ORLY O'Reilly Automotive, Inc. - Common Stock | $860,617 | 0.50% | 10,216 | $-108,895 | Down ×1 | ||
| BIL | $857,199 | 0.50% | 9,375 | $92,922 | Up ×1 | ||
| NTAP NetApp, Inc. - Common Stock | $843,137 | 0.49% | 5,155 | $99,606 | Down ×1 | ||
| ULTA Ulta Beauty, Inc. - Common Stock | $809,844 | 0.47% | 1,790 | $-151,709 | Down ×1 | ||
| LULU lululemon athletica inc. - Common Stock | $743,796 | 0.44% | 6,432 | $159,512 | Up ×2 | ||
| APO Apollo Global Management, Inc. (New) Common Stock | $729,554 | 0.43% | 5,972 | $152,798 | Up ×2 | ||
| JNJ Johnson & Johnson Common Stock | $694,994 | 0.41% | 2,680 | $59,465 | Up ×1 | ||
| LOW Lowe's Companies, Inc. Common Stock | $694,121 | 0.41% | 3,102 | $-185,328 | Down ×1 | ||
| BK The Bank of New York Mellon Corporation Common Stock | $692,233 | 0.41% | 4,616 | $101,078 | Up ×2 | ||
| TSLA Tesla, Inc. - Common Stock | $685,904 | 0.40% | 1,634 | $121,161 | |||
| LII Lennox International, Inc. Common Stock | $672,553 | 0.39% | 1,184 | $28,966 | Down ×1 | ||
| SPHQ | $584,189 | 0.34% | 6,600 | $61,675 | Up ×2 | ||
| IUSV iShares Core S&P U.S. Value ETF | $563,063 | 0.33% | 5,032 | $109,507 | Up ×2 | ||
| PHYS | $498,634 | 0.29% | 15,875 | $-75,089 | |||
| VTI | $474,191 | 0.28% | 1,276 | $47,423 | Up ×2 | ||
| PRFZ Invesco RAFI US 1500 Small-Mid ETF | $441,521 | 0.26% | 8,000 | $56,589 | |||
| PM Philip Morris International Inc Common Stock | $430,048 | 0.25% | 2,328 | $-148,136 | Down ×1 | ||
| CZR Caesars Entertainment, Inc. - Common Stock | $412,496 | 0.24% | 13,686 | $50,638 | |||
| BSMW Invesco BulletShares 2032 Municipal Bond ETF | $410,518 | 0.24% | 16,316 | $4,135 | Up ×2 | ||
| BSMT Invesco BulletShares 2029 Municipal Bond ETF | $388,568 | 0.23% | 16,869 | $758 | Up ×1 | ||
| GLD | $386,333 | 0.23% | 1,011 | $-56,394 | |||
| MSFT Microsoft Corporation - Common Stock | $378,588 | 0.22% | 979 | $51,323 | Up ×1 | ||
| VCSH Vanguard Short-Term Corporate Bond ETF | $359,162 | 0.21% | 4,555 | $-1,958 | |||
| ABBV AbbVie Inc. Common Stock | $355,688 | 0.21% | 1,396 | $42,989 | Down ×2 | ||
| EMLC | $338,849 | 0.20% | 13,241 | $-34,956 | Down ×2 | ||
| TDG Transdigm Group Incorporated Common Stock | $335,468 | 0.20% | 249 | $30,055 | |||
| PPL PPL Corporation Common Stock | $318,117 | 0.19% | 8,810 | $-30,176 | Up ×2 | ||
| VSDA VictoryShares Dividend Accelerator ETF | $304,669 | 0.18% | 5,160 | $16,503 | |||
| PG Procter & Gamble Company (The) Common Stock | $280,366 | 0.16% | 1,878 | $5,675 | Up ×2 | ||
| BND Vanguard Total Bond Market ETF | $275,483 | 0.16% | 3,767 | $-1,386 | Up ×1 | ||
| EFAV | $265,667 | 0.16% | 2,976 | $25,827 | Up ×1 | ||
| HSY The Hershey Company Common Stock | $260,048 | 0.15% | 1,465 | $-46,713 | Up ×1 | ||
| CVX Chevron Corporation Common Stock | $256,494 | 0.15% | 1,526 | $-27,469 | Up ×1 | ||
| BSMR Invesco BulletShares 2027 Municipal Bond ETF | $252,782 | 0.15% | 10,688 | $-622 | Down ×2 | ||
| VWO | $244,131 | 0.14% | 4,064 | $14,753 | |||
| GOOGL Alphabet Inc. - Class A Common Stock | $240,936 | 0.14% | 657 | $20,518 | Down ×2 | ||
| VGSH Vanguard Short-Term Treasury ETF | $222,452 | 0.13% | 3,828 | $-50,720 | Down ×2 | ||
| DFAT | $215,558 | 0.13% | 3,090 | $14,770 | |||
| VTV | $200,788 | 0.12% | 915 | Up ×1 | |||
| WNC Wabash National Corporation Common Stock | $156,668 | 0.09% | 12,051 | $39,761 | Down ×1 | ||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| USMV | $5,076,872 | 51,863 | 2.98% |
| VTV | $200,788 | 915 | 0.12% |
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| KLAC | June 30, 2026 | 421 | $727,240 | -38.6% |
| IT | March 31, 2026 | 1,637 | $406,009 | 21.9% |
| BSMQ | June 30, 2026 | 14,137 | $334,403 | |
| AVRE | March 31, 2026 | 7,472 | $328,688 | No longer tracked |
| AMAT | June 30, 2026 | 782 | $311,132 | -31.7% |
| XLE | March 31, 2026 | 5,328 | $248,642 | No longer tracked |
| BX | March 31, 2026 | 1,492 | $235,227 | 24.6% |
| SLV | June 30, 2026 | 3,028 | $207,085 | No longer tracked |
| IEI | March 31, 2026 | 1,694 | $202,124 |