CIK: 0001850871
Total reported value
$170.6M
Reporting period: 2026-06-30 · Number of holdings: 68
Invariant Investment Management disclosed 68 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $170.6M and a quarterly turnover rate of 18.5%.
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Invariant Investment Management's disclosed holdings carry a Herfindahl concentration index of 0.080 — mathematically equivalent to about 13 equally-sized positions, well below its 68 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.12), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 15% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim AVEM
-49.8% -$5.6M
New buy USMV
Add IEF
+24.9% $5.0M
Trim AVDV
-10.0% -$1.6M
Add VOO
+26.8% $2.3M
Add RSP
+4.2% $3.1M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 15.53% | +1.12% | +4.25% | |
| 2 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 15.37% | +2.28% | +24.93% | |
| 3 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 10.90% | -0.29% | -4.68% | |
| 4 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 9.36% | -1.48% | -10.01% | |
| 5 | SHY | Ishares 1-3 Year Treasury Bo | ETF-Gov Bonds | 5.14% | — | +0.54% | |
| 6 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 4.75% | +1.19% | +26.79% | |
| 7 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 4.16% | -3.66% | -49.77% | |
| 8 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 3.52% | -0.78% | -14.03% | |
| 9 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 2.98% | +2.98% | NEW | |
| 10 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 2.29% | -0.24% | -4.48% | |
| 11 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 1.77% | +0.13% | +2.67% | |
| 12 | JMST | JPM Ultra-short Muni Income | ETF-Other | 1.70% | — | -1.11% | |
| 13 | BSMS | Invesco Bulletshares 2028 Mb | ETF-Other | 1.56% | — | +0.68% | |
| 14 | MBB | Ishares Mbs ETF | ETF-Other | 1.10% | -0.03% | +3.63% | |
| 15 | AAPL | Apple INC | Stock-Tech | 0.82% | +0.07% | -4.53% | |
| 16 | MO | Altria Group INC | Stock-Consumer Staples | 0.80% | — | -1.57% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 0.77% | +0.09% | +1.97% | |
| 18 | CAH | Cardinal Health INC | Stock-Healthcare | 0.76% | +0.01% | -3.20% | |
| 19 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.67% | +0.02% | +8.62% | |
| 20 | GWW | Ww Grainger INC | Stock-Industrials | 0.67% | +0.03% | -5.44% | |
| 21 | MA | Mastercard INC - A | Stock-Financials | 0.64% | +0.13% | +22.99% | |
| 22 | NVDA | Nvidia CORP | Stock-Tech | 0.63% | — | +0.14% | |
| 23 | ADBE | Adobe INC | Stock-Tech | 0.63% | +0.02% | +15.28% | |
| 24 | MCK | Mckesson CORP | Stock-Healthcare | 0.62% | -0.12% | -1.75% | |
| 25 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.60% | +0.11% | +19.56% | |
| 26 | EQT | Eqt CORP | Stock-Energy | 0.56% | -0.12% | -0.31% | |
| 27 | DPZ | Domino's Pizza INC | Stock-Consumer Disc | 0.54% | +0.11% | +59.83% | |
| 28 | EOG | Eog Resources INC | Stock-Energy | 0.52% | -0.06% | -1.71% | |
| 29 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 0.50% | -0.10% | -0.53% | |
| 30 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.50% | +0.03% | +12.19% | |
| 31 | NTAP | Netapp INC | Stock-Tech | 0.49% | +0.03% | -33.67% | |
| 32 | ULTA | Ulta Beauty INC | Stock-Consumer Disc | 0.47% | -0.12% | -0.83% | |
| 33 | LULU | Lululemon Athletica INC | Stock-Consumer Disc | 0.44% | +0.08% | +83.30% | |
| 34 | APO | Apollo Global Management INC | Stock-Financials | 0.43% | +0.07% | +10.78% | |
| 35 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.41% | +0.02% | +1.75% | |
| 36 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.41% | -0.13% | -12.60% | |
| 37 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.41% | +0.05% | +0.39% | |
| 38 | TSLA | Tesla INC | Stock-Consumer Disc | 0.40% | +0.05% | — | |
| 39 | LII | Lennox International INC | Stock-Industrials | 0.39% | — | -10.10% | |
| 40 | SPHQ | Invesco S&p 500 Quality ETF | ETF-Large Cap & Growth | 0.34% | +0.02% | +0.02% | |
| 41 | IUSV | Ishares Core S&p U.s. Value | ETF-Other | 0.33% | +0.05% | +16.72% | |
| 42 | PHYS | Sprott Physical Gold Trust | Stock-Other | 0.29% | -0.06% | — | |
| 43 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.28% | +0.02% | +0.31% | |
| 44 | PRFZ | Inv Rafi US 1500 Sm-usd INC | ETF-Other | 0.26% | +0.02% | — | |
| 45 | PM | Philip Morris International | Stock-Consumer Staples | 0.25% | -0.11% | -35.08% | |
| 46 | CZR | Caesars Entertainment INC | Stock-Consumer Disc | 0.24% | +0.02% | — | |
| 47 | BSMW | Invesco Bulletshares 2032 Mb | ETF-Other | 0.24% | — | +0.80% | |
| 48 | BSMT | Invesco Bulletshares 2029 Mb | ETF-Other | 0.23% | — | +0.57% | |
| 49 | GLD | Spdr Gold Shares | ETF-Commodities | 0.23% | -0.04% | — | |
| 50 | MSFT | Microsoft CORP | Stock-Tech | 0.22% | +0.02% | +11.63% |
Performance for Q3 2026
+2.1%
Performance Last 4 Quarters
+2%
Based on 5 months of available history
Based on 89% of reported portfolio value with available pricing
Invariant Investment Management's most significant position changes for 2026-06-30: New buy: Ishares Msci USA Min Vol Fac (USMV); Sold out: Kla CORP (KLAC); Sold out: Invesco Bulletshares 2026 Mb (BSMQ); Sold out: Applied Materials INC (AMAT); Sold out: Ishares Silver Trust (SLV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | USMV | Ishares Msci USA Min Vol Fac | +3% | NEW | New buy |
| 2 | IEF | Ishares 7-10 Year Treasury B | +2.3% | +24.93% | Add |
| 3 | VOO | Vanguard S&p 500 ETF | +1.2% | +26.79% | Add |
| 4 | RSP | Invesco S&p 500 Equal Weight | +1.1% | +4.25% | Add |
| 5 | AVUS | Avantis U.s. Equity ETF | +0.1% | +2.67% | Add |
| 6 | MA | Mastercard INC - A | +0.1% | +22.99% | Add |
| 7 | VTV | Vanguard Value ETF | +0.1% | NEW | New buy |
| 8 | CL | Colgate-palmolive Co | +0.1% | +19.56% | Add |
| 9 | DPZ | Domino's Pizza INC | +0.1% | +59.83% | Add |
| 10 | V | Visa Inc-class A Shares | +0.1% | +1.97% | Add |
| 11 | LULU | Lululemon Athletica INC | +0.1% | +83.30% | Add |
| 12 | AAPL | Apple INC | +0.1% | -4.53% | Trim |
| 13 | APO | Apollo Global Management INC | +0.1% | +10.78% | Add |
| 14 | TSLA | Tesla INC | +0.1% | — | Unchanged |
| 15 | IUSV | Ishares Core S&p U.s. Value | +0.1% | +16.72% | Add |
| 16 | BNY | Bank Of New York Mellon CORP | +0.1% | +0.39% | Add |
| 17 | GWW | Ww Grainger INC | 0% | -5.44% | Trim |
| 18 | NTAP | Netapp INC | 0% | -33.67% | Trim |
| 19 | BIL | Ss Spdr Bb 1-3m T-bill ETF | 0% | +12.19% | Add |
| 20 | ADBE | Adobe INC | 0% | +15.28% | Add |
| 21 | AGG | Ishares Core U.s. Aggregate | 0% | +8.62% | Add |
| 22 | SPHQ | Invesco S&p 500 Quality ETF | 0% | +0.02% | Add |
| 23 | JNJ | Johnson & Johnson | 0% | +1.75% | Add |
| 24 | PRFZ | Inv Rafi US 1500 Sm-usd INC | 0% | — | Unchanged |
| 25 | MSFT | Microsoft CORP | 0% | +11.63% | Add |
| 26 | CZR | Caesars Entertainment INC | 0% | — | Unchanged |
| 27 | VTI | Vanguard Total Stock Mkt ETF | 0% | +0.31% | Add |
| 28 | CAH | Cardinal Health INC | 0% | -3.20% | Trim |
| 29 | NVDA | Nvidia CORP | — | +0.14% | Add |
| 30 | MO | Altria Group INC | — | -1.57% | Trim |
| 31 | MBB | Ishares Mbs ETF | 0% | +3.63% | Add |
| 32 | GLD | Spdr Gold Shares | 0% | — | Unchanged |
| 33 | VGSH | Vanguard Short-term Treasury | 0% | -18.10% | Trim |
| 34 | PHYS | Sprott Physical Gold Trust | -0.1% | — | Unchanged |
| 35 | EOG | Eog Resources INC | -0.1% | -1.71% | Trim |
| 36 | ORLY | O'reilly Automotive INC | -0.1% | -0.53% | Trim |
| 37 | PM | Philip Morris International | -0.1% | -35.08% | Trim |
| 38 | ULTA | Ulta Beauty INC | -0.1% | -0.83% | Trim |
| 39 | EQT | Eqt CORP | -0.1% | -0.31% | Trim |
| 40 | MCK | Mckesson CORP | -0.1% | -1.75% | Trim |
| 41 | SLV | Ishares Silver Trust | -0.1% | EXIT | Sold out |
| 42 | LOW | Lowe's Cos INC | -0.1% | -12.60% | Trim |
| 43 | AMAT | Applied Materials INC | -0.2% | EXIT | Sold out |
| 44 | BSMQ | Invesco Bulletshares 2026 Mb | -0.2% | EXIT | Sold out |
| 45 | JPST | Jpmorgan Ultra-short Income | -0.2% | -4.48% | Trim |
| 46 | AVUV | Avantis US Small Cap Value | -0.3% | -4.68% | Trim |
| 47 | KLAC | Kla CORP | -0.5% | EXIT | Sold out |
| 48 | SGOV | Ishares 0-3 Month Treasury B | -0.8% | -14.03% | Trim |
| 49 | AVDV | Avantis Intl S/c Value ETF | -1.5% | -10.01% | Trim |
| 50 | AVEM | Avantis Emerging Markets Eq | -3.7% | -49.77% | Trim |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-06-30 | 2026-07-08 | 13F-HR | View on EDGAR |
| 2026-03-31 | 2026-04-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-26 | 13F-HR | View on EDGAR |
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