II
Invariant Investment Management 13F Filing (Q3 2026) — Top Positions & Stock Picks
Invariant Investment ManagementCIK: 0001850871
Diversified strategyMomentum followerLong-term holder
Total reported value
$173.0M
Reporting period: 2026-09-30 · Number of holdings: 69
Invariant Investment Management disclosed 69 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $173.0M and a quarterly turnover rate of 8.0%.
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Personality snowflake
- Concentration
- 31.61
- Portfolio Stability
- 8.01
- Momentum
- 100
- Sector conviction
- 51.13
- Diversification
- 100
- Sizing Uniformity
- 78.75
Invariant Investment Management's disclosed holdings carry a Herfindahl concentration index of 0.079 — mathematically equivalent to about 13 equally-sized positions, well below its 69 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 2.13), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd VOO
+13.9% $1.4M
Sold out GWW
Sold out EOG
Add AVDV
+3.5% $1.1M
New buy AZO
Sold out LII
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 15.22% | -0.15% | +6.15% | |
| 2 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 15.20% | -0.33% | +1.78% | |
| 3 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 10.64% | -0.26% | +2.16% | |
| 4 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 9.86% | +0.50% | +3.55% | |
| 5 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 5.47% | +0.72% | +13.91% | |
| 6 | SHY | Ishares 1-3 Year Treasury Bo | ETF-Gov Bonds | 5.05% | -0.09% | +0.77% | |
| 7 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 4.19% | +0.03% | +1.85% | |
| 8 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 3.47% | -0.05% | — | |
| 9 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 2.99% | +0.01% | +1.39% | |
| 10 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 2.04% | -0.25% | -9.25% | |
| 11 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 1.80% | +0.03% | +2.12% | |
| 12 | JMST | JPM Ultra-short Muni Income | ETF-Other | 1.66% | -0.04% | +0.05% | |
| 13 | BSMS | Invesco Bulletshares 2028 Mb | ETF-Other | 1.50% | -0.06% | +0.18% | |
| 14 | MBB | Ishares Mbs ETF | ETF-Other | 1.06% | -0.04% | +2.64% | |
| 15 | AAPL | Apple Inc | Stock-Tech | 0.86% | +0.04% | -0.56% | |
| 16 | MO | Altria Group Inc | Stock-Consumer Staples | 0.85% | +0.05% | +15.40% | |
| 17 | ADBE | Adobe Inc | Stock-Tech | 0.77% | +0.14% | +13.52% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 0.77% | — | +0.55% | |
| 19 | NVDA | Nvidia CORP | Stock-Tech | 0.75% | +0.12% | +0.11% | |
| 20 | CAH | Cardinal Health Inc | Stock-Healthcare | 0.72% | -0.04% | -0.28% | |
| 21 | MCK | Mckesson CORP | Stock-Healthcare | 0.70% | +0.08% | +0.22% | |
| 22 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.68% | +0.18% | +37.41% | |
| 23 | MA | Mastercard Inc - A | Stock-Financials | 0.65% | +0.01% | +0.44% | |
| 24 | DPZ | Domino's Pizza Inc | Stock-Consumer Disc | 0.60% | +0.06% | +15.06% | |
| 25 | ULTA | Ulta Beauty Inc | Stock-Consumer Disc | 0.57% | +0.10% | +2.07% | |
| 26 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 0.56% | +0.06% | +12.00% | |
| 27 | EQT | Eqt CORP | Stock-Energy | 0.55% | -0.01% | +2.07% | |
| 28 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.54% | -0.06% | +0.67% | |
| 29 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.49% | -0.18% | -22.77% | |
| 30 | AZO | Autozone Inc | Stock-Consumer Disc | 0.45% | +0.45% | NEW | |
| 31 | LULU | Lululemon Athletica Inc | Stock-Consumer Disc | 0.41% | -0.03% | +16.25% | |
| 32 | APO | Apollo Global Management Inc | Stock-Financials | 0.40% | -0.03% | +2.68% | |
| 33 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.39% | -0.02% | -1.31% | |
| 34 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.39% | -0.02% | +0.39% | |
| 35 | NTAP | Netapp Inc | Stock-Tech | 0.38% | -0.11% | -44.31% | |
| 36 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.35% | -0.05% | — | |
| 37 | IDXX | Idexx Laboratories Inc | Stock-Healthcare | 0.34% | +0.34% | NEW | |
| 38 | AOS | Smith (a.o.) CORP | Stock-Industrials | 0.34% | +0.34% | NEW | |
| 39 | LOW | Lowe's Cos Inc | Stock-Consumer Disc | 0.33% | -0.08% | +1.90% | |
| 40 | IUSV | Ishares Core S&p U.s. Value | ETF-Other | 0.32% | -0.01% | +0.44% | |
| 41 | SPHQ | Invesco S&p 500 Quality ETF | ETF-Large Cap & Growth | 0.32% | -0.02% | +0.02% | |
| 42 | ADSK | Autodesk Inc | Stock-Tech | 0.31% | +0.31% | NEW | |
| 43 | PHYS | Sprott Physical Gold Trust | Stock-Other | 0.29% | — | — | |
| 44 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.28% | — | +0.86% | |
| 45 | MSFT | Microsoft CORP | Stock-Tech | 0.26% | +0.04% | -10.11% | |
| 46 | PM | Philip Morris International | Stock-Consumer Staples | 0.25% | — | -0.09% | |
| 47 | PRFZ | Inv Rafi US 1500 Sm-usd Inc | ETF-Other | 0.25% | -0.01% | — | |
| 48 | BSMV | Invesco Bulletshares 2031 Mb | ETF-Other | 0.23% | +0.23% | NEW | |
| 49 | BSMW | Invesco Bulletshares 2032 Mb | ETF-Other | 0.23% | -0.01% | +0.88% | |
| 50 | GLD | Spdr Gold Shares | ETF-Commodities | 0.22% | -0.01% | — |
1–50 of 69
Portfolio Performance
Performance for Q4 2026
+0.1%
Performance Last 4 Quarters
+2.1%
- Stdev
- +10%
- Beta
- +0.55
- Alpha
- -7.8%
- Max Drawdown
- -3.1%
- Annualized Perf
- +3.1%
- Batting Avg vs S&P
- +25%
- Sortino
- +0.53
- Stutzer
- +0.11
- Treynor
- +0.06
- Sterling
- —
- Calmar
- +1
- Information Ratio
- -1.97
- Tracking Error
- +8.6%
- Stdev Down
- +6.7%
- Winning Months %
- +62.5%
- Losing Months %
- +37.5%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.12
- Sharpe
- +0.35
- Stdev Sectors
- +8.1%
- Skewness
- -0.45
- Kurtosis
- -0.75
- Upside Potential
- +2.25
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Invariant Investment Management's most significant position changes for 2026-09-30: Sold out: Ww Grainger Inc (GWW); Sold out: Eog Resources Inc (EOG); New buy: Autozone Inc (AZO); Sold out: Lennox International Inc (LII); New buy: Idexx Laboratories Inc (IDXX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | +0.7% | +13.91% | Add |
| 2 | AVDV | Avantis Intl S/c Value ETF | +0.5% | +3.55% | Add |
| 3 | AZO | Autozone Inc | +0.5% | NEW | New buy |
| 4 | IDXX | Idexx Laboratories Inc | +0.3% | NEW | New buy |
| 5 | AOS | Smith (a.o.) CORP | +0.3% | NEW | New buy |
| 6 | ADSK | Autodesk Inc | +0.3% | NEW | New buy |
| 7 | BSMV | Invesco Bulletshares 2031 Mb | +0.2% | NEW | New buy |
| 8 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.2% | +37.41% | Add |
| 9 | ADBE | Adobe Inc | +0.1% | +13.52% | Add |
| 10 | NVDA | Nvidia CORP | +0.1% | +0.11% | Add |
| 11 | XNEAX | Nuveen Amt-fr Qlty Muni Inc | +0.1% | NEW | New buy |
| 12 | NVG | Nuveen Amt-fr Muni Crdt | +0.1% | NEW | New buy |
| 13 | ULTA | Ulta Beauty Inc | +0.1% | +2.07% | Add |
| 14 | MCK | Mckesson CORP | +0.1% | +0.22% | Add |
| 15 | ORLY | O'reilly Automotive Inc | +0.1% | +12.00% | Add |
| 16 | DPZ | Domino's Pizza Inc | +0.1% | +15.06% | Add |
| 17 | GOOGL | Alphabet Inc-cl A | +0.1% | +49.92% | Add |
| 18 | MO | Altria Group Inc | +0.1% | +15.40% | Add |
| 19 | AAPL | Apple Inc | 0% | -0.56% | Trim |
| 20 | MSFT | Microsoft CORP | 0% | -10.11% | Trim |
| 21 | PG | Procter & Gamble Co/the | 0% | +30.35% | Add |
| 22 | AVEM | Avantis Emerging Markets Eq | 0% | +1.85% | Add |
| 23 | AVUS | Avantis U.s. Equity ETF | 0% | +2.12% | Add |
| 24 | CVX | Chevron CORP | 0% | -1.51% | Trim |
| 25 | USMV | Ishares Msci USA Min Vol Fac | 0% | +1.39% | Add |
| 26 | MA | Mastercard Inc - A | 0% | +0.44% | Add |
| 27 | WNC | Wabash National CORP | 0% | +0.58% | Add |
| 28 | V | Visa Inc-class A Shares | — | +0.55% | Add |
| 29 | ABBV | Abbvie Inc | — | +0.72% | Add |
| 30 | VTI | Vanguard Total Stock Mkt ETF | — | +0.86% | Add |
| 31 | PM | Philip Morris International | — | -0.09% | Trim |
| 32 | PHYS | Sprott Physical Gold Trust | — | — | Unchanged |
| 33 | VWO | Vanguard Ftse Emerging Marke | — | — | Unchanged |
| 34 | HSY | Hershey Co/the | 0% | +0.75% | Add |
| 35 | BSMW | Invesco Bulletshares 2032 Mb | 0% | +0.88% | Add |
| 36 | PRFZ | Inv Rafi US 1500 Sm-usd Inc | 0% | — | Unchanged |
| 37 | EMLC | Vaneck JPM Em Local Curr Bnd | 0% | -0.68% | Trim |
| 38 | VSDA | Victoryshares Dividend Accel | 0% | — | Unchanged |
| 39 | BND | Vanguard Total Bond Market | 0% | +0.21% | Add |
| 40 | BSMT | Invesco Bulletshares 2029 Mb | 0% | +0.57% | Add |
| 41 | EQT | Eqt CORP | 0% | +2.07% | Add |
| 42 | VCSH | Vanguard S/t CORP Bond ETF | 0% | — | Unchanged |
| 43 | DFAT | Dimensional US Target Value | 0% | — | Unchanged |
| 44 | BSMR | Invesco Bulletshares 2027 Mb | 0% | +0.03% | Add |
| 45 | GLD | Spdr Gold Shares | 0% | — | Unchanged |
| 46 | IUSV | Ishares Core S&p U.s. Value | 0% | +0.44% | Add |
| 47 | EFAV | Ishares Msci Eafe Min Vol Fa | 0% | -1.85% | Trim |
| 48 | PPL | Ppl CORP | 0% | +0.43% | Add |
| 49 | SPHQ | Invesco S&p 500 Quality ETF | 0% | +0.02% | Add |
| 50 | BNY | Bank Of New York Mellon CORP | 0% | +0.39% | Add |
1–50 of 75
Filing History
FAQ
What is Invariant Investment Management and what type of investor is it?
Invariant Investment Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $173.0M, spread across 69 disclosed positions.
What are Invariant Investment Management's largest equity positions?
Based on the latest 13F filing, Invariant Investment Management's top holdings by market value are:
1. Ishares 7-10 Year Treasury B (IEF) — $26.3M (15.2%)
2. Invesco S&p 500 Equal Weight (RSP) — $26.3M (15.2%)
3. Avantis US Small Cap Value (AVUV) — $18.4M (10.6%)
4. Avantis Intl S/c Value ETF (AVDV) — $17.1M (9.9%)
5. Vanguard S&p 500 ETF (VOO) — $9.5M (5.5%)
What changes did Invariant Investment Management make in its most recent portfolio filing?
In the latest reported quarter, Invariant Investment Management made 65 notable position adjustments: 7 new positions were initiated, 41 existing holdings were added to, 11 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Ww Grainger Inc (GWW); Sold out: Eog Resources Inc (EOG); New buy: Autozone Inc (AZO); Sold out: Lennox International Inc (LII); New buy: Idexx Laboratories Inc (IDXX)
What sectors does Invariant Investment Management focus on?
Invariant Investment Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 22.6%
• Consumer Discretionary: 22.2%
• Health Care: 16.0%
• Financials: 15.0%
• Consumer Staples: 13.4%
• Energy: 4.9%
Investment Profile
Invariant Investment Management returned an annualized 3.1% over the trailing 8 months — underperforming the S&P 500 by 7.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.55 (less volatile than the market) and a 25% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding.
It has added to its IEF position over the past two quarters (+$5.1M, now $26.3M), while trimming JPST over the same stretch (-$564.9K, still holding $3.5M).
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