II
Invariant Investment Management 13F Filing (Q2 2026) — Top Positions & Stock Picks
Invariant Investment ManagementCIK: 0001850871
Diversified strategyMomentum followerQuality / disciplined sizing
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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Personality snowflake
- Concentration
- 31.84
- Portfolio Stability
- 18.46
- Momentum
- 97.46
- Sector conviction
- 44.91
- Diversification
- 100
- Sizing Uniformity
- 78.84
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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim 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
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 | 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% | -0.26% | +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% | -0.10% | -1.11% | |
| 13 | BSMS | Invesco Bulletshares 2028 Mb | ETF-Other | 1.56% | -0.07% | +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% | -0.01% | -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% | -0.01% | +0.80% | |
| 48 | BSMT | Invesco Bulletshares 2029 Mb | ETF-Other | 0.23% | -0.01% | +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% |
1–50 of 68
Portfolio Performance
Performance for Q3 2026
+2.7%
Performance Last 4 Quarters
+4.4%
- Stdev
- +10.4%
- Beta
- +0.52
- Alpha
- -3.7%
- Max Drawdown
- -0.1%
- Annualized Perf
- +9%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +1.43
- Stutzer
- +0.27
- Treynor
- +0.18
- Sterling
- —
- Calmar
- +115.33
- Information Ratio
- -1.58
- Tracking Error
- +9.9%
- Stdev Down
- +6.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- —
- Worst 12 Months
- —
- Efficiency Ratio
- +0.32
- Sharpe
- +0.87
- Stdev Sectors
- +6.5%
- Skewness
- -0.73
- Kurtosis
- -0.28
- Upside Potential
- +2.87
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 2026-06-30: 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 | ABBV | Abbvie Inc | 0% | -5.16% | Trim |
| 29 | WNC | Wabash National CORP | 0% | -5.37% | Trim |
| 30 | CAH | Cardinal Health Inc | 0% | -3.20% | Trim |
| 31 | TDG | Transdigm Group Inc | 0% | — | Unchanged |
| 32 | EFAV | Ishares Msci Eafe Min Vol Fa | 0% | +15.93% | Add |
| 33 | DFAT | Dimensional US Target Value | 0% | — | Unchanged |
| 34 | NVDA | Nvidia CORP | — | +0.14% | Add |
| 35 | MO | Altria Group Inc | — | -1.57% | Trim |
| 36 | GOOGL | Alphabet Inc-cl A | — | -5.06% | Trim |
| 37 | VSDA | Victoryshares Dividend Accel | — | — | Unchanged |
| 38 | VWO | Vanguard Ftse Emerging Marke | — | — | Unchanged |
| 39 | LII | Lennox International Inc | 0% | -10.10% | Trim |
| 40 | PG | Procter & Gamble Co/the | 0% | +0.27% | Add |
| 41 | BSMW | Invesco Bulletshares 2032 Mb | 0% | +0.80% | Add |
| 42 | VCSH | Vanguard S/t CORP Bond ETF | 0% | — | Unchanged |
| 43 | BND | Vanguard Total Bond Market | 0% | +0.35% | Add |
| 44 | BSMT | Invesco Bulletshares 2029 Mb | 0% | +0.57% | Add |
| 45 | BSMR | Invesco Bulletshares 2027 Mb | 0% | -0.08% | Trim |
| 46 | PPL | Ppl CORP | 0% | +0.70% | Add |
| 47 | CVX | Chevron CORP | 0% | +2.28% | Add |
| 48 | MBB | Ishares Mbs ETF | 0% | +3.63% | Add |
| 49 | EMLC | Vaneck JPM Em Local Curr Bnd | 0% | -8.79% | Trim |
| 50 | GLD | Spdr Gold Shares | 0% | — | Unchanged |
1–50 of 72
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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $170.6M, spread across 68 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. Invesco S&p 500 Equal Weight (RSP) — $26.5M (15.5%)
2. Ishares 7-10 Year Treasury B (IEF) — $26.2M (15.4%)
3. Avantis US Small Cap Value (AVUV) — $18.6M (10.9%)
4. Avantis Intl S/c Value ETF (AVDV) — $16.0M (9.4%)
5. Ishares 1-3 Year Treasury Bo (SHY) — $8.8M (5.1%)
What changes did Invariant Investment Management make in its most recent portfolio filing?
In the latest reported quarter, Invariant Investment Management made 62 notable position adjustments: 2 new positions were initiated, 31 existing holdings were added to, 25 positions were partially reduced, and 4 were completely exited. The largest of these moves: 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)
What sectors does Invariant Investment Management focus on?
Invariant Investment Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 20.3%
• Information Technology: 18.9%
• Financials: 15.1%
• Health Care: 13.4%
• Consumer Staples: 13.3%
• Industrials: 8.5%
Investment Profile
Invariant Investment Management returned an annualized 9.0% over the trailing 6 months — underperforming the S&P 500 by 3.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.52 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding.
Its turnover score has risen from 0 to 18 over the past 2 quarters — a shift toward more active trading.
It has added to its IEF position over the past two quarters (+$5.7M, now $26.2M), while trimming SGOV over the same stretch (-$1.7M, still holding $6.0M).
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