# Invariant Investment Management

> Institutional holdings reported to the SEC as of Q3 2026 on Form 13F. CIK 1850871. Source: https://holderbook.com/funds/1850871-invariant-investment-management/

- Reported value: $173.0M
- Positions: 69
- Weight of the ten largest: 74.1%
- Filed: 2026-10-08

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $26.3M | 295,577 | 15.2% | 4 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $26.3M | 125,414 | 15.2% | 4 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $18.4M | 153,334 | 10.6% | 4 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $17.1M | 156,295 | 9.9% | 4 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $9.5M | 13,366 | 5.5% | 4 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $8.7M | 107,818 | 5.1% | 4 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $7.2M | 75,916 | 4.2% | 4 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $6.0M | 59,727 | 3.5% | 4 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $5.2M | 52,585 | 3.0% | 2 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $3.5M | 70,417 | 2.0% | 4 |
| AMERICAN CENTY ETF TR | [AVUS](https://holderbook.com/stocks/AVUS/) | $3.1M | 24,062 | 1.8% | 4 |
| J P MORGAN EXCHANGE TRADED F | [JMST](https://holderbook.com/stocks/JMST/) | $2.9M | 56,929 | 1.7% | 4 |
| INVESCO EXCH TRD SLF IDX FD | [BSMS](https://holderbook.com/stocks/BSMS/) | $2.6M | 113,614 | 1.5% | 4 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $1.8M | 20,504 | 1.1% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.5M | 4,469 | 0.9% | 4 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $1.5M | 21,896 | 0.9% | 4 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $1.3M | 5,601 | 0.8% | 4 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $1.3M | 3,689 | 0.8% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.3M | 5,541 | 0.7% | 4 |
| CARDINAL HEALTH INC | [CAH](https://holderbook.com/stocks/CAH/) | $1.2M | 5,431 | 0.7% | 4 |
| MCKESSON CORP | [MCK](https://holderbook.com/stocks/MCK/) | $1.2M | 1,348 | 0.7% | 4 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $1.2M | 12,882 | 0.7% | 4 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $1.1M | 2,042 | 0.7% | 4 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $1.0M | 3,461 | 0.6% | 4 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $993.2K | 1,827 | 0.6% | 4 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $971.4K | 11,442 | 0.6% | 4 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $944.0K | 18,815 | 0.5% | 4 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $930.9K | 11,047 | 0.5% | 4 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $844.4K | 8,959 | 0.5% | 4 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $776.2K | 278 | 0.4% | 1 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $706.3K | 7,477 | 0.4% | 4 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $699.2K | 6,132 | 0.4% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $677.3K | 2,645 | 0.4% | 4 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $673.9K | 4,634 | 0.4% | 4 |
| NETAPP INC | [NTAP](https://holderbook.com/stocks/NTAP/) | $649.7K | 2,871 | 0.4% | 4 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $605.5K | 1,634 | 0.4% | 4 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $589.9K | 1,138 | 0.3% | 1 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $579.9K | 10,218 | 0.3% | 1 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $571.5K | 3,161 | 0.3% | 4 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $561.1K | 5,054 | 0.3% | 4 |
| INVESCO EXCHANGE TRADED FD T | [SPHQ](https://holderbook.com/stocks/SPHQ/) | $560.2K | 6,601 | 0.3% | 4 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $543.6K | 2,564 | 0.3% | 1 |
| SPROTT ASSET MANAGEMENT LP | [PHYS](https://holderbook.com/stocks/PHYS/) | $495.5K | 15,875 | 0.3% | 4 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $486.5K | 1,287 | 0.3% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $455.6K | 880 | 0.3% | 4 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $436.0K | 2,326 | 0.3% | 4 |
| INVESCO EXCHANGE TRADED FD T | [PRFZ](https://holderbook.com/stocks/PRFZ/) | $425.6K | 8,000 | 0.2% | 4 |
| INVESCO EXCH TRD SLF IDX FD | [BSMV](https://holderbook.com/stocks/BSMV/) | $393.7K | 19,700 | 0.2% | 1 |
| INVESCO EXCH TRD SLF IDX FD | [BSMW](https://holderbook.com/stocks/BSMW/) | $390.9K | 16,460 | 0.2% | 4 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $384.3K | 1,011 | 0.2% | 4 |
| INVESCO EXCH TRD SLF IDX FD | [BSMT](https://holderbook.com/stocks/BSMT/) | $378.2K | 16,966 | 0.2% | 4 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $369.5K | 1,406 | 0.2% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $354.7K | 2,448 | 0.2% | 4 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $350.8K | 4,555 | 0.2% | 4 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $338.3K | 985 | 0.2% | 4 |
| VANECK ETF TRUST | [EMLC](https://holderbook.com/stocks/EMLC/) | $323.8K | 13,151 | 0.2% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $310.6K | 1,503 | 0.2% | 4 |
| VICTORY PORTFOLIOS II | [VSDA](https://holderbook.com/stocks/VSDA/) | $290.4K | 5,160 | 0.2% | 4 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $290.2K | 8,848 | 0.2% | 4 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $271.7K | 249 | 0.2% | 4 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $265.7K | 2,921 | 0.2% | 3 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $264.0K | 3,775 | 0.2% | 4 |
| INVESCO EXCH TRD SLF IDX FD | [BSMR](https://holderbook.com/stocks/BSMR/) | $249.1K | 10,691 | 0.1% | 4 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $242.1K | 4,064 | 0.1% | 4 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $236.4K | 1,476 | 0.1% | 4 |
| DIMENSIONAL ETF TRUST | [DFAT](https://holderbook.com/stocks/DFAT/) | $209.4K | 3,090 | 0.1% | 3 |
| NUVEEN AMT FREE QLTY MUN INC | [NEA](https://holderbook.com/stocks/NEA/) | $190.1K | 18,837 | 0.1% | 1 |
| NUVEEN AMT FREE MUN CR INC F | [NVG](https://holderbook.com/stocks/NVG/) | $186.2K | 17,388 | 0.1% | 1 |
| WABASH NATL CORP | [WNC](https://holderbook.com/stocks/WNC/) | $170.2K | 12,121 | 0.1% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.7% | +14.8% | -8.1% | 98% |
| Q1 2026 | +1.3% | -4.6% | +5.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2026 | $173.0M | 69 |
| Q2 2026 | $170.6M | 68 |
| Q1 2026 | $162.4M | 70 |
| Q4 2025 | $156.2M | 71 |