Invariant Investment Management

Portfolio Overview

Invariant Investment Management disclosed 68 positions worth $170.6M in its Form 13F-HR for Q2 2026, led by $IVZ (Invesco Ltd.) at 15.5% of the equity portfolio. During the quarter the fund opened 2 new positions and exited 3 and a full exit from $KLAC. The portfolio is most concentrated in Other (66.5% of disclosed assets). All figures are sourced directly from Invariant Investment Management’s Form 13F-HR filing with the SEC under CIK 1850871.

• 

  Invesco Ltd.

  $IVZ

  —

  Quality

  $26.5M123,219 sh

• ISHARES TR - 7-10 YR TRSY BD

  —

  Quality

  $26.2M278,454 sh

• AMERICAN CENTY ETF TR - US SML CP VALU

  —

  Quality

  $18.6M150,096 sh

• AMERICAN CENTY ETF TR - INTL SMCP VLU

  —

  Quality

  $16.0M150,938 sh

• ISHARES TR - 1 3 YR TREAS BD

  —

  Quality

  $8.8M106,994 sh

• VANGUARD INDEX FDS - S&P 500 ETF SHS

  —

  Quality

  $8.1M11,734 sh

• AMERICAN CENTY ETF TR - AVANTIS EMGMKT

  —

  Quality

  $7.1M74,538 sh

• ISHARES TR - 0-3 MTH TREASURY

  —

  Quality

  $6.0M59,727 sh

• ISHARES TR - MSCI USA MIN ETF

  —

  Quality

  $5.1M51,863 sh

• J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF

  —

  Quality

  $3.9M77,592 sh

Company	Quality	Value	Shares
Invesco Ltd.$IVZ	—	$26.5M	123,219
ISHARES TR - 7-10 YR TRSY BD	—	$26.2M	278,454
AMERICAN CENTY ETF TR - US SML CP VALU	—	$18.6M	150,096
AMERICAN CENTY ETF TR - INTL SMCP VLU	—	$16.0M	150,938
ISHARES TR - 1 3 YR TREAS BD	—	$8.8M	106,994
VANGUARD INDEX FDS - S&P 500 ETF SHS	—	$8.1M	11,734
AMERICAN CENTY ETF TR - AVANTIS EMGMKT	—	$7.1M	74,538
ISHARES TR - 0-3 MTH TREASURY	—	$6.0M	59,727
ISHARES TR - MSCI USA MIN ETF	—	$5.1M	51,863
J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF	—	$3.9M	77,592

Showing top 10 of 68 holdings.

Full Holdings — Invariant Investment Management (Q2 2026)

All 68 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$IVZ	Invesco Ltd.	$26.5M	15.5%	+4%	—
2	—	ISHARES TR - 7-10 YR TRSY BD	$26.2M	15.4%	+25%	—
3	—	AMERICAN CENTY ETF TR - US SML CP VALU	$18.6M	10.9%	-5%	—
4	—	AMERICAN CENTY ETF TR - INTL SMCP VLU	$16.0M	9.4%	-10%	—
5	—	ISHARES TR - 1 3 YR TREAS BD	$8.8M	5.1%	+1%	—
6	—	VANGUARD INDEX FDS - S&P 500 ETF SHS	$8.1M	4.8%	+27%	—
7	—	AMERICAN CENTY ETF TR - AVANTIS EMGMKT	$7.1M	4.2%	-50%	—
8	—	ISHARES TR - 0-3 MTH TREASURY	$6.0M	3.5%	-14%	—
9	—	ISHARES TR - MSCI USA MIN ETF	$5.1M	3.0%	NEW	—
10	—	J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF	$3.9M	2.3%	-4%	—
11	—	AMERICAN CENTY ETF TR - US EQT ETF	$3.0M	1.8%	+3%	—
12	—	J P MORGAN EXCHANGE TRADED F - ULTRA SHT MUNCPL	$2.9M	1.7%	-1%	—
13	$IVZ	Invesco Ltd.	$2.7M	1.6%	+1%	—
14	—	ISHARES TR - MBS ETF	$1.9M	1.1%	+4%	—
15	$AAPL	Apple Inc.	$1.4M	0.8%	-5%	76.1
16	$MO	ALTRIA GROUP, INC.	$1.4M	0.8%	-2%	72.1
17	$V	VISA INC.	$1.3M	0.8%	+2%	83.5
18	$CAH	CARDINAL HEALTH INC	$1.3M	0.8%	-3%	58.6
19	—	ISHARES TR - CORE US AGGBD ET	$1.1M	0.7%	+9%	—
20	$GWW	W.W. GRAINGER, INC.	$1.1M	0.7%	-5%	69.5
21	$MA	Mastercard Inc	$1.1M	0.6%	+23%	81.7
22	$NVDA	NVIDIA CORP	$1.1M	0.6%	+0%	90.2
23	$ADBE	ADOBE INC.	$1.1M	0.6%	+15%	80.4
24	$MCK	MCKESSON CORP	$1.1M	0.6%	-2%	63.7
25	$CL	COLGATE PALMOLIVE CO	$1.0M	0.6%	+20%	72.4
26	$EQT	EQT Corp	$953,233	0.6%	-0%	83.3
27	$DPZ	DOMINOS PIZZA INC	$920,298	0.5%	+60%	69.8
28	$EOG	EOG RESOURCES INC	$884,018	0.5%	-2%	71.1
29	$ORLY	O REILLY AUTOMOTIVE INC	$860,617	0.5%	-1%	72.7
30	—	SPDR SERIES TRUST - ST STR BLO 1 ETF	$857,199	0.5%	+12%	—
31	$NTAP	NetApp, Inc.	$843,137	0.5%	-34%	75
32	$ULTA	Ulta Beauty, Inc.	$809,844	0.5%	-1%	66.6
33	$LULU	lululemon athletica inc.	$743,796	0.4%	+83%	62.9
34	$APO	Apollo Global Management, Inc.	$729,554	0.4%	+11%	55.7
35	$JNJ	JOHNSON & JOHNSON	$694,994	0.4%	+2%	72.8
36	$LOW	LOWES COMPANIES INC	$694,121	0.4%	-13%	63.5
37	$__PARK_1390777	Bank of New York Mellon Corp	$692,233	0.4%	+0%	36.7
38	$TSLA	Tesla, Inc.	$685,904	0.4%	+0%	50.1
39	$LII	LENNOX INTERNATIONAL INC	$672,553	0.4%	-10%	64.8
40	$IVZ	Invesco Ltd.	$584,189	0.3%	+0%	—
41	—	ISHARES TR - CORE S&P US VLU	$563,063	0.3%	+17%	—
42	$PHYS	Sprott Physical Gold Trust	$498,634	0.3%	+0%	—
43	—	VANGUARD INDEX FDS - TOTAL STK MKT	$474,191	0.3%	+0%	—
44	—	INVESCO EXCHANGE TRADED FD T - RAFI US 1500	$441,521	0.3%	+0%	—
45	$PM	Philip Morris International Inc.	$430,048	0.3%	-35%	80.5
46	$CZR	Caesars Entertainment, Inc.	$412,496	0.2%	+0%	44.3
47	$IVZ	Invesco Ltd.	$410,518	0.2%	+1%	—
48	$IVZ	Invesco Ltd.	$388,568	0.2%	+1%	—
49	$GLD	SPDR GOLD TRUST	$386,333	0.2%	+0%	—
50	$MSFT	MICROSOFT CORP	$378,588	0.2%	+12%	83.7
51	—	VANGUARD SCOTTSDALE FDS - SHRT TRM CORP BD	$359,162	0.2%	+0%	—
52	$ABBV	AbbVie Inc.	$355,688	0.2%	-5%	59.3
53	—	VANECK ETF TRUST - JP MRGAN EM LOC	$338,849	0.2%	-9%	—
54	$TDG	TransDigm Group INC	$335,468	0.2%	+0%	75.4
55	$PPL	PPL Corp	$318,117	0.2%	+1%	70.3
56	—	VICTORY PORTFOLIOS II - VICSHS DV AC ETF	$304,669	0.2%	+0%	—
57	$PG	PROCTER & GAMBLE Co	$280,366	0.2%	+0%	72.9
58	—	VANGUARD BD INDEX FDS - TOTAL BND MRKT	$275,483	0.2%	+0%	—
59	—	ISHARES TR - MSCI EAFE MIN VL	$265,667	0.2%	+16%	—
60	$HSY	HERSHEY CO	$260,048	0.1%	+1%	59.4
61	$CVX	CHEVRON CORP	$256,494	0.1%	+2%	54.7
62	$IVZ	Invesco Ltd.	$252,782	0.1%	-0%	—
63	—	VANGUARD INTL EQUITY INDEX F - FTSE EMR MKT ETF	$244,131	0.1%	+0%	—
64	$GOOG	Alphabet Inc.	$240,936	0.1%	-5%	80.2
65	—	VANGUARD SCOTTSDALE FDS - SHORT TERM TREAS	$222,452	0.1%	-18%	—
66	—	DIMENSIONAL ETF TRUST - US TARGETED VLU	$215,558	0.1%	+0%	—
67	—	VANGUARD INDEX FDS - VALUE ETF	$200,788	0.1%	NEW	—
68	$WNC	WABASH NATIONAL Corp	$156,668	0.1%	-5%	55.3