Invariant Investment Management
Sector Allocation
- Other66.8%$115.6M
- Financials20.6%$35.6M
- Technology3.9%$6.7M
- Consumer Staples3.4%$5.9M
- Consumer Discretionary3.3%$5.7M
- Healthcare0.9%$1.6M
- Energy0.7%$1.3M
- Industrials0.3%$441,911
- Utilities0.2%$290,206
AUM History
13fpro.ai/research/fund/invariant-investment-management-1850871
Conviction and streaks
Stable · top 10 = 74.1%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
- ISHARES$26.3M
IVZ
$26.3M- AMERICAN$18.4M
- AMERICAN$17.1M
- VANGUARD$9.5M
- ISHARES$8.7M
- AMERICAN$7.2M
- ISHARES$6.0M
- ISHARES$5.2M
- J$3.5M
- AMERICAN$3.1M
- J$2.9M
- $2.6M
- ISHARES$1.8M
AAPL
$1.5MMO
$1.5MADBE
$1.3MV
$1.3MNVDA
$1.3MCAH
$1.2M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/invariant-investment-management-1850871
Invariant Investment Management 13F holdings — Q3 2026
$173.0M portfolio (+1.4% QoQ) · 69 holdings · Q3 2026 13F · top 10 are 74% of the stock portfolio
- 1
ISHARES TR - 7-10 YR TRSY BD
$26.3M
15.2% of stocks
+6%This quarter—Since filed—HeldAIQuality—Est. buy— $26.3M
15.2% of stocks
+2%This quarter-5.2%Since filed4+ qtrsHeld- 3
AMERICAN CENTY ETF TR - US SML CP VALU
$18.4M
10.6% of stocks
+2%This quarter—Since filed—HeldAIQuality—Est. buy— - 4
AMERICAN CENTY ETF TR - INTL SMCP VLU
$17.1M
9.9% of stocks
+4%This quarter—Since filed—HeldAIQuality—Est. buy— - 5
VANGUARD INDEX FDS - S&P 500 ETF SHS
$9.5M
5.5% of stocks
+14%This quarter—Since filed—HeldAIQuality—Est. buy— - 6
ISHARES TR - 1 3 YR TREAS BD
$8.7M
5.0% of stocks
+0.8%This quarter—Since filed—HeldAIQuality—Est. buy— - 7
AMERICAN CENTY ETF TR - AVANTIS EMGMKT
$7.2M
4.2% of stocks
+2%This quarter—Since filed—HeldAIQuality—Est. buy— - 8
ISHARES TR - 0-3 MTH TREASURY
$6.0M
3.5% of stocks
No changeThis quarter—Since filed—HeldAIQuality—Est. buy— - 9
ISHARES TR - MSCI USA MIN ETF
$5.2M
3.0% of stocks
+1%This quarter—Since filed—HeldAIQuality—Est. buy— - 10
J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF
$3.5M
2.0% of stocks
-9%This quarter—Since filed—HeldAIQuality—Est. buy—
| # | Company | Value | Weight | This quarter | Since filed | Held | AI quality | Est. buy | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | ISHARES TR - 7-10 YR TRSY BD | $26.3M | 15.2% | +6% | — | — | — | — | |
| 2 | $26.3M | 15.2% | +2% | -5.2% | 4+ qtrs | — | Estimated buy price is Pro: unlock with a free trial | ||
| 3 | AMERICAN CENTY ETF TR - US SML CP VALU | $18.4M | 10.6% | +2% | — | — | — | — | |
| 4 | AMERICAN CENTY ETF TR - INTL SMCP VLU | $17.1M | 9.9% | +4% | — | — | — | — | |
| 5 | VANGUARD INDEX FDS - S&P 500 ETF SHS | $9.5M | 5.5% | +14% | — | — | — | — | |
| 6 | ISHARES TR - 1 3 YR TREAS BD | $8.7M | 5.0% | +0.8% | — | — | — | — | |
| 7 | AMERICAN CENTY ETF TR - AVANTIS EMGMKT | $7.2M | 4.2% | +2% | — | — | — | — | |
| 8 | ISHARES TR - 0-3 MTH TREASURY | $6.0M | 3.5% | No change | — | — | — | — | |
| 9 | ISHARES TR - MSCI USA MIN ETF | $5.2M | 3.0% | +1% | — | — | — | — | |
| 10 | J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF | $3.5M | 2.0% | -9% | — | — | — | — |
All holdings — Invariant Investment Management (Q3 2026)
69 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | — | AMERICAN CENTY ETF TR - US EQT ETFetf/fund | — | $3.1M | 1.8% | 24K | +2% | — | — | 13F |
| 12 | — | J P MORGAN EXCHANGE TRADED F - ULTRA SHT MUNCPL | — | $2.9M | 1.7% | 57K | +0.0% | — | — | 13F |
| 13 | Invesco Ltd. | Financials | $2.6M | 1.5% | 114K | +0.2% | 4+ qtrs | — | 13F | |
| 14 | — | ISHARES TR - MBS ETFetf/fund | — | $1.8M | 1.1% | 21K | +3% | — | — | 13F |
| 15 | Apple Inc. | Technology | $1.5M | 0.9% | 4,469 | -0.6% | 4+ qtrs | 75.7 | 13F | |
| 16 | ALTRIA GROUP, INC. | Consumer Staples | $1.5M | 0.8% | 22K | +15% | 4+ qtrs | 67.7 | 13F | |
| 17 | ADOBE INC. | Technology | $1.3M | 0.8% | 5,601 | +14% | 4+ qtrsAdded 3 qtrs in a row | 77.7 | 13F | |
| 18 | VISA INC. | Financials | $1.3M | 0.8% | 3,689 | +0.5% | 4+ qtrs | 82.6 | 13F | |
| 19 | NVIDIA CORP | Technology | $1.3M | 0.8% | 5,541 | +0.1% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | CARDINAL HEALTH INC | Consumer Staples | $1.2M | 0.7% | 5,431 | -0.3% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | MCKESSON CORP | Consumer Staples | $1.2M | 0.7% | 1,348 | +0.2% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | — | SPDR SERIES TRUST - ST STR BLO 1 ETFetf/fund | — | $1.2M | 0.7% | 13K | +37% | — | — | 13F |
| 23 | Mastercard Inc | Financials | $1.1M | 0.7% | 2,042 | +0.4% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | DOMINOS PIZZA INC | Consumer Discretionary | $1.0M | 0.6% | 3,461 | +15% | 4+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Ulta Beauty, Inc. | Consumer Discretionary | $993K | 0.6% | 1,827 | +2% | 4+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $ORLY | O REILLY AUTOMOTIVE INC | Consumer Discretionary | $971K | 0.6% | 11K | +12% | |||
| 27 | $EQT | EQT Corp | Energy | $944K | 0.6% | 19K | +2% | |||
| 28 | $CL | COLGATE PALMOLIVE CO | Consumer Staples | $931K | 0.5% | 11K | +0.7% | |||
| 29 | — | ISHARES TR - CORE US AGGBD ET | — | $844K | 0.5% | 8,959 | -23% | |||
| 30 | $AZO | AUTOZONE INC | Consumer Discretionary | $776K | 0.5% | 278 | New | |||
| 31 | $LULU | lululemon athletica inc. | Consumer Discretionary | $706K | 0.4% | 7,477 | +16% | |||
| 32 | $APO | Apollo Global Management, Inc. | Financials | $699K | 0.4% | 6,132 | +3% | |||
| 33 | $JNJ | JOHNSON & JOHNSON | Healthcare | $677K | 0.4% | 2,645 | -1% | |||
| 34 | $BNY | Bank of New York Mellon Corp | Financials | $674K | 0.4% | 4,634 | +0.4% | |||
| 35 | $NTAP | NetApp, Inc. | Technology | $650K | 0.4% | 2,871 | -44% | |||
| 36 | $TSLA | Tesla, Inc. | Consumer Discretionary | $606K | 0.3% | 1,634 | — | |||
| 37 | $IDXX | IDEXX LABORATORIES INC /DE | Healthcare | $590K | 0.3% | 1,138 | New | |||
| 38 | $AOS | SMITH A O CORP | Technology | $580K | 0.3% | 10K | New | |||
| 39 | $LOW | LOWES COMPANIES INC | Consumer Discretionary | $571K | 0.3% | 3,161 | +2% | |||
| 40 | — | ISHARES TR - CORE S&P US VLU | — | $561K | 0.3% | 5,054 | +0.4% | |||
| 41 | $IVZ | Invesco Ltd. | Financials | $560K | 0.3% | 6,601 | +0.0% | |||
| 42 | $ADSK | Autodesk, Inc. | Technology | $544K | 0.3% | 2,564 | New | |||
| 43 | $PHYS | Sprott Physical Gold Trust | Financials | $495K | 0.3% | 16K | — | |||
| 44 | — | VANGUARD INDEX FDS - MRNGSTR TTL STK | — | $487K | 0.3% | 1,287 | +0.9% | |||
| 45 | $MSFT | MICROSOFT CORP | Technology | $456K | 0.3% | 880 | -10% | |||
| 46 | $PM | Philip Morris International Inc. | Consumer Staples | $436K | 0.3% | 2,326 | -0.1% | |||
| 47 | — | INVESCO EXCHANGE TRADED FD T - RAFI US 1500 | — | $426K | 0.3% | 8,000 | — | |||
| 48 | $IVZ | Invesco Ltd. | Financials | $394K | 0.2% | 20K | New | |||
| 49 | $IVZ | Invesco Ltd. | Financials | $391K | 0.2% | 16K | +0.9% | |||
| 50 | $GLD | SPDR GOLD TRUST | Financials | $384K | 0.2% | 1,011 | — | |||
| 51 | $IVZ | Invesco Ltd. | Financials | $378K | 0.2% | 17K | +0.6% | |||
| 52 | $ABBV | AbbVie Inc. | Healthcare | $369K | 0.2% | 1,406 | +0.7% | |||
| 53 | $PG | PROCTER & GAMBLE Co | Consumer Staples | $355K | 0.2% | 2,448 | +30% | |||
| 54 | — | VANGUARD SCOTTSDALE FDS - SHRT TRM CORP BD | — | $351K | 0.2% | 4,555 | — | |||
| 55 | $GOOGL | Alphabet Inc. | Technology | $338K | 0.2% | 985 | +50% | |||
| 56 | — | VANECK ETF TRUST - JP MRGAN EM LOC | — | $324K | 0.2% | 13K | -0.7% | |||
| 57 | $CVX | CHEVRON CORP | Energy | $311K | 0.2% | 1,503 | -2% | |||
| 58 | — | VICTORY PORTFOLIOS II - VICSHS DV AC ETF | — | $290K | 0.2% | 5,160 | — | |||
| 59 | $PPL | PPL Corp | Utilities | $290K | 0.2% | 8,848 | +0.4% | |||
| 60 | $TDG | TransDigm Group INC | Industrials | $272K | 0.2% | 249 | — | |||
| 61 | — | ISHARES TR - MSCI EAFE MIN VL | — | $266K | 0.1% | 2,921 | -2% | |||
| 62 | — | VANGUARD BD INDEX FDS - TOTAL BND MRKT | — | $264K | 0.1% | 3,775 | +0.2% | |||
| 63 | $IVZ | Invesco Ltd. | Financials | $249K | 0.1% | 11K | +0.0% | |||
| 64 | — | VANGUARD INTL EQUITY INDEX F - FTSE EMR MKT ETF | — | $242K | 0.1% | 4,064 | — | |||
| 65 | $HSY | HERSHEY CO | Consumer Staples | $236K | 0.1% | 1,476 | +0.8% | |||
| 66 | — | DIMENSIONAL ETF TRUST - US TARGETED VLU | — | $209K | 0.1% | 3,090 | — | |||
| 67 | — | NUVEEN AMT FREE QLTY MUN INC - COM | — | $190K | 0.1% | 19K | New | |||
| 68 | $NVG | Nuveen AMT-Free Municipal Credit Income Fund | Other | $186K | 0.1% | 17K | New | |||
| 69 | $WNC | WABASH NATIONAL Corp | Industrials | $170K | 0.1% | 12K | +0.6% |
What changed in Q3 2026
Against the previous quarter's 13F: 6 new, 41 added to, 11 trimmed, 6 sold out. Share-count changes; largest moves by dollar size first.
New positions (6)
$AZOAUTOZONE INC$776K
first bought this quarter
$IDXXIDEXX LABORATORIES INC /DE$590K
first bought this quarter
$AOSSMITH A O CORP$580K
first bought this quarter
$ADSKAutodesk, Inc.$544K
first bought this quarter
- NUVEEN AMT FREE QLTY MUN INC - COM$190K
first bought this quarter
$NVGNuveen AMT-Free Municipal Credit Income Fund$186K
first bought this quarter
Added to (41)
- ISHARES TR - 7-10 YR TRSY BD+6%
now $26.3M
- VANGUARD INDEX FDS - S&P 500 ETF SHS+14%
now $9.5M
- AMERICAN CENTY ETF TR - INTL SMCP VLU+4%
now $17.1M
now $26.3M · held 4+ qtrs
- AMERICAN CENTY ETF TR - US SML CP VALU+2%
now $18.4M
- SPDR SERIES TRUST - ST STR BLO 1 ETF+37%
now $1.2M
+35 more in the Excel export
Trimmed (11)
$NTAPNetApp, Inc.-44%
now $650K · held 4+ qtrs, 2 trims in a row
- J P MORGAN EXCHANGE TRADED F - ULTRA SHRT ETF-9%
now $3.5M
- ISHARES TR - CORE US AGGBD ET-23%
now $844K
$MSFTMICROSOFT CORP-10%
now $456K · held 4+ qtrs
$JNJJOHNSON & JOHNSON-1%
now $677K · held 4+ qtrs
now $1.5M · held 4+ qtrs
+5 more in the Excel export
Holdings by quarter
Every 13F Invariant Investment Management has filed, 3 earlier quarters. Pick one to see what it held then.
Is it too late to follow Invariant Investment Management?
Q3 2026 13F filed with the SEC on Oct 8, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Invariant Investment Management's top 20 holdings: 71/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)
Top 10 since filing
-2.8%
Value-weighted move of the 10 largest stock positions
Turnover
3%
Last quarter
Top 10 weight
74%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
95%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Invariant Investment Management disclosed 69 positions worth $173.0M in its Form 13F-HR for Q3 2026, followed by $IVZ. During the quarter the fund opened 6 new positions and exited 6 — including a new stake in $AZO and a full exit from $GWW. The portfolio is most concentrated in Other (66.8% of disclosed assets). All figures are sourced directly from Invariant Investment Management’s Form 13F-HR filing with the SEC under CIK 1850871.
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