Invariant Investment Management
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.
Closest benchmark: every 13F filer's combined book, active share 90.3%; sector active share 75.6% against the combined 13F book's sector weights.
Over time 3 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
69 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026Portfolio Trend
Sector Breakdown
As of Sep 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 72.2% | $68,683,274 |
| Technology | 6.0% | $5,687,989 |
| Consumer Cyclical | 6.0% | $5,680,319 |
| Financial Services | 4.9% | $4,701,888 |
| Healthcare | 4.2% | $4,021,616 |
| Consumer Defensive | 3.6% | $3,449,130 |
| Energy | 1.3% | $1,220,583 |
| Industrials | 1.0% | $995,006 |
| Communication Services | 0.4% | $338,918 |
| Utilities | 0.3% | $291,010 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| IEF | iShares 7-10 Year Treasury Bond ETF | +17,123 | 295,577 | $0 | |
| AVDV | Avantis International Small Cap Value ETF | +5,357 | 156,295 | $17,095,547 | |
| — | +3,507 | 12,882 | $0 | ||
| AVUV | Avantis U.S. Small Cap Value ETF | +3,238 | 153,334 | $18,058,145 | |
| MO | Altria Group, Inc. | +2,922 | 21,896 | $1,474,476 | |
| RSP | Victory Portfolios II | +2,195 | 125,414 | $0 | |
| VOO | VANGUARD 500 INDEX FUND | +1,632 | 13,366 | $9,367,694 | |
| AVEM | Avantis Emerging Markets Equity ETF | +1,378 | 75,916 | $7,137,622 | |
| ORLY | O Reilly Automotive Inc | +1,226 | 11,442 | $977,261 | |
| LULU | lululemon athletica inc. | +1,045 | 7,477 | $719,212 | |
| SHY | iShares 1-3 Year Treasury Bond ETF | +824 | 107,818 | $0 | |
| USMV | iShares MSCI USA Min Vol Factor ETF | +722 | 52,585 | $0 | |
| ADBE | Adobe Inc. | +667 | 5,601 | $1,343,903 | |
| PG | PROCTER & GAMBLE Co | +570 | 2,448 | $355,645 | |
| MBB | iShares MBS ETF | +528 | 20,504 | $0 | |
| AVUS | Avantis U.S. Equity ETF | +500 | 24,062 | $3,082,101 | |
| DPZ | Dominos Pizza Inc | +453 | 3,461 | $1,036,950 | |
| EQT | EQT Corp | +381 | 18,815 | $913,656 | |
| GOOGL | Alphabet Inc. | +328 | 985 | $338,918 | |
| BSMS | Invesco BulletShares 2028 Municipal Bond ETF | +199 | 113,614 | $2,590,512 | |
| APO | Apollo Global Management, Inc. | +160 | 6,132 | $711,679 | |
| BSMW | +144 | 16,460 | $388,594 | ||
| BSMT | Invesco BulletShares 2029 Municipal Bond ETF | +97 | 16,966 | $377,719 | |
| CL | Colgate Palmolive Co | +73 | 11,047 | $942,530 | |
| WNC | WABASH NATIONAL Corp | +70 | 12,121 | $149,451 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| JPST | JPMorgan Ultra-Short Income ETF | −7,175 | 70,417 | $3,546,904 | |
| AGG | iShares Core U.S. Aggregate Bond ETF | −2,642 | 8,959 | $0 | |
| NTAP | NetApp, Inc. | −2,284 | 2,871 | $603,139 | |
| MSFT | Microsoft Corp | −99 | 880 | $451,352 | |
| EMLC | VanEck J.P. Morgan EM Local Currency Bond ETF | −90 | 13,151 | $326,539 | |
| EFAV | iShares MSCI EAFE Min Vol Factor ETF | −55 | 2,921 | $0 | |
| JNJ | Johnson & Johnson | −35 | 2,645 | $700,237 | |
| AAPL | Apple Inc. | −25 | 4,469 | $1,488,266 | |
| CVX | Chevron Corp | −23 | 1,503 | $306,927 | |
| CAH | Cardinal Health Inc | −15 | 5,431 | $1,208,397 | |
| PM | Philip Morris International Inc. | −2 | 2,326 | $443,847 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| AZO | Autozone Inc | 278 | $786,745 | |
| IDXX | Idexx Laboratories Inc /De | 1,138 | $594,252 | |
| AOS | Smith A O Corp | 10,218 | $575,988 | |
| ADSK | Autodesk, Inc. | 2,564 | $535,876 | |
| BSMV | 19,700 | $391,864 | ||
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | 18,837 | $187,428 | |
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | 17,388 | $184,486 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| GWW | W.W. Grainger, Inc. | 834 | $1,134,573 | |
| EOG | Eog Resources Inc | 6,832 | $886,315 | |
| LII | Lennox International Inc | 1,184 | $678,372 | |
| CZR | Caesars Entertainment, Inc. | 13,686 | $413,043 | |
| VGSH | VANGUARD SHORT-TERM TREASURY INDEX FUND | 3,828 | $222,789 | |
| VTV | VANGUARD VALUE INDEX FUND | 915 | $199,405 | |
| No positions match the current search. | ||||
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| AVUV |
Avantis U.S. Small Cap Value ETF
|
Added | 153,334 | $18,058,145 | 18.99% | |
| AVDV |
Avantis International Small Cap Value ETF
|
Added | 156,295 | $17,095,547 | 17.98% | |
| VOO |
VANGUARD 500 INDEX FUND
|
Added | 13,366 | $9,367,694 | 9.85% | |
| AVEM |
Avantis Emerging Markets Equity ETF
|
Added | 75,916 | $7,137,622 | 7.51% | |
| JPST |
JPMorgan Ultra-Short Income ETF
|
Reduced | 70,417 | $3,546,904 | 3.73% | |
| AVUS |
Avantis U.S. Equity ETF
|
Added | 24,062 | $3,082,101 | 3.24% | |
| JMST |
JPMorgan Ultra-Short Municipal Income ETF
|
Added | 56,929 | $2,878,330 | 3.03% | |
| BSMS |
Invesco BulletShares 2028 Municipal Bond ETF
|
Added | 113,614 | $2,590,512 | 2.72% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 4,469 | $1,488,266 | 1.57% | |
| MO |
Altria Group, Inc.
Consumer Defensive
|
Added | 21,896 | $1,474,476 | 1.55% | |
| ADBE |
Adobe Inc.
Technology
|
Added | 5,601 | $1,343,903 | 1.41% | |
| V |
Visa Inc.
Financial Services
|
Added | 3,689 | $1,325,568 | 1.39% | |
| NVDA |
Nvidia Corp
Technology
|
Added | 5,541 | $1,265,453 | 1.33% | |
| CAH |
Cardinal Health Inc
Healthcare
|
Reduced | 5,431 | $1,208,397 | 1.27% | |
| MCK |
Mckesson Corp
Healthcare
|
Added | 1,348 | $1,150,935 | 1.21% | |
| MA |
Mastercard Inc
Financial Services
|
Added | 2,042 | $1,126,101 | 1.18% | |
| DPZ |
Dominos Pizza Inc
Consumer Cyclical
|
Added | 3,461 | $1,036,950 | 1.09% | |
| ULTA |
Ulta Beauty, Inc.
Consumer Cyclical
|
Added | 1,827 | $997,852 | 1.05% | |
| ORLY |
O Reilly Automotive Inc
Consumer Cyclical
|
Added | 11,442 | $977,261 | 1.03% | |
| CL |
Colgate Palmolive Co
Consumer Defensive
|
Added | 11,047 | $942,530 | 0.99% | |
| EQT |
EQT Corp
Energy
|
Added | 18,815 | $913,656 | 0.96% | |
| AZO |
Autozone Inc
Consumer Cyclical
|
NEW | 278 | $786,745 | 0.83% | |
| LULU |
lululemon athletica inc.
Consumer Cyclical
|
Added | 7,477 | $719,212 | 0.76% | |
| APO |
Apollo Global Management, Inc.
Financial Services
|
Added | 6,132 | $711,679 | 0.75% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Reduced | 2,645 | $700,237 | 0.74% | |
| BNY |
Bank of New York Mellon Corp
Financial Services
|
Added | 4,634 | $670,215 | 0.70% | |
| NTAP |
NetApp, Inc.
Technology
|
Reduced | 2,871 | $603,139 | 0.63% | |
| IDXX |
Idexx Laboratories Inc /De
Healthcare
|
NEW | 1,138 | $594,252 | 0.63% | |
| LOW |
Lowes Companies Inc
Consumer Cyclical
|
Added | 3,161 | $582,540 | 0.61% | |
| TSLA |
Tesla, Inc.
Consumer Cyclical
|
Held | 1,634 | $579,759 | 0.61% | |
| AOS |
Smith A O Corp
Industrials
|
NEW | 10,218 | $575,988 | 0.61% | |
| SPHQ |
Invesco S&P 500 Quality ETF
|
Added | 6,601 | $555,012 | 0.58% | |
| ADSK |
Autodesk, Inc.
Technology
|
NEW | 2,564 | $535,876 | 0.56% | |
| PHYS |
Sprott Physical Gold Trust
Financial Services
|
Held | 15,875 | $496,411 | 0.52% | |
| VTI |
VANGUARD TOTAL STOCK MARKET INDEX FUND
|
Added | 1,287 | $481,646 | 0.51% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 880 | $451,352 | 0.47% | |
| PM |
Philip Morris International Inc.
Consumer Defensive
|
Reduced | 2,326 | $443,847 | 0.47% | |
| PRFZ |
Invesco RAFI US 1500 Small-Mid ETF
|
Held | 8,000 | $418,640 | 0.44% | |
| BSMV |
|
NEW | 19,700 | $391,864 | 0.41% | |
| BSMW |
|
Added | 16,460 | $388,594 | 0.41% | |
| GLD |
Spdr Gold Trust
|
Held | 1,011 | $385,029 | 0.40% | |
| BSMT |
Invesco BulletShares 2029 Municipal Bond ETF
|
Added | 16,966 | $377,719 | 0.40% | |
| ABBV |
AbbVie Inc.
Healthcare
|
Added | 1,406 | $367,795 | 0.39% | |
| PG |
PROCTER & GAMBLE Co
Consumer Defensive
|
Added | 2,448 | $355,645 | 0.37% | |
| VCSH |
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND
|
Held | 4,555 | $351,873 | 0.37% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Added | 985 | $338,918 | 0.36% | |
| EMLC |
VanEck J.P. Morgan EM Local Currency Bond ETF
|
Reduced | 13,151 | $326,539 | 0.34% | |
| CVX |
Chevron Corp
Energy
|
Reduced | 1,503 | $306,927 | 0.32% | |
| PPL |
PPL Corp
Utilities
|
Added | 8,848 | $291,010 | 0.31% | |
| VSDA |
VictoryShares Dividend Accelerator ETF
|
Held | 5,160 | $289,651 | 0.30% |
Showing the top 50 of 69 positions. Create a free account to see every position, past quarters, search, filters and CSV export.
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.