Invariant Investment Management

CIK

1850871

Location

CAMP HILL, PA

Portfolio Value

Micro $25,916,574

Diversification

Diversified

Filing Date

Global Rank

#243 / 295 ▲ 7305

Top Industry

Medical Distribution 9.0%

3Y Alpha vs SPY

-22.0%

Period ended 9 days ago

Filed Jul 8, 2026 · 1d

3 quarters · since Dec 2025

Clone Performance

Feb 2026–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+0.5%

SPY

+10.0%

Annualised alpha

-25.8%

Max drawdown

−7.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

36 positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

5.3%

+0.3 pts

Top 5

24.5%

+0.8 pts

Top 10

44.5%

+0.9 pts

HHI

343

Diversified+14

Portfolio Trend

3 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	19.9%	$5,157,200	7
Technology	17.7%	$4,582,422	5
Financial Services	16.0%	$4,155,959	5
Healthcare	12.9%	$3,341,961	4
Consumer Defensive	12.8%	$3,324,856	5
Industrials	8.9%	$2,307,310	4
Energy	8.2%	$2,119,399	3
Unclassified	1.4%	$372,432	1
Utilities	1.2%	$320,243	1
Communication Services	0.9%	$234,792	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
LULU	lululemon athletica inc.	+2,923	6,432	$734,405
CL	Colgate Palmolive Co	+1,795	10,974	$1,006,096
DPZ	Dominos Pizza Inc	+1,126	3,008	$890,488
ADBE	Adobe Inc.	+654	4,934	$1,011,568
APO	Apollo Global Management, Inc.	+581	5,972	$706,547
MA	Mastercard Inc	+380	2,033	$1,044,148
MSFT	Microsoft Corp	+102	979	$365,186
V	Visa Inc.	+71	3,669	$1,258,797
PPL	PPL Corp	+61	8,810	$320,243
JNJ	Johnson & Johnson	+46	2,680	$680,639
CVX	Chevron Corp	+34	1,526	$252,949
BNY	Bank of New York Mellon Corp	+18	4,616	$667,519
HSY	Hershey Co	+10	1,465	$257,034
NVDA	Nvidia Corp	+8	5,535	$1,107,498
PG	PROCTER & GAMBLE Co	+5	1,878	$275,389
No positions match the current search.

Trimmed

Positions the filer reduced

16 positions

Ticker	Company	Δ Shares	Shares	Value
NTAP	NetApp, Inc.	−2,617	5,155	$797,787
PM	Philip Morris International Inc.	−1,258	2,328	$421,158
WNC	WABASH NATIONAL Corp	−684	12,051	$162,688
LOW	Lowes Companies Inc	−447	3,102	$683,959
MO	Altria Group, Inc.	−303	18,974	$1,365,179
AAPL	Apple Inc.	−213	4,494	$1,300,383
CAH	Cardinal Health Inc	−180	5,446	$1,293,751
LII	Lennox International Inc	−133	1,184	$678,372
EOG	Eog Resources Inc	−119	6,832	$886,315
ABBV	AbbVie Inc.	−76	1,396	$351,289
EQT	EQT Corp	−58	18,434	$980,135
ORLY	O Reilly Automotive Inc	−54	10,216	$940,791
GWW	W.W. Grainger, Inc.	−48	834	$1,134,573
GOOGL	Alphabet Inc.	−35	657	$234,792
MCK	Mckesson Corp	−24	1,345	$1,016,282
ULTA	Ulta Beauty, Inc.	−15	1,790	$807,254
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
AMAT	Applied Materials Inc /De	782	$267,279
SLV	iShares Silver Trust	3,028	$206,327
KLAC	Kla Corp	421	$61,988
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

36 positions · $25,916,574 total · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MO	Altria Group, Inc. Consumer Defensive	Reduced	18,974	-303	$1,365,179	+7.3%	5.27%
AAPL	Apple Inc. Technology	Reduced	4,494	-213	$1,300,383	+8.9%	5.02%
CAH	Cardinal Health Inc Healthcare	Reduced	5,446	-180	$1,293,751	+8.8%	4.99%
V	Visa Inc. Financial Services	Added	3,669	+71	$1,258,797	+15.8%	4.86%
GWW	W.W. Grainger, Inc. Industrials	Reduced	834	-48	$1,134,573	+17.9%	4.38%
NVDA	Nvidia Corp Technology	Added	5,535	+8	$1,107,498	+14.9%	4.27%
MA	Mastercard Inc Financial Services	Added	2,033	+380	$1,044,148	+26.4%	4.03%
MCK	Mckesson Corp Healthcare	Reduced	1,345	-24	$1,016,282	−14.2%	3.92%
ADBE	Adobe Inc. Technology	Added	4,934	+654	$1,011,568	−2.8%	3.90%
CL	Colgate Palmolive Co Consumer Defensive	Added	10,974	+1,795	$1,006,096	+28.6%	3.88%
EQT	EQT Corp Energy	Reduced	18,434	-58	$980,135	−16.7%	3.78%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	10,216	-54	$940,791	−0.8%	3.63%
DPZ	Dominos Pizza Inc Consumer Cyclical	Added	3,008	+1,126	$890,488	+31.9%	3.44%
EOG	Eog Resources Inc Energy	Reduced	6,832	-119	$886,315	−11.8%	3.42%
ULTA	Ulta Beauty, Inc. Consumer Cyclical	Reduced	1,790	-15	$807,254	−14.4%	3.11%
NTAP	NetApp, Inc. Technology	Reduced	5,155	-2,617	$797,787	+0.3%	3.08%
LULU	lululemon athletica inc. Consumer Cyclical	Added	6,432	+2,923	$734,405	+36.7%	2.83%
APO	Apollo Global Management, Inc. Financial Services	Added	5,972	+581	$706,547	+17.6%	2.73%
TSLA	Tesla, Inc. Consumer Cyclical	Held	1,634	0	$687,260	+13.1%	2.65%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	3,102	-447	$683,959	−18.4%	2.64%
JNJ	Johnson & Johnson Healthcare	Added	2,680	+46	$680,639	+5.7%	2.63%
LII	Lennox International Inc Industrials	Reduced	1,184	-133	$678,372	+11.0%	2.62%
BNY	Bank of New York Mellon Corp Financial Services	Added	4,616	+18	$667,519	+22.4%	2.58%
PHYS	Sprott Physical Gold Trust Financial Services	Held	15,875	0	$478,948	−14.9%	1.85%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	2,328	-1,258	$421,158	−29.0%	1.63%
CZR	Caesars Entertainment, Inc. Consumer Cyclical	Held	13,686	0	$413,043	+14.2%	1.59%
GLD	Spdr Gold Trust	Held	1,011	0	$372,432	−14.4%	1.44%
MSFT	Microsoft Corp Technology	Added	979	+102	$365,186	+12.5%	1.41%
ABBV	AbbVie Inc. Healthcare	Reduced	1,396	-76	$351,289	+9.7%	1.36%
TDG	TransDigm Group INC Industrials	Held	249	0	$331,677	+14.9%	1.28%
PPL	PPL Corp Utilities	Added	8,810	+61	$320,243	−4.2%	1.24%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	1,878	+5	$275,389	+1.8%	1.06%
HSY	Hershey Co Consumer Defensive	Added	1,465	+10	$257,034	−15.0%	0.99%
CVX	Chevron Corp Energy	Added	1,526	+34	$252,949	−18.1%	0.98%
GOOGL	Alphabet Inc. Communication Services	Reduced	657	-35	$234,792	+18.0%	0.91%
WNC	WABASH NATIONAL Corp Industrials	Reduced	12,051	-684	$162,688	+48.2%	0.63%