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Invariant Investment Management

CIK 1850871 · latest 13F filed 8 October 2026 · Read the filing on EDGAR

Invariant Investment Management reported 69 US-listed holdings worth $173.0 million in its 13F for the quarter ended 30 September 2026, filed 8 October 2026. Its largest: iShares Trust (15.2%), Invesco Exchange Traded FD T (15.2%) and American Centy ETF Trust (10.6%). Against the quarter before, it opened 7 positions, added to 38, trimmed 10 and sold out of 6.

Reported holdings$173.0M+1.4% on Q2 2026
Positions69+1 on Q2 2026
The largest ten74.1%of its reported holdings
Latest 13FQ3 2026filed 8 October 2026
Where the money is
Added toHeldTrimmed
IEF15.2%RSP15.2%AVUV10.6%AVDV9.9%VOO5.5%SHY5.1%AVEM4.2%SGOV3.5%USMV3.0%JPST2.0%AVUS1.8%JMST1.7%BSMS1.5%MBB1.1%55 more19.9%

The 14 largest of its 69 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q2 2026.

Reported holdings, quarter by quarter
Q4 2025: $156.2 million in 71 positions$156MQ4 25Q1 2026: $162.4 million in 70 positions$162MQ1 26Q2 2026: $170.6 million in 68 positions$171MQ2 26Q3 2026: $173.0 million in 69 positions$173MQ3 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +6.7% over the 3 quarters to 30 September 2026, against +11.8% for the S&P 500.

Its reported holdingsThe S&P 500
95100105110Q4 25Q1 26Q2 26Q3 26Its holdings +6.7%S&P 500 +11.8%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 7Added 38Held 14Trimmed 10Sold out 6
Opened: 7Added: 38Held: 14Trimmed: 10Sold out: 6

Its positions against its 13F for the quarter to 30 June 2026; a change under 0.1% of a position counts as held

Opened 7

  1. Autozone Inc. AZO$776,184
  2. IDEXX Laboratories Inc. IDXX$589,928
  3. A. O. Smith Corp. AOS$579,872
  4. Autodesk, Inc. ADSK$543,568
  5. Invesco Exch TRD SLF Idx FD BSMV$393,702
  6. Nuveen Amt Free Qlty Mun Inc. NEA$190,069
  7. Nuveen Amt Free Mun CR Inc. F NVG$186,225

Added to 38

  1. iShares Trust IEF+17,123 shares · +6%
  2. Vanguard S&P 500 VOO+1,632 shares · +14%
  3. American Century ETF Trust AVDV+5,357 shares · +4%
  4. Invesco Exchange Traded FD T RSP+2,195 shares · +2%
  5. American Centy ETF Trust AVUV+3,238 shares · +2%
  6. SPDR Ser Trust BIL+3,507 shares · +37%
  7. Altria Group, Inc. MO+2,922 shares · +15%
  8. Adobe Inc. ADBE+667 shares · +14%

and 30 more in the table below

Trimmed 10

  1. NetApp, Inc. NTAP-2,284 shares · -44%
  2. JP Morgan Ultra Short Income Et JPST-7,175 shares · -9%
  3. iShares Trust AGG-2,642 shares · -23%
  4. Microsoft Corp. MSFT-99 shares · -10%
  5. Johnson & Johnson JNJ-35 shares · -1%
  6. Apple Inc. AAPL-25 shares · -1%
  7. iShares Trust EFAV-55 shares · -2%
  8. Chevron Corp. CVX-23 shares · -2%

and 2 more in the table below

Sold out of 6

  1. W.W. Grainger, Inc. GWW$1.1 million last quarter
  2. EOG Resources Inc. EOG$884,018 last quarter
  3. Lennox International Inc. LII$672,553 last quarter
  4. Caesars Entertainment, Inc. CZR$412,496 last quarter
  5. Vanguard Short Term Government VGSH$222,452 last quarter
  6. Vanguard Value ETF VTV$200,788 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
iShares Trust IEF295.6K$26.3 million15.22%+17.1K
Invesco Exchange Traded FD T RSP125.4K$26.3 million15.20%+2.2K
American Centy ETF Trust AVUV153.3K$18.4 million10.64%+3.2K
American Century ETF Trust AVDV156.3K$17.1 million9.86%+5.4K
Vanguard S&P 500 VOO13.4K$9.5 million5.47%+1.6K
iShares Trust SHY107.8K$8.7 million5.05%+824
American Century ETF Trust AVEM75.9K$7.2 million4.19%+1.4K
iShares Trust SGOV59.7K$6.0 million3.47%no change
iShares Edge MSCI Min Vol USA ETF USMV52.6K$5.2 million2.99%+722
JP Morgan Ultra Short Income Et JPST70.4K$3.5 million2.04%-7.2K
American Centy ETF Trust AVUS24.1K$3.1 million1.80%+500
J P Morgan Exchange Traded F JMST56.9K$2.9 million1.66%+27
Invesco Exch TRD SLF Idx FD BSMS113.6K$2.6 million1.50%+199
iShares Trust MBB20.5K$1.8 million1.06%+528
Apple Inc. AAPL4.5K$1.5 million0.86%-25
Altria Group, Inc. MO21.9K$1.5 million0.85%+2.9K
Adobe Inc. ADBE5.6K$1.3 million0.77%+667
Visa Inc. V3.7K$1.3 million0.77%+20
NVIDIA Corp. NVDA5.5K$1.3 million0.75%+6
Cardinal Health Inc. CAH5.4K$1.2 million0.72%-15
McKesson Corp. MCK1.3K$1.2 million0.70%+3
SPDR Ser Trust BIL12.9K$1.2 million0.68%+3.5K
Mastercard Inc. MA2.0K$1.1 million0.65%+9
Domino's Pizza, Inc. DPZ3.5K$1.0 million0.60%+453
Ulta Beauty, Inc. ULTA1.8K$993,1860.57%+37
O'Reilly Automotive, Inc. ORLY11.4K$971,4470.56%+1.2K
EQT Corp. EQT18.8K$943,9700.55%+381
Colgate-Palmolive Co. CL11.0K$930,8550.54%+73
iShares Trust AGG9.0K$844,3940.49%-2.6K
Autozone Inc. AZO278$776,1840.45%new
lululemon athletica Inc. LULU7.5K$706,2770.41%+1.0K
Apollo Global Management, Inc. APO6.1K$699,1810.40%+160
Johnson & Johnson JNJ2.6K$677,3120.39%-35
Bank of New York Mellon Corp. BNY4.6K$673,8540.39%+18
NetApp, Inc. NTAP2.9K$649,6770.38%-2.3K
Tesla, Inc. TSLA1.6K$605,5440.35%no change
IDEXX Laboratories Inc. IDXX1.1K$589,9280.34%new
A. O. Smith Corp. AOS10.2K$579,8720.34%new
Lowe's Companies Inc. LOW3.2K$571,4940.33%+59
iShares Trust IUSV5.1K$561,1000.32%+22
Invesco Exchange Traded FD T SPHQ6.6K$560,1770.32%+1
Autodesk, Inc. ADSK2.6K$543,5680.31%new
Sprott Asset Management LP PHYS15.9K$495,4590.29%no change
VG Totl STK Vprs VTI1.3K$486,5100.28%+11
Microsoft Corp. MSFT880$455,5810.26%-99
Philip Morris International Inc. PM2.3K$436,0400.25%-2
Invesco Exchange Traded FD T PRFZ8.0K$425,5890.25%no change
Invesco Exch TRD SLF Idx FD BSMV19.7K$393,7020.23%new
Invesco Exch TRD SLF Idx FD BSMW16.5K$390,9150.23%+144
SPDR Gold Trust GLD1.0K$384,3220.22%no change
Invesco Exch TRD SLF Idx FD BSMT17.0K$378,2280.22%+97
AbbVie Inc. ABBV1.4K$369,4800.21%+10
Procter & Gamble Co. PG2.4K$354,6750.21%+570
Vanguard Short-Term Corp. BD Idx VCSH4.6K$350,8260.20%no change
Alphabet Inc. GOOGL985$338,3100.20%+328
Vaneck ETF Trust EMLC13.2K$323,7850.19%-90
Chevron Corp. CVX1.5K$310,5790.18%-23
Victoryshares Dividend Accelerator ETF VSDA5.2K$290,4310.17%no change
PPL Corp. PPL8.8K$290,2060.17%+38
TransDigm Group Inc. TDG249$271,7350.16%no change
iShares Trust EFAV2.9K$265,6630.15%-55
Vanguard Total Bond Market ETF BND3.8K$264,0380.15%+8
Invesco Exch TRD SLF Idx FD BSMR10.7K$249,0980.14%+3
Vanguard Ftse Emerging Markets VWO4.1K$242,0590.14%no change
Hershey Co. HSY1.5K$236,3750.14%+11
Dimensional ETF Trust DFAT3.1K$209,3780.12%no change
Nuveen Amt Free Qlty Mun Inc. NEA18.8K$190,0690.11%new
Nuveen Amt Free Mun CR Inc. F NVG17.4K$186,2250.11%new
Wabash Natl Corp. WNC12.1K$170,1760.10%+70
Every US-listed position in the fund's 13F for the quarter ended 30 September 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 6 it sold out of are in the box above.