Invariant Investment Management
Long book
$162.4M
Q1 2026
Positions
70
Top-10 weight
75%
concentration
Last quarter
+7.3%
SPY +14.8%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsInvariant Investment Management is a wealth-management firm allocating client money, running a $162.4M US long book across 70 positions.
The portfolio is concentrated: the top 10 names carry 75% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: INVESCO S&P 500 EQUAL WEIGHT, ISHARES 7-10 YEAR TREASURY B, AVANTIS US SMALL CAP VALUE, AVANTIS INTL S/C VALUE ETF, AVANTIS EMERGING MARKETS EQ.
Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2025
+1.8%
Q1 2026
+7.3%
Sector allocation
Consumer discretionary 28%
Technology 19%
Other 9%
Energy 9%
Services media 9%
Consumer staples 9%
Industrials 7%
Financials 5%
Long book by quarter
What does Invariant Investment own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MO ALTRIA GROUP INC | Consumer staples | 19.3K | $1.3M | 0.8% | +2.4% |
| AAPL APPLE INC | Technology | 4.7K | $1.2M | 0.8% | -0.3% |
| CAH CARDINAL HEALTH INC | Consumer discretionary | 5.6K | $1.2M | 0.7% | +1.4% |
| MCK MCKESSON CORP | Consumer discretionary | 1.4K | $1.2M | 0.7% | +0.8% |
| V VISA INC-CLASS A SHARES | Services media | 3.6K | $1.1M | 0.7% | +29.8% |
| EQT EQT CORP | Energy | 18.5K | $1.1M | 0.7% | +2.5% |
| GWW WW GRAINGER INC | Consumer discretionary | 882 | $1.0M | 0.6% | +0.9% |
| NVDA NVIDIA CORP | Technology | 5.5K | $1.0M | 0.6% | -6.1% |
| ADBE ADOBE INC | Technology | 4.3K | $984K | 0.6% | +58.9% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 10.3K | $970K | 0.6% | +2.6% |
| ULTA ULTA BEAUTY INC | Consumer discretionary | 1.8K | $962K | 0.6% | +1.0% |
| EOG EOG RESOURCES INC | Energy | 7.0K | $949K | 0.6% | +1.0% |
| LOW LOWE'S COS INC | Consumer discretionary | 3.5K | $879K | 0.5% | +1.9% |
| MA MASTERCARD INC - A | Services media | 1.7K | $832K | 0.5% | +5.6% |
| CL COLGATE-PALMOLIVE CO | Other | 9.2K | $790K | 0.5% | +1.2% |
| NTAP NETAPP INC | Technology | 7.8K | $744K | 0.5% | +3.4% |
| KLAC KLA CORP | Other | 421 | $727K | 0.4% | -37.5% |
| DPZ DOMINO'S PIZZA INC | Consumer discretionary | 1.9K | $702K | 0.4% | +5.0% |
| LII LENNOX INTERNATIONAL INC | Industrials | 1.3K | $644K | 0.4% | +6.3% |
| JNJ JOHNSON & JOHNSON | Healthcare | 2.6K | $636K | 0.4% | -8.1% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 4.6K | $591K | 0.4% | +0.5% |
| LULU LULULEMON ATHLETICA INC | Other | 3.5K | $584K | 0.4% | +7.0% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 3.6K | $578K | 0.4% | +53.7% |
| APO APOLLO GLOBAL MANAGEMENT INC | Financials | 5.4K | $577K | 0.4% | +18.5% |
| TSLA TESLA INC | Industrials | 1.6K | $565K | 0.3% | -16.5% |
| CZR CAESARS ENTERTAINMENT INC | Services media | 13.7K | $362K | 0.2% | New |
| PPL PPL CORP | Utilities | 8.7K | $348K | 0.2% | +0.7% |
| MSFT MICROSOFT CORP | Technology | 877 | $327K | 0.2% | -0.8% |
| ABBV ABBVIE INC | Healthcare | 1.5K | $313K | 0.2% | -0.8% |
| AMAT APPLIED MATERIALS INC | Technology | 782 | $311K | 0.2% | -5.3% |
| HSY HERSHEY CO/THE | Consumer staples | 1.5K | $307K | 0.2% | -2.8% |
| TDG TRANSDIGM GROUP INC | Industrials | 249 | $305K | 0.2% | Held |
| CVX CHEVRON CORP | Energy | 1.5K | $284K | 0.2% | -9.2% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.9K | $275K | 0.2% | +5.6% |
| GOOGL ALPHABET INC-CL A | Technology | 692 | $220K | 0.1% | -1.4% |
| WNC WABASH NATIONAL CORP | Industrials | 12.7K | $117K | 0.1% | New |