Invariant Investment Management holds a focused book of 68 reported positions worth $170.6M as of Q2 2026 (disclosed Jul 8, 2026, a ~8-day 13F lag). This quarter they opened Ishares Msci USA Min Vol Fac and trimmed Avantis US Small Cap Value. Their largest long position is Invesco S&P 500 Equal Weight at 16% of the reported non-option book. Cloning the disclosed picks since 2026 would be +5% (+8.7%/yr). That is a simulation of the disclosed long book, not audited returns.
The reported book (valued from quarter-end) returned +7.7%, a 2.2-point gap that is the cost of the ~8-day 13F disclosure lag a real follower can't avoid.
Growth of $10,000 cloning Invariant Investment Management's disclosed long 13F book, rebalanced on each filing date (so it reflects each quarter's actual reporting lag, ~8 days for the latest filing, with no look-ahead), total-return basis (dividends reinvested), derived from end-of-day prices. “Their reported book” values the same picks from quarter-end, before they were public. S&P 500 is SPY total return over the same window. Excludes shorts, cash, options and non-13F holdings. Not investment advice.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
15% mapped to company sectors
+3 sectors below the cut, 1% together
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices (an exit at the prior quarter-end), no cost basis
Other tracked managers holding the same core names as Invariant Investment Management
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| Avalon Advisory Group | 6 / 68 | $232.7M |
| Beacon Wealthcare LLC | 8 / 68 | $222.9M |
| GuidedMoney, LLC | 11 / 68 | $152.5M |
| Independent Investors Inc | 12 / 68 | $364.2M |
| Sloy Dahl & Holst, LLC | 15 / 68 | $557.3M |
| Kearns & Associates LLC | 8 / 68 | $145.4M |
| Strategic Advisory Partners, LLC | 10 / 68 | $94.6M |
| Ketron Financial | 14 / 68 | $208.2M |
Ranked by the share of each fund's own book sitting in the names it shares with Invariant Investment Management: only funds sharing at least a tenth of the book qualify. Index giants, bank custody books and market makers are excluded. They hold everything, so their overlap says nothing.
Bars show each position's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Invesco Exchange Traded FD T S&P500 EQL WGT | $26.5M | 123.2K | 15.5% | ▲+4.2% Added · +5K sh | |
| 2 | Ishares TR 7-10 YR TRSY BD | $26.2M | 278.5K | 15.4% | ▲+25% Added · +56K sh | |
| 3 | American Centy ETF TR US SML CP VALU | $18.6M | 150.1K | 10.9% | ▼−4.7% Reduced · −7K sh | |
| 4 | American Centy ETF TR INTL SMCP VLU | $16.0M | 150.9K | 9.4% | ▼−10% Reduced · −17K sh | |
| 5 | Ishares TR 1 3 YR TREAS BD | $8.8M | 107.0K | 5.1% | ▲+0.5% Added · +572 sh | |
| 6 | Vanguard Index FDS S&P 500 ETF SHS | $8.1M | 11.7K | 4.8% | ▲+27% Added · +2K sh | |
| 7 | American Centy ETF TR AVANTIS EMGMKT | $7.1M | 74.5K | 4.2% | ▼−50% Reduced · −74K sh | |
| 8 | Ishares TR 0-3 MTH TREASURY | $6.0M | 59.7K | 3.5% | ▼−14% Reduced · −10K sh | |
| 9 | Ishares TR MSCI USA MIN ETF | $5.1M | 51.9K | 3.0% | ▲New New position | |
| 10 | J P Morgan Exchange Traded F ULTRA SHRT ETF | $3.9M | 77.6K | 2.3% | ▼−4.5% Reduced · −4K sh | |
| 11 | American Centy ETF TR US EQT ETF | $3.0M | 23.6K | 1.8% | ▲+2.7% Added · +613 sh | |
| 12 | J P Morgan Exchange Traded F ULTRA SHT MUNCPL | $2.9M | 56.9K | 1.7% | ▼−1.1% Reduced · −637 sh | |
| 13 | Invesco Exch TRD SLF Idx FD BULSHS 2028 MUNI | $2.7M | 113.4K | 1.6% | ▲+0.7% Added · +767 sh | |
| 14 | Ishares TR MBS ETF | $1.9M | 20.0K | 1.1% | ▲+3.6% Added · +699 sh | |
| 15 | Apple Inc COM | $1.4M | 4.5K | 0.8% | ▼−4.5% Reduced · −213 sh | |
| 16 | Altria Group Inc COM | $1.4M | 19.0K | 0.8% | ▼−1.6% Reduced · −303 sh | |
| 17 | Visa Inc COM CL A | $1.3M | 3.7K | 0.8% | ▲+2.0% Added · +71 sh | |
| 18 | Cardinal Health Inc COM | $1.3M | 5.4K | 0.8% | ▼−3.2% Reduced · −180 sh | |
| 19 | Ishares TR CORE US AGGBD ET | $1.1M | 11.6K | 0.7% | ▲+8.6% Added · +921 sh | |
| 20 | WW Grainger Inc COM | $1.1M | 834 | 0.7% | ▼−5.4% Reduced · −48 sh | |
| 21 | Mastercard Incorporated CL A | $1.1M | 2.0K | 0.6% | ▲+23% Added · +380 sh | |
| 22 | Nvidia Corporation COM | $1.1M | 5.5K | 0.6% | ▲+0.1% Added · +8 sh | |
| 23 | Adobe Inc COM | $1.1M | 4.9K | 0.6% | ▲+15% Added · +654 sh | |
| 24 | McKesson Corp COM | $1.1M | 1.3K | 0.6% | ▼−1.8% Reduced · −24 sh | |
| 25 | Colgate Palmolive Co COM | $1.0M | 11.0K | 0.6% | ▲+20% Added · +2K sh | |
| 26 | Eqt Corp COM | $953K | 18.4K | 0.6% | ▼−0.3% Reduced · −58 sh | |
| 27 | Dominos Pizza Inc COM | $920K | 3.0K | 0.5% | ▲+60% Added · +1K sh | |
| 28 | Eog Res Inc COM | $884K | 6.8K | 0.5% | ▼−1.7% Reduced · −119 sh | |
| 29 | Oreilly Automotive Inc COM | $861K | 10.2K | 0.5% | ▼−0.5% Reduced · −54 sh | |
| 30 | SPDR Series Trust ST STR BLO 1 ETF | $857K | 9.4K | 0.5% | ▲+12% Added · +1K sh | |
| 31 | Netapp Inc COM | $843K | 5.2K | 0.5% | ▼−34% Reduced · −3K sh | |
| 32 | Ulta Beauty Inc COM | $810K | 1.8K | 0.5% | ▼−0.8% Reduced · −15 sh | |
| 33 | Lululemon Athletica Inc COM | $744K | 6.4K | 0.4% | ▲+83% Added · +3K sh | |
| 34 | Apollo Global Mgmt Inc COM | $730K | 6.0K | 0.4% | ▲+11% Added · +581 sh | |
| 35 | Johnson & Johnson COM | $695K | 2.7K | 0.4% | ▲+1.7% Added · +46 sh | |
| 36 | Lowes Cos Inc COM | $694K | 3.1K | 0.4% | ▼−13% Reduced · −447 sh | |
| 37 | Bank Of NY Mellon Corp COM | $692K | 4.6K | 0.4% | ▲+0.4% Added · +18 sh | |
| 38 | Tesla Inc COM | $686K | 1.6K | 0.4% | —Held | |
| 39 | Lennox Intl Inc COM | $673K | 1.2K | 0.4% | ▼−10% Reduced · −133 sh | |
| 40 | Invesco Exchange Traded FD T S&P500 QUALITY | $584K | 6.6K | 0.3% | ▲~0% Added · +1 sh | |
| 41 | Ishares TR CORE S&P US VLU | $563K | 5.0K | 0.3% | ▲+17% Added · +721 sh | |
| 42 | Sprott Asset Management LP PHYSICAL GOLD TR | $499K | 15.9K | 0.3% | —Held | |
| 43 | Vanguard Index FDS TOTAL STK MKT | $474K | 1.3K | 0.3% | ▲+0.3% Added · +4 sh | |
| 44 | Invesco Exchange Traded FD T RAFI US 1500 | $442K | 8.0K | 0.3% | —Held | |
| 45 | Philip Morris Intl Inc COM | $430K | 2.3K | 0.3% | ▼−35% Reduced · −1K sh | |
| 46 | Caesars Entertainment Inc Ne COM | $412K | 13.7K | 0.2% | —Held | |
| 47 | Invesco Exch TRD SLF Idx FD BULLETSHS 32 MUN | $411K | 16.3K | 0.2% | ▲+0.8% Added · +129 sh | |
| 48 | Invesco Exch TRD SLF Idx FD BULSHS 2029 MUNI | $389K | 16.9K | 0.2% | ▲+0.6% Added · +95 sh | |
| 49 | SPDR Gold TR GOLD SHS | $386K | 1.0K | 0.2% | —Held | |
| 50 | Microsoft Corp COM | $379K | 979 | 0.2% | ▲+12% Added · +102 sh |
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As-of date vs the date the SEC received each filing
Reported 13F total per quarter. Raw filing totals can include option notional.
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. Book totals and portfolio weights cover reported non-option positions, which can include notes and warrants. Disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.