Invariant Investment Management
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 8, 2026), Invariant Investment Management reported 68 stock positions worth $170.6 million. Its top holding was Invesco S&P 500 Equal Weight (RSP) at 15.5% of the portfolio, followed by iShares 7-10 Year Treasury B (IEF, 15.4%) and Avantis US Small Cap Value (AVUV, 10.9%). Compared with Q1 2026, it opened 2 new positions, sold out of 4, added to 31 and reduced 25. The biggest buy was a new position in iShares MSCI USA Min Vol Fac (USMV) and the biggest sale Avantis Emerging Markets Eq (AVEM, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- CAMP HILL, PA
- CIK
- 0001850871
- Portfolio Value
- $170.6M (Q2 2026)
- SEC Filing
- 0001754960-26-000436 ↗ filed Jul 8, 2026
Holdings Value
Holdings 68 stocks · $170.6M
| RSP Invesco S&P 500 Equal Weight | 15.53% | 123,219 | $26.5M | Add +4.3% |
| IEF iShares 7-10 Year Treasury B | 15.37% | 278,454 | $26.2M | Add +24.9% |
| AVUV Avantis US Small Cap Value | 10.90% | 150,096 | $18.6M | Reduce -4.7% |
| AVDV Avantis Intl S/C Value ETF | 9.36% | 150,938 | $16.0M | Reduce -10.0% |
| SHY iShares 1-3 Year Treasury Bo | 5.14% | 106,994 | $8.8M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 4.75% | 11,734 | $8.1M | Add +26.8% |
| AVEM Avantis Emerging Markets Eq | 4.17% | 74,538 | $7.1M | Reduce -49.8% |
| SGOV iShares 0-3 Month Treasury B | 3.52% | 59,727 | $6.0M | Reduce -14.0% |
| USMV iShares MSCI USA Min Vol Fac | 2.98% | 51,863 | $5.1M | New |
| JPST JPMorgan Ultra-Short Income | 2.29% | 77,592 | $3.9M | Reduce -4.5% |
| AVUS Avantis U.S. Equity ETF | 1.77% | 23,562 | $3.0M | Add +2.7% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 1.70% | 56,902 | $2.9M | Reduce -1.1% |
| BSMS Invesco Bulletshares 2028 MB | 1.56% | 113,415 | $2.7M | Add +0.7% |
| MBB iShares MBS ETF | 1.10% | 19,976 | $1.9M | Add +3.6% |
| AAPL Apple Inc. | 0.82% | 4,494 | $1.4M | Reduce -4.5% |
| MO Altria Group Inc. | 0.80% | 18,974 | $1.4M | Reduce -1.6% |
| V Visa Inc. Class A | 0.77% | 3,669 | $1.3M | Add +2.0% |
| CAH Cardinal Health Inc. | 0.76% | 5,446 | $1.3M | Reduce -3.2% |
| AGG iShares Core U.S. Aggregate | 0.67% | 11,601 | $1.1M | Add +8.6% |
| GWW WW Grainger Inc. | 0.67% | 834 | $1.1M | Reduce -5.4% |
| MA Mastercard Inc. Class A | 0.64% | 2,033 | $1.1M | Add +23.0% |
| NVDA Nvidia Corp. | 0.63% | 5,535 | $1.1M | Add +0.1% |
| ADBE Adobe Inc. | 0.63% | 4,934 | $1.1M | Add +15.3% |
| MCK McKesson Corp. | 0.62% | 1,345 | $1.1M | Reduce -1.8% |
| CL Colgate-Palmolive Co. | 0.60% | 10,974 | $1.0M | Add +19.6% |
| EQT Eqt Corp. | 0.56% | 18,434 | $953K | Reduce -0.3% |
| DPZ Domino's Pizza Inc. | 0.54% | 3,008 | $920K | Add +59.8% |
| EOG EOG Resources Inc. | 0.52% | 6,832 | $884K | Reduce -1.7% |
| ORLY O'reilly Automotive Inc. | 0.50% | 10,216 | $861K | Reduce -0.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.50% | 9,375 | $857K | Add +12.2% |
| NTAP Netapp Inc. | 0.49% | 5,155 | $843K | Reduce -33.7% |
| ULTA Ulta Beauty Inc. | 0.47% | 1,790 | $810K | Reduce -0.8% |
| LULU Lululemon Athletica Inc. | 0.44% | 6,432 | $744K | Add +83.3% |
| APO Apollo Global Management Inc. | 0.43% | 5,972 | $730K | Add +10.8% |
| JNJ Johnson & Johnson | 0.41% | 2,680 | $695K | Add +1.8% |
| LOW Lowe's Cos Inc. | 0.41% | 3,102 | $694K | Reduce -12.6% |
| BNY Bank of New York Mellon Corp. | 0.41% | 4,616 | $692K | Add +0.4% |
| TSLA Tesla Inc. | 0.40% | 1,634 | $686K | No change |
| LII Lennox International Inc. | 0.39% | 1,184 | $673K | Reduce -10.1% |
| SPHQ Invesco S&P 500 Quality ETF | 0.34% | 6,600 | $584K | Add +0.0% |
| IUSV iShares Core S&P U.S. Value | 0.33% | 5,032 | $563K | Add +16.7% |
| PHYS Sprott Physical Gold Trust | 0.29% | 15,875 | $499K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.28% | 1,276 | $474K | Add +0.3% |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | 0.26% | 8,000 | $442K | No change |
| PM Philip Morris International | 0.25% | 2,328 | $430K | Reduce -35.1% |
| CZR Caesars Entertainment Inc. | 0.24% | 13,686 | $412K | No change |
| BSMW Invesco Bulletshares 2032 MB | 0.24% | 16,316 | $411K | Add +0.8% |
| BSMT Invesco Bulletshares 2029 MB | 0.23% | 16,869 | $389K | Add +0.6% |
| GLD SPDR Gold Shares | 0.23% | 1,011 | $386K | No change |
| MSFT Microsoft Corp. | 0.22% | 979 | $379K | Add +11.6% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.21% | 4,555 | $359K | No change |
| ABBV Abbvie Inc. | 0.21% | 1,396 | $356K | Reduce -5.2% |
| EMLC Vaneck JPM Em Local Curr BND | 0.20% | 13,241 | $339K | Reduce -8.8% |
| TDG Transdigm Group Inc. | 0.20% | 249 | $335K | No change |
| PPL PPL Corp. | 0.19% | 8,810 | $318K | Add +0.7% |
| VSDA Victoryshares Dividend Accel | 0.18% | 5,160 | $305K | No change |
| PG The Procter & Gamble Co. | 0.16% | 1,878 | $280K | Add +0.3% |
| BND Vanguard Total Bond Market | 0.16% | 3,767 | $275K | Add +0.3% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.16% | 2,976 | $266K | Add +15.9% |
| HSY The Hershey Co. | 0.15% | 1,465 | $260K | Add +0.7% |
| CVX Chevron Corp. | 0.15% | 1,526 | $256K | Add +2.3% |
| BSMR Invesco Bulletshares 2027 MB | 0.15% | 10,688 | $253K | Reduce -0.1% |
| VWO Vanguard Ftse Emerging Marke | 0.14% | 4,064 | $244K | No change |
| GOOGL Alphabet Inc. Class A | 0.14% | 657 | $241K | Reduce -5.1% |
| VGSH Vanguard Short-Term Treasury | 0.13% | 3,828 | $222K | Reduce -18.1% |
| DFAT Dimensional US Target Value | 0.13% | 3,090 | $216K | No change |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.12% | 915 | $201K | New |
| WNC Wabash National Corp. | 0.09% | 12,051 | $157K | Reduce -5.4% |
Portfolio Sells Q1 2026 → Q2 2026
| AVEM Avantis Emerging Markets Eq | Reduce -49.8% | 4.17% | −3.66 |
| AVDV Avantis Intl S/C Value ETF | Reduce -10.0% | 9.36% | −1.48 |
| SGOV iShares 0-3 Month Treasury B | Reduce -14.0% | 3.52% | −0.78 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.45 |
| AVUV Avantis US Small Cap Value | Reduce -4.7% | 10.90% | −0.30 |
| JPST JPMorgan Ultra-Short Income | Reduce -4.5% | 2.29% | −0.23 |
| BSMQ Invesco Bulletshares 2026 MB | Sold out | 0.00% | −0.21 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.19 |
| LOW Lowe's Cos Inc. | Reduce -12.6% | 0.41% | −0.13 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.13 |
| EQT Eqt Corp. | Reduce -0.3% | 0.56% | −0.12 |
| MCK McKesson Corp. | Reduce -1.8% | 0.62% | −0.12 |
| ULTA Ulta Beauty Inc. | Reduce -0.8% | 0.47% | −0.12 |
| JMST JPM Ultra-Short Muni Income | Reduce -1.1% | 1.70% | −0.10 |
| PM Philip Morris International | Reduce -35.1% | 0.25% | −0.10 |
| ORLY O'reilly Automotive Inc. | Reduce -0.5% | 0.50% | −0.09 |
| EOG EOG Resources Inc. | Reduce -1.7% | 0.52% | −0.07 |
| VGSH Vanguard Short-Term Treasury | Reduce -18.1% | 0.13% | −0.04 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -8.8% | 0.20% | −0.03 |
| BSMR Invesco Bulletshares 2027 MB | Reduce -0.1% | 0.15% | −0.01 |
| LII Lennox International Inc. | Reduce -10.1% | 0.39% | −0.00 |
| MO Altria Group Inc. | Reduce -1.6% | 0.80% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -5.1% | 0.14% | +0.01 |
| CAH Cardinal Health Inc. | Reduce -3.2% | 0.76% | +0.01 |
| ABBV Abbvie Inc. | Reduce -5.2% | 0.21% | +0.02 |
| WNC Wabash National Corp. | Reduce -5.4% | 0.09% | +0.02 |
| GWW WW Grainger Inc. | Reduce -5.4% | 0.67% | +0.03 |
| NTAP Netapp Inc. | Reduce -33.7% | 0.49% | +0.04 |
| AAPL Apple Inc. | Reduce -4.5% | 0.82% | +0.07 |
Portfolio Buys Q1 2026 → Q2 2026
| USMV iShares MSCI USA Min Vol Fac | New | 2.98% | +2.98 |
| IEF iShares 7-10 Year Treasury B | Add +24.9% | 15.37% | +2.28 |
| VOO Vanguard S&P 500 ETF | Add +26.8% | 4.75% | +1.19 |
| RSP Invesco S&P 500 Equal Weight | Add +4.3% | 15.53% | +1.12 |
| AVUS Avantis U.S. Equity ETF | Add +2.7% | 1.77% | +0.12 |
| MA Mastercard Inc. Class A | Add +23.0% | 0.64% | +0.12 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.12% | +0.12 |
| CL Colgate-Palmolive Co. | Add +19.6% | 0.60% | +0.11 |
| DPZ Domino's Pizza Inc. | Add +59.8% | 0.54% | +0.11 |
| V Visa Inc. Class A | Add +2.0% | 0.77% | +0.09 |
| LULU Lululemon Athletica Inc. | Add +83.3% | 0.44% | +0.08 |
| APO Apollo Global Management Inc. | Add +10.8% | 0.43% | +0.07 |
| IUSV iShares Core S&P U.S. Value | Add +16.7% | 0.33% | +0.05 |
| BNY Bank of New York Mellon Corp. | Add +0.4% | 0.41% | +0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +12.2% | 0.50% | +0.03 |
| ADBE Adobe Inc. | Add +15.3% | 0.63% | +0.02 |
| SPHQ Invesco S&P 500 Quality ETF | Add +0.0% | 0.34% | +0.02 |
| MSFT Microsoft Corp. | Add +11.6% | 0.22% | +0.02 |
| AGG iShares Core U.S. Aggregate | Add +8.6% | 0.67% | +0.02 |
| JNJ Johnson & Johnson | Add +1.8% | 0.41% | +0.02 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.3% | 0.28% | +0.02 |
| NVDA Nvidia Corp. | Add +0.1% | 0.63% | +0.01 |
| EFAV iShares MSCI Eafe Min Vol Fa | Add +15.9% | 0.16% | +0.01 |
| PG The Procter & Gamble Co. | Add +0.3% | 0.16% | −0.00 |
| BND Vanguard Total Bond Market | Add +0.3% | 0.16% | −0.01 |
| BSMW Invesco Bulletshares 2032 MB | Add +0.8% | 0.24% | −0.01 |
| BSMT Invesco Bulletshares 2029 MB | Add +0.6% | 0.23% | −0.01 |
| CVX Chevron Corp. | Add +2.3% | 0.15% | −0.02 |
| MBB iShares MBS ETF | Add +3.6% | 1.10% | −0.03 |
| PPL PPL Corp. | Add +0.7% | 0.19% | −0.03 |
| HSY The Hershey Co. | Add +0.7% | 0.15% | −0.04 |
| BSMS Invesco Bulletshares 2028 MB | Add +0.7% | 1.56% | −0.07 |
| SHY iShares 1-3 Year Treasury Bo | Add +0.5% | 5.14% | −0.26 |