Invariant Investment Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 13, 2026), Invariant Investment Management reported 70 stock positions worth $162.4 million. Its top holding was Invesco S&P 500 Equal Weight (RSP) at 14.4% of the portfolio, followed by iShares 7-10 Year Treasury B (IEF, 13.1%) and Avantis US Small Cap Value (AVUV, 11.2%). Compared with Q4 2025, it opened 4 new positions, sold out of 5, added to 35 and reduced 24. The biggest buy was Avantis Emerging Markets Eq (AVEM, shares +26%) and the biggest sale JPMorgan Ultra-Short Income (JPST, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- CAMP HILL, PA
- CIK
- 0001850871
- Portfolio Value
- $162.4M (Q1 2026)
- SEC Filing
- 0001754960-26-000231 ↗ filed Apr 13, 2026
Holdings Value
Holdings 70 stocks · $162.4M
| RSP Invesco S&P 500 Equal Weight | 14.41% | 118,196 | $23.4M | Add +2.5% |
| IEF iShares 7-10 Year Treasury B | 13.09% | 222,892 | $21.3M | Add +4.7% |
| AVUV Avantis US Small Cap Value | 11.19% | 157,464 | $18.2M | Add +4.6% |
| AVDV Avantis Intl S/C Value ETF | 10.84% | 167,728 | $17.6M | Reduce -5.9% |
| AVEM Avantis Emerging Markets Eq | 7.82% | 148,404 | $12.7M | Add +25.5% |
| SHY iShares 1-3 Year Treasury Bo | 5.40% | 106,422 | $8.8M | Reduce -0.8% |
| SGOV iShares 0-3 Month Treasury B | 4.30% | 69,477 | $7.0M | Reduce -9.7% |
| VOO Vanguard S&P 500 ETF | 3.56% | 9,255 | $5.8M | Add +18.8% |
| JPST JPMorgan Ultra-Short Income | 2.53% | 81,227 | $4.1M | Reduce -17.4% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 1.80% | 57,539 | $2.9M | Reduce -3.4% |
| AVUS Avantis U.S. Equity ETF | 1.64% | 22,949 | $2.7M | Add +4.9% |
| BSMS Invesco Bulletshares 2028 MB | 1.63% | 112,648 | $2.6M | Add +0.1% |
| MBB iShares MBS ETF | 1.13% | 19,277 | $1.8M | Add +6.5% |
| MO Altria Group Inc. | 0.80% | 19,277 | $1.3M | Add +2.4% |
| AAPL Apple Inc. | 0.75% | 4,707 | $1.2M | Reduce -0.3% |
| CAH Cardinal Health Inc. | 0.75% | 5,626 | $1.2M | Add +1.4% |
| MCK McKesson Corp. | 0.74% | 1,369 | $1.2M | Add +0.8% |
| V Visa Inc. Class A | 0.68% | 3,598 | $1.1M | Add +29.8% |
| EQT Eqt Corp. | 0.68% | 18,492 | $1.1M | Add +2.5% |
| AGG iShares Core U.S. Aggregate | 0.65% | 10,680 | $1.1M | Add +76.6% |
| GWW WW Grainger Inc. | 0.64% | 882 | $1.0M | Add +0.9% |
| NVDA Nvidia Corp. | 0.63% | 5,527 | $1.0M | Reduce -6.1% |
| ADBE Adobe Inc. | 0.61% | 4,280 | $984K | Add +58.9% |
| ORLY O'reilly Automotive Inc. | 0.60% | 10,270 | $970K | Add +2.6% |
| ULTA Ulta Beauty Inc. | 0.59% | 1,805 | $962K | Add +0.9% |
| EOG EOG Resources Inc. | 0.58% | 6,951 | $949K | Add +1.0% |
| LOW Lowe's Cos Inc. | 0.54% | 3,549 | $879K | Add +1.9% |
| MA Mastercard Inc. Class A | 0.51% | 1,653 | $832K | Add +5.6% |
| CL Colgate-Palmolive Co. | 0.49% | 9,179 | $790K | Add +1.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.47% | 8,356 | $764K | Reduce -6.1% |
| NTAP Netapp Inc. | 0.46% | 7,772 | $744K | Add +3.5% |
| KLAC KLA Corp. | 0.45% | 421 | $727K | Reduce -37.5% |
| DPZ Domino's Pizza Inc. | 0.43% | 1,882 | $702K | Add +5.0% |
| LII Lennox International Inc. | 0.40% | 1,317 | $644K | Add +6.3% |
| JNJ Johnson & Johnson | 0.39% | 2,634 | $636K | Reduce -8.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.36% | 4,598 | $591K | Add +0.5% |
| LULU Lululemon Athletica Inc. | 0.36% | 3,509 | $584K | Add +7.0% |
| PM Philip Morris International | 0.36% | 3,586 | $578K | Add +53.7% |
| APO Apollo Global Management Inc. | 0.36% | 5,391 | $577K | Add +18.5% |
| PHYS Sprott Physical Gold Trust | 0.35% | 15,875 | $574K | No change |
| TSLA Tesla Inc. | 0.35% | 1,634 | $565K | Reduce -16.6% |
| SPHQ Invesco S&P 500 Quality ETF | 0.32% | 6,599 | $523K | Add +0.0% |
| IUSV iShares Core S&P U.S. Value | 0.28% | 4,311 | $454K | Add +0.3% |
| GLD SPDR Gold Shares | 0.27% | 1,011 | $443K | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.26% | 1,272 | $427K | Add +0.3% |
| BSMW Invesco Bulletshares 2032 MB | 0.25% | 16,187 | $406K | Add +0.8% |
| BSMT Invesco Bulletshares 2029 MB | 0.24% | 16,774 | $388K | Reduce -3.0% |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | 0.24% | 8,000 | $385K | No change |
| EMLC Vaneck JPM Em Local Curr BND | 0.23% | 14,517 | $374K | Reduce -9.6% |
| CZR Caesars Entertainment Inc. | 0.22% | 13,686 | $362K | New |
| VCSH Vanguard S/T Corp. Bond ETF | 0.22% | 4,555 | $361K | No change |
| PPL PPL Corp. | 0.21% | 8,749 | $348K | Add +0.7% |
| BSMQ Invesco Bulletshares 2026 MB | 0.21% | 14,137 | $334K | Reduce -3.2% |
| MSFT Microsoft Corp. | 0.20% | 877 | $327K | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.19% | 1,472 | $313K | Reduce -0.8% |
| AMAT Applied Materials Inc. | 0.19% | 782 | $311K | Reduce -5.3% |
| HSY The Hershey Co. | 0.19% | 1,455 | $307K | Reduce -2.8% |
| TDG Transdigm Group Inc. | 0.19% | 249 | $305K | No change |
| VSDA Victoryshares Dividend Accel | 0.18% | 5,160 | $288K | No change |
| CVX Chevron Corp. | 0.17% | 1,492 | $284K | Reduce -9.3% |
| BND Vanguard Total Bond Market | 0.17% | 3,754 | $277K | Reduce -18.2% |
| PG The Procter & Gamble Co. | 0.17% | 1,873 | $275K | Add +5.6% |
| VGSH Vanguard Short-Term Treasury | 0.17% | 4,674 | $273K | Reduce -14.7% |
| BSMR Invesco Bulletshares 2027 MB | 0.16% | 10,697 | $253K | Reduce -26.7% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.15% | 2,567 | $240K | New |
| VWO Vanguard Ftse Emerging Marke | 0.14% | 4,064 | $229K | No change |
| GOOGL Alphabet Inc. Class A | 0.14% | 692 | $220K | Reduce -1.4% |
| SLV iShares Silver Trust | 0.13% | 3,028 | $207K | Reduce -4.2% |
| DFAT Dimensional US Target Value | 0.12% | 3,090 | $201K | New |
| WNC Wabash National Corp. | 0.07% | 12,735 | $117K | New |
Portfolio Sells Q4 2025 → Q1 2026
| JPST JPMorgan Ultra-Short Income | Reduce -17.4% | 2.53% | −0.66 |
| SGOV iShares 0-3 Month Treasury B | Reduce -9.7% | 4.30% | −0.65 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -0.8% | 5.40% | −0.29 |
| IT Gartner Inc. | Sold out | 0.00% | −0.26 |
| AVDV Avantis Intl S/C Value ETF | Reduce -5.9% | 10.84% | −0.25 |
| AVRE Avantis Real Estate ETF | Sold out | 0.00% | −0.21 |
| TSLA Tesla Inc. | Reduce -16.6% | 0.35% | −0.21 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.16 |
| KLAC KLA Corp. | Reduce -37.5% | 0.45% | −0.16 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.15 |
| JMST JPM Ultra-Short Muni Income | Reduce -3.4% | 1.80% | −0.14 |
| IEI iShares 3-7 Year Treasury Bo | Sold out | 0.00% | −0.13 |
| NVDA Nvidia Corp. | Reduce -6.1% | 0.63% | −0.07 |
| MSFT Microsoft Corp. | Reduce -0.8% | 0.20% | −0.07 |
| BSMR Invesco Bulletshares 2027 MB | Reduce -26.7% | 0.16% | −0.07 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -6.1% | 0.47% | −0.05 |
| BND Vanguard Total Bond Market | Reduce -18.2% | 0.17% | −0.05 |
| VGSH Vanguard Short-Term Treasury | Reduce -14.7% | 0.17% | −0.04 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -9.6% | 0.23% | −0.04 |
| AAPL Apple Inc. | Reduce -0.3% | 0.75% | −0.03 |
| SLV iShares Silver Trust | Reduce -4.2% | 0.13% | −0.02 |
| BSMT Invesco Bulletshares 2029 MB | Reduce -3.0% | 0.24% | −0.02 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.19% | −0.02 |
| BSMQ Invesco Bulletshares 2026 MB | Reduce -3.2% | 0.21% | −0.02 |
| GOOGL Alphabet Inc. Class A | Reduce -1.4% | 0.14% | −0.01 |
| CVX Chevron Corp. | Reduce -9.3% | 0.17% | +0.00 |
| HSY The Hershey Co. | Reduce -2.8% | 0.19% | +0.01 |
| JNJ Johnson & Johnson | Reduce -8.1% | 0.39% | +0.02 |
| AMAT Applied Materials Inc. | Reduce -5.3% | 0.19% | +0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| AVEM Avantis Emerging Markets Eq | Add +25.5% | 7.82% | +1.77 |
| AVUV Avantis US Small Cap Value | Add +4.6% | 11.19% | +0.85 |
| VOO Vanguard S&P 500 ETF | Add +18.8% | 3.56% | +0.38 |
| AGG iShares Core U.S. Aggregate | Add +76.6% | 0.65% | +0.27 |
| CZR Caesars Entertainment Inc. | New | 0.22% | +0.22 |
| EFAV iShares MSCI Eafe Min Vol Fa | New | 0.15% | +0.15 |
| DFAT Dimensional US Target Value | New | 0.12% | +0.12 |
| EOG EOG Resources Inc. | Add +1.0% | 0.58% | +0.12 |
| PM Philip Morris International | Add +53.7% | 0.36% | +0.11 |
| MO Altria Group Inc. | Add +2.4% | 0.80% | +0.11 |
| EQT Eqt Corp. | Add +2.5% | 0.68% | +0.09 |
| WNC Wabash National Corp. | New | 0.07% | +0.07 |
| V Visa Inc. Class A | Add +29.8% | 0.68% | +0.06 |
| GWW WW Grainger Inc. | Add +0.9% | 0.64% | +0.06 |
| CAH Cardinal Health Inc. | Add +1.4% | 0.75% | +0.03 |
| AVUS Avantis U.S. Equity ETF | Add +4.9% | 1.64% | +0.03 |
| ADBE Adobe Inc. | Add +58.9% | 0.61% | +0.03 |
| MCK McKesson Corp. | Add +0.8% | 0.74% | +0.03 |
| PPL PPL Corp. | Add +0.7% | 0.21% | +0.02 |
| MBB iShares MBS ETF | Add +6.5% | 1.13% | +0.02 |
| BNY Bank of New York Mellon Corp. | Add +0.5% | 0.36% | +0.02 |
| CL Colgate-Palmolive Co. | Add +1.2% | 0.49% | +0.01 |
| PG The Procter & Gamble Co. | Add +5.6% | 0.17% | +0.01 |
| ORLY O'reilly Automotive Inc. | Add +2.6% | 0.60% | −0.00 |
| SPHQ Invesco S&P 500 Quality ETF | Add +0.0% | 0.32% | −0.00 |
| BSMW Invesco Bulletshares 2032 MB | Add +0.8% | 0.25% | −0.01 |
| IUSV iShares Core S&P U.S. Value | Add +0.3% | 0.28% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.3% | 0.26% | −0.02 |
| LII Lennox International Inc. | Add +6.3% | 0.40% | −0.02 |
| DPZ Domino's Pizza Inc. | Add +5.0% | 0.43% | −0.03 |
| IEF iShares 7-10 Year Treasury B | Add +4.7% | 13.09% | −0.03 |
| NTAP Netapp Inc. | Add +3.5% | 0.46% | −0.05 |
| LOW Lowe's Cos Inc. | Add +1.9% | 0.54% | −0.05 |
| MA Mastercard Inc. Class A | Add +5.6% | 0.51% | −0.06 |
| LULU Lululemon Athletica Inc. | Add +7.0% | 0.36% | −0.07 |
| BSMS Invesco Bulletshares 2028 MB | Add +0.1% | 1.63% | −0.07 |
| APO Apollo Global Management Inc. | Add +18.5% | 0.36% | −0.07 |
| ULTA Ulta Beauty Inc. | Add +0.9% | 0.59% | −0.17 |
| RSP Invesco S&P 500 Equal Weight | Add +2.5% | 14.41% | −0.17 |