Invariant Investment Management

CAMP HILL, PA

$171m in 68 US stocks at the end of 30 June 2026. The top 10 are 74.0% of the money. It changed about 8.9% of the portfolio this quarter.

Value

$171m

Stocks

Top 10 share

74.0%

Turnover

8.9%

What changed this quarter

New

Bought for the first time this quarter.

Ishares TRUSMV
3.0% of the fund
Vanguard Index FDSVTV
0.1% of the fund

Added

Bought more of a stock they already held.

Invesco Exchange Traded FD TRSP
15.5% of the fund
+4%
Ishares TRIEF
15.4% of the fund
+25%
Vanguard Index FDSVOO
4.8% of the fund
+27%
American Centy ETF TRAVUS
1.8% of the fund
+3%
Ishares TRMBB
1.1% of the fund
+4%
Ishares TRAGG
0.7% of the fund
+9%
MastercardMA
0.6% of the fund
+23%
AdobeADBE
0.6% of the fund
+15%
Colgate-PalmoliveCL
0.6% of the fund
+20%
Dominos PizzaDPZ
0.5% of the fund
+60%
Spdr Series TrustBIL
0.5% of the fund
+12%
lululemon athleticaLULU
0.4% of the fund
+83%
Apollo Global ManagementAPO
0.4% of the fund
+11%
Ishares TRIUSV
0.3% of the fund
+17%
MicrosoftMSFT
0.2% of the fund
+12%
Ishares TREFAV
0.2% of the fund
+16%
ChevronCVX
0.2% of the fund
+2%

Cut

Sold some of their stake.

American Centy ETF TRAVUV
10.9% of the fund
-5%
American Centy ETF TRAVDV
9.4% of the fund
-10%
American Centy ETF TRAVEM
4.2% of the fund
-50%
Ishares TRSGOV
3.5% of the fund
-14%
J P Morgan Exchange Traded FJPST
2.3% of the fund
-4%
AppleAAPL
0.8% of the fund
-5%
Cardinal HealthCAH
0.8% of the fund
-3%
W.W. GraingerGWW
0.7% of the fund
-5%
NetAppNTAP
0.5% of the fund
-34%
Lowe's CompaniesLOW
0.4% of the fund
-13%
Lennox InternationalLII
0.4% of the fund
-10%
Philip Morris InternationalPM
0.3% of the fund
-35%
AbbVieABBV
0.2% of the fund
-5%
Vaneck ETF TrustEMLC
0.2% of the fund
-9%
AlphabetGOOGL
0.1% of the fund
-5%
Vanguard Scottsdale FDSVGSH
0.1% of the fund
-18%
Wabash NationalWNC
<0.1% of the fund
-5%

Sold out

Sold their entire stake.

KLAKLAC
-100%
Invesco Exch TRD SLF IDX FDBSMQ
-100%
Applied MaterialsAMAT
-100%
Ishares Silver TRSLV
-100%

Holdings

Invesco Exchange Traded FD TRSP
Share
15.5%
Value
$26m
Shares
123,219
+4%
Ishares TRIEF
Share
15.4%
Value
$26m
Shares
278,454
+25%
American Centy ETF TRAVUV
Share
10.9%
Value
$19m
Shares
150,096
-5%
American Centy ETF TRAVDV
Share
9.4%
Value
$16m
Shares
150,938
-10%
Ishares TRSHY
Share
5.1%
Value
$9m
Shares
106,994
Held
Vanguard Index FDSVOO
Share
4.8%
Value
$8m
Shares
11,734
+27%
American Centy ETF TRAVEM
Share
4.2%
Value
$7m
Shares
74,538
-50%
Ishares TRSGOV
Share
3.5%
Value
$6m
Shares
59,727
-14%
Ishares TRUSMV
Share
3.0%
Value
$5m
Shares
51,863
New
J P Morgan Exchange Traded FJPST
Share
2.3%
Value
$4m
Shares
77,592
-4%
American Centy ETF TRAVUS
Share
1.8%
Value
$3m
Shares
23,562
+3%
J P Morgan Exchange Traded FJMST
Share
1.7%
Value
$3m
Shares
56,902
Held
Invesco Exch TRD SLF IDX FDBSMS
Share
1.6%
Value
$3m
Shares
113,415
Held
Ishares TRMBB
Share
1.1%
Value
$2m
Shares
19,976
+4%
AppleAAPL
Share
0.8%
Value
$1m
Shares
4,494
-5%
Altria GroupMO
Share
0.8%
Value
$1m
Shares
18,974
Held
VisaV
Share
0.8%
Value
$1m
Shares
3,669
Held
Cardinal HealthCAH
Share
0.8%
Value
$1m
Shares
5,446
-3%
Ishares TRAGG
Share
0.7%
Value
$1m
Shares
11,601
+9%
W.W. GraingerGWW
Share
0.7%
Value
$1m
Shares
834
-5%
MastercardMA
Share
0.6%
Value
$1m
Shares
2,033
+23%
NvidiaNVDA
Share
0.6%
Value
$1m
Shares
5,535
Held
AdobeADBE
Share
0.6%
Value
$1m
Shares
4,934
+15%
MckessonMCK
Share
0.6%
Value
$1m
Shares
1,345
Held
Colgate-PalmoliveCL
Share
0.6%
Value
$1m
Shares
10,974
+20%
EQTEQT
Share
0.6%
Value
$953,233
Shares
18,434
Held
Dominos PizzaDPZ
Share
0.5%
Value
$920,298
Shares
3,008
+60%
EOG ResourcesEOG
Share
0.5%
Value
$884,018
Shares
6,832
Held
O'Reilly AutomotiveORLY
Share
0.5%
Value
$860,617
Shares
10,216
Held
Spdr Series TrustBIL
Share
0.5%
Value
$857,199
Shares
9,375
+12%
NetAppNTAP
Share
0.5%
Value
$843,137
Shares
5,155
-34%
Ulta BeautyULTA
Share
0.5%
Value
$809,844
Shares
1,790
Held
lululemon athleticaLULU
Share
0.4%
Value
$743,796
Shares
6,432
+83%
Apollo Global ManagementAPO
Share
0.4%
Value
$729,554
Shares
5,972
+11%
Johnson & JohnsonJNJ
Share
0.4%
Value
$694,994
Shares
2,680
Held
Lowe's CompaniesLOW
Share
0.4%
Value
$694,121
Shares
3,102
-13%
Bank of New York MellonBNY
Share
0.4%
Value
$692,233
Shares
4,616
Held
TeslaTSLA
Share
0.4%
Value
$685,904
Shares
1,634
Held
Lennox InternationalLII
Share
0.4%
Value
$672,553
Shares
1,184
-10%
Invesco Exchange Traded FD TSPHQ
Share
0.3%
Value
$584,189
Shares
6,600
Held
Ishares TRIUSV
Share
0.3%
Value
$563,063
Shares
5,032
+17%
Sprott Asset Management LPPHYS
Share
0.3%
Value
$498,634
Shares
15,875
Held
Vanguard Index FDSVTI
Share
0.3%
Value
$474,191
Shares
1,276
Held
Invesco Exchange Traded FD TPRFZ
Share
0.3%
Value
$441,521
Shares
8,000
Held
Philip Morris InternationalPM
Share
0.3%
Value
$430,048
Shares
2,328
-35%
Caesars EntertainmentCZR
Share
0.2%
Value
$412,496
Shares
13,686
Held
Invesco Exch TRD SLF IDX FDBSMW
Share
0.2%
Value
$410,518
Shares
16,316
Held
Invesco Exch TRD SLF IDX FDBSMT
Share
0.2%
Value
$388,568
Shares
16,869
Held
Spdr Gold TRGLD
Share
0.2%
Value
$386,333
Shares
1,011
Held
MicrosoftMSFT
Share
0.2%
Value
$378,588
Shares
979
+12%
Vanguard Scottsdale FDSVCSH
Share
0.2%
Value
$359,162
Shares
4,555
Held
AbbVieABBV
Share
0.2%
Value
$355,688
Shares
1,396
-5%
Vaneck ETF TrustEMLC
Share
0.2%
Value
$338,849
Shares
13,241
-9%
TransDigm GroupTDG
Share
0.2%
Value
$335,468
Shares
249
Held
PPLPPL
Share
0.2%
Value
$318,117
Shares
8,810
Held
Victory Portfolios IIVSDA
Share
0.2%
Value
$304,669
Shares
5,160
Held
Procter & GamblePG
Share
0.2%
Value
$280,366
Shares
1,878
Held
Vanguard BD Index FDSBND
Share
0.2%
Value
$275,483
Shares
3,767
Held
Ishares TREFAV
Share
0.2%
Value
$265,667
Shares
2,976
+16%
HersheyHSY
Share
0.2%
Value
$260,048
Shares
1,465
Held
ChevronCVX
Share
0.2%
Value
$256,494
Shares
1,526
+2%
Invesco Exch TRD SLF IDX FDBSMR
Share
0.1%
Value
$252,782
Shares
10,688
Held
Vanguard Intl Equity Index FVWO
Share
0.1%
Value
$244,131
Shares
4,064
Held
AlphabetGOOGL
Share
0.1%
Value
$240,936
Shares
657
-5%
Vanguard Scottsdale FDSVGSH
Share
0.1%
Value
$222,452
Shares
3,828
-18%
Dimensional ETF TrustDFAT
Share
0.1%
Value
$215,558
Shares
3,090
Held
Vanguard Index FDSVTV
Share
0.1%
Value
$200,788
Shares
915
New
Wabash NationalWNC
Share
<0.1%
Value
$156,668
Shares
12,051
-5%

Company	Share of fund	Value	Shares	Change
Invesco Exchange Traded FD TRSP	15.5%	$26m	123,219	+4%
Ishares TRIEF	15.4%	$26m	278,454	+25%
American Centy ETF TRAVUV	10.9%	$19m	150,096	-5%
American Centy ETF TRAVDV	9.4%	$16m	150,938	-10%
Ishares TRSHY	5.1%	$9m	106,994	Held
Vanguard Index FDSVOO	4.8%	$8m	11,734	+27%
American Centy ETF TRAVEM	4.2%	$7m	74,538	-50%
Ishares TRSGOV	3.5%	$6m	59,727	-14%
Ishares TRUSMV	3.0%	$5m	51,863	New
J P Morgan Exchange Traded FJPST	2.3%	$4m	77,592	-4%
American Centy ETF TRAVUS	1.8%	$3m	23,562	+3%
J P Morgan Exchange Traded FJMST	1.7%	$3m	56,902	Held
Invesco Exch TRD SLF IDX FDBSMS	1.6%	$3m	113,415	Held
Ishares TRMBB	1.1%	$2m	19,976	+4%
AppleAAPL	0.8%	$1m	4,494	-5%
Altria GroupMO	0.8%	$1m	18,974	Held
VisaV	0.8%	$1m	3,669	Held
Cardinal HealthCAH	0.8%	$1m	5,446	-3%
Ishares TRAGG	0.7%	$1m	11,601	+9%
W.W. GraingerGWW	0.7%	$1m	834	-5%
MastercardMA	0.6%	$1m	2,033	+23%
NvidiaNVDA	0.6%	$1m	5,535	Held
AdobeADBE	0.6%	$1m	4,934	+15%
MckessonMCK	0.6%	$1m	1,345	Held
Colgate-PalmoliveCL	0.6%	$1m	10,974	+20%
EQTEQT	0.6%	$953,233	18,434	Held
Dominos PizzaDPZ	0.5%	$920,298	3,008	+60%
EOG ResourcesEOG	0.5%	$884,018	6,832	Held
O'Reilly AutomotiveORLY	0.5%	$860,617	10,216	Held
Spdr Series TrustBIL	0.5%	$857,199	9,375	+12%
NetAppNTAP	0.5%	$843,137	5,155	-34%
Ulta BeautyULTA	0.5%	$809,844	1,790	Held
lululemon athleticaLULU	0.4%	$743,796	6,432	+83%
Apollo Global ManagementAPO	0.4%	$729,554	5,972	+11%
Johnson & JohnsonJNJ	0.4%	$694,994	2,680	Held
Lowe's CompaniesLOW	0.4%	$694,121	3,102	-13%
Bank of New York MellonBNY	0.4%	$692,233	4,616	Held
TeslaTSLA	0.4%	$685,904	1,634	Held
Lennox InternationalLII	0.4%	$672,553	1,184	-10%
Invesco Exchange Traded FD TSPHQ	0.3%	$584,189	6,600	Held
Ishares TRIUSV	0.3%	$563,063	5,032	+17%
Sprott Asset Management LPPHYS	0.3%	$498,634	15,875	Held
Vanguard Index FDSVTI	0.3%	$474,191	1,276	Held
Invesco Exchange Traded FD TPRFZ	0.3%	$441,521	8,000	Held
Philip Morris InternationalPM	0.3%	$430,048	2,328	-35%
Caesars EntertainmentCZR	0.2%	$412,496	13,686	Held
Invesco Exch TRD SLF IDX FDBSMW	0.2%	$410,518	16,316	Held
Invesco Exch TRD SLF IDX FDBSMT	0.2%	$388,568	16,869	Held
Spdr Gold TRGLD	0.2%	$386,333	1,011	Held
MicrosoftMSFT	0.2%	$378,588	979	+12%
Vanguard Scottsdale FDSVCSH	0.2%	$359,162	4,555	Held
AbbVieABBV	0.2%	$355,688	1,396	-5%
Vaneck ETF TrustEMLC	0.2%	$338,849	13,241	-9%
TransDigm GroupTDG	0.2%	$335,468	249	Held
PPLPPL	0.2%	$318,117	8,810	Held
Victory Portfolios IIVSDA	0.2%	$304,669	5,160	Held
Procter & GamblePG	0.2%	$280,366	1,878	Held
Vanguard BD Index FDSBND	0.2%	$275,483	3,767	Held
Ishares TREFAV	0.2%	$265,667	2,976	+16%
HersheyHSY	0.2%	$260,048	1,465	Held
ChevronCVX	0.2%	$256,494	1,526	+2%
Invesco Exch TRD SLF IDX FDBSMR	0.1%	$252,782	10,688	Held
Vanguard Intl Equity Index FVWO	0.1%	$244,131	4,064	Held
AlphabetGOOGL	0.1%	$240,936	657	-5%
Vanguard Scottsdale FDSVGSH	0.1%	$222,452	3,828	-18%
Dimensional ETF TrustDFAT	0.1%	$215,558	3,090	Held
Vanguard Index FDSVTV	0.1%	$200,788	915	New
Wabash NationalWNC	<0.1%	$156,668	12,051	-5%

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 9.2% since 31 December 2025.

Where the money is

Retail & consumer3.1%

Technology2.8%

Financial services2.2%

Health care2.0%

Everyday goods2.0%

Industrials1.3%

Energy1.2%

Utilities0.2%

Media & telecom0.1%

Other85.1%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.