Invariant Investment Management

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CIK 1850871

13F portfolio (2026-Q1)

$162M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

57.4%

Top 10

74.9%

Effective N

13.0

HHI

0.077

This quarter

4 new · 0 exit →

By sector

Unclassified84.6%

Consumer Discretionary5.3%

Information Technology3.3%

Financials1.9%

Energy1.4%

Consumer Staples1.3%

Materials0.7%

Industrials0.6%

Other0.9%

By market cap

Unknown84.6%

Large ($10–200B)10.4%

Mega (>$200B)4.7%

Mid ($2–10B)0.2%

Small ($300M–2B)0.1%

By region

Other84.6%

North America15.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	84.56%	34
Distributors	2.55%	4
Specialty Retail	1.73%	3
Technology Hardware & Equipment	1.66%	3
Oil, Gas & Consumable Fuels	1.44%	3
Commercial Services & Supplies	1.20%	2
Tobacco	1.16%	2
Semiconductors & Semiconductor Equipment	0.82%	2
Software	0.81%	2
Chemicals	0.66%	2
Pharmaceuticals & Biotechnology	0.58%	2
Automobiles & Components	0.42%	2
Machinery	0.40%	1
Banks	0.36%	1
Textiles, Apparel & Luxury Goods	0.36%	1
Capital Markets	0.36%	1
Hotels, Restaurants & Leisure	0.22%	1
Utilities	0.21%	1
Food Products	0.19%	1
Aerospace & Defense	0.19%	1
Software & IT Services	0.14%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	RSP	INVESCO EXCHANGE TRADED FD T	Unclassified	14.41%
2	IEF	ISHARES TR	Unclassified	13.09%
3	AVUV	AMERICAN CENTY ETF TR	Unclassified	11.19%
4	AVDV	AMERICAN CENTY ETF TR	Unclassified	10.84%
5	AVEM	AMERICAN CENTY ETF TR	Unclassified	7.82%
6	SHY	ISHARES TR	Unclassified	5.40%
7	SGOV	ISHARES TR	Unclassified	4.30%
8	VOO	VANGUARD INDEX FDS	Unclassified	3.56%
9	JPST	J P MORGAN EXCHANGE TRADED F	Unclassified	2.53%
10	JMST	J P MORGAN EXCHANGE TRADED F	Unclassified	1.80%

36/70 names classified · sector 15.4% of weight · industry 15.4% · mkt cap 15.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 2 quarters

Consumer DiscretionaryCAH, MCK, ULTA, GWW, ORLY · other

Information TechnologyAAPL, NVDA, ADBE, KLAC, NTAP · other

FinancialsV, MA, APO, BNY, BX

EnergyEQT, EOG, CVX

Consumer StaplesMO, PM, HSY

IndustrialsLII, TDG, IT

MaterialsCL, PG

Health CareJNJ, ABBV

Utilities

Communication Services

UnclassifiedRSP, IEF, AVDV, AVUV, AVEM · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 15.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 15% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (35 classified)Invariant Investment Management centroid (Mid Core)

Consumer DiscretionaryInformation TechnologyFinancialsEnergyConsumer StaplesMaterialsIndustrialsHealth CareUtilitiesCommunication Services

Style box summary for Invariant Investment Management: centroid Mid Core. Heaviest cells: Large Value 3.4%, Mid Growth 2.8%, Large Core 2.6%.

Classified: 15.2% of book weight (35/70 names) · unclassified 84.8%: RSP, IEF, AVUV, AVDV, AVEM, SHY, SGOV, VOO, JPST, JMST +25 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 70 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	RSPINVESCO EXCHANGE TRADED FD T	118,196	$23M	14.4%	ADD 2%
2	IEFISHARES TR	222,892	$21M	13.1%	ADD 5%
3	AVUVAMERICAN CENTY ETF TR	157,464	$18M	11.2%	ADD 5%
4	AVDVAMERICAN CENTY ETF TR	167,728	$18M	10.8%	TRIM −6%
5	AVEMAMERICAN CENTY ETF TR	148,404	$13M	7.8%	ADD 26%
6	SHYISHARES TR	106,422	$9M	5.4%	HOLD
7	SGOVISHARES TR	69,477	$7M	4.3%	TRIM −10%
8	VOOVANGUARD INDEX FDS	9,255	$6M	3.6%	ADD 19%
9	JPSTJ P MORGAN EXCHANGE TRADED F	81,227	$4M	2.5%	TRIM −17%
10	JMSTJ P MORGAN EXCHANGE TRADED F	57,539	$3M	1.8%	TRIM −3%
11	AVUSAMERICAN CENTY ETF TR	22,949	$3M	1.6%	ADD 5%
12	BSMSINVESCO EXCH TRD SLF IDX FD	112,648	$3M	1.6%	HOLD
13	MBBISHARES TR	19,277	$2M	1.1%	ADD 6%
14	MOALTRIA GROUP INC	19,277	$1M	0.8%	ADD 2%
15	AAPLAPPLE INC	4,707	$1M	0.8%	HOLD
16	CAHCARDINAL HEALTH INC	5,626	$1M	0.7%	HOLD
17	MCKMCKESSON CORP	1,369	$1M	0.7%	HOLD
18	VVISA INC	3,598	$1M	0.7%	ADD 30%
19	EQTEQT CORP	18,492	$1M	0.7%	ADD 2%
20	AGGISHARES TR	10,680	$1M	0.7%	ADD 77%
21	GWWWW GRAINGER INC	882	$1M	0.6%	HOLD
22	NVDANVIDIA CORPORATION	5,527	$1M	0.6%	TRIM −6%
23	ADBEADOBE INC	4,280	$984,143	0.6%	ADD 59%
24	ORLYOREILLY AUTOMOTIVE INC	10,270	$969,512	0.6%	ADD 3%
25	ULTAULTA BEAUTY INC	1,805	$961,553	0.6%	HOLD
26	EOGEOG RES INC	6,951	$949,376	0.6%	HOLD
27	LOWLOWES COS INC	3,549	$879,449	0.5%	HOLD
28	MAMASTERCARD INCORPORATED	1,653	$832,389	0.5%	ADD 6%
29	CLCOLGATE PALMOLIVE CO	9,179	$789,743	0.5%	HOLD
30	BILSPDR SERIES TRUST	8,356	$764,277	0.5%	TRIM −6%
31	NTAPNetApp Inc.	7,772	$743,531	0.5%	ADD 3%
32	KLACKLA CORP	421	$727,240	0.4%	TRIM −38%
33	DPZDOMINOS PIZZA INC	1,882	$702,400	0.4%	ADD 5%
34	LIILENNOX INTL INC	1,317	$643,587	0.4%	ADD 6%
35	JNJJOHNSON & JOHNSON	2,634	$635,529	0.4%	TRIM −8%
36	BNYBANK NEW YORK MELLON CORP	4,598	$591,155	0.4%	HOLD
37	LULULULULEMON ATHLETICA INC	3,509	$584,284	0.4%	ADD 7%
38	PMPHILIP MORRIS INTL INC	3,586	$578,184	0.4%	ADD 54%
39	APOAPOLLO GLOBAL MGMT INC	5,391	$576,756	0.4%	ADD 19%
40	PHYSSprott Physical Gold Trust	15,875	$573,723	0.4%	HOLD
41	TSLATESLA INC	1,634	$564,743	0.3%	TRIM −17%
42	SPHQINVESCO EXCHANGE TRADED FD T	6,599	$522,514	0.3%	HOLD
43	IUSVISHARES TR	4,311	$453,556	0.3%	HOLD
44	GLDSPDR GOLD TR	1,011	$442,727	0.3%	HOLD
45	VTIVANGUARD INDEX FDS	1,272	$426,768	0.3%	HOLD
46	BSMWINVESCO EXCH TRD SLF IDX FD	16,187	$406,383	0.3%	HOLD
47	BSMTINVESCO EXCH TRD SLF IDX FD	16,774	$387,810	0.2%	TRIM −3%
48	PRFZINVESCO EXCHANGE TRADED FD T	8,000	$384,932	0.2%	HOLD
49	EMLCVANECK ETF TRUST	14,517	$373,805	0.2%	TRIM −10%
50	CZRCAESARS ENTERTAINMENT INC NE	13,686	$361,858	0.2%	NEW
51	VCSHVANGUARD SCOTTSDALE FDS	4,555	$361,120	0.2%	HOLD
52	PPLPPL CORP	8,749	$348,293	0.2%	HOLD
53	BSMQINVESCO EXCH TRD SLF IDX FD	14,137	$334,403	0.2%	TRIM −3%
54	MSFTMICROSOFT CORP	877	$327,265	0.2%	HOLD
55	ABBVABBVIE INC	1,472	$312,699	0.2%	HOLD
56	AMATAPPLIED MATLS INC	782	$311,132	0.2%	TRIM −5%
57	HSYHERSHEY CO	1,455	$306,761	0.2%	TRIM −3%
58	TDGTRANSDIGM GROUP INC	249	$305,413	0.2%	HOLD
59	VSDAVICTORY PORTFOLIOS II	5,160	$288,166	0.2%	HOLD
60	CVXCHEVRON CORP NEW	1,492	$283,963	0.2%	TRIM −9%
61	BNDVANGUARD BD INDEX FDS	3,754	$276,869	0.2%	TRIM −18%
62	PGPROCTER AND GAMBLE CO	1,873	$274,691	0.2%	ADD 6%
63	VGSHVANGUARD SHORT-TERM TREASURY ETF	4,674	$273,172	0.2%	TRIM −15%
64	BSMRINVESCO EXCH TRD SLF IDX FD	10,697	$253,404	0.2%	TRIM −27%
65	EFAVISHARES TR	2,567	$239,840	0.1%	NEW
66	VWOVANGUARD INTL EQUITY INDEX F	4,064	$229,378	0.1%	HOLD
67	GOOGLALPHABET INC	692	$220,418	0.1%	HOLD
68	SLVISHARES SILVER TR	3,028	$207,085	0.1%	TRIM −4%
69	DFATDIMENSIONAL ETF TRUST	3,090	$200,788	0.1%	NEW
70	WNCWABASH NATL CORP	12,735	$116,907	0.1%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

RSPINVESCO EXCHANGE TRADED FD T

—

115K

118K

$23M

IEFISHARES TR

—

213K

223K

$21M

AVUVAMERICAN CENTY ETF TR

—

150K

157K

$18M

AVDVAMERICAN CENTY ETF TR

—

178K

168K

$18M

AVEMAMERICAN CENTY ETF TR

—

118K

148K

$13M

SHYISHARES TR

—

107K

106K

$9M

SGOVISHARES TR

—

77K

69K

$7M

VOOVANGUARD INDEX FDS

—

$6M

JPSTJ P MORGAN EXCHANGE TRADED F

—

98K

81K

$4M

JMSTJ P MORGAN EXCHANGE TRADED F

—

60K

58K

$3M

AVUSAMERICAN CENTY ETF TR

—

22K

23K

$3M

BSMSINVESCO EXCH TRD SLF IDX FD

—

113K

$3M

MBBISHARES TR

—

18K

19K

$2M

MOALTRIA GROUP INC

—

19K

$1M

AAPLAPPLE INC

—

$1M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Invariant Investment Management