Invariant Investment Management — 13F Holdings & Portfolio

CIK 1850871 · latest 13F-HR filed 2026-10-08

Invariant Investment Management manages $173.0M in 13F-reported U.S. long-equity assets across 69 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are IEF (15.22%), RSP (15.20%), AVUV (10.64%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 7 new positions and exited 6; 16 existing positions rose in reported value and 10 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

AUM

$173.0M

Long-equity book

Holdings

Distinct positions

Period

2026-09-30

Filed 2026-10-08

Q/Q Activity

+7 / −6 / ↑16 / ↓10

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26

IEF15.2% · +6%RSP15.2% · +2%AVUV10.6% · +2%AVDV9.9% · +4%VOO5.5% · +14%SHY5.1% · +1%AVEM4.2% · +2%SGOV3.5% · 0%USMV3.0% · +1%JPST2.0% · -9%AVUS1.8% · +2%JMST1.7% · 0%BSMS1.5% · +0%MBB1.1% · +3%AAPL0.9% · -1%MO0.9% · +15%ADBE0.8% · +14%V0.8% · +0%NVDA0.7% · +0%CAH0.7% · -0%MCK0.7% · +0%BIL0.7% · +37%MA0.7% · +0%DPZ0.6% · +15%ULTA0.6% · +2%ORLY0.6% · +12%EQT0.5% · +2%CL0.5% · +1%AGG0.5% · -23%AZO0.4% · new LULU0.4% · +16%APO0.4% · +3%JNJ0.4% · -1%BNY0.4% · new NTAP0.4% · -44%TSLA0.3% · 0%IDXX0.3% · new AOS0.3% · new LOW0.3% · +2%IUSV0.3% · +0%SPHQ0.3% · 0%ADSK0.3% · new PHYS0.3% · 0%VTI0.3% · +1%MSFT0.3% · -10%PM0.3% · -0%PRFZ0.2% · 0%BSMV0.2% · new BSMW0.2% · +1%GLD0.2% · 0%BSMT0.2% · +1%ABBV0.2% · +1%PG0.2% · +30%VCSH0.2% · 0%GOOGL0.2% · +50%EMLC0.2% · -1%CVX0.2% · -2%VSDA0.2% · 0%PPL0.2% · +0%TDG0.2% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 74.1%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 27, 2026.

Assets Under Management

$182.7M

Discretionary

$182.2M

Employees

Accounts

762

Address

200 GRANDVIEW AVENUE
SUITE 103
CAMP HILL, PA 17011

Phone

(717) 317-9006

Website

www.invariantinvestments.com
www.linkedin.com/company/invariant-investment-management

This firm reports 2 disclosure items on its registration.

Name	Title / Status	Ownership	Type
ARBOGAST, SETH, WILLIAM Control	CHIEF EXECUTIVE OFFICER, MANAGING MEMBER since Aug 2013	25–50%	Individual
BOROWSKY, DAVID, MICHAEL Control	CHIEF INVESTMENT OFFICER, MANAGING DIRECTOR, MEMBER since Aug 2013	25–50%	Individual
JM TURNER HOLDINGS LLC Control	MEMBER since Jun 2024	25–50%	Domestic Entity
Smith, Gary, Alan Control	CHIEF COMPLIANCE OFFICER, MEMBER since Apr 2023	25–50%	Individual
TURNER, JONATHAN, MICHAEL Control Indirect owner via JM TURNER HOLDINGS LLC	SOLE MEMBER since Jun 2024	75% or more	Individual

Ownership & leadership changes · 5 filings with changes since Aug 21, 2017

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Jul 18, 2025 filing

No longer listedTURNER, JONATHAN, MICHAEL · MANAGING MEMBER · 25–50% · control person · listed since Apr 2023
AddedJM TURNER HOLDINGS LLC · MEMBER · 25–50% · control person
AddedTURNER, JONATHAN, MICHAEL · SOLE MEMBER · 75% or more · indirect via JM TURNER HOLDINGS LLC · control person

Feb 13, 2024 filing

AddedTURNER, JONATHAN, MICHAEL · MANAGING MEMBER · 25–50% · control person
ChangedARBOGAST, SETH, WILLIAM · title CHIEF EXECUTIVE OFFICER/MANAGING MEMBER → CHIEF EXECUTIVE OFFICER, MANAGING MEMBER; ownership 50–75% → 25–50%
ChangedBOROWSKY, DAVID, MICHAEL · title CHIEF INVESTMENT OFFICER & MANAGING DIRECTOR → CHIEF INVESTMENT OFFICER, MANAGING DIRECTOR, MEMBER; ownership 50–75% → 25–50%
ChangedSmith, Gary, Alan · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER, MEMBER; ownership Less than 5% → 25–50%

Mar 31, 2021 filing

No longer listedHUBERMAN, ARI, PINCHAS · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Feb 2018
AddedSmith, Gary, Alan · CHIEF COMPLIANCE OFFICER · Less than 5% · control person

Aug 20, 2018 filing

Listed againBOROWSKY, DAVID, MICHAEL · CHIEF INVESTMENT OFFICER & MANAGING DIRECTOR · 50–75% · control person
ChangedARBOGAST, SETH, WILLIAM · ownership 75% or more → 50–75%
ChangedHUBERMAN, ARI, PINCHAS · now a control person

Feb 16, 2018 filing

No longer listedBOROWSKY, DAVID, MICHAEL · CHIEF COMPLIANCE OFFICER/MANAGING MEMBER · Less than 5% · listed since Aug 2014
AddedHUBERMAN, ARI, PINCHAS · CHIEF COMPLIANCE OFFICER · Less than 5%

Aug 21, 2017 filing (earliest on record)

ListedARBOGAST, SETH, WILLIAM · CHIEF EXECUTIVE OFFICER/MANAGING MEMBER · 75% or more · control person
ListedBOROWSKY, DAVID, MICHAEL · CHIEF COMPLIANCE OFFICER/MANAGING MEMBER · Less than 5%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

VANGUARD INDEX FDS$1.4M +16.7%
AMERICAN CENTY ETF TR$1.1M +6.8%
SPDR SERIES TRUST$320.6K +37.4%
ADOBE INC$255.3K +23.7%
NVIDIA CORPORATION$213.9K +19.8%

Show all 16 →

Top Trims

J P MORGAN EXCHANGE TRADED F-$377.5K -9.6%
ISHARES TR-$300.1K -26.2%
NETAPP INC-$193.5K -22.9%
LOWES COS INC-$122.6K -17.7%
COLGATE PALMOLIVE CO-$94.0K -9.2%

Show all 10 →

New Positions

Show all 7 →

Exited Positions

Show all 6 →

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#	Issuer	Symbol	CUSIP	Value	Δ

Invariant Investment Management Holdings (2026-09-30)

#	Issuer	Symbol	CUSIP	Value	Weight	Shares	Type
1	ISHARES TR	IEF	464287440	$26.3M	15.22%	295,577	SH
2	INVESCO EXCHANGE TRADED FD T	RSP	46137V357	$26.3M	15.20%	125,414	SH
3	AMERICAN CENTY ETF TR	AVUV	025072877	$18.4M	10.64%	153,334	SH
4	AMERICAN CENTY ETF TR	AVDV	025072802	$17.1M	9.86%	156,295	SH
5	VANGUARD INDEX FDS	VOO	922908363	$9.5M	5.47%	13,366	SH
6	ISHARES TR	SHY	464287457	$8.7M	5.05%	107,818	SH
7	AMERICAN CENTY ETF TR	AVEM	025072604	$7.2M	4.19%	75,916	SH
8	ISHARES TR	SGOV	46436E718	$6.0M	3.47%	59,727	SH
9	ISHARES TR	USMV	46429B697	$5.2M	2.99%	52,585	SH
10	J P MORGAN EXCHANGE TRADED F	JPST	46641Q837	$3.5M	2.04%	70,417	SH
11	AMERICAN CENTY ETF TR	AVUS	025072885	$3.1M	1.80%	24,062	SH
12	J P MORGAN EXCHANGE TRADED F	JMST	46641Q654	$2.9M	1.66%	56,929	SH
13	INVESCO EXCH TRD SLF IDX FD	BSMS	46138J486	$2.6M	1.50%	113,614	SH
14	ISHARES TR	MBB	464288588	$1.8M	1.06%	20,504	SH
15	APPLE INC	AAPL	037833100	$1.5M	0.86%	4,469	SH
16	ALTRIA GROUP INC	MO	02209S103	$1.5M	0.85%	21,896	SH
17	ADOBE INC	ADBE	00724F101	$1.3M	0.77%	5,601	SH
18	VISA INC	V	92826C839	$1.3M	0.77%	3,689	SH
19	NVIDIA CORPORATION	NVDA	67066G104	$1.3M	0.75%	5,541	SH
20	CARDINAL HEALTH INC	CAH	14149Y108	$1.2M	0.72%	5,431	SH
21	MCKESSON CORP	MCK	58155Q103	$1.2M	0.70%	1,348	SH
22	SPDR SERIES TRUST	BIL	78468R663	$1.2M	0.68%	12,882	SH
23	MASTERCARD INCORPORATED	MA	57636Q104	$1.1M	0.65%	2,042	SH
24	DOMINOS PIZZA INC	DPZ	25754A201	$1.0M	0.60%	3,461	SH
25	ULTA BEAUTY INC	ULTA	90384S303	$993.2K	0.57%	1,827	SH
26	OREILLY AUTOMOTIVE INC	ORLY	67103H107	$971.4K	0.56%	11,442	SH
27	EQT CORP	EQT	26884L109	$944.0K	0.55%	18,815	SH
28	COLGATE PALMOLIVE CO	CL	194162103	$930.9K	0.54%	11,047	SH
29	ISHARES TR	AGG	464287226	$844.4K	0.49%	8,959	SH
30	AUTOZONE INC	AZO	053332102	$776.2K	0.45%	278	SH
31	LULULEMON ATHLETICA INC	LULU	550021109	$706.3K	0.41%	7,477	SH
32	APOLLO GLOBAL MGMT INC	APO	03769M106	$699.2K	0.40%	6,132	SH
33	JOHNSON & JOHNSON	JNJ	478160104	$677.3K	0.39%	2,645	SH
34	BANK OF NY MELLON CORP	BNY	064058100	$673.9K	0.39%	4,634	SH
35	NETAPP INC	NTAP	64110D104	$649.7K	0.38%	2,871	SH
36	TESLA INC	TSLA	88160R101	$605.5K	0.35%	1,634	SH
37	IDEXX LABS INC	IDXX	45168D104	$589.9K	0.34%	1,138	SH
38	SMITH A O CORP	AOS	831865209	$579.9K	0.34%	10,218	SH
39	LOWES COS INC	LOW	548661107	$571.5K	0.33%	3,161	SH
40	ISHARES TR	IUSV	464287663	$561.1K	0.32%	5,054	SH
41	INVESCO EXCHANGE TRADED FD T	SPHQ	46137V241	$560.2K	0.32%	6,601	SH
42	AUTODESK INC	ADSK	052769106	$543.6K	0.31%	2,564	SH
43	SPROTT ASSET MANAGEMENT LP	PHYS	85207H104	$495.5K	0.29%	15,875	SH
44	VANGUARD INDEX FDS	VTI	922908769	$486.5K	0.28%	1,287	SH
45	MICROSOFT CORP	MSFT	594918104	$455.6K	0.26%	880	SH
46	PHILIP MORRIS INTL INC	PM	718172109	$436.0K	0.25%	2,326	SH
47	INVESCO EXCHANGE TRADED FD T	PRFZ	46137V597	$425.6K	0.25%	8,000	SH
48	INVESCO EXCH TRD SLF IDX FD	BSMV	46138J411	$393.7K	0.23%	19,700	SH
49	INVESCO EXCH TRD SLF IDX FD	BSMW	46139W833	$390.9K	0.23%	16,460	SH
50	SPDR GOLD TR	GLD	78463V107	$384.3K	0.22%	1,011	SH

Filing History

Period	Filed	AUM	Holdings	Accession
2026-09-30	2026-10-08	$173.0M	69	0001754960-26-000822
2026-06-30	2026-07-08	$170.6M	68	0001754960-26-000436
2026-03-31	2026-04-13	$162.4M	70	0001754960-26-000231
2025-12-31	2026-01-26	$156.2M	71	0001754960-26-000110

Filer Information

Address

200 GRANDVIEW AVENUE
SUITE 103
CAMP HILL, PA 17011

Phone

(717) 317-9006

Filing Manager

Invariant Investment Management

CAMP HILL, PA

Signatory

Aryn Sands

Agent