Invariant Investment Management
Net seller this quarter
$171M
36
-$1.77M
6.9%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 AAPL | $1.4M | 0.82% | 0.00% | -4.5% | Q4 2025 |
 MO | $1.36M | 0.80% | 0.00% | -1.6% | Q4 2025 |
 V | $1.31M | 0.77% | 0.00% | +2.0% | Q4 2025 |
 CAH | $1.29M | 0.76% | 0.00% | -3.2% | Q4 2025 |
 GWW | $1.14M | 0.67% | 0.00% | -5.4% | Q4 2025 |
 MA | $1.08M | 0.64% | 0.00% | +23.0% | Q4 2025 |
 NVDA | $1.08M | 0.63% | 0.00% | +0.1% | Q4 2025 |
 ADBE | $1.08M | 0.63% | 0.00% | +15.3% | Q4 2025 |
 MCK | $1.05M | 0.62% | 0.00% | -1.8% | Q4 2025 |
 CL | $1.02M | 0.60% | 0.00% | +19.6% | Q4 2025 |
 EQT | $953K | 0.56% | 0.00% | -0.3% | Q4 2025 |
 DPZ | $920K | 0.54% | 0.01% | +59.8% | Q4 2025 |
 EOG | $884K | 0.52% | 0.00% | -1.7% | Q4 2025 |
 ORLY | $861K | 0.50% | 0.00% | -0.5% | Q4 2025 |
 NTAP | $843K | 0.49% | 0.00% | -33.7% | Q4 2025 |
 ULTA | $810K | 0.47% | 0.00% | -0.8% | Q4 2025 |
 LULU | $744K | 0.44% | 0.01% | +83.3% | Q4 2025 |
 APO | $730K | 0.43% | 0.00% | +10.8% | Q4 2025 |
 JNJ | $695K | 0.41% | 0.00% | +1.8% | Q4 2025 |
 LOW | $694K | 0.41% | 0.00% | -12.6% | Q4 2025 |
 BNY | $692K | 0.41% | 0.00% | +0.4% | Q4 2025 |
 TSLA | $686K | 0.40% | 0.00% | Not reported | Q4 2025 |
 LII | $673K | 0.39% | 0.00% | -10.1% | Q4 2025 |
 PHYS | $499K | 0.29% | 0.00% | Not reported | Q4 2025 |
 PM | $430K | 0.25% | 0.00% | -35.1% | Q4 2025 |
 CZR | $412K | 0.24% | 0.01% | Not reported | Q1 2026 |
 GLD | $386K | 0.23% | 0.00% | Not reported | Q4 2025 |
 MSFT | $379K | 0.22% | 0.00% | +11.6% | Q4 2025 |
 ABBV | $356K | 0.21% | 0.00% | -5.2% | Q4 2025 |
 TDG | $335K | 0.20% | 0.00% | Not reported | Q4 2025 |
 PPL | $318K | 0.19% | 0.00% | +0.7% | Q4 2025 |
 PG | $280K | 0.16% | 0.00% | +0.3% | Q4 2025 |
 HSY | $260K | 0.15% | 0.00% | +0.7% | Q4 2025 |
 CVX | $256K | 0.15% | 0.00% | +2.3% | Q4 2025 |
 GOOGL | $241K | 0.14% | 0.00% | -5.1% | Q4 2025 |
 WNC | $157K | 0.09% | 0.03% | -5.4% | Q1 2026 |
| Q1 2026 | |||||
| MO | $1.3M | 0.80% | 0.00% | +2.4% | Q4 2025 |
| AAPL | $1.23M | 0.75% | 0.00% | -0.3% | Q4 2025 |
| CAH | $1.21M | 0.75% | 0.00% | +1.4% | Q4 2025 |
| MCK | $1.2M | 0.74% | 0.00% | +0.8% | Q4 2025 |
| V | $1.11M | 0.68% | 0.00% | +29.8% | Q4 2025 |
| EQT | $1.1M | 0.68% | 0.00% | +2.5% | Q4 2025 |
| GWW | $1.03M | 0.64% | 0.00% | +0.9% | Q4 2025 |
| NVDA | $1.02M | 0.63% | 0.00% | -6.1% | Q4 2025 |
| ADBE | $984K | 0.61% | 0.00% | +58.9% | Q4 2025 |
| ORLY | $970K | 0.60% | 0.00% | +2.6% | Q4 2025 |
| ULTA | $962K | 0.59% | 0.00% | +1.0% | Q4 2025 |
| EOG | $949K | 0.58% | 0.00% | +1.0% | Q4 2025 |
| LOW | $879K | 0.54% | 0.00% | +1.9% | Q4 2025 |
| MA | $832K | 0.51% | 0.00% | +5.6% | Q4 2025 |
| CL | $790K | 0.49% | 0.00% | +1.2% | Q4 2025 |
| NTAP | $744K | 0.46% | 0.00% | +3.5% | Q4 2025 |
 KLAC | $727K | 0.45% | 0.00% | -37.5% | Q4 2025 |
| DPZ | $702K | 0.43% | 0.01% | +5.0% | Q4 2025 |
| LII | $644K | 0.40% | 0.00% | +6.3% | Q4 2025 |
| JNJ | $636K | 0.39% | 0.00% | -8.1% | Q4 2025 |
| BNY | $591K | 0.36% | 0.00% | +0.5% | Q4 2025 |
| LULU | $584K | 0.36% | 0.00% | +7.1% | Q4 2025 |
| PM | $578K | 0.36% | 0.00% | +53.7% | Q4 2025 |
| APO | $577K | 0.36% | 0.00% | +18.5% | Q4 2025 |
| PHYS | $574K | 0.35% | 0.00% | Not reported | Q4 2025 |
| TSLA | $565K | 0.35% | 0.00% | -16.6% | Q4 2025 |
| GLD | $443K | 0.27% | 0.00% | Not reported | Q4 2025 |
| CZR | $362K | 0.22% | 0.01% | New | Q1 2026 |
| PPL | $348K | 0.21% | 0.00% | +0.7% | Q4 2025 |
| MSFT | $327K | 0.20% | 0.00% | -0.8% | Q4 2025 |
| ABBV | $313K | 0.19% | 0.00% | -0.8% | Q4 2025 |
 AMAT | $311K | 0.19% | 0.00% | -5.3% | Q4 2025 |
| HSY | $307K | 0.19% | 0.00% | -2.8% | Q4 2025 |
| TDG | $305K | 0.19% | 0.00% | Not reported | Q4 2025 |
| CVX | $284K | 0.17% | 0.00% | -9.3% | Q4 2025 |
| PG | $275K | 0.17% | 0.00% | +5.6% | Q4 2025 |
| GOOGL | $220K | 0.14% | 0.00% | -1.4% | Q4 2025 |
 SLV | $207K | 0.13% | 0.00% | -4.2% | Q4 2025 |
| WNC | $117K | 0.07% | 0.03% | New | Q1 2026 |
| Q4 2025 | |||||
| AAPL | $1.22M | 0.78% | 0.00% | New | Q4 2025 |
| ULTA | $1.19M | 0.76% | 0.00% | New | Q4 2025 |
| CAH | $1.12M | 0.71% | 0.00% | New | Q4 2025 |
| MCK | $1.11M | 0.71% | 0.00% | New | Q4 2025 |
| NVDA | $1.09M | 0.70% | 0.00% | New | Q4 2025 |
| MO | $1.08M | 0.69% | 0.00% | New | Q4 2025 |
| V | $969K | 0.62% | 0.00% | New | Q4 2025 |
| KLAC | $943K | 0.60% | 0.00% | New | Q4 2025 |
| ORLY | $939K | 0.60% | 0.00% | New | Q4 2025 |
| LOW | $931K | 0.60% | 0.00% | New | Q4 2025 |
| EQT | $922K | 0.59% | 0.00% | New | Q4 2025 |
| MA | $901K | 0.58% | 0.00% | New | Q4 2025 |
| GWW | $900K | 0.58% | 0.00% | New | Q4 2025 |
| ADBE | $899K | 0.58% | 0.00% | New | Q4 2025 |
| TSLA | $871K | 0.56% | 0.00% | New | Q4 2025 |
| NTAP | $792K | 0.51% | 0.00% | New | Q4 2025 |
| CL | $739K | 0.47% | 0.00% | New | Q4 2025 |
| DPZ | $726K | 0.46% | 0.01% | New | Q4 2025 |
| EOG | $722K | 0.46% | 0.00% | New | Q4 2025 |
| LULU | $668K | 0.43% | 0.00% | New | Q4 2025 |
| APO | $663K | 0.42% | 0.00% | New | Q4 2025 |
| LII | $657K | 0.42% | 0.00% | New | Q4 2025 |
| JNJ | $586K | 0.38% | 0.00% | New | Q4 2025 |
| PHYS | $546K | 0.35% | 0.00% | New | Q4 2025 |
| BNY | $545K | 0.35% | 0.00% | New | Q4 2025 |
| MSFT | $423K | 0.27% | 0.00% | New | Q4 2025 |
| GLD | $419K | 0.27% | 0.00% | New | Q4 2025 |
 IT | $406K | 0.26% | 0.00% | New | Q4 2025 |
| PM | $379K | 0.24% | 0.00% | New | Q4 2025 |
| TDG | $347K | 0.22% | 0.00% | New | Q4 2025 |
| ABBV | $327K | 0.21% | 0.00% | New | Q4 2025 |
| PPL | $301K | 0.19% | 0.00% | New | Q4 2025 |
| HSY | $283K | 0.18% | 0.00% | New | Q4 2025 |
| CVX | $267K | 0.17% | 0.00% | New | Q4 2025 |
| PG | $252K | 0.16% | 0.00% | New | Q4 2025 |
| AMAT | $249K | 0.16% | 0.00% | New | Q4 2025 |
 BX | $235K | 0.15% | 0.00% | New | Q4 2025 |
| GOOGL | $231K | 0.15% | 0.00% | New | Q4 2025 |
| SLV | $229K | 0.15% | 0.00% | New | Q4 2025 |