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Livermore
Livermore
ZHEN

Invariant Investment Management

SEC CIK
0001850871
Latest filing
Jul 8, 2026

The latest 13F from Invariant Investment Management covers Q2 2026 (filed Jul 8, 2026): 68 long positions worth $170.6M. The top 10 holdings make up 74.0% of the portfolio, and the largest is Invesco Exchange Traded FD T at 15.5%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2025.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$5.28M
Added
31
Est. +$9.90M
Reduced
25
Est. −$12.1M
Sold out
4
Est. −$1.58M

Top 5 holdings

Share of this quarter's portfolio value

  1. Invesco Exchange Traded FD T46137V357
    15.5%$26.5M
  2. iShares Tr464287440
    15.4%$26.2M
  3. American Centy ETF Tr025072877
    10.9%$18.6M
  4. American Centy ETF Tr025072802
    9.4%$16.0M
  5. iShares Tr464287457
    5.1%$8.77M

Share of portfolio

Top 5 holdings and the other 63 positions, by share of portfolio value

  1. Invesco Exchange Traded FD T15.5%
  2. iShares Tr15.4%
  3. American Centy ETF Tr10.9%
  4. American Centy ETF Tr9.4%
  5. iShares Tr5.1%
  6. Other 63 positions43.7%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr464287440
    +$5.23MAdded
  2. iShares MSCI USA Min Vol Factor ETF46429B697
    +$5.08MNew
  3. Vanguard S&P 500 ETF922908363
    +$1.71MAdded
  4. Invesco Exchange Traded FD T46137V357
    +$1.08MAdded
  5. DPZDominos Pizza Inc
    +$344.5KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares MSCI USA Min Vol Factor ETF46429B697
    +2.98 pp0.0% → 3.0%
  2. iShares Tr464287440
    +2.28 pp13.1% → 15.4%
  3. Vanguard S&P 500 ETF922908363
    +1.19 pp3.6% → 4.8%
  4. Invesco Exchange Traded FD T46137V357
    +1.12 pp14.4% → 15.5%
  5. MAMastercard Inc
    +0.12 pp0.5% → 0.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. American Centy ETF Tr025072604
    −$7.04MReduced
  2. American Centy ETF Tr025072802
    −$1.78MReduced
  3. iShares Tr46436E718
    −$979.3KReduced
  4. American Centy ETF Tr025072877
    −$912.3KReduced
  5. KLACKLA Corp
    −$727.2KSold outConverted for a 10-for-1 splitHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. American Centy ETF Tr025072604
    −3.66 pp7.8% → 4.2%
  2. American Centy ETF Tr025072802
    −1.48 pp10.8% → 9.4%
  3. iShares Tr46436E718
    −0.78 pp4.3% → 3.5%
  4. KLACKLA Corp
    −0.45 pp0.4% → 0.0%History
  5. American Centy ETF Tr025072877
    −0.30 pp11.2% → 10.9%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$170.6M
+$8.13M (+5.0%) vs. prior quarter
Positions
68
−2 vs. prior quarter
Top 10 concentration
74.0%
Top 10 as share of value
Turnover
8.2%
Q2 2026, one quarter
Average holding period
2.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2025), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $170.6M (Q2 2026)

Q4 2025: $156.2MQ1 2026: $162.4MQ2 2026: $170.6M
Q4 2025Q2 2026
13F filings of Invariant Investment Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 8, 202668$170.6MInvesco Exchange Traded FD TiShares TrAmerican Centy ETF Trvs. Q1 2026SEC
Q1 2026Apr 13, 202670$162.4MInvesco Exchange Traded FD TiShares TrAmerican Centy ETF Trvs. Q4 2025SEC
Q4 2025Jan 26, 202671$156.2MInvesco Exchange Traded FD TiShares TrAmerican Centy ETF Tr–SEC