Invariant Investment Management provides financial planning and portfolio management for individuals and small businesses. Financial planning was provided to 251–500 clients last fiscal year.
Invariant Investment Management reports 313 clients. They include 268 individual clients and 45 high-net-worth individuals. Of its assets, 99.7% ($182M across 759 accounts) are managed with discretion; $484K across 3 accounts are not. It advised 1 client without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 86% | 40% |
| High-net-worth individuals | 14% | 53% |
| Corporations and other businesses | Fewer than 5 | 7% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 268 | $73.7M | 40.3% | $275K |
| High-net-worth individuals | 45 | $97.1M | 53.2% | $2.16M |
| Corporations and other businesses | Fewer than 5 | $11.9M | 6.5% | — |
| Total | 313 | $183M | 100% | — |
- Clients
- 268
- Regulatory AUM
- $73.7M
- AUM share
- 40.3%
- Avg. per client
- $275K
- Clients
- 45
- Regulatory AUM
- $97.1M
- AUM share
- 53.2%
- Avg. per client
- $2.16M
- Clients
- Fewer than 5
- Regulatory AUM
- $11.9M
- AUM share
- 6.5%
- Avg. per client
- —
Total
- Clients
- 313
- Regulatory AUM
- $183M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 1
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Invariant Investment Management charges 1.50% a year for its Portfolio Management. The fee is billed in advance and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Standalone Financial Planning
- Standalone financial planning is a fixed fee set by scope: up to $5,000 for a one-time plan, or generally $1,000 to $2,000 up front plus $125 to $250 a month through Advice Pay.
Seth Arbogast owns 25% to 50% of Invariant Investment Management. Seth Arbogast is CEO; the leadership team includes Chief Investment Officer David Borowsky and Chief Compliance Officer Gary Smith. It has 7 employees, 6 of them in advisory roles.
Staff
- 7 employees
- 6 in advisory functions
- 6 state-registered reps
- Owns 25% to 50% of Invariant Investment Management LLC
Seth Arbogast
Control person · since August 2013
- Owns 25% to 50% of Invariant Investment Management LLC
David Borowsky
Control person · since August 2013
- Owns 25% to 50% of Invariant Investment Management LLC
Gary Smith
Control person · since April 2023
- Owns 25% to 50% of Invariant Investment Management LLC
JM Turner Holdings LLC
Control person · since June 2024
- Owns 75% or more of JM Turner Holdings LLC
Jonathan Turner
Control person · since June 2024
Invariant Investment Management’s regulatory assets went from $182M (March 2021) to $183M (July 2026); clients fell from 474 to 313 and employees were 7 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jul 2026July 2026 | $183M | 313 | 7 | 6 |
| Jul 2025July 2025 | $136M | 283 | 7 | 6 |
| Jun 2024June 2024 | $101M | 248 | 8 | 4 |
| Jun 2023June 2023 | $91.7M | 259 | 8 | 2 |
| Feb 2022February 2022 | $92.6M | 218 | 8 | 2 |
| Mar 2021March 2021 | $182M | 474 | 7 | 2 |
Besides its headquarters, Invariant Investment Management has 5 offices (2 private residences, listed without an address), with 4 listed addresses across 2 states.
Florida · 2 listed addresses
- 4000 Hollywood Boulevard Hills, Hollywood
- 4850 Tamiami Trail North, Naples
Pennsylvania · 2 listed addresses
- 200 Grandview Avenue, Suite 103, Camp HillHQ
- 15 Wyntre Brooke DR., York
Contact and registration details
- Legal name
- Invariant Investment Management LLC
- Headquarters
- 200 Grandview Avenue, Suite 103, Camp Hill, PA 17011
- Website
- invariantinvestments.com
- Phone
- 717-317-9006
- @invariant-investment-management
- SEC file
- 801-111716
- Structure
- Pennsylvania LLC
- Fiscal year end
- December
Invariant Investment Management’s named custodian for separately managed accounts is LPL Financial ($171M). Invariant Investment Management has custody of $650K for 3 clients.
- LPL FinancialLPL Financial LLC · Fort Mill, SC · $171M100%
At year end, Invariant Investment Management’s separately managed accounts were mostly in funds (78%) and stocks (17%). Its reported 13F holdings for the quarter ended 30 June 2026 total $171M across 68 positions; the largest are Invesco Exchange Traded FD T (15.5%), iShares TR (15.4%) and American Centy ETF TR (10.9%).
What the accounts hold
- Stocks17%
- Funds78%
- Bonds2%
- Cash3%
How many clients does Invariant Investment Management have?
Invariant Investment Management has 313 clients and manages $183 million for them, as of July 2026. They include 268 individual clients and 45 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 July 2026
What services does Invariant Investment Management offer?
Invariant Investment Management provides financial planning and portfolio management for individuals and small businesses.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Invariant Investment Management charge?
Invariant Investment Management charges 1.50% a year for its Portfolio Management. The fee is billed in advance and is negotiable.
Source: 2026-07-27 INVARIANT INVESTMENT MANAGEMENT FORM ADV PART 2A, filed 27 July 2026
Which custodians does Invariant Investment Management use?
Invariant Investment Management’s separately managed account assets are held at LPL Financial LLC (Fort Mill, SC), with $171M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 July 2026
How many financial advisors does Invariant Investment Management have?
Invariant Investment Management has 6 investment adviser representatives registered with state securities authorities, out of 7 employees, and 6 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Invariant Investment Management invest in?
At the end of its last fiscal year, Invariant Investment Management’s separately managed accounts held 78% registered funds (mutual funds, ETFs, BDCs), 17% exchange-traded equities, 3% cash and equivalents and 2% U.S. government and agency bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Invariant Investment Management?
Invariant Investment Management is owned through a holding company by Jonathan Turner. Its direct owners are Seth Arbogast, David Borowsky, Gary Smith and JM Turner Holdings LLC, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 27 July 2026
How does Invariant Investment Management get paid?
Invariant Investment Management is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Invariant Investment Management?
Invariant Investment Management’s main office is at 200 Grandview Avenue, Suite 103, Camp Hill, PA 17011. Its phone number is 717-317-9006. Its website is invariantinvestments.com.
