[guided]Before stating the equivalence, we need to make sense of the phrase "Hol-invariant tensor" — that is, we need to say how the holonomy group, which is a priori a subgroup of $\mathrm{GL}(T_x M)$, acts on the larger tensor space $T_x M^{\otimes p} \otimes T_x^* M^{\otimes q}$. We do this in three pieces: define the holonomy group, define the natural tensor-product action of $\mathrm{GL}(T_x M)$ on tensors, and verify that this lifted action matches induced parallel transport on tensor fields.
Let $(M, g)$ be a connected Riemannian manifold of dimension $n$, $\nabla$ its Levi-Civita connection, and fix $x \in M$. The holonomy group at $x$ is built from parallel transport around loops:
\begin{align*}
\mathrm{Hol}_x(M) := \{P_\gamma : \gamma \in \Omega(x, x)\} \subseteq \mathrm{O}(T_x M, g_x),
\end{align*}
where $\Omega(x, x)$ is the space of piecewise-smooth loops based at $x$ and $P_\gamma : T_x M \to T_x M$ is parallel transport along $\gamma$ (see [Parallel Transport, Holonomy and Restricted Holonomy](/theorems/2762)). Why does this sit inside the orthogonal group? Because the Levi-Civita connection is metric-compatible, $\nabla g = 0$. Applying this to the parallel-transport ODE for the inner product gives $\frac{d}{dt} g(V(t), W(t)) = g(\nabla_{\dot\gamma} V, W) + g(V, \nabla_{\dot\gamma} W) = 0$ for $V, W$ parallel along $\gamma$, so $g(P_\gamma v, P_\gamma w) = g(v, w)$ — parallel transport preserves the metric.
Next, we describe the natural action of $\mathrm{GL}(T_x M)$ on tensors. Set
\begin{align*}
\mathcal{T}_x^{(p,q)} := T_x M^{\otimes p} \otimes T_x^* M^{\otimes q}.
\end{align*}
A linear map $A \in \mathrm{GL}(T_x M)$ extends uniquely to $\mathcal{T}_x^{(p,q)}$ by the rule "act on each $V$-factor by $A$, on each $V^*$-factor by $(A^{-1})^*$":
\begin{align*}
A : \mathcal{T}_x^{(p,q)} &\to \mathcal{T}_x^{(p,q)}, \\
v_1 \otimes \cdots \otimes v_p \otimes \xi^1 \otimes \cdots \otimes \xi^q &\mapsto (Av_1) \otimes \cdots \otimes (Av_p) \otimes (\xi^1 \circ A^{-1}) \otimes \cdots \otimes (\xi^q \circ A^{-1}),
\end{align*}
extended by linearity. Why precompose covectors by $A^{-1}$ rather than just $A$? Because we want the canonical evaluation pairing $V^* \times V \to \mathbb{R}$ to be invariant: requiring $(A\xi)(Av) = \xi(v)$ forces $A\xi = \xi \circ A^{-1}$. This extension is functorial — it preserves composition and inverses — so it defines a homomorphism $\mathrm{GL}(T_x M) \to \mathrm{GL}(\mathcal{T}_x^{(p,q)})$.
For $A = P_\gamma$ this gives the lifted parallel transport on tensors, which we again denote $P_\gamma : \mathcal{T}_x^{(p,q)} \to \mathcal{T}_x^{(p,q)}$. We say $\alpha_0 \in \mathcal{T}_x^{(p,q)}$ is **Hol-invariant** if $P_\gamma \alpha_0 = \alpha_0$ for every $\gamma \in \Omega(x, x)$.
Finally, we need a compatibility: the lifted $P_\gamma$ on the algebraic tensor space agrees with parallel transport of tensor fields along $\gamma$ in the sense of the induced connection on $\mathcal{T}^{(p,q)} M$. Concretely, if $T$ is a $(p,q)$-tensor field along $\gamma$ with $\nabla_{\dot\gamma} T = 0$ and $T(0) = \alpha_0$, then $T(1) = P_\gamma \alpha_0$. Why is this true? The induced connection on tensors is defined precisely by the Leibniz rule: $\nabla(X \otimes Y) = (\nabla X) \otimes Y + X \otimes \nabla Y$, and dually $(\nabla\xi)(Y) = \nabla(\xi(Y)) - \xi(\nabla Y)$. Solving $\nabla_{\dot\gamma} T = 0$ along $\gamma$ for a tensor with initial value $\alpha_0$ produces the same answer at $t = 1$ as applying the lifted $P_\gamma$ to $\alpha_0$ — both are the unique linear lift consistent with the Leibniz rule. This compatibility is what allows us to translate fluently between "parallel tensor field" (an analytic object) and "fixed point of $\mathrm{Hol}_x(M)$" (an algebraic object) in the next steps.[/guided]