Kelman-Lazarov, Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Kelman-Lazarov, Inc. reported 109 stock positions worth $581.2 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 10.0% of the portfolio, followed by Vaneck Morningstar Wide Moat (MOAT, 9.1%) and Schwab US Large-Cap Growth (SCHG, 8.8%). Compared with Q2 2024, it opened 5 new positions, sold out of 2, added to 39 and reduced 32. The biggest buy was Vaneck Morningstar Wide Moat (MOAT, shares +1%) and the biggest sale iShares Gnma Bond ETF (GNMA, shares −10%).

Most Recent 13F
Q2 2026
Location
MEMPHIS, TN
CIK
0001672067
Portfolio Value
$581.2M (Q3 2024)
SEC Filing
0001398344-24-020340 ↗ filed Nov 8, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $511.7M Q1 2024 Q2 2024: $536.2M Q2 2024 Q3 2024: $581.2M $581.2M Q3 2024 Q4 2024: $555.5M Q4 2024 Q1 2025: $550.9M Q1 2025 Q2 2025: $617.2M Q2 2025 Q3 2025: $674.5M Q3 2025 Q4 2025: $700.3M Q4 2025 Q1 2026: $697.6M Q1 2026 Q2 2026: $763.3M Q2 2026

Holdings 109 stocks · $581.2M
FNDX Schwab Fndmntl US LRG Co. ETF 10.00% 809,774 $58.1M Add +1.2%
MOAT Vaneck Morningstar Wide Moat 9.14% 547,993 $53.1M Add +1.2%
SCHG Schwab US Large-Cap Growth 8.80% 490,976 $51.1M Add +1.5%
GSLC Goldman Activebeta US LC ETF 7.14% 367,495 $41.5M Add +0.6%
GSIE Goldman Sachs Activebeta Int 5.97% 959,671 $34.7M Add +1.6%
STIP iShares 0-5 Year Tips Bond E 4.29% 246,099 $24.9M Add +3.3%
IJR iShares Core S&P Small-Cap E 4.10% 203,958 $23.9M Add +2.0%
BOND PIMCO Active Bond Exchange-T 3.75% 230,649 $21.8M Add +2.2%
PYLD PIMCO Multisector Bond Actv 3.70% 807,808 $21.5M Add +3.0%
FNDE Schwab Fndmntl Em MRK Eq ETF 3.24% 582,924 $18.8M Add +1.4%
BSV Vanguard Short-Term Bond ETF 3.17% 234,423 $18.4M Add +3.0%
FNDC Schwab Fndmnt Intl SM Eq ETF 2.99% 455,222 $17.4M Reduce -2.8%
IJH iShares Core S&P Midcap ETF 2.67% 248,954 $15.5M Add +2.0%
BRK.B Berkshire Hathaway Inc. Class B 2.65% 33,503 $15.4M Add +1.0%
MBB iShares MBS ETF 2.34% 141,654 $13.6M Add +10.6%
MCH Matthews China Active ETF 1.98% 469,157 $11.5M Reduce -1.2%
QLTY GMO U.S. Quality ETF 1.93% 344,577 $11.2M Add +2.7%
SCHF Schwab Intl Equity ETF 1.47% 207,411 $8.5M Reduce -0.1%
GNMA iShares Gnma Bond ETF 1.42% 183,745 $8.2M Reduce -9.6%
STPZ PIMCO 1-5 Year US Tips Index 1.29% 142,457 $7.5M Reduce -2.8%
AVEM Avantis Emerging Markets Eq 1.22% 110,072 $7.1M Add +0.9%
AVDE Avantis International Equity 0.85% 73,289 $4.9M Add +1.9%
VTEB Vanguard Tax-Exempt Bond ETF 0.83% 94,008 $4.8M Reduce -0.1%
MUNI PIMCO Intermediate Municipal 0.78% 85,312 $4.5M Add +0.8%
SMMU PIMCO SHRT TRM Muni BND ETF 0.69% 78,839 $4.0M Add +2.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.62% 6,236 $3.6M Reduce -0.2%
VUG Vanguard Mrngstar GR ETF-Sui 0.62% 9,319 $3.6M Reduce -0.0%
BIV Vanguard Intermediate-Term B 0.61% 45,149 $3.5M Add +16.1%
RWL Invesco S&P 500 Revenue ETF 0.56% 33,247 $3.3M Reduce -0.9%
VOO Vanguard S&P 500 ETF 0.51% 5,636 $3.0M Add +3.8%
AAPL Apple Inc. 0.45% 11,293 $2.6M Reduce -0.1%
GOOGL Alphabet Inc. Class A 0.42% 14,740 $2.4M Add +0.3%
SPMD SS SPDR P S&P 400 Midcap ETF 0.35% 37,580 $2.1M Add +0.7%
MA Mastercard Inc. Class A 0.35% 4,092 $2.0M No change
FNDA Schwab Fndmntl US SM Co. ETF 0.34% 33,193 $2.0M Reduce -0.4%
EMB iShares JP Morgan Usd Emergi 0.33% 20,574 $1.9M Add +4.2%
MDY State Street SPDR S&P Midcap 0.33% 3,366 $1.9M Reduce -0.4%
GEM Goldman Sachs Activebeta Em 0.31% 52,092 $1.8M Reduce -2.8%
IVV iShares Core S&P 500 ETF 0.31% 3,121 $1.8M Add +10.2%
TSLA Tesla Inc. 0.31% 6,832 $1.8M Add +0.9%
MCHI iShares MSCI China ETF 0.28% 31,980 $1.6M Add +41.6%
VTV Vanguard Mrngstr Val ETF-Aui 0.26% 8,817 $1.5M Add +0.6%
FDX FedEx Corp. 0.25% 5,400 $1.5M Reduce -6.3%
VCSH Vanguard S/T Corp. Bond ETF 0.24% 17,854 $1.4M Add +3.4%
BRK.A Berkshire Hathaway Inc. Class A 0.24% 2 $1.4M No change
VIG Vanguard Dividend Apprec ETF 0.24% 6,941 $1.4M No change
IYY iShares Dow Jones U.S. ETF 0.21% 8,850 $1.2M No change
MSFT Microsoft Corp. 0.21% 2,840 $1.2M Add +1.1%
YUM Yum! Brands Inc. 0.21% 8,737 $1.2M Reduce -5.5%
AVDS Avantis Intl SM Cap Eq ETF 0.20% 20,754 $1.2M New
GBIL Goldman Sachs Access Treasur 0.20% 11,594 $1.2M Reduce -18.0%
SCHM Schwab US Mid Cap ETF 0.19% 13,404 $1.1M Reduce -2.7%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.18% 2,425 $1.0M No change
WMT Walmart Inc. 0.16% 11,290 $912K Add +0.0%
VT Vanguard Tot World STK ETF 0.15% 7,230 $865K New
NFLX Netflix Inc. 0.15% 1,215 $862K Reduce -2.8%
NSC Norfolk Southern Corp. 0.15% 3,427 $852K Reduce -5.4%
PG The Procter & Gamble Co. 0.14% 4,639 $803K No change
PTRB Pgim Total Return Bond ETF 0.13% 18,189 $780K Add +58.8%
AIVL Wisdomtree US AI Enhanced Va 0.12% 6,469 $720K Reduce -0.6%
NUBD Nuveen ESG US Aggregate Bond 0.12% 29,881 $678K Add +0.3%
JNJ Johnson & Johnson 0.12% 4,146 $672K Reduce -0.7%
IVE iShares S&P 500 Value ETF 0.12% 3,405 $671K No change
XOM Exxon Mobil Corp. 0.11% 5,596 $656K No change
AVSU Avantis Resp US Equity ETF 0.11% 9,985 $652K Add +12.8%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.11% 16,655 $622K No change
SCHZ Schwab US Aggregate Bond ETF 0.10% 12,683 $603K Add +9.2%
IBB iShares Biotechnology ETF 0.10% 4,133 $602K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.10% 2,268 $598K No change
GOOG Alphabet Inc. Class C 0.10% 3,469 $580K No change
MOTE Vaneck Morningstar ESG Moat 0.09% 19,057 $552K Add +3.5%
IWB iShares Russell 1000 ETF 0.09% 1,656 $521K Reduce -1.9%
AMZN Amazon.com Inc. 0.09% 2,757 $514K Reduce -5.0%
SPTM SS SPDR P S&P 1500 Comp ETF 0.08% 6,556 $459K No change
ESGD iShares Trust iShares ESG Aw 0.08% 5,355 $451K Reduce -5.1%
TSCO Tractor Supply Company 0.08% 1,504 $438K No change
HD Home Depot Inc. 0.07% 1,063 $431K Add +0.1%
AXP American Express Co. 0.07% 1,579 $428K No change
SCHV Schwab US Large-Cap Value 0.07% 5,041 $405K Add +6.6%
SCHA Schwab US Small-Cap ETF 0.07% 7,651 $394K Reduce -1.4%
CNI Canadian Natl Railway Co. 0.07% 3,351 $393K No change
UNH Unitedhealth Group Inc. 0.06% 642 $375K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.06% 3,887 $374K Reduce -2.9%
NULG Nuveen ESG LRG-Cap GRW ETF 0.06% 4,346 $359K No change
ISTB iShares Core 1-5 Year Usd Bo 0.06% 6,736 $328K No change
DLN Wisdomtree US Largecap Divid 0.05% 4,028 $316K No change
NULV Nuveen ESG Large-Cap Val ETF 0.05% 7,497 $313K No change
PNFP Pinnacle Financial Partners 0.05% 3,180 $312K New
SPYG SS SPDR P S&P 500 Growth ETF 0.05% 3,659 $303K No change
LOW Lowe's Cos Inc. 0.05% 1,108 $300K No change
AVSD Avantis Reps Intern Equi ETF 0.05% 4,938 $299K No change
QCOM Qualcomm Inc. 0.05% 1,631 $277K No change
BILS SS Spdrb B 3-12M T-Bill ETF 0.05% 2,673 $266K Reduce -9.6%
PFE Pfizer Inc. 0.05% 9,176 $266K No change
PEP Pepsico Inc. 0.05% 1,559 $265K No change
SUSB iShares ESG Aware 1-5 Year U 0.04% 10,243 $258K Reduce -0.1%
ILCG iShares Morningstar Growth E 0.04% 2,962 $249K No change
MKC McCormick & Co.-Non VTG SHRS 0.04% 2,965 $244K Reduce -45.8%
MRK Merck & Co. Inc. 0.04% 2,054 $233K No change
IWF iShares Russell 1000 Growth 0.04% 619 $232K Reduce -19.8%
XLG Invesco S&P 500 Top 50 ETF 0.04% 4,816 $229K No change
PKW Invesco Buyback Achievers Et 0.04% 1,980 $227K No change
NUSC Nuveen ESG Small-Cap ETF 0.04% 5,233 $224K New
AMGN Amgen Inc. 0.04% 678 $218K Reduce -6.3%
JPM JPMorgan Chase & Co. 0.04% 1,024 $216K No change
NVDA Nvidia Corp. 0.04% 1,760 $214K Add +1.7%
IUSG iShares Core S&P U.S. Growth 0.04% 1,588 $209K No change
SUSA iShares ESG Optimized MSCI U 0.04% 1,735 $209K Reduce -23.4%
YUMC Yum China Holdings Inc. 0.04% 4,619 $208K New

Portfolio Sells Q2 2024 → Q3 2024
GNMA iShares Gnma Bond ETF Reduce -9.6% 1.42% −0.22
ACWI iShares MSCI Acwi ETF Sold out 0.00% −0.15
STPZ PIMCO 1-5 Year US Tips Index Reduce -2.8% 1.29% −0.12
FDX FedEx Corp. Reduce -6.3% 0.25% −0.07
GBIL Goldman Sachs Access Treasur Reduce -18.0% 0.20% −0.06
VTEB Vanguard Tax-Exempt Bond ETF Reduce -0.1% 0.83% −0.05
FNDC Schwab Fndmnt Intl SM Eq ETF Reduce -2.8% 2.99% −0.05
ESGE iShares Inc. iShares ESG Awar Sold out 0.00% −0.04
VUG Vanguard Mrngstar GR ETF-Sui Reduce -0.0% 0.62% −0.03
MKC McCormick & Co.-Non VTG SHRS Reduce -45.8% 0.04% −0.03
SCHF Schwab Intl Equity ETF Reduce -0.1% 1.47% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 0.62% −0.02
RWL Invesco S&P 500 Revenue ETF Reduce -0.9% 0.56% −0.02
YUM Yum! Brands Inc. Reduce -5.5% 0.21% −0.02
AMZN Amazon.com Inc. Reduce -5.0% 0.09% −0.02
IWF iShares Russell 1000 Growth Reduce -19.8% 0.04% −0.01
GEM Goldman Sachs Activebeta Em Reduce -2.8% 0.31% −0.01
SUSA iShares ESG Optimized MSCI U Reduce -23.4% 0.04% −0.01
DIS The Walt Disney Co. Reduce -2.9% 0.06% −0.01
NFLX Netflix Inc. Reduce -2.8% 0.15% −0.01
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -9.6% 0.05% −0.01
SCHM Schwab US Mid Cap ETF Reduce -2.7% 0.19% −0.01
MDY State Street SPDR S&P Midcap Reduce -0.4% 0.33% −0.01
ESGD iShares Trust iShares ESG Aw Reduce -5.1% 0.08% −0.01
AMGN Amgen Inc. Reduce -6.3% 0.04% −0.00
IWB iShares Russell 1000 ETF Reduce -1.9% 0.09% −0.00
SUSB iShares ESG Aware 1-5 Year U Reduce -0.1% 0.04% −0.00
FNDA Schwab Fndmntl US SM Co. ETF Reduce -0.4% 0.34% −0.00
SCHA Schwab US Small-Cap ETF Reduce -1.4% 0.07% −0.00
NSC Norfolk Southern Corp. Reduce -5.4% 0.15% +0.00
JNJ Johnson & Johnson Reduce -0.7% 0.12% +0.00
AIVL Wisdomtree US AI Enhanced Va Reduce -0.6% 0.12% +0.00
AAPL Apple Inc. Reduce -0.1% 0.45% +0.01
MCH Matthews China Active ETF Reduce -1.2% 1.98% +0.28

Portfolio Buys Q2 2024 → Q3 2024
MOAT Vaneck Morningstar Wide Moat Add +1.2% 9.14% +0.40
AVDS Avantis Intl SM Cap Eq ETF New 0.20% +0.20
VT Vanguard Tot World STK ETF New 0.15% +0.15
MBB iShares MBS ETF Add +10.6% 2.34% +0.14
BRK.B Berkshire Hathaway Inc. Class B Add +1.0% 2.65% +0.14
IJR iShares Core S&P Small-Cap E Add +2.0% 4.10% +0.13
MCHI iShares MSCI China ETF Add +41.6% 0.28% +0.10
FNDE Schwab Fndmntl Em MRK Eq ETF Add +1.4% 3.24% +0.07
BIV Vanguard Intermediate-Term B Add +16.1% 0.61% +0.07
TSLA Tesla Inc. Add +0.9% 0.31% +0.06
PNFP Pinnacle Financial Partners New 0.05% +0.05
PTRB Pgim Total Return Bond ETF Add +58.8% 0.13% +0.05
GSIE Goldman Sachs Activebeta Int Add +1.6% 5.97% +0.04
NUSC Nuveen ESG Small-Cap ETF New 0.04% +0.04
YUMC Yum China Holdings Inc. New 0.04% +0.04
IVV iShares Core S&P 500 ETF Add +10.2% 0.31% +0.02
WMT Walmart Inc. Add +0.0% 0.16% +0.01
AVSU Avantis Resp US Equity ETF Add +12.8% 0.11% +0.01
AVDE Avantis International Equity Add +1.9% 0.85% +0.01
IJH iShares Core S&P Midcap ETF Add +2.0% 2.67% +0.01
HD Home Depot Inc. Add +0.1% 0.07% +0.01
EMB iShares JP Morgan Usd Emergi Add +4.2% 0.33% +0.01
VOO Vanguard S&P 500 ETF Add +3.8% 0.51% +0.01
SCHZ Schwab US Aggregate Bond ETF Add +9.2% 0.10% +0.01
MOTE Vaneck Morningstar ESG Moat Add +3.5% 0.09% +0.00
SCHV Schwab US Large-Cap Value Add +6.6% 0.07% +0.00
VTV Vanguard Mrngstr Val ETF-Aui Add +0.6% 0.26% +0.00
FNDX Schwab Fndmntl US LRG Co. ETF Add +1.2% 10.00% +0.00
NVDA Nvidia Corp. Add +1.7% 0.04% −0.00
SPMD SS SPDR P S&P 400 Midcap ETF Add +0.7% 0.35% −0.00
NUBD Nuveen ESG US Aggregate Bond Add +0.3% 0.12% −0.00
VCSH Vanguard S/T Corp. Bond ETF Add +3.4% 0.24% −0.00
QLTY GMO U.S. Quality ETF Add +2.7% 1.93% −0.01
AVEM Avantis Emerging Markets Eq Add +0.9% 1.22% −0.02
MSFT Microsoft Corp. Add +1.1% 0.21% −0.02
SMMU PIMCO SHRT TRM Muni BND ETF Add +2.3% 0.69% −0.03
MUNI PIMCO Intermediate Municipal Add +0.8% 0.78% −0.04
PYLD PIMCO Multisector Bond Actv Add +3.0% 3.70% −0.04
GOOGL Alphabet Inc. Class A Add +0.3% 0.42% −0.08
BOND PIMCO Active Bond Exchange-T Add +2.2% 3.75% −0.08
BSV Vanguard Short-Term Bond ETF Add +3.0% 3.17% −0.08
STIP iShares 0-5 Year Tips Bond E Add +3.3% 4.29% −0.13
GSLC Goldman Activebeta US LC ETF Add +0.6% 7.14% −0.15
SCHG Schwab US Large-Cap Growth Add +1.5% 8.80% −0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 154$763.3MFNDX, SCHG, MOAT, SPYM, STIP
Q1 2026 140$697.6MFNDX, SCHG, MOAT, SPYM, STIP
Q4 2025 134$700.3MFNDX, SCHG, MOAT, SPYM, STIP
Q3 2025 132$674.5MFNDX, SCHG, MOAT, GSIE, SPYM
Q2 2025 122$617.2MFNDX, SCHG, MOAT, GSIE, GSLC
Q1 2025 116$550.9MFNDX, MOAT, SCHG, GSIE, GSLC
Q4 2024 109$555.5MFNDX, SCHG, MOAT, GSLC, GSIE
Q3 2024 109$581.2MFNDX, MOAT, SCHG, GSLC, GSIE
Q2 2024 106$536.2MFNDX, SCHG, MOAT, GSLC, GSIE
Q1 2024 104$511.7MFNDX, MOAT, SCHG, GSLC, GSIE