Kelman-Lazarov, Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Kelman-Lazarov, Inc. reported 109 stock positions worth $555.5 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 9.8% of the portfolio, followed by Schwab US Large-Cap Growth (SCHG, 9.3%) and Vaneck Morningstar Wide Moat (MOAT, 8.8%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 33 and reduced 49. The biggest buy was iShares MBS ETF (MBB, shares +13%) and the biggest sale Vaneck Morningstar Wide Moat (MOAT, shares −4%).

Most Recent 13F
Q2 2026
Location
MEMPHIS, TN
CIK
0001672067
Portfolio Value
$555.5M (Q4 2024)
SEC Filing
0001398344-25-002653 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $555.5M $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 · $555.5M
FNDX Schwab Fndmntl US LRG Co. ETF 9.76% 2,289,225 $54.2M Reduce -5.8%
SCHG Schwab US Large-Cap Growth 9.32% 1,858,695 $51.8M Reduce -5.4%
MOAT Vaneck Morningstar Wide Moat 8.77% 525,528 $48.7M Reduce -4.1%
GSLC Goldman Activebeta US LC ETF 7.55% 364,141 $41.9M Reduce -0.9%
GSIE Goldman Sachs Activebeta Int 5.77% 961,175 $32.0M Add +0.2%
STIP iShares 0-5 Year Tips Bond E 4.58% 252,997 $25.5M Add +2.8%
IJR iShares Core S&P Small-Cap E 4.03% 194,455 $22.4M Reduce -4.7%
PYLD PIMCO Multisector Bond Actv 3.91% 837,817 $21.7M Add +3.7%
BOND PIMCO Active Bond Exchange-T 3.82% 234,930 $21.2M Add +1.9%
BSV Vanguard Short-Term Bond ETF 3.29% 236,633 $18.3M Add +0.9%
FNDE Schwab Fndmntl Em MRK Eq ETF 2.98% 570,000 $16.6M Reduce -2.2%
FNDC Schwab Fndmnt Intl SM Eq ETF 2.84% 461,488 $15.8M Add +1.4%
IJH iShares Core S&P Midcap ETF 2.80% 250,000 $15.6M Add +0.4%
MBB iShares MBS ETF 2.63% 159,356 $14.6M Add +12.5%
BRK.B Berkshire Hathaway Inc. Class B 2.59% 31,759 $14.4M Reduce -5.2%
QLTY GMO U.S. Quality ETF 1.92% 333,955 $10.7M Reduce -3.1%
MCH Matthews China Active ETF 1.64% 412,390 $9.1M Reduce -12.1%
STPZ PIMCO 1-5 Year US Tips Index 1.29% 137,385 $7.2M Reduce -3.6%
SCHF Schwab Intl Equity ETF 1.23% 369,312 $6.8M Reduce -11.0%
GNMA iShares Gnma Bond ETF 1.16% 150,218 $6.4M Reduce -18.3%
AVEM Avantis Emerging Markets Eq 1.09% 103,460 $6.1M Reduce -6.0%
SMMU PIMCO SHRT TRM Muni BND ETF 0.83% 92,189 $4.6M Add +16.9%
AVDE Avantis International Equity 0.82% 74,079 $4.5M Add +1.1%
MUNI PIMCO Intermediate Municipal 0.81% 87,157 $4.5M Add +2.2%
VTEB Vanguard Tax-Exempt Bond ETF 0.77% 85,711 $4.3M Reduce -8.8%
VUG Vanguard Mrngstar GR ETF-Sui 0.66% 8,942 $3.7M Reduce -4.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.62% 5,865 $3.4M Reduce -6.0%
RWL Invesco S&P 500 Revenue ETF 0.59% 33,659 $3.3M Add +1.2%
BIV Vanguard Intermediate-Term B 0.58% 43,143 $3.2M Reduce -4.4%
AAPL Apple Inc. 0.51% 11,316 $2.8M Add +0.2%
TSLA Tesla Inc. 0.48% 6,650 $2.7M Reduce -2.7%
GOOGL Alphabet Inc. Class A 0.45% 13,081 $2.5M Reduce -11.3%
MA Mastercard Inc. Class A 0.38% 4,059 $2.1M Reduce -0.8%
EMB iShares JP Morgan Usd Emergi 0.36% 22,716 $2.0M Add +10.4%
FNDA Schwab Fndmntl US SM Co. ETF 0.36% 67,026 $2.0M Add +1.0%
MDY State Street SPDR S&P Midcap 0.29% 2,858 $1.6M Reduce -15.1%
SPMD SS SPDR P S&P 400 Midcap ETF 0.29% 29,683 $1.6M Reduce -21.0%
AVDS Avantis Intl SM Cap Eq ETF 0.29% 30,700 $1.6M Add +47.9%
GEM Goldman Sachs Activebeta Em 0.29% 49,609 $1.6M Reduce -4.8%
VTV Vanguard Mrngstr Val ETF-Aui 0.27% 8,721 $1.5M Reduce -1.1%
MCHI iShares MSCI China ETF 0.26% 30,947 $1.5M Reduce -3.2%
IVV iShares Core S&P 500 ETF 0.26% 2,445 $1.4M Reduce -21.7%
VIG Vanguard Dividend Apprec ETF 0.25% 7,139 $1.4M Add +2.9%
BRK.A Berkshire Hathaway Inc. Class A 0.25% 2 $1.4M No change
VCSH Vanguard S/T Corp. Bond ETF 0.24% 16,771 $1.3M Reduce -6.1%
MSFT Microsoft Corp. 0.23% 3,022 $1.3M Add +6.4%
GBIL Goldman Sachs Access Treasur 0.23% 12,685 $1.3M Add +9.4%
IYY iShares Dow Jones U.S. ETF 0.23% 8,850 $1.3M No change
SCHM Schwab US Mid Cap ETF 0.20% 40,971 $1.1M Add +1.9%
FDX FedEx Corp. 0.20% 4,021 $1.1M Reduce -25.5%
NFLX Netflix Inc. 0.19% 1,215 $1.1M No change
YUM Yum! Brands Inc. 0.19% 8,062 $1.1M Reduce -7.7%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.19% 2,425 $1.0M No change
WMT Walmart Inc. 0.18% 11,247 $1.0M Reduce -0.4%
UNH Unitedhealth Group Inc. 0.17% 1,865 $943K Add +190.5%
PG The Procter & Gamble Co. 0.16% 5,459 $915K Add +17.7%
VOO Vanguard S&P 500 ETF 0.16% 1,612 $869K Reduce -71.4%
NSC Norfolk Southern Corp. 0.14% 3,424 $804K Reduce -0.1%
PTRB Pgim Total Return Bond ETF 0.14% 19,048 $780K Add +4.7%
AVSU Avantis Resp US Equity ETF 0.13% 10,741 $710K Add +7.6%
AIVL Wisdomtree US AI Enhanced Va 0.12% 6,469 $689K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.12% 2,589 $684K Add +14.2%
GOOG Alphabet Inc. Class C 0.12% 3,469 $661K No change
NUBD Nuveen ESG US Aggregate Bond 0.12% 29,984 $653K Add +0.3%
IVE iShares S&P 500 Value ETF 0.12% 3,405 $650K No change
AMZN Amazon.com Inc. 0.10% 2,645 $580K Reduce -4.1%
JNJ Johnson & Johnson 0.10% 3,951 $571K Reduce -4.7%
SCHZ Schwab US Aggregate Bond ETF 0.10% 25,123 $570K Reduce -1.0%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.10% 16,415 $545K Reduce -1.4%
MOTE Vaneck Morningstar ESG Moat 0.10% 19,125 $539K Add +0.4%
IBB iShares Biotechnology ETF 0.10% 4,053 $536K Reduce -1.9%
IWB iShares Russell 1000 ETF 0.10% 1,656 $533K No change
PPG PPG Industries Inc. 0.09% 4,283 $512K New
AXP American Express Co. 0.08% 1,576 $468K Reduce -0.2%
SPTM SS SPDR P S&P 1500 Comp ETF 0.08% 6,454 $461K Reduce -1.6%
XOM Exxon Mobil Corp. 0.08% 4,162 $448K Reduce -25.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 3,873 $431K Reduce -0.4%
ESGD iShares Trust iShares ESG Aw 0.07% 5,468 $416K Add +2.1%
HD Home Depot Inc. 0.07% 1,056 $411K Reduce -0.7%
TSCO Tractor Supply Company 0.07% 7,520 $399K No change
SCHA Schwab US Small-Cap ETF 0.07% 15,302 $396K No change
SCHV Schwab US Large-Cap Value 0.07% 15,011 $391K Reduce -0.7%
NULG Nuveen ESG LRG-Cap GRW ETF 0.07% 4,346 $373K No change
AMGN Amgen Inc. 0.06% 1,354 $353K Add +99.7%
PM Philip Morris International 0.06% 2,817 $339K New
ISTB iShares Core 1-5 Year Usd Bo 0.06% 6,736 $322K No change
SPYG SS SPDR P S&P 500 Growth ETF 0.06% 3,659 $322K No change
DLN Wisdomtree US Largecap Divid 0.06% 4,028 $313K No change
AVSD Avantis Reps Intern Equi ETF 0.05% 4,938 $275K No change
NULV Nuveen ESG Large-Cap Val ETF 0.05% 6,822 $269K Reduce -9.0%
ILCG iShares Morningstar Growth E 0.05% 2,962 $265K No change
LOW Lowe's Cos Inc. 0.05% 1,039 $256K Reduce -6.2%
QCOM Qualcomm Inc. 0.05% 1,667 $256K Add +2.2%
SUSB iShares ESG Aware 1-5 Year U 0.05% 10,243 $253K No change
PEP Pepsico Inc. 0.04% 1,643 $250K Add +5.4%
IWF iShares Russell 1000 Growth 0.04% 619 $249K No change
JPM JPMorgan Chase & Co. 0.04% 1,018 $244K Reduce -0.6%
MMM 3M Co. 0.04% 1,880 $243K New
XLG Invesco S&P 500 Top 50 ETF 0.04% 4,816 $241K No change
BILS SS Spdrb B 3-12M T-Bill ETF 0.04% 2,424 $240K Reduce -9.3%
MO Altria Group Inc. 0.04% 4,416 $231K New
PKW Invesco Buyback Achievers Et 0.04% 1,980 $228K No change
MKC McCormick & Co.-Non VTG SHRS 0.04% 2,957 $225K Reduce -0.3%
NUSC Nuveen ESG Small-Cap ETF 0.04% 5,353 $224K Add +2.3%
YUMC Yum China Holdings Inc. 0.04% 4,619 $222K No change
IUSG iShares Core S&P U.S. Growth 0.04% 1,588 $221K No change
MRK Merck & Co. Inc. 0.04% 2,142 $213K Add +4.3%
SUSA iShares ESG Optimized MSCI U 0.04% 1,735 $211K No change
NVDA Nvidia Corp. 0.04% 1,512 $203K Reduce -14.1%

Portfolio Sells Q3 2024 → Q4 2024
MOAT Vaneck Morningstar Wide Moat Reduce -4.1% 8.77% −0.37
VOO Vanguard S&P 500 ETF Reduce -71.4% 0.16% −0.36
MCH Matthews China Active ETF Reduce -12.1% 1.64% −0.35
FNDE Schwab Fndmntl Em MRK Eq ETF Reduce -2.2% 2.98% −0.26
GNMA iShares Gnma Bond ETF Reduce -18.3% 1.16% −0.26
FNDX Schwab Fndmntl US LRG Co. ETF Reduce -5.8% 9.76% −0.24
SCHF Schwab Intl Equity ETF Reduce -11.0% 1.23% −0.24
VT Vanguard Tot World STK ETF Sold out 0.00% −0.15
AVEM Avantis Emerging Markets Eq Reduce -6.0% 1.09% −0.13
IJR iShares Core S&P Small-Cap E Reduce -4.7% 4.03% −0.07
CNI Canadian Natl Railway Co. Sold out 0.00% −0.07
BRK.B Berkshire Hathaway Inc. Class B Reduce -5.2% 2.59% −0.06
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -21.0% 0.29% −0.06
PNFP Pinnacle Financial Partners Sold out 0.00% −0.05
VTEB Vanguard Tax-Exempt Bond ETF Reduce -8.8% 0.77% −0.05
IVV iShares Core S&P 500 ETF Reduce -21.7% 0.26% −0.05
FDX FedEx Corp. Reduce -25.5% 0.20% −0.05
PFE Pfizer Inc. Sold out 0.00% −0.05
MDY State Street SPDR S&P Midcap Reduce -15.1% 0.29% −0.04
XOM Exxon Mobil Corp. Reduce -25.6% 0.08% −0.03
GEM Goldman Sachs Activebeta Em Reduce -4.8% 0.29% −0.03
BIV Vanguard Intermediate-Term B Reduce -4.4% 0.58% −0.03
MCHI iShares MSCI China ETF Reduce -3.2% 0.26% −0.02
YUM Yum! Brands Inc. Reduce -7.7% 0.19% −0.02
JNJ Johnson & Johnson Reduce -4.7% 0.10% −0.01
QLTY GMO U.S. Quality ETF Reduce -3.1% 1.92% −0.01
FNDF Schwab Fndmn Intl LRG Co. ETF Reduce -1.4% 0.10% −0.01
VCSH Vanguard S/T Corp. Bond ETF Reduce -6.1% 0.24% −0.01
IBB iShares Biotechnology ETF Reduce -1.9% 0.10% −0.01
LOW Lowe's Cos Inc. Reduce -6.2% 0.05% −0.01
NULV Nuveen ESG Large-Cap Val ETF Reduce -9.0% 0.05% −0.01
BILS SS Spdrb B 3-12M T-Bill ETF Reduce -9.3% 0.04% −0.00
NSC Norfolk Southern Corp. Reduce -0.1% 0.14% −0.00
MKC McCormick & Co.-Non VTG SHRS Reduce -0.3% 0.04% −0.00
STPZ PIMCO 1-5 Year US Tips Index Reduce -3.6% 1.29% −0.00
SCHZ Schwab US Aggregate Bond ETF Reduce -1.0% 0.10% −0.00
HD Home Depot Inc. Reduce -0.7% 0.07% −0.00
NVDA Nvidia Corp. Reduce -14.1% 0.04% −0.00
SCHV Schwab US Large-Cap Value Reduce -0.7% 0.07% +0.00
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.1% 0.27% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -6.0% 0.62% +0.00
SPTM SS SPDR P S&P 1500 Comp ETF Reduce -1.6% 0.08% +0.00
JPM JPMorgan Chase & Co. Reduce -0.6% 0.04% +0.01
AXP American Express Co. Reduce -0.2% 0.08% +0.01
DIS The Walt Disney Co. Reduce -0.4% 0.08% +0.01
AMZN Amazon.com Inc. Reduce -4.1% 0.10% +0.02
GOOGL Alphabet Inc. Class A Reduce -11.3% 0.45% +0.03
WMT Walmart Inc. Reduce -0.4% 0.18% +0.03
MA Mastercard Inc. Class A Reduce -0.8% 0.38% +0.04
VUG Vanguard Mrngstar GR ETF-Sui Reduce -4.0% 0.66% +0.05

Portfolio Buys Q3 2024 → Q4 2024
MBB iShares MBS ETF Add +12.5% 2.63% +0.29
STIP iShares 0-5 Year Tips Bond E Add +2.8% 4.58% +0.29
PYLD PIMCO Multisector Bond Actv Add +3.7% 3.91% +0.20
SMMU PIMCO SHRT TRM Muni BND ETF Add +16.9% 0.83% +0.14
IJH iShares Core S&P Midcap ETF Add +0.4% 2.80% +0.13
BSV Vanguard Short-Term Bond ETF Add +0.9% 3.29% +0.12
UNH Unitedhealth Group Inc. Add +190.5% 0.17% +0.11
PPG PPG Industries Inc. New 0.09% +0.09
AVDS Avantis Intl SM Cap Eq ETF Add +47.9% 0.29% +0.09
BOND PIMCO Active Bond Exchange-T Add +1.9% 3.82% +0.07
PM Philip Morris International New 0.06% +0.06
AAPL Apple Inc. Add +0.2% 0.51% +0.06
MMM 3M Co. New 0.04% +0.04
MO Altria Group Inc. New 0.04% +0.04
MUNI PIMCO Intermediate Municipal Add +2.2% 0.81% +0.03
EMB iShares JP Morgan Usd Emergi Add +10.4% 0.36% +0.03
RWL Invesco S&P 500 Revenue ETF Add +1.2% 0.59% +0.03
GBIL Goldman Sachs Access Treasur Add +9.4% 0.23% +0.03
PG The Procter & Gamble Co. Add +17.7% 0.16% +0.03
AMGN Amgen Inc. Add +99.7% 0.06% +0.03
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +14.2% 0.12% +0.02
MSFT Microsoft Corp. Add +6.4% 0.23% +0.02
FNDA Schwab Fndmntl US SM Co. ETF Add +1.0% 0.36% +0.02
AVSU Avantis Resp US Equity ETF Add +7.6% 0.13% +0.02
VIG Vanguard Dividend Apprec ETF Add +2.9% 0.25% +0.02
SCHM Schwab US Mid Cap ETF Add +1.9% 0.20% +0.01
PTRB Pgim Total Return Bond ETF Add +4.7% 0.14% +0.01
MOTE Vaneck Morningstar ESG Moat Add +0.4% 0.10% +0.00
NUSC Nuveen ESG Small-Cap ETF Add +2.3% 0.04% +0.00
NUBD Nuveen ESG US Aggregate Bond Add +0.3% 0.12% +0.00
PEP Pepsico Inc. Add +5.4% 0.04% −0.00
QCOM Qualcomm Inc. Add +2.2% 0.05% −0.00
MRK Merck & Co. Inc. Add +4.3% 0.04% −0.00
ESGD iShares Trust iShares ESG Aw Add +2.1% 0.07% −0.00
AVDE Avantis International Equity Add +1.1% 0.82% −0.03
FNDC Schwab Fndmnt Intl SM Eq ETF Add +1.4% 2.84% −0.15
GSIE Goldman Sachs Activebeta Int Add +0.2% 5.77% −0.20

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