Kelman-Lazarov, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Kelman-Lazarov, Inc. reported 116 stock positions worth $550.9 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 9.8% of the portfolio, followed by Vaneck Morningstar Wide Moat (MOAT, 8.6%) and Schwab US Large-Cap Growth (SCHG, 8.3%). Compared with Q4 2024, it opened 14 new positions, sold out of 7, added to 62 and reduced 37. The biggest buy was a new position in Ste STR SPDR PT S&P 500 ETF (SPYM) and the biggest sale Goldman Activebeta US LC ETF (GSLC, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001672067
- Portfolio Value
- $550.9M (Q1 2025)
- SEC Filing
- 0001398344-25-008790 ↗ filed May 6, 2025
Holdings Value
Holdings 116 stocks · $550.9M
| FNDX Schwab Fndmntl US LRG Co. ETF | 9.77% | 2,280,290 | $53.8M | Reduce -0.4% |
| MOAT Vaneck Morningstar Wide Moat | 8.58% | 537,081 | $47.3M | Add +2.2% |
| SCHG Schwab US Large-Cap Growth | 8.31% | 1,827,134 | $45.8M | Reduce -1.7% |
| GSIE Goldman Sachs Activebeta Int | 6.21% | 960,243 | $34.2M | Reduce -0.1% |
| GSLC Goldman Activebeta US LC ETF | 5.06% | 253,153 | $27.9M | Reduce -30.5% |
| STIP iShares 0-5 Year Tips Bond E | 4.95% | 263,406 | $27.3M | Add +4.1% |
| BOND PIMCO Active Bond Exchange-T | 4.13% | 246,315 | $22.8M | Add +4.8% |
| IJR iShares Core S&P Small-Cap E | 3.84% | 202,327 | $21.2M | Add +4.0% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 3.79% | 317,912 | $20.9M | New |
| MBB iShares MBS ETF | 3.53% | 207,381 | $19.4M | Add +30.1% |
| BSV Vanguard Short-Term Bond ETF | 3.47% | 244,516 | $19.1M | Add +3.3% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.29% | 589,030 | $18.1M | Add +3.3% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 3.11% | 473,260 | $17.1M | Add +2.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.02% | 31,189 | $16.6M | Reduce -1.8% |
| IJH iShares Core S&P Midcap ETF | 2.69% | 254,011 | $14.8M | Add +1.6% |
| PYLD PIMCO Multisector Bond Actv | 2.47% | 515,485 | $13.6M | Reduce -38.5% |
| QLTY GMO U.S. Quality ETF | 1.98% | 348,551 | $10.9M | Add +4.4% |
| STPZ PIMCO 1-5 Year US Tips Index | 1.34% | 136,869 | $7.4M | Reduce -0.4% |
| SCHF Schwab Intl Equity ETF | 1.31% | 364,235 | $7.2M | Reduce -1.4% |
| AVEM Avantis Emerging Markets Eq | 1.11% | 102,082 | $6.1M | Reduce -1.3% |
| SMMU PIMCO SHRT TRM Muni BND ETF | 0.95% | 104,895 | $5.2M | Add +13.8% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.90% | 99,659 | $4.9M | Add +16.3% |
| AVDE Avantis International Equity | 0.89% | 73,814 | $4.9M | Reduce -0.4% |
| MUNI PIMCO Intermediate Municipal | 0.84% | 90,098 | $4.6M | Add +3.4% |
| BIV Vanguard Intermediate-Term B | 0.62% | 44,858 | $3.4M | Add +4.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.61% | 9,078 | $3.4M | Add +1.5% |
| RWL Invesco S&P 500 Revenue ETF | 0.61% | 33,660 | $3.3M | Add +0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.59% | 5,807 | $3.2M | Reduce -1.0% |
| GNMA iShares Gnma Bond ETF | 0.55% | 69,041 | $3.0M | Reduce -54.0% |
| AAPL Apple Inc. | 0.47% | 11,583 | $2.6M | Add +2.4% |
| AVDS Avantis Intl SM Cap Eq ETF | 0.42% | 42,945 | $2.3M | Add +39.9% |
| MA Mastercard Inc. Class A | 0.40% | 4,066 | $2.2M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 0.37% | 13,242 | $2.0M | Add +1.2% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.33% | 66,779 | $1.8M | Reduce -0.4% |
| TSLA Tesla Inc. | 0.32% | 6,789 | $1.8M | Add +2.1% |
| MDY State Street SPDR S&P Midcap | 0.30% | 3,100 | $1.7M | Add +8.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.29% | 2 | $1.6M | No change |
| IVV iShares Core S&P 500 ETF | 0.28% | 2,717 | $1.5M | Add +11.1% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.27% | 29,509 | $1.5M | Reduce -0.6% |
| VIG Vanguard Dividend Apprec ETF | 0.27% | 7,602 | $1.5M | Add +6.5% |
| GEM Goldman Sachs Activebeta Em | 0.26% | 43,505 | $1.4M | Reduce -12.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.25% | 7,920 | $1.4M | Reduce -9.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.23% | 16,398 | $1.3M | Reduce -2.2% |
| MSFT Microsoft Corp. | 0.23% | 3,307 | $1.2M | Add +9.4% |
| YUM Yum! Brands Inc. | 0.22% | 7,785 | $1.2M | Reduce -3.4% |
| IYY iShares Dow Jones U.S. ETF | 0.22% | 8,871 | $1.2M | Add +0.2% |
| GBIL Goldman Sachs Access Treasur | 0.22% | 11,865 | $1.2M | Reduce -6.5% |
| NFLX Netflix Inc. | 0.20% | 1,183 | $1.1M | Reduce -2.6% |
| SCHM Schwab US Mid Cap ETF | 0.20% | 41,100 | $1.1M | Add +0.3% |
| PTRB Pgim Total Return Bond ETF | 0.19% | 24,880 | $1.0M | Add +30.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.19% | 2,430 | $1.0M | Add +0.2% |
| MCH Matthews China Active ETF | 0.18% | 41,621 | $1.0M | Reduce -89.9% |
| WMT Walmart Inc. | 0.18% | 11,267 | $989K | Add +0.2% |
| UNH Unitedhealth Group Inc. | 0.17% | 1,829 | $958K | Reduce -1.9% |
| IWF iShares Russell 1000 Growth | 0.17% | 2,532 | $914K | Add +309.1% |
| PG The Procter & Gamble Co. | 0.16% | 5,225 | $891K | Reduce -4.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.15% | 3,293 | $852K | Add +27.2% |
| IWD iShares Russell 1000 Value E | 0.14% | 4,047 | $761K | New |
| FDX FedEx Corp. | 0.13% | 3,041 | $741K | Reduce -24.4% |
| NSC Norfolk Southern Corp. | 0.13% | 3,036 | $719K | Reduce -11.3% |
| AIVL Wisdomtree US AI Enhanced Va | 0.13% | 6,484 | $712K | Add +0.2% |
| AVSU Avantis Resp US Equity ETF | 0.13% | 11,232 | $700K | Add +4.6% |
| VOO Vanguard S&P 500 ETF | 0.13% | 1,351 | $694K | Reduce -16.2% |
| NUBD Nuveen ESG US Aggregate Bond | 0.12% | 30,087 | $667K | Add +0.3% |
| JNJ Johnson & Johnson | 0.12% | 3,970 | $658K | Add +0.5% |
| IVE iShares S&P 500 Value ETF | 0.12% | 3,418 | $651K | Add +0.4% |
| SCHZ Schwab US Aggregate Bond ETF | 0.11% | 26,776 | $620K | Add +6.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.11% | 7,965 | $603K | New |
| AMZN Amazon.com Inc. | 0.11% | 3,159 | $601K | Add +19.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.11% | 16,287 | $589K | Reduce -0.8% |
| SCHX Schwab US Large-Cap ETF | 0.11% | 26,319 | $581K | New |
| GOOG Alphabet Inc. Class C | 0.10% | 3,666 | $573K | Add +5.7% |
| MOTE Vaneck Morningstar ESG Moat | 0.10% | 20,147 | $537K | Add +5.3% |
| IWB iShares Russell 1000 ETF | 0.09% | 1,626 | $499K | Reduce -1.8% |
| IBB iShares Biotechnology ETF | 0.09% | 3,687 | $472K | Reduce -9.0% |
| PM Philip Morris International | 0.08% | 2,929 | $465K | Add +4.0% |
| AXP American Express Co. | 0.08% | 1,585 | $426K | Add +0.6% |
| AMGN Amgen Inc. | 0.08% | 1,360 | $424K | Add +0.4% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.08% | 6,213 | $423K | Reduce -3.7% |
| TSCO Tractor Supply Company | 0.08% | 7,540 | $415K | Add +0.3% |
| SCHA Schwab US Small-Cap ETF | 0.07% | 16,879 | $395K | Add +10.3% |
| HD Home Depot Inc. | 0.07% | 1,060 | $388K | Add +0.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.07% | 3,929 | $388K | Add +1.4% |
| SCHV Schwab US Large-Cap Value | 0.07% | 14,567 | $387K | Reduce -3.0% |
| ESGD iShares Trust iShares ESG Aw | 0.07% | 4,535 | $370K | Reduce -17.1% |
| IWM iShares Russell 2000 ETF | 0.07% | 1,815 | $362K | New |
| NVDA Nvidia Corp. | 0.06% | 3,196 | $346K | Add +111.4% |
| ISTB iShares Core 1-5 Year Usd Bo | 0.06% | 6,781 | $328K | Add +0.7% |
| DLN Wisdomtree US Largecap Divid | 0.06% | 4,033 | $320K | Add +0.1% |
| SUSA iShares ESG Optimized MSCI U | 0.06% | 2,723 | $313K | Add +57.0% |
| NULG Nuveen ESG LRG-Cap GRW ETF | 0.06% | 3,912 | $306K | Reduce -10.0% |
| SPAB SS SPDR P Agg Bond ETF | 0.05% | 11,827 | $302K | New |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.05% | 3,659 | $294K | No change |
| VSDM Vanguard Short Tax-Ex Bond | 0.05% | 3,840 | $289K | New |
| MMM 3M Co. | 0.05% | 1,923 | $282K | Add +2.3% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.05% | 6,822 | $276K | No change |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.05% | 4,130 | $273K | New |
| IEMG iShares Core MSCI Emerging | 0.05% | 5,049 | $272K | New |
| MO Altria Group Inc. | 0.05% | 4,426 | $266K | Add +0.2% |
| QCOM Qualcomm Inc. | 0.05% | 1,726 | $265K | Add +3.5% |
Portfolio Sells Q4 2024 → Q1 2025
| GSLC Goldman Activebeta US LC ETF | Reduce -30.5% | 5.06% | −2.49 |
| MCH Matthews China Active ETF | Reduce -89.9% | 0.18% | −1.45 |
| PYLD PIMCO Multisector Bond Actv | Reduce -38.5% | 2.47% | −1.44 |
| SCHG Schwab US Large-Cap Growth | Reduce -1.7% | 8.31% | −1.02 |
| GNMA iShares Gnma Bond ETF | Reduce -54.0% | 0.55% | −0.61 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −0.36 |
| MCHI iShares MSCI China ETF | Reduce -85.5% | 0.04% | −0.22 |
| PPG PPG Industries Inc. | Sold out | 0.00% | −0.09 |
| FDX FedEx Corp. | Reduce -24.4% | 0.13% | −0.07 |
| SUSB iShares ESG Aware 1-5 Year U | Sold out | 0.00% | −0.05 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Sold out | 0.00% | −0.04 |
| NUSC Nuveen ESG Small-Cap ETF | Sold out | 0.00% | −0.04 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.04 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -47.5% | 0.05% | −0.03 |
| VOO Vanguard S&P 500 ETF | Reduce -16.2% | 0.13% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.0% | 0.59% | −0.03 |
| FNDA Schwab Fndmntl US SM Co. ETF | Reduce -0.4% | 0.33% | −0.03 |
| GEM Goldman Sachs Activebeta Em | Reduce -12.3% | 0.26% | −0.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -0.6% | 0.27% | −0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -9.2% | 0.25% | −0.02 |
| NSC Norfolk Southern Corp. | Reduce -11.3% | 0.13% | −0.01 |
| GBIL Goldman Sachs Access Treasur | Reduce -6.5% | 0.22% | −0.01 |
| NULG Nuveen ESG LRG-Cap GRW ETF | Reduce -10.0% | 0.06% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -9.0% | 0.09% | −0.01 |
| ESGD iShares Trust iShares ESG Aw | Reduce -17.1% | 0.07% | −0.01 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -3.7% | 0.08% | −0.01 |
| IWB iShares Russell 1000 ETF | Reduce -1.8% | 0.09% | −0.01 |
| AVSD Avantis Reps Intern Equi ETF | Reduce -14.2% | 0.05% | −0.00 |
| PG The Procter & Gamble Co. | Reduce -4.3% | 0.16% | −0.00 |
| PEP Pepsico Inc. | Reduce -3.6% | 0.04% | −0.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -2.2% | 0.23% | −0.00 |
| SCHV Schwab US Large-Cap Value | Reduce -3.0% | 0.07% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -1.9% | 0.17% | +0.00 |
| NFLX Netflix Inc. | Reduce -2.6% | 0.20% | +0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -0.8% | 0.11% | +0.01 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Reduce -0.4% | 9.77% | +0.01 |
| AVEM Avantis Emerging Markets Eq | Reduce -1.3% | 1.11% | +0.02 |
| YUM Yum! Brands Inc. | Reduce -3.4% | 0.22% | +0.03 |
| STPZ PIMCO 1-5 Year US Tips Index | Reduce -0.4% | 1.34% | +0.05 |
| AVDE Avantis International Equity | Reduce -0.4% | 0.89% | +0.07 |
| SCHF Schwab Intl Equity ETF | Reduce -1.4% | 1.31% | +0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.8% | 3.02% | +0.42 |
| GSIE Goldman Sachs Activebeta Int | Reduce -0.1% | 6.21% | +0.45 |
Portfolio Buys Q4 2024 → Q1 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 3.79% | +3.79 |
| MBB iShares MBS ETF | Add +30.1% | 3.53% | +0.90 |
| STIP iShares 0-5 Year Tips Bond E | Add +4.1% | 4.95% | +0.37 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +3.3% | 3.29% | +0.31 |
| BOND PIMCO Active Bond Exchange-T | Add +4.8% | 4.13% | +0.31 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +2.5% | 3.11% | +0.27 |
| BSV Vanguard Short-Term Bond ETF | Add +3.3% | 3.47% | +0.18 |
| IWD iShares Russell 1000 Value E | New | 0.14% | +0.14 |
| AVDS Avantis Intl SM Cap Eq ETF | Add +39.9% | 0.42% | +0.14 |
| SMMU PIMCO SHRT TRM Muni BND ETF | Add +13.8% | 0.95% | +0.13 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +16.3% | 0.90% | +0.12 |
| IWF iShares Russell 1000 Growth | Add +309.1% | 0.17% | +0.12 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.11% | +0.11 |
| SCHX Schwab US Large-Cap ETF | New | 0.11% | +0.11 |
| IWM iShares Russell 2000 ETF | New | 0.07% | +0.07 |
| QLTY GMO U.S. Quality ETF | Add +4.4% | 1.98% | +0.06 |
| SPAB SS SPDR P Agg Bond ETF | New | 0.05% | +0.05 |
| VSDM Vanguard Short Tax-Ex Bond | New | 0.05% | +0.05 |
| IEMG iShares Core MSCI Emerging | New | 0.05% | +0.05 |
| EL Estee Lauder Companies Class A | New | 0.05% | +0.05 |
| PTRB Pgim Total Return Bond ETF | Add +30.6% | 0.19% | +0.05 |
| MTUM iShares MSCI USA Momentum Fa | New | 0.05% | +0.05 |
| BA The Boeing Co. | New | 0.05% | +0.05 |
| AVSE Avantis Resp Emerg MKTS Eq-E | New | 0.04% | +0.04 |
| BIV Vanguard Intermediate-Term B | Add +4.0% | 0.62% | +0.04 |
| AZO AutoZone Inc. | New | 0.04% | +0.04 |
| USMV iShares MSCI USA Min Vol Fac | New | 0.04% | +0.04 |
| MUNI PIMCO Intermediate Municipal | Add +3.4% | 0.84% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +27.2% | 0.15% | +0.03 |
| NVDA Nvidia Corp. | Add +111.4% | 0.06% | +0.03 |
| PM Philip Morris International | Add +4.0% | 0.08% | +0.02 |
| MA Mastercard Inc. Class A | Add +0.2% | 0.40% | +0.02 |
| SUSA iShares ESG Optimized MSCI U | Add +57.0% | 0.06% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +11.1% | 0.28% | +0.02 |
| JNJ Johnson & Johnson | Add +0.5% | 0.12% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +6.5% | 0.27% | +0.02 |
| RWL Invesco S&P 500 Revenue ETF | Add +0.0% | 0.61% | +0.01 |
| AMGN Amgen Inc. | Add +0.4% | 0.08% | +0.01 |
| SCHZ Schwab US Aggregate Bond ETF | Add +6.6% | 0.11% | +0.01 |
| MMM 3M Co. | Add +2.3% | 0.05% | +0.01 |
| MDY State Street SPDR S&P Midcap | Add +8.5% | 0.30% | +0.01 |
| MO Altria Group Inc. | Add +0.2% | 0.05% | +0.01 |
| AIVL Wisdomtree US AI Enhanced Va | Add +0.2% | 0.13% | +0.01 |
| AMZN Amazon.com Inc. | Add +19.4% | 0.11% | +0.00 |
| MKC McCormick & Co.-Non VTG SHRS | Add +2.3% | 0.05% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +5.6% | 0.05% | +0.00 |
| NUBD Nuveen ESG US Aggregate Bond | Add +0.3% | 0.12% | +0.00 |
| TSCO Tractor Supply Company | Add +0.3% | 0.08% | +0.00 |
| QCOM Qualcomm Inc. | Add +3.5% | 0.05% | +0.00 |
| DLN Wisdomtree US Largecap Divid | Add +0.1% | 0.06% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 154 | $763.3M | FNDX, SCHG, MOAT, SPYM, STIP |
| Q1 2026 | 140 | $697.6M | FNDX, SCHG, MOAT, SPYM, STIP |
| Q4 2025 | 134 | $700.3M | FNDX, SCHG, MOAT, SPYM, STIP |
| Q3 2025 | 132 | $674.5M | FNDX, SCHG, MOAT, GSIE, SPYM |
| Q2 2025 | 122 | $617.2M | FNDX, SCHG, MOAT, GSIE, GSLC |
| Q1 2025 | 116 | $550.9M | FNDX, MOAT, SCHG, GSIE, GSLC |
| Q4 2024 | 109 | $555.5M | FNDX, SCHG, MOAT, GSLC, GSIE |
| Q3 2024 | 109 | $581.2M | FNDX, MOAT, SCHG, GSLC, GSIE |
| Q2 2024 | 106 | $536.2M | FNDX, SCHG, MOAT, GSLC, GSIE |
| Q1 2024 | 104 | $511.7M | FNDX, MOAT, SCHG, GSLC, GSIE |