Kelman-Lazarov, Inc.

Name: Kelman-Lazarov, Inc. 13F holdings, Q1 2025
Creator: Kelman-Lazarov, Inc.
Published: 2025-05-06

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
JPM JPMorgan Chase & Co.	0.05%	1,075	$264K	Add +5.6%
MTUM iShares MSCI USA Momentum Fa	0.05%	1,302	$263K	New
BA The Boeing Co.	0.05%	1,534	$262K	New
XOM Exxon Mobil Corp.	0.05%	2,186	$260K	Reduce -47.5%
AVSD Avantis Reps Intern Equi ETF	0.05%	4,235	$254K	Reduce -14.2%
MKC McCormick & Co.-Non VTG SHRS	0.05%	3,025	$249K	Add +2.3%
MCHI iShares MSCI China ETF	0.04%	4,486	$244K	Reduce -85.5%
LOW Lowe's Cos Inc.	0.04%	1,042	$243K	Add +0.3%
AVSE Avantis Resp Emerg MKTS Eq-E	0.04%	4,727	$243K	New
ILCG iShares Morningstar Growth E	0.04%	2,963	$240K	Add +0.0%
PEP Pepsico Inc.	0.04%	1,583	$237K	Reduce -3.6%
AZO AutoZone Inc.	0.04%	61	$233K	New
PKW Invesco Buyback Achievers Et	0.04%	1,984	$224K	Add +0.2%
XLG Invesco S&P 500 Top 50 ETF	0.04%	4,818	$222K	Add +0.0%
USMV iShares MSCI USA Min Vol Fac	0.04%	2,301	$216K	New
IUSG iShares Core S&P U.S. Growth	0.04%	1,590	$202K	Add +0.1%

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