Kelman-Lazarov, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Kelman-Lazarov, Inc. reported 122 stock positions worth $617.2 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 9.3% of the portfolio, followed by Schwab US Large-Cap Growth (SCHG, 8.8%) and Vaneck Morningstar Wide Moat (MOAT, 8.3%). Compared with Q1 2025, it opened 10 new positions, sold out of 4, added to 49 and reduced 47. The biggest buy was Schwab US Large-Cap ETF (SCHX, shares +3877%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001672067
- Portfolio Value
- $617.2M (Q2 2025)
- SEC Filing
- 0001398344-25-014039 ↗ filed Jul 29, 2025
Holdings Value
Holdings 122 stocks · $617.2M
| FNDX Schwab Fndmntl US LRG Co. ETF | 9.28% | 2,334,201 | $57.3M | Add +2.4% |
| SCHG Schwab US Large-Cap Growth | 8.84% | 1,867,657 | $54.6M | Add +2.2% |
| MOAT Vaneck Morningstar Wide Moat | 8.32% | 547,529 | $51.4M | Add +1.9% |
| GSIE Goldman Sachs Activebeta Int | 6.15% | 957,305 | $38.0M | Reduce -0.3% |
| GSLC Goldman Activebeta US LC ETF | 4.59% | 233,364 | $28.3M | Reduce -7.8% |
| STIP iShares 0-5 Year Tips Bond E | 4.45% | 266,709 | $27.4M | Add +1.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 4.36% | 369,916 | $26.9M | Add +16.4% |
| SCHX Schwab US Large-Cap ETF | 4.14% | 1,046,726 | $25.6M | Add +3877.1% |
| IJR iShares Core S&P Small-Cap E | 3.58% | 202,401 | $22.1M | Add +0.0% |
| BOND PIMCO Active Bond Exchange-T | 3.58% | 239,862 | $22.1M | Reduce -2.6% |
| MBB iShares MBS ETF | 3.24% | 213,084 | $20.0M | Add +2.8% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 3.24% | 475,762 | $20.0M | Add +0.5% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.23% | 603,420 | $19.9M | Add +2.4% |
| BSV Vanguard Short-Term Bond ETF | 3.10% | 242,904 | $19.1M | Reduce -0.7% |
| IJH iShares Core S&P Midcap ETF | 2.64% | 262,276 | $16.3M | Add +3.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.45% | 31,158 | $15.1M | Reduce -0.1% |
| QLTY GMO U.S. Quality ETF | 2.05% | 368,729 | $12.6M | Add +5.8% |
| PYLD PIMCO Multisector Bond Actv | 2.02% | 470,822 | $12.5M | Reduce -8.7% |
| SCHF Schwab Intl Equity ETF | 1.43% | 400,453 | $8.9M | Add +9.9% |
| STPZ PIMCO 1-5 Year US Tips Index | 1.15% | 131,359 | $7.1M | Reduce -4.0% |
| SMMU PIMCO SHRT TRM Muni BND ETF | 0.97% | 119,464 | $6.0M | Add +13.9% |
| AVDE Avantis International Equity | 0.87% | 72,185 | $5.3M | Reduce -2.2% |
| AVEM Avantis Emerging Markets Eq | 0.80% | 72,310 | $5.0M | Reduce -29.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.67% | 84,555 | $4.1M | Reduce -15.2% |
| MUNI PIMCO Intermediate Municipal | 0.66% | 78,972 | $4.1M | Reduce -12.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.64% | 9,035 | $4.0M | Reduce -0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.57% | 5,729 | $3.5M | Reduce -1.3% |
| RWL Invesco S&P 500 Revenue ETF | 0.56% | 33,123 | $3.5M | Reduce -1.6% |
| BIV Vanguard Intermediate-Term B | 0.54% | 43,053 | $3.3M | Reduce -4.0% |
| AVDS Avantis Intl SM Cap Eq ETF | 0.50% | 49,201 | $3.1M | Add +14.6% |
| GNMA iShares Gnma Bond ETF | 0.41% | 56,922 | $2.5M | Reduce -17.6% |
| AAPL Apple Inc. | 0.38% | 11,368 | $2.3M | Reduce -1.9% |
| GOOGL Alphabet Inc. Class A | 0.38% | 13,164 | $2.3M | Reduce -0.6% |
| MA Mastercard Inc. Class A | 0.37% | 4,026 | $2.3M | Reduce -1.0% |
| TSLA Tesla Inc. | 0.35% | 6,811 | $2.2M | Add +0.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.32% | 69,024 | $2.0M | Add +3.4% |
| MDY State Street SPDR S&P Midcap | 0.28% | 3,057 | $1.7M | Reduce -1.4% |
| MSFT Microsoft Corp. | 0.27% | 3,393 | $1.7M | Add +2.6% |
| PTRB Pgim Total Return Bond ETF | 0.27% | 39,949 | $1.7M | Add +60.6% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 63,901 | $1.6M | Add +278.6% |
| IVV iShares Core S&P 500 ETF | 0.26% | 2,585 | $1.6M | Reduce -4.9% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.26% | 29,407 | $1.6M | Reduce -0.3% |
| NFLX Netflix Inc. | 0.25% | 1,162 | $1.6M | Reduce -1.8% |
| VIG Vanguard Dividend Apprec ETF | 0.25% | 7,602 | $1.6M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 2 | $1.5M | No change |
| SCHM Schwab US Mid Cap ETF | 0.23% | 50,680 | $1.4M | Add +23.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.23% | 7,920 | $1.4M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.22% | 17,448 | $1.4M | Add +6.4% |
| IYY iShares Dow Jones U.S. ETF | 0.22% | 8,890 | $1.3M | Add +0.2% |
| VCRM Vanguard Core Tax-Ex Bond | 0.21% | 17,301 | $1.3M | New |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.20% | 4,312 | $1.2M | New |
| VOO Vanguard S&P 500 ETF | 0.20% | 2,147 | $1.2M | Add +58.9% |
| YUM Yum! Brands Inc. | 0.19% | 7,723 | $1.1M | Reduce -0.8% |
| WMT Walmart Inc. | 0.18% | 11,449 | $1.1M | Add +1.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.17% | 2,442 | $1.1M | Add +0.5% |
| IWF iShares Russell 1000 Growth | 0.17% | 2,436 | $1.0M | Reduce -3.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.15% | 3,293 | $921K | No change |
| PG The Procter & Gamble Co. | 0.14% | 5,370 | $856K | Add +2.8% |
| NVDA Nvidia Corp. | 0.14% | 5,288 | $835K | Add +65.5% |
| IWD iShares Russell 1000 Value E | 0.13% | 4,048 | $786K | Add +0.0% |
| AVSU Avantis Resp US Equity ETF | 0.12% | 10,838 | $744K | Reduce -3.5% |
| NSC Norfolk Southern Corp. | 0.12% | 2,842 | $728K | Reduce -6.4% |
| AIVL Wisdomtree US AI Enhanced Va | 0.12% | 6,432 | $727K | Reduce -0.8% |
| FDX FedEx Corp. | 0.12% | 3,194 | $726K | Add +5.0% |
| SPAB SS SPDR P Agg Bond ETF | 0.12% | 27,797 | $712K | Add +135.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.11% | 8,249 | $689K | Add +3.6% |
| GBIL Goldman Sachs Access Treasur | 0.11% | 6,853 | $686K | Reduce -42.2% |
| GOOG Alphabet Inc. Class C | 0.11% | 3,807 | $675K | Add +3.9% |
| NUBD Nuveen ESG US Aggregate Bond | 0.11% | 30,060 | $669K | Reduce -0.1% |
| IVE iShares S&P 500 Value ETF | 0.11% | 3,418 | $668K | No change |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.10% | 16,159 | $647K | Reduce -0.8% |
| AMZN Amazon.com Inc. | 0.10% | 2,947 | $647K | Reduce -6.7% |
| MOTE Vaneck Morningstar ESG Moat | 0.09% | 20,436 | $566K | Add +1.4% |
| GEM Goldman Sachs Activebeta Em | 0.09% | 15,178 | $565K | Reduce -65.1% |
| IWB iShares Russell 1000 ETF | 0.09% | 1,646 | $559K | Add +1.2% |
| PM Philip Morris International | 0.09% | 3,029 | $552K | Add +3.4% |
| SCHZ Schwab US Aggregate Bond ETF | 0.08% | 22,094 | $513K | Reduce -17.5% |
| AXP American Express Co. | 0.08% | 1,588 | $507K | Add +0.2% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.07% | 6,161 | $461K | Reduce -0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.07% | 3,682 | $457K | Reduce -6.3% |
| IBB iShares Biotechnology ETF | 0.07% | 3,521 | $445K | Reduce -4.5% |
| JNJ Johnson & Johnson | 0.07% | 2,890 | $442K | Reduce -27.2% |
| HD Home Depot Inc. | 0.07% | 1,199 | $440K | Add +13.1% |
| VSDM Vanguard Short Tax-Ex Bond | 0.07% | 5,681 | $430K | Add +47.9% |
| SCHV Schwab US Large-Cap Value | 0.07% | 15,345 | $425K | Add +5.3% |
| ESGD iShares Trust iShares ESG Aw | 0.07% | 4,563 | $407K | Add +0.6% |
| TSCO Tractor Supply Company | 0.06% | 7,530 | $397K | Reduce -0.1% |
| IWM iShares Russell 2000 ETF | 0.06% | 1,815 | $392K | No change |
| NULG Nuveen ESG LRG-Cap GRW ETF | 0.06% | 3,912 | $368K | No change |
| JPM JPMorgan Chase & Co. | 0.06% | 1,257 | $364K | Add +16.9% |
| AVLV Avantis US Large Cap Value | 0.06% | 5,243 | $358K | New |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.06% | 3,659 | $349K | No change |
| SUSA iShares ESG Optimized MSCI U | 0.06% | 2,723 | $345K | No change |
| AMGN Amgen Inc. | 0.06% | 1,223 | $342K | Reduce -10.1% |
| MINO PIMCO Municipal Income Oppor | 0.05% | 7,630 | $337K | New |
| ISTB iShares Core 1-5 Year Usd Bo | 0.05% | 6,851 | $333K | Add +1.0% |
| UNH Unitedhealth Group Inc. | 0.05% | 1,049 | $327K | Reduce -42.6% |
| DLN Wisdomtree US Largecap Divid | 0.05% | 3,968 | $326K | Reduce -1.6% |
| MTUM iShares MSCI USA Momentum Fa | 0.05% | 1,302 | $313K | No change |
| ILCG iShares Morningstar Growth E | 0.05% | 2,963 | $287K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 2.45% | −0.56 |
| BOND PIMCO Active Bond Exchange-T | Reduce -2.6% | 3.58% | −0.55 |
| GSLC Goldman Activebeta US LC ETF | Reduce -7.8% | 4.59% | −0.47 |
| PYLD PIMCO Multisector Bond Actv | Reduce -8.7% | 2.02% | −0.44 |
| BSV Vanguard Short-Term Bond ETF | Reduce -0.7% | 3.10% | −0.38 |
| AVEM Avantis Emerging Markets Eq | Reduce -29.2% | 0.80% | −0.31 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -15.2% | 0.67% | −0.23 |
| STPZ PIMCO 1-5 Year US Tips Index | Reduce -4.0% | 1.15% | −0.20 |
| MUNI PIMCO Intermediate Municipal | Reduce -12.3% | 0.66% | −0.19 |
| MCH Matthews China Active ETF | Sold out | 0.00% | −0.18 |
| GEM Goldman Sachs Activebeta Em | Reduce -65.1% | 0.09% | −0.17 |
| GNMA iShares Gnma Bond ETF | Reduce -17.6% | 0.41% | −0.14 |
| UNH Unitedhealth Group Inc. | Reduce -42.6% | 0.05% | −0.12 |
| GBIL Goldman Sachs Access Treasur | Reduce -42.2% | 0.11% | −0.10 |
| AAPL Apple Inc. | Reduce -1.9% | 0.38% | −0.09 |
| BIV Vanguard Intermediate-Term B | Reduce -4.0% | 0.54% | −0.08 |
| GSIE Goldman Sachs Activebeta Int | Reduce -0.3% | 6.15% | −0.06 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.05 |
| MO Altria Group Inc. | Sold out | 0.00% | −0.05 |
| JNJ Johnson & Johnson | Reduce -27.2% | 0.07% | −0.05 |
| RWL Invesco S&P 500 Revenue ETF | Reduce -1.6% | 0.56% | −0.05 |
| MCHI iShares MSCI China ETF | Sold out | 0.00% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -1.0% | 0.37% | −0.04 |
| YUM Yum! Brands Inc. | Reduce -0.8% | 0.19% | −0.04 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -17.5% | 0.08% | −0.03 |
| AVDE Avantis International Equity | Reduce -2.2% | 0.87% | −0.02 |
| AMGN Amgen Inc. | Reduce -10.1% | 0.06% | −0.02 |
| MDY State Street SPDR S&P Midcap | Reduce -1.4% | 0.28% | −0.02 |
| MMM 3M Co. | Reduce -29.2% | 0.03% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -4.9% | 0.26% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.3% | 0.57% | −0.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -0.3% | 0.26% | −0.02 |
| IBB iShares Biotechnology ETF | Reduce -4.5% | 0.07% | −0.01 |
| NUBD Nuveen ESG US Aggregate Bond | Reduce -0.1% | 0.11% | −0.01 |
| NSC Norfolk Southern Corp. | Reduce -6.4% | 0.12% | −0.01 |
| AIVL Wisdomtree US AI Enhanced Va | Reduce -0.8% | 0.12% | −0.01 |
| TSCO Tractor Supply Company | Reduce -0.1% | 0.06% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -4.5% | 0.04% | −0.01 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -0.8% | 0.04% | −0.01 |
| AVSU Avantis Resp US Equity ETF | Reduce -3.5% | 0.12% | −0.01 |
| EL Estee Lauder Companies Class A | Reduce -18.4% | 0.04% | −0.01 |
| DLN Wisdomtree US Largecap Divid | Reduce -1.6% | 0.05% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -6.7% | 0.10% | −0.00 |
| BA The Boeing Co. | Reduce -15.8% | 0.04% | −0.00 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -0.8% | 0.10% | −0.00 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -0.8% | 0.07% | −0.00 |
| IWF iShares Russell 1000 Growth | Reduce -3.8% | 0.17% | +0.00 |
| DIS The Walt Disney Co. | Reduce -6.3% | 0.07% | +0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 0.38% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -0.5% | 0.64% | +0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| SCHX Schwab US Large-Cap ETF | Add +3877.1% | 4.14% | +4.04 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +16.4% | 4.36% | +0.56 |
| SCHG Schwab US Large-Cap Growth | Add +2.2% | 8.84% | +0.53 |
| VCRM Vanguard Core Tax-Ex Bond | New | 0.21% | +0.21 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.20% | +0.20 |
| SCHA Schwab US Small-Cap ETF | Add +278.6% | 0.26% | +0.19 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +0.5% | 3.24% | +0.13 |
| SCHF Schwab Intl Equity ETF | Add +9.9% | 1.43% | +0.13 |
| PTRB Pgim Total Return Bond ETF | Add +60.6% | 0.27% | +0.08 |
| AVDS Avantis Intl SM Cap Eq ETF | Add +14.6% | 0.50% | +0.07 |
| NVDA Nvidia Corp. | Add +65.5% | 0.14% | +0.07 |
| VOO Vanguard S&P 500 ETF | Add +58.9% | 0.20% | +0.07 |
| QLTY GMO U.S. Quality ETF | Add +5.8% | 2.05% | +0.07 |
| SPAB SS SPDR P Agg Bond ETF | Add +135.0% | 0.12% | +0.06 |
| AVLV Avantis US Large Cap Value | New | 0.06% | +0.06 |
| MINO PIMCO Municipal Income Oppor | New | 0.05% | +0.05 |
| MSFT Microsoft Corp. | Add +2.6% | 0.27% | +0.05 |
| ORCL Oracle Corp. | New | 0.04% | +0.04 |
| MRK Merck & Co. Inc. | New | 0.04% | +0.04 |
| SCHM Schwab US Mid Cap ETF | Add +23.3% | 0.23% | +0.03 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| NUSC Nuveen ESG Small-Cap ETF | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | New | 0.03% | +0.03 |
| V Visa Inc. Class A | New | 0.03% | +0.03 |
| TSLA Tesla Inc. | Add +0.3% | 0.35% | +0.03 |
| SMMU PIMCO SHRT TRM Muni BND ETF | Add +13.9% | 0.97% | +0.02 |
| VSDM Vanguard Short Tax-Ex Bond | Add +47.9% | 0.07% | +0.02 |
| JPM JPMorgan Chase & Co. | Add +16.9% | 0.06% | +0.01 |
| GOOG Alphabet Inc. Class C | Add +3.9% | 0.11% | +0.01 |
| PM Philip Morris International | Add +3.4% | 0.09% | +0.01 |
| AXP American Express Co. | Add +0.2% | 0.08% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +3.6% | 0.11% | +0.00 |
| IUSG iShares Core S&P U.S. Growth | Add +0.2% | 0.04% | +0.00 |
| WMT Walmart Inc. | Add +1.6% | 0.18% | +0.00 |
| AVSE Avantis Resp Emerg MKTS Eq-E | Add +0.3% | 0.05% | +0.00 |
| HD Home Depot Inc. | Add +13.1% | 0.07% | +0.00 |
| XLG Invesco S&P 500 Top 50 ETF | Add +0.0% | 0.04% | +0.00 |
| IWB iShares Russell 1000 ETF | Add +1.2% | 0.09% | 0.00 |
| ESGD iShares Trust iShares ESG Aw | Add +0.6% | 0.07% | −0.00 |
| SCHV Schwab US Large-Cap Value | Add +5.3% | 0.07% | −0.00 |
| IYY iShares Dow Jones U.S. ETF | Add +0.2% | 0.22% | −0.00 |
| QCOM Qualcomm Inc. | Add +3.4% | 0.05% | −0.00 |
| ISTB iShares Core 1-5 Year Usd Bo | Add +1.0% | 0.05% | −0.01 |
| MOTE Vaneck Morningstar ESG Moat | Add +1.4% | 0.09% | −0.01 |
| LOW Lowe's Cos Inc. | Add +0.8% | 0.04% | −0.01 |
| PEP Pepsico Inc. | Add +8.5% | 0.04% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +6.4% | 0.22% | −0.01 |
| IWD iShares Russell 1000 Value E | Add +0.0% | 0.13% | −0.01 |
| DIA SS SPDR Dow Jones Indus Avg | Add +0.5% | 0.17% | −0.01 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +3.4% | 0.32% | −0.01 |
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 |