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

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 Q4 2024 Q1 2025: $550.9M Q1 2025 Q2 2025: $617.2M $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 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
AVSD Avantis Reps Intern Equi ETF 0.05% 4,235 $286K No change
NULV Nuveen ESG Large-Cap Val ETF 0.05% 6,822 $286K No change
QCOM Qualcomm Inc. 0.05% 1,784 $284K Add +3.4%
AVSE Avantis Resp Emerg MKTS Eq-E 0.05% 4,743 $278K Add +0.3%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.04% 3,368 $272K Reduce -18.4%
BA The Boeing Co. 0.04% 1,292 $271K Reduce -15.8%
XLG Invesco S&P 500 Top 50 ETF 0.04% 4,819 $251K Add +0.0%
ORCL Oracle Corp. 0.04% 1,144 $250K New
PKW Invesco Buyback Achievers Et 0.04% 1,984 $245K No change
IUSG iShares Core S&P U.S. Growth 0.04% 1,593 $240K Add +0.2%
LOW Lowe's Cos Inc. 0.04% 1,050 $233K Add +0.8%
MKC McCormick & Co.-Non VTG SHRS 0.04% 3,001 $228K Reduce -0.8%
PEP Pepsico Inc. 0.04% 1,717 $227K Add +8.5%
AZO AutoZone Inc. 0.04% 61 $226K No change
XOM Exxon Mobil Corp. 0.04% 2,088 $225K Reduce -4.5%
MRK Merck & Co. Inc. 0.04% 2,767 $219K New
USMV iShares MSCI USA Min Vol Fac 0.04% 2,301 $216K No change
AVGO Broadcom Inc. 0.03% 756 $208K New
MMM 3M Co. 0.03% 1,361 $207K Reduce -29.2%
NUSC Nuveen ESG Small-Cap ETF 0.03% 4,995 $203K New
KO The Coca-Cola Co. 0.03% 2,872 $203K New
V Visa Inc. Class A 0.03% 565 $201K New

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

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