Kelman-Lazarov, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Kelman-Lazarov, Inc. reported 132 stock positions worth $674.5 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 9.1% of the portfolio, followed by Schwab US Large-Cap Growth (SCHG, 8.8%) and Vaneck Morningstar Wide Moat (MOAT, 8.1%). Compared with Q2 2025, it opened 15 new positions, sold out of 5, added to 65 and reduced 39. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +68%) and the biggest sale Goldman Sachs Activebeta Int (GSIE, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001672067
- Portfolio Value
- $674.5M (Q3 2025)
- SEC Filing
- 0001398344-25-020737 ↗ filed Nov 12, 2025
Holdings Value
Holdings 132 stocks · $674.5M
| FNDX Schwab Fndmntl US LRG Co. ETF | 9.15% | 2,345,720 | $61.7M | Add +0.5% |
| SCHG Schwab US Large-Cap Growth | 8.78% | 1,856,765 | $59.2M | Reduce -0.6% |
| MOAT Vaneck Morningstar Wide Moat | 8.10% | 551,165 | $54.6M | Add +0.7% |
| GSIE Goldman Sachs Activebeta Int | 5.69% | 934,334 | $38.4M | Reduce -2.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 4.43% | 381,217 | $29.9M | Add +3.1% |
| GSLC Goldman Activebeta US LC ETF | 4.41% | 228,139 | $29.7M | Reduce -2.2% |
| STIP iShares 0-5 Year Tips Bond E | 4.32% | 281,671 | $29.1M | Add +5.6% |
| SCHX Schwab US Large-Cap ETF | 4.01% | 1,027,974 | $27.1M | Reduce -1.8% |
| IJR iShares Core S&P Small-Cap E | 3.60% | 204,354 | $24.3M | Add +1.0% |
| BOND PIMCO Active Bond Exchange-T | 3.48% | 251,298 | $23.5M | Add +4.8% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 3.25% | 605,460 | $21.9M | Add +0.3% |
| MBB iShares MBS ETF | 3.20% | 226,553 | $21.6M | Add +6.3% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 3.13% | 473,940 | $21.1M | Reduce -0.4% |
| BSV Vanguard Short-Term Bond ETF | 2.98% | 254,392 | $20.1M | Add +4.7% |
| IJH iShares Core S&P Midcap ETF | 2.57% | 265,296 | $17.3M | Add +1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.36% | 31,722 | $15.9M | Add +1.8% |
| PYLD PIMCO Multisector Bond Actv | 1.97% | 495,035 | $13.3M | Add +5.1% |
| QLTY GMO U.S. Quality ETF | 1.95% | 363,925 | $13.2M | Reduce -1.3% |
| SCHF Schwab Intl Equity ETF | 1.37% | 396,606 | $9.2M | Reduce -1.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.08% | 15,202 | $7.3M | Add +68.3% |
| STPZ PIMCO 1-5 Year US Tips Index | 1.07% | 132,770 | $7.2M | Add +1.1% |
| SMMU PIMCO SHRT TRM Muni BND ETF | 1.01% | 134,812 | $6.8M | Add +12.8% |
| AVDE Avantis International Equity | 0.95% | 81,531 | $6.4M | Add +12.9% |
| AVEM Avantis Emerging Markets Eq | 0.78% | 70,063 | $5.3M | Reduce -3.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.60% | 6,068 | $4.0M | Add +5.9% |
| MUNI PIMCO Intermediate Municipal | 0.59% | 76,118 | $4.0M | Reduce -3.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.58% | 78,774 | $3.9M | Reduce -6.8% |
| RWL Invesco S&P 500 Revenue ETF | 0.54% | 33,110 | $3.7M | Reduce -0.0% |
| AVDS Avantis Intl SM Cap Eq ETF | 0.49% | 49,148 | $3.3M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 0.48% | 13,317 | $3.2M | Add +1.2% |
| BIV Vanguard Intermediate-Term B | 0.47% | 40,967 | $3.2M | Reduce -4.8% |
| TSLA Tesla Inc. | 0.46% | 6,903 | $3.1M | Add +1.4% |
| AAPL Apple Inc. | 0.45% | 11,989 | $3.1M | Add +5.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.43% | 15,537 | $2.9M | Add +96.2% |
| VCRM Vanguard Core Tax-Ex Bond | 0.42% | 37,368 | $2.8M | Add +116.0% |
| MA Mastercard Inc. Class A | 0.34% | 4,035 | $2.3M | Add +0.2% |
| PTRB Pgim Total Return Bond ETF | 0.33% | 53,244 | $2.2M | Add +33.3% |
| GNMA iShares Gnma Bond ETF | 0.32% | 49,356 | $2.2M | Reduce -13.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.32% | 70,192 | $2.2M | Add +1.7% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.29% | 6,448 | $2.0M | Add +49.5% |
| MSFT Microsoft Corp. | 0.28% | 3,638 | $1.9M | Add +7.2% |
| MDY State Street SPDR S&P Midcap | 0.28% | 3,114 | $1.9M | Add +1.9% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 63,971 | $1.8M | Add +0.1% |
| IVV iShares Core S&P 500 ETF | 0.26% | 2,595 | $1.7M | Add +0.4% |
| VOO Vanguard S&P 500 ETF | 0.26% | 2,814 | $1.7M | Add +31.1% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.25% | 29,022 | $1.7M | Reduce -1.3% |
| VIG Vanguard Dividend Apprec ETF | 0.24% | 7,610 | $1.6M | Add +0.1% |
| SCHM Schwab US Mid Cap ETF | 0.23% | 51,813 | $1.5M | Add +2.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.22% | 2 | $1.5M | No change |
| IYY iShares Dow Jones U.S. ETF | 0.21% | 8,890 | $1.4M | No change |
| SRCE 1ST Source Corp. | 0.21% | 23,419 | $1.4M | New |
| NFLX Netflix Inc. | 0.21% | 1,162 | $1.4M | No change |
| VCSH Vanguard S/T Corp. Bond ETF | 0.19% | 16,440 | $1.3M | Reduce -5.8% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.19% | 2,766 | $1.3M | Add +13.3% |
| WMT Walmart Inc. | 0.18% | 12,071 | $1.2M | Add +5.4% |
| SPAB SS SPDR P Agg Bond ETF | 0.17% | 43,765 | $1.1M | Add +57.5% |
| IWF iShares Russell 1000 Growth | 0.16% | 2,367 | $1.1M | Reduce -2.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.14% | 3,296 | $968K | Add +0.1% |
| YUM Yum! Brands Inc. | 0.14% | 6,198 | $942K | Reduce -19.8% |
| GOOG Alphabet Inc. Class C | 0.14% | 3,771 | $919K | Reduce -0.9% |
| PG The Procter & Gamble Co. | 0.13% | 5,831 | $896K | Add +8.6% |
| AVSU Avantis Resp US Equity ETF | 0.13% | 11,997 | $883K | Add +10.7% |
| IWB iShares Russell 1000 ETF | 0.13% | 2,403 | $878K | Add +46.0% |
| NSC Norfolk Southern Corp. | 0.13% | 2,829 | $850K | Reduce -0.5% |
| FDX FedEx Corp. | 0.12% | 3,501 | $826K | Add +9.6% |
| IWD iShares Russell 1000 Value E | 0.12% | 4,049 | $824K | Add +0.0% |
| MINO PIMCO Municipal Income Oppor | 0.12% | 17,567 | $796K | Add +130.2% |
| IVE iShares S&P 500 Value ETF | 0.12% | 3,783 | $781K | Add +10.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.11% | 8,629 | $753K | Add +4.6% |
| NVDA Nvidia Corp. | 0.11% | 4,029 | $752K | Reduce -23.8% |
| AIVL Wisdomtree US AI Enhanced Va | 0.11% | 6,432 | $735K | No change |
| AMZN Amazon.com Inc. | 0.11% | 3,291 | $723K | Add +11.7% |
| PEP Pepsico Inc. | 0.11% | 5,092 | $715K | Add +196.6% |
| IWR iShares Russell Mid-Cap ETF | 0.10% | 7,283 | $703K | New |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.10% | 16,130 | $693K | Reduce -0.2% |
| NUBD Nuveen ESG US Aggregate Bond | 0.10% | 29,859 | $670K | Reduce -0.7% |
| GBIL Goldman Sachs Access Treasur | 0.10% | 6,479 | $649K | Reduce -5.5% |
| VSDM Vanguard Short Tax-Ex Bond | 0.10% | 8,401 | $644K | Add +47.9% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.09% | 2,383 | $606K | New |
| AXP American Express Co. | 0.09% | 1,823 | $606K | Add +14.8% |
| EFG iShares MSCI Eafe Growth ETF | 0.09% | 5,295 | $603K | New |
| JNJ Johnson & Johnson | 0.09% | 3,252 | $603K | Add +12.5% |
| GEM Goldman Sachs Activebeta Em | 0.08% | 12,963 | $528K | Reduce -14.6% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.08% | 12,334 | $528K | New |
| AVDV Avantis Intl S/C Value ETF | 0.07% | 5,602 | $499K | New |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.07% | 6,083 | $491K | Reduce -1.3% |
| IBB iShares Biotechnology ETF | 0.07% | 3,393 | $490K | Reduce -3.6% |
| PM Philip Morris International | 0.07% | 2,987 | $485K | Reduce -1.4% |
| SCHZ Schwab US Aggregate Bond ETF | 0.07% | 20,571 | $483K | Reduce -6.9% |
| HD Home Depot Inc. | 0.07% | 1,172 | $475K | Reduce -2.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 773 | $464K | New |
| ESGD iShares Trust iShares ESG Aw | 0.07% | 4,875 | $453K | Add +6.8% |
| IWM iShares Russell 2000 ETF | 0.07% | 1,815 | $439K | No change |
| TSCO Tractor Supply Company | 0.06% | 7,530 | $428K | No change |
| SCHV Schwab US Large-Cap Value | 0.06% | 14,554 | $424K | Reduce -5.2% |
| NULG Nuveen ESG LRG-Cap GRW ETF | 0.06% | 4,166 | $414K | Add +6.5% |
| EPS Wisdomtree US Large Cap Fund | 0.06% | 5,997 | $413K | New |
| ORCL Oracle Corp. | 0.06% | 1,395 | $392K | Add +21.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.06% | 3,416 | $391K | Reduce -7.2% |
| JPM JPMorgan Chase & Co. | 0.06% | 1,233 | $389K | Reduce -1.9% |
Portfolio Sells Q2 2025 → Q3 2025
| GSIE Goldman Sachs Activebeta Int | Reduce -2.4% | 5.69% | −0.46 |
| GSLC Goldman Activebeta US LC ETF | Reduce -2.2% | 4.41% | −0.18 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.8% | 4.01% | −0.13 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Reduce -0.4% | 3.13% | −0.11 |
| QLTY GMO U.S. Quality ETF | Reduce -1.3% | 1.95% | −0.09 |
| MOTE Vaneck Morningstar ESG Moat | Sold out | 0.00% | −0.09 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -6.8% | 0.58% | −0.09 |
| GNMA iShares Gnma Bond ETF | Reduce -13.3% | 0.32% | −0.08 |
| MUNI PIMCO Intermediate Municipal | Reduce -3.6% | 0.59% | −0.07 |
| BIV Vanguard Intermediate-Term B | Reduce -4.8% | 0.47% | −0.07 |
| SCHF Schwab Intl Equity ETF | Reduce -1.0% | 1.37% | −0.06 |
| SCHG Schwab US Large-Cap Growth | Reduce -0.6% | 8.78% | −0.05 |
| YUM Yum! Brands Inc. | Reduce -19.8% | 0.14% | −0.05 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.04 |
| BA The Boeing Co. | Sold out | 0.00% | −0.04 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.03 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.03 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -5.8% | 0.19% | −0.03 |
| NVDA Nvidia Corp. | Reduce -23.8% | 0.11% | −0.02 |
| AVEM Avantis Emerging Markets Eq | Reduce -3.1% | 0.78% | −0.02 |
| PM Philip Morris International | Reduce -1.4% | 0.07% | −0.02 |
| RWL Invesco S&P 500 Revenue ETF | Reduce -0.0% | 0.54% | −0.02 |
| DIS The Walt Disney Co. | Reduce -7.2% | 0.06% | −0.02 |
| GBIL Goldman Sachs Access Treasur | Reduce -5.5% | 0.10% | −0.01 |
| GEM Goldman Sachs Activebeta Em | Reduce -14.6% | 0.08% | −0.01 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -1.3% | 0.25% | −0.01 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -6.9% | 0.07% | −0.01 |
| NUBD Nuveen ESG US Aggregate Bond | Reduce -0.7% | 0.10% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -18.0% | 0.04% | −0.01 |
| SCHV Schwab US Large-Cap Value | Reduce -5.2% | 0.06% | −0.01 |
| AVSE Avantis Resp Emerg MKTS Eq-E | Reduce -9.8% | 0.04% | −0.00 |
| AMGN Amgen Inc. | Reduce -0.5% | 0.05% | −0.00 |
| AVDS Avantis Intl SM Cap Eq ETF | Reduce -0.1% | 0.49% | −0.00 |
| IWF iShares Russell 1000 Growth | Reduce -2.8% | 0.16% | −0.00 |
| MMM 3M Co. | Reduce -2.2% | 0.03% | −0.00 |
| DLN Wisdomtree US Largecap Divid | Reduce -1.6% | 0.05% | −0.00 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -1.3% | 0.07% | −0.00 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -0.2% | 0.10% | −0.00 |
| SUSA iShares ESG Optimized MSCI U | Reduce -1.4% | 0.05% | −0.00 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 0.06% | −0.00 |
| HD Home Depot Inc. | Reduce -2.3% | 0.07% | −0.00 |
| IBB iShares Biotechnology ETF | Reduce -3.6% | 0.07% | +0.00 |
| NSC Norfolk Southern Corp. | Reduce -0.5% | 0.13% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -0.9% | 0.14% | +0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| VUG Vanguard Mrngstar GR ETF-Sui | Add +68.3% | 1.08% | +0.44 |
| SRCE 1ST Source Corp. | New | 0.21% | +0.21 |
| VCRM Vanguard Core Tax-Ex Bond | Add +116.0% | 0.42% | +0.21 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +96.2% | 0.43% | +0.20 |
| TSLA Tesla Inc. | Add +1.4% | 0.46% | +0.10 |
| IWR iShares Russell Mid-Cap ETF | New | 0.10% | +0.10 |
| GOOGL Alphabet Inc. Class A | Add +1.2% | 0.48% | +0.10 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +49.5% | 0.29% | +0.10 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.09% | +0.09 |
| EFG iShares MSCI Eafe Growth ETF | New | 0.09% | +0.09 |
| AVDE Avantis International Equity | Add +12.9% | 0.95% | +0.09 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.08% | +0.08 |
| AAPL Apple Inc. | Add +5.5% | 0.45% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | New | 0.07% | +0.07 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +3.1% | 4.43% | +0.07 |
| PEP Pepsico Inc. | Add +196.6% | 0.11% | +0.07 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.07% | +0.07 |
| MINO PIMCO Municipal Income Oppor | Add +130.2% | 0.12% | +0.06 |
| PTRB Pgim Total Return Bond ETF | Add +33.3% | 0.33% | +0.06 |
| EPS Wisdomtree US Large Cap Fund | New | 0.06% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +31.1% | 0.26% | +0.06 |
| IWP iShares Russell Mid-Cap Grow | New | 0.06% | +0.06 |
| CSM Proshares Large Cap Core Plu | New | 0.05% | +0.05 |
| SPAB SS SPDR P Agg Bond ETF | Add +57.5% | 0.17% | +0.05 |
| SCHH Schwab US REIT ETF | New | 0.04% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | New | 0.04% | +0.04 |
| SMMU PIMCO SHRT TRM Muni BND ETF | Add +12.8% | 1.01% | +0.04 |
| IWB iShares Russell 1000 ETF | Add +46.0% | 0.13% | +0.04 |
| SPSM SS SPDR P S&P 600 Small Cap | New | 0.03% | +0.03 |
| META Meta Platforms Inc. Class A | New | 0.03% | +0.03 |
| GDE Wisdomtree Efficient Gold PL | New | 0.03% | +0.03 |
| VSDM Vanguard Short Tax-Ex Bond | Add +47.9% | 0.10% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5.9% | 0.60% | +0.03 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +0.3% | 3.25% | +0.02 |
| JNJ Johnson & Johnson | Add +12.5% | 0.09% | +0.02 |
| ORCL Oracle Corp. | Add +21.9% | 0.06% | +0.02 |
| IJR iShares Core S&P Small-Cap E | Add +1.0% | 3.60% | +0.02 |
| DIA SS SPDR Dow Jones Indus Avg | Add +13.3% | 0.19% | +0.02 |
| AZO AutoZone Inc. | Add +27.9% | 0.05% | +0.01 |
| AVSU Avantis Resp US Equity ETF | Add +10.7% | 0.13% | +0.01 |
| MRK Merck & Co. Inc. | Add +28.6% | 0.04% | +0.01 |
| AXP American Express Co. | Add +14.8% | 0.09% | +0.01 |
| AVGO Broadcom Inc. | Add +11.8% | 0.04% | +0.01 |
| IVE iShares S&P 500 Value ETF | Add +10.7% | 0.12% | +0.01 |
| LOW Lowe's Cos Inc. | Add +15.5% | 0.05% | +0.01 |
| NUSC Nuveen ESG Small-Cap ETF | Add +22.1% | 0.04% | +0.01 |
| MSFT Microsoft Corp. | Add +7.2% | 0.28% | +0.01 |
| FDX FedEx Corp. | Add +9.6% | 0.12% | +0.00 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +1.7% | 0.32% | +0.00 |
| WMT Walmart Inc. | Add +5.4% | 0.18% | +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 |