Kelman-Lazarov, Inc.

Name: Kelman-Lazarov, Inc. 13F holdings, Q3 2025
Creator: Kelman-Lazarov, Inc.
Published: 2025-11-12

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

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%
IWP iShares Russell Mid-Cap Grow	0.06%	2,698	$384K	New
SPYG SS SPDR P S&P 500 Growth ETF	0.06%	3,659	$382K	No change
AVLV Avantis US Large Cap Value	0.06%	5,243	$379K	No change
CSM Proshares Large Cap Core Plu	0.05%	4,800	$368K	New
SUSA iShares ESG Optimized MSCI U	0.05%	2,686	$364K	Reduce -1.4%
AMGN Amgen Inc.	0.05%	1,217	$343K	Reduce -0.5%
DLN Wisdomtree US Largecap Divid	0.05%	3,903	$340K	Reduce -1.6%
ISTB iShares Core 1-5 Year Usd Bo	0.05%	6,923	$338K	Add +1.1%
AZO AutoZone Inc.	0.05%	78	$335K	Add +27.9%
MTUM iShares MSCI USA Momentum Fa	0.05%	1,302	$334K	No change
QCOM Qualcomm Inc.	0.05%	1,859	$309K	Add +4.2%
ILCG iShares Morningstar Growth E	0.05%	2,964	$309K	Add +0.0%
LOW Lowe's Cos Inc.	0.05%	1,213	$305K	Add +15.5%
AVSD Avantis Reps Intern Equi ETF	0.04%	4,235	$303K	No change
NULV Nuveen ESG Large-Cap Val ETF	0.04%	6,822	$299K	No change
MRK Merck & Co. Inc.	0.04%	3,559	$299K	Add +28.6%
UNH Unitedhealth Group Inc.	0.04%	860	$297K	Reduce -18.0%
SCHH Schwab US REIT ETF	0.04%	13,476	$291K	New
AVGO Broadcom Inc.	0.04%	845	$279K	Add +11.8%
XLG Invesco S&P 500 Top 50 ETF	0.04%	4,820	$277K	Add +0.0%
VEU Vanguard Ftse All-World Ex-U	0.04%	3,883	$277K	New
AVSE Avantis Resp Emerg MKTS Eq-E	0.04%	4,277	$272K	Reduce -9.8%
NUSC Nuveen ESG Small-Cap ETF	0.04%	6,097	$269K	Add +22.1%
PKW Invesco Buyback Achievers Et	0.04%	1,984	$263K	No change
IUSG iShares Core S&P U.S. Growth	0.04%	1,595	$262K	Add +0.1%
XOM Exxon Mobil Corp.	0.04%	2,144	$242K	Add +2.7%
SPSM SS SPDR P S&P 600 Small Cap	0.03%	4,989	$231K	New
USMV iShares MSCI USA Min Vol Fac	0.03%	2,301	$219K	No change
META Meta Platforms Inc. Class A	0.03%	293	$215K	New
MMM 3M Co.	0.03%	1,331	$207K	Reduce -2.2%
MKC McCormick & Co.-Non VTG SHRS	0.03%	3,011	$201K	Add +0.3%
GDE Wisdomtree Efficient Gold PL	0.03%	3,498	$201K	New

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