Kelman-Lazarov, Inc.

Name: Kelman-Lazarov, Inc. 13F holdings, Q4 2025
Creator: Kelman-Lazarov, Inc.
Published: 2026-01-26

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

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 26, 2026), Kelman-Lazarov, Inc. reported 134 stock positions worth $700.3 million. Its top holding was Schwab Fndmntl US LRG Co. ETF (FNDX) at 9.2% of the portfolio, followed by Schwab US Large-Cap Growth (SCHG, 8.5%) and Vaneck Morningstar Wide Moat (MOAT, 8.2%). Compared with Q3 2025, it opened 5 new positions, sold out of 3, added to 78 and reduced 36. The biggest buy was Avantis International Equity (AVDE, shares +300%) and the biggest sale Goldman Sachs Activebeta Int (GSIE, shares −50%).

Most Recent 13F: Q2 2026
Location: MEMPHIS, TN
CIK: 0001672067
Portfolio Value: $700.3M (Q4 2025)
SEC Filing: 0001398344-26-001181 ↗ filed Jan 26, 2026

Holdings Value

Holdings 134 stocks · $700.3M


FNDX Schwab Fndmntl US LRG Co. ETF	9.16%	2,356,429	$64.1M	Add +0.5%
SCHG Schwab US Large-Cap Growth	8.55%	1,834,823	$59.9M	Reduce -1.2%
MOAT Vaneck Morningstar Wide Moat	8.22%	556,020	$57.6M	Add +0.9%
SPYM Ste STR SPDR PT S&P 500 ETF	4.69%	409,641	$32.9M	Add +7.5%
STIP iShares 0-5 Year Tips Bond E	4.43%	303,015	$31.0M	Add +7.6%
GSLC Goldman Activebeta US LC ETF	4.03%	213,417	$28.3M	Reduce -6.5%
SCHX Schwab US Large-Cap ETF	3.92%	1,019,736	$27.4M	Reduce -0.8%
AVDE Avantis International Equity	3.84%	326,357	$26.9M	Add +300.3%
IJR iShares Core S&P Small-Cap E	3.59%	209,258	$25.1M	Add +2.4%
BOND PIMCO Active Bond Exchange-T	3.46%	260,274	$24.2M	Add +3.6%
MBB iShares MBS ETF	3.32%	244,345	$23.3M	Add +7.8%
FNDE Schwab Fndmntl Em MRK Eq ETF	3.13%	607,762	$21.9M	Add +0.4%
FNDC Schwab Fndmnt Intl SM Eq ETF	3.02%	475,257	$21.2M	Add +0.3%
BSV Vanguard Short-Term Bond ETF	3.00%	266,401	$21.0M	Add +4.7%
GSIE Goldman Sachs Activebeta Int	2.87%	468,352	$20.1M	Reduce -49.9%
IJH iShares Core S&P Midcap ETF	2.57%	272,798	$18.0M	Add +2.8%
BRK.B Berkshire Hathaway Inc. Class B	2.32%	32,258	$16.2M	Add +1.7%
QLTY GMO U.S. Quality ETF	2.01%	365,857	$14.1M	Add +0.5%
PYLD PIMCO Multisector Bond Actv	1.92%	503,900	$13.4M	Add +1.8%
SCHF Schwab Intl Equity ETF	1.37%	398,594	$9.6M	Add +0.5%
VUG Vanguard Mrngstar GR ETF-Sui	1.12%	16,045	$7.8M	Add +5.5%
STPZ PIMCO 1-5 Year US Tips Index	1.03%	135,060	$7.2M	Add +1.7%
SMMU PIMCO SHRT TRM Muni BND ETF	1.00%	138,186	$7.0M	Add +2.5%
AVEM Avantis Emerging Markets Eq	0.77%	70,326	$5.4M	Add +0.4%
MUNI PIMCO Intermediate Municipal	0.61%	81,905	$4.3M	Add +7.6%
GOOGL Alphabet Inc. Class A	0.59%	13,288	$4.2M	Reduce -0.2%
SPY SS SPDR S&P 500 ETF Trust-US	0.58%	5,999	$4.1M	Reduce -1.1%
VTEB Vanguard Tax-Exempt Bond ETF	0.58%	80,253	$4.0M	Add +1.9%
RWL Invesco S&P 500 Revenue ETF	0.53%	32,654	$3.7M	Reduce -1.4%
VV Vngrd Mrgstr LRG-Cap ETF-Usd	0.53%	11,767	$3.7M	Add +82.5%
AAPL Apple Inc.	0.51%	13,092	$3.6M	Add +9.2%
AVDS Avantis Intl SM Cap Eq ETF	0.49%	49,472	$3.5M	Add +0.7%
BIV Vanguard Intermediate-Term B	0.47%	42,537	$3.3M	Add +3.8%
VCRM Vanguard Core Tax-Ex Bond	0.45%	41,252	$3.1M	Add +10.4%
VTV Vanguard Mrngstr Val ETF-Aui	0.42%	15,535	$3.0M	Reduce -0.0%
PTRB Pgim Total Return Bond ETF	0.39%	65,143	$2.7M	Add +22.4%
MSFT Microsoft Corp.	0.35%	5,058	$2.4M	Add +39.0%
MA Mastercard Inc. Class A	0.33%	4,046	$2.3M	Add +0.3%
FNDA Schwab Fndmntl US SM Co. ETF	0.31%	69,405	$2.2M	Reduce -1.1%
MDY State Street SPDR S&P Midcap	0.27%	3,090	$1.9M	Reduce -0.8%
SCHA Schwab US Small-Cap ETF	0.26%	64,558	$1.8M	Add +0.9%
VOO Vanguard S&P 500 ETF	0.26%	2,868	$1.8M	Add +1.9%
IVV iShares Core S&P 500 ETF	0.25%	2,596	$1.8M	Add +0.0%
SPMD SS SPDR P S&P 400 Midcap ETF	0.24%	29,376	$1.7M	Add +1.2%
VIG Vanguard Dividend Apprec ETF	0.24%	7,614	$1.7M	Add +0.1%
GNMA iShares Gnma Bond ETF	0.23%	36,184	$1.6M	Reduce -26.7%
SCHM Schwab US Mid Cap ETF	0.22%	52,267	$1.6M	Add +0.9%
BRK.A Berkshire Hathaway Inc. Class A	0.22%	2	$1.5M	No change
AVSU Avantis Resp US Equity ETF	0.21%	19,537	$1.5M	Add +62.9%
IYY iShares Dow Jones U.S. ETF	0.21%	8,871	$1.5M	Reduce -0.2%
SRCE 1ST Source Corp.	0.21%	23,406	$1.5M	Reduce -0.1%
WMT Walmart Inc.	0.20%	12,304	$1.4M	Add +1.9%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	0.19%	2,777	$1.3M	Add +0.4%
VCSH Vanguard S/T Corp. Bond ETF	0.19%	16,672	$1.3M	Add +1.4%
SPAB SS SPDR P Agg Bond ETF	0.17%	47,390	$1.2M	Add +8.3%
GOOG Alphabet Inc. Class C	0.17%	3,882	$1.2M	Add +2.9%
IWF iShares Russell 1000 Growth	0.16%	2,367	$1.1M	No change
NFLX Netflix Inc.	0.15%	11,163	$1.0M	Reduce -3.9%
FDX FedEx Corp.	0.15%	3,582	$1.0M	Add +2.3%
SPDW Ste STR SPDR PT DW Eu ETF	0.14%	22,584	$1.0M	Add +83.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd	0.14%	3,301	$958K	Add +0.1%
AVLV Avantis US Large Cap Value	0.14%	12,571	$953K	Add +139.8%
YUM Yum! Brands Inc.	0.13%	6,200	$938K	Add +0.0%
IWB iShares Russell 1000 ETF	0.13%	2,403	$897K	No change
IWR iShares Russell Mid-Cap ETF	0.13%	9,264	$892K	Add +27.2%
TSLA Tesla Inc.	0.12%	1,935	$870K	Reduce -72.0%
IWD iShares Russell 1000 Value E	0.12%	4,050	$852K	Add +0.0%
IEFA iShares Core MSCI Eafe ETF	0.12%	9,498	$850K	Add +10.1%
AMZN Amazon.com Inc.	0.12%	3,550	$819K	Add +7.9%
NSC Norfolk Southern Corp.	0.12%	2,829	$817K	No change
PG The Procter & Gamble Co.	0.12%	5,677	$814K	Reduce -2.6%
NVDA Nvidia Corp.	0.12%	4,335	$808K	Add +7.6%
VSDM Vanguard Short Tax-Ex Bond	0.11%	10,254	$784K	Add +22.1%
MINO PIMCO Municipal Income Oppor	0.11%	16,697	$757K	Reduce -5.0%
AIVL Wisdomtree US AI Enhanced Va	0.11%	6,420	$738K	Reduce -0.2%
AVDV Avantis Intl S/C Value ETF	0.10%	7,748	$728K	Add +38.3%
FNDF Schwab Fndmn Intl LRG Co. ETF	0.10%	16,102	$728K	Reduce -0.2%
IVE iShares S&P 500 Value ETF	0.10%	3,419	$725K	Reduce -9.6%
NUBD Nuveen ESG US Aggregate Bond	0.10%	30,429	$680K	Add +1.9%
JNJ Johnson & Johnson	0.10%	3,283	$680K	Add +0.9%
QQQ Invesco QQQ Trust Series 1	0.10%	1,088	$668K	Add +40.8%
AVGO Broadcom Inc.	0.09%	1,901	$658K	Add +125.0%
AXP American Express Co.	0.09%	1,750	$647K	Reduce -4.0%
VB Vanguard Most SM-Cap ETF-Usd	0.09%	2,383	$615K	No change
EFG iShares MSCI Eafe Growth ETF	0.09%	5,295	$603K	No change
IBB iShares Biotechnology ETF	0.08%	3,394	$573K	Add +0.0%
GBIL Goldman Sachs Access Treasur	0.08%	5,283	$528K	Reduce -18.5%
GEM Goldman Sachs Activebeta Em	0.07%	12,200	$508K	Reduce -5.9%
SPTM SS SPDR P S&P 1500 Comp ETF	0.07%	6,086	$502K	Add +0.1%
SCHZ Schwab US Aggregate Bond ETF	0.07%	20,845	$487K	Add +1.3%
PEP Pepsico Inc.	0.07%	3,352	$481K	Reduce -34.2%
PM Philip Morris International	0.07%	2,901	$465K	Reduce -2.9%
ESGD iShares Trust iShares ESG Aw	0.07%	4,864	$462K	Reduce -0.2%
IWM iShares Russell 2000 ETF	0.06%	1,815	$447K	No change
SCHV Schwab US Large-Cap Value	0.06%	13,976	$414K	Reduce -4.0%
NULG Nuveen ESG LRG-Cap GRW ETF	0.06%	4,157	$407K	Reduce -0.2%
JPM JPMorgan Chase & Co.	0.06%	1,244	$401K	Add +0.9%
AMGN Amgen Inc.	0.06%	1,221	$400K	Add +0.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.06%	3,498	$398K	Add +2.4%
HD Home Depot Inc.	0.06%	1,154	$397K	Reduce -1.5%
SPYG SS SPDR P S&P 500 Growth ETF	0.06%	3,659	$390K	No change
CSM Proshares Large Cap Core Plu	0.05%	4,800	$382K	No change
MRK Merck & Co. Inc.	0.05%	3,607	$380K	Add +1.4%
TSCO Tractor Supply Company	0.05%	7,530	$377K	No change
SUSA iShares ESG Optimized MSCI U	0.05%	2,687	$374K	Add +0.0%
IWP iShares Russell Mid-Cap Grow	0.05%	2,698	$369K	No change
ISTB iShares Core 1-5 Year Usd Bo	0.05%	7,020	$342K	Add +1.4%
DLN Wisdomtree US Largecap Divid	0.05%	3,852	$339K	Reduce -1.3%
MTUM iShares MSCI USA Momentum Fa	0.05%	1,302	$326K	No change
QCOM Qualcomm Inc.	0.05%	1,891	$323K	Add +1.7%
AVSD Avantis Reps Intern Equi ETF	0.05%	4,333	$322K	Add +2.3%
NULV Nuveen ESG Large-Cap Val ETF	0.05%	7,121	$321K	Add +4.4%
XLK SS Technology Select Sector	0.04%	2,182	$314K	New
ILCG iShares Morningstar Growth E	0.04%	2,965	$308K	Add +0.0%
UNH Unitedhealth Group Inc.	0.04%	883	$292K	Add +2.7%
LOW Lowe's Cos Inc.	0.04%	1,207	$291K	Reduce -0.5%
XLG Invesco S&P 500 Top 50 ETF	0.04%	4,822	$286K	Add +0.0%
SPEM State Street SP PTF Em ETF	0.04%	6,069	$284K	New
ABBV Abbvie Inc.	0.04%	1,238	$283K	New
EPS Wisdomtree US Large Cap Fund	0.04%	3,897	$276K	Reduce -35.0%
NUSC Nuveen ESG Small-Cap ETF	0.04%	6,128	$274K	Add +0.5%
XOM Exxon Mobil Corp.	0.04%	2,232	$269K	Add +4.1%
IUSG iShares Core S&P U.S. Growth	0.04%	1,597	$268K	Add +0.1%
PKW Invesco Buyback Achievers Et	0.04%	1,984	$266K	No change
ORCL Oracle Corp.	0.04%	1,337	$261K	Reduce -4.2%
AZO AutoZone Inc.	0.03%	72	$244K	Reduce -7.7%
AVSE Avantis Resp Emerg MKTS Eq-E	0.03%	3,732	$242K	Reduce -12.7%
SPSM SS SPDR P S&P 600 Small Cap	0.03%	4,968	$233K	Reduce -0.4%
META Meta Platforms Inc. Class A	0.03%	339	$224K	Add +15.7%
MMM 3M Co.	0.03%	1,374	$220K	Add +3.2%
USMV iShares MSCI USA Min Vol Fac	0.03%	2,301	$217K	No change
GDE Wisdomtree Efficient Gold PL	0.03%	3,498	$216K	No change
MU Micron Technology Inc.	0.03%	739	$211K	New
CGC Canopy Growth Corp.	0.00%	10,000	$11K	New

Portfolio Sells Q3 2025 → Q4 2025


GSIE Goldman Sachs Activebeta Int	Reduce -49.9%	2.87%	−2.82
GSLC Goldman Activebeta US LC ETF	Reduce -6.5%	4.03%	−0.37
TSLA Tesla Inc.	Reduce -72.0%	0.12%	−0.33
SCHG Schwab US Large-Cap Growth	Reduce -1.2%	8.55%	−0.24
SCHX Schwab US Large-Cap ETF	Reduce -0.8%	3.92%	−0.10
GNMA iShares Gnma Bond ETF	Reduce -26.7%	0.23%	−0.09
NFLX Netflix Inc.	Reduce -3.9%	0.15%	−0.06
SCHH Schwab US REIT ETF	Sold out	0.00%	−0.04
VEU Vanguard Ftse All-World Ex-U	Sold out	0.00%	−0.04
PEP Pepsico Inc.	Reduce -34.2%	0.07%	−0.04
MKC McCormick & Co.-Non VTG SHRS	Sold out	0.00%	−0.03
EPS Wisdomtree US Large Cap Fund	Reduce -35.0%	0.04%	−0.02
ORCL Oracle Corp.	Reduce -4.2%	0.04%	−0.02
GBIL Goldman Sachs Access Treasur	Reduce -18.5%	0.08%	−0.02
PG The Procter & Gamble Co.	Reduce -2.6%	0.12%	−0.02
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -1.1%	0.58%	−0.02
AZO AutoZone Inc.	Reduce -7.7%	0.03%	−0.01
HD Home Depot Inc.	Reduce -1.5%	0.06%	−0.01
IVE iShares S&P 500 Value ETF	Reduce -9.6%	0.10%	−0.01
FNDA Schwab Fndmntl US SM Co. ETF	Reduce -1.1%	0.31%	−0.01
MINO PIMCO Municipal Income Oppor	Reduce -5.0%	0.11%	−0.01
RWL Invesco S&P 500 Revenue ETF	Reduce -1.4%	0.53%	−0.01
MDY State Street SPDR S&P Midcap	Reduce -0.8%	0.27%	−0.01
VTV Vanguard Mrngstr Val ETF-Aui	Reduce -0.0%	0.42%	−0.01
GEM Goldman Sachs Activebeta Em	Reduce -5.9%	0.07%	−0.01
AVSE Avantis Resp Emerg MKTS Eq-E	Reduce -12.7%	0.03%	−0.01
PM Philip Morris International	Reduce -2.9%	0.07%	−0.01
SRCE 1ST Source Corp.	Reduce -0.1%	0.21%	−0.00
IYY iShares Dow Jones U.S. ETF	Reduce -0.2%	0.21%	−0.00
SCHV Schwab US Large-Cap Value	Reduce -4.0%	0.06%	−0.00
LOW Lowe's Cos Inc.	Reduce -0.5%	0.04%	−0.00
AIVL Wisdomtree US AI Enhanced Va	Reduce -0.2%	0.11%	−0.00
NULG Nuveen ESG LRG-Cap GRW ETF	Reduce -0.2%	0.06%	−0.00
DLN Wisdomtree US Largecap Divid	Reduce -1.3%	0.05%	−0.00
ESGD iShares Trust iShares ESG Aw	Reduce -0.2%	0.07%	−0.00
SPSM SS SPDR P S&P 600 Small Cap	Reduce -0.4%	0.03%	−0.00
FNDF Schwab Fndmn Intl LRG Co. ETF	Reduce -0.2%	0.10%	+0.00
AXP American Express Co.	Reduce -4.0%	0.09%	+0.00
GOOGL Alphabet Inc. Class A	Reduce -0.2%	0.59%	+0.11

Portfolio Buys Q3 2025 → Q4 2025


AVDE Avantis International Equity	Add +300.3%	3.84%	+2.88
SPYM Ste STR SPDR PT S&P 500 ETF	Add +7.5%	4.69%	+0.27
VV Vngrd Mrgstr LRG-Cap ETF-Usd	Add +82.5%	0.53%	+0.23
MBB iShares MBS ETF	Add +7.8%	3.32%	+0.13
MOAT Vaneck Morningstar Wide Moat	Add +0.9%	8.22%	+0.12
STIP iShares 0-5 Year Tips Bond E	Add +7.6%	4.43%	+0.11
AVSU Avantis Resp US Equity ETF	Add +62.9%	0.21%	+0.08
AVLV Avantis US Large Cap Value	Add +139.8%	0.14%	+0.08
MSFT Microsoft Corp.	Add +39.0%	0.35%	+0.07
SPDW Ste STR SPDR PT DW Eu ETF	Add +83.1%	0.14%	+0.07
PTRB Pgim Total Return Bond ETF	Add +22.4%	0.39%	+0.06
QLTY GMO U.S. Quality ETF	Add +0.5%	2.01%	+0.06
AAPL Apple Inc.	Add +9.2%	0.51%	+0.06
AVGO Broadcom Inc.	Add +125.0%	0.09%	+0.05
XLK SS Technology Select Sector	New	0.04%	+0.04
SPEM State Street SP PTF Em ETF	New	0.04%	+0.04
ABBV Abbvie Inc.	New	0.04%	+0.04
GOOG Alphabet Inc. Class C	Add +2.9%	0.17%	+0.04
VUG Vanguard Mrngstar GR ETF-Sui	Add +5.5%	1.12%	+0.04
MU Micron Technology Inc.	New	0.03%	+0.03
AVDV Avantis Intl S/C Value ETF	Add +38.3%	0.10%	+0.03
VCRM Vanguard Core Tax-Ex Bond	Add +10.4%	0.45%	+0.03
QQQ Invesco QQQ Trust Series 1	Add +40.8%	0.10%	+0.03
FDX FedEx Corp.	Add +2.3%	0.15%	+0.03
IWR iShares Russell Mid-Cap ETF	Add +27.2%	0.13%	+0.02
MUNI PIMCO Intermediate Municipal	Add +7.6%	0.61%	+0.02
BSV Vanguard Short-Term Bond ETF	Add +4.7%	3.00%	+0.02
VSDM Vanguard Short Tax-Ex Bond	Add +22.1%	0.11%	+0.02
WMT Walmart Inc.	Add +1.9%	0.20%	+0.01
AMZN Amazon.com Inc.	Add +7.9%	0.12%	+0.01
MRK Merck & Co. Inc.	Add +1.4%	0.05%	+0.01
FNDX Schwab Fndmntl US LRG Co. ETF	Add +0.5%	9.16%	+0.01
IEFA iShares Core MSCI Eafe ETF	Add +10.1%	0.12%	+0.01
IBB iShares Biotechnology ETF	Add +0.0%	0.08%	+0.01
JNJ Johnson & Johnson	Add +0.9%	0.10%	+0.01
SPAB SS SPDR P Agg Bond ETF	Add +8.3%	0.17%	+0.01
AMGN Amgen Inc.	Add +0.3%	0.06%	+0.01
IJH iShares Core S&P Midcap ETF	Add +2.8%	2.57%	+0.00
NVDA Nvidia Corp.	Add +7.6%	0.12%	+0.00
XOM Exxon Mobil Corp.	Add +4.1%	0.04%	+0.00
CGC Canopy Growth Corp.	New	0.00%	+0.00
NULV Nuveen ESG Large-Cap Val ETF	Add +4.4%	0.05%	+0.00
VOO Vanguard S&P 500 ETF	Add +1.9%	0.26%	+0.00
AVSD Avantis Reps Intern Equi ETF	Add +2.3%	0.05%	+0.00
AVDS Avantis Intl SM Cap Eq ETF	Add +0.7%	0.49%	+0.00
MMM 3M Co.	Add +3.2%	0.03%	+0.00
DIA SS SPDR Dow Jones Indus Avg	Add +0.4%	0.19%	+0.00
QCOM Qualcomm Inc.	Add +1.7%	0.05%	+0.00
META Meta Platforms Inc. Class A	Add +15.7%	0.03%	+0.00
XLG Invesco S&P 500 Top 50 ETF	Add +0.0%	0.04%	−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