CIK: 0001672067
Total reported value
$697.6M
Reporting period: 2026-03-31 · Number of holdings: 140
Kelman-Lazarov, Inc. disclosed 140 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $697.6M and a quarterly turnover rate of 6.4%.
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Kelman-Lazarov, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.041 — mathematically equivalent to about 25 equally-sized positions, well below its 140 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.18), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 6% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim SCHG
+2.0% -$5.4M
Add AVDE
+8.6% $3.2M
Trim MOAT
+0.9% -$3.3M
Trim GSLC
-3.5% -$2.5M
Add FNDX
+0.6% $1.9M
Add FNDC
+4.6% $1.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | FNDX | Schwab Fndmntl US Lrg Co ETF | ETF-Other | 9.47% | +0.31% | +0.63% | |
| 2 | SCHG | Schwab US Large-cap Growth | ETF-Other | 7.81% | -0.74% | +1.97% | |
| 3 | MOAT | Vaneck Morningstar Wide Moat | ETF-Other | 7.78% | -0.44% | +0.90% | |
| 4 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 4.62% | -0.07% | +2.83% | |
| 5 | STIP | Ishares 0-5 Year Tips Bond E | ETF-Other | 4.62% | +0.19% | +2.79% | |
| 6 | AVDE | Avantis International Equity | ETF-Other | 4.31% | +0.47% | +8.60% | |
| 7 | SCHX | Schwab US Large-cap ETF | ETF-Other | 3.79% | -0.13% | +1.21% | |
| 8 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 3.78% | +0.19% | +1.40% | |
| 9 | GSLC | Goldman Activebeta US Lc ETF | ETF-Commodities | 3.70% | -0.33% | -3.45% | |
| 10 | BOND | Pimco Active Bond Exchange-t | ETF-Other | 3.47% | — | +0.77% | |
| 11 | MBB | Ishares Mbs ETF | ETF-Other | 3.40% | +0.08% | +2.30% | |
| 12 | FNDC | Schwab Fndmnt Intl Sm Eq ETF | ETF-Other | 3.30% | +0.28% | +4.56% | |
| 13 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | ETF-Other | 3.26% | +0.13% | -2.14% | |
| 14 | BSV | Vanguard Short-term Bond ETF | ETF-Other | 3.00% | — | +0.25% | |
| 15 | GSIE | Goldman Sachs Activebeta Int | ETF-Commodities | 2.80% | -0.07% | -3.18% | |
| 16 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 2.73% | +0.16% | +3.21% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 2.21% | -0.11% | -0.42% | |
| 18 | QLTY | Gmo U.s. Quality ETF | ETF-Other | 1.97% | -0.04% | +4.02% | |
| 19 | PYLD | Pimco Multisector Bond Actv | ETF-Other | 1.87% | -0.05% | -1.14% | |
| 20 | SCHF | Schwab Intl Equity ETF | ETF-Other | 1.33% | -0.04% | -5.75% | |
| 21 | SMMU | Pimco Shrt Trm Muni Bnd ETF | ETF-Other | 1.17% | +0.17% | +16.58% | |
| 22 | VUG | Vanguard Growth ETF | ETF-Other | 1.06% | -0.06% | +5.70% | |
| 23 | STPZ | Pimco 1-5 Year US Tips Index | ETF-Large Cap & Growth | 1.01% | — | -3.48% | |
| 24 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 0.78% | — | -4.53% | |
| 25 | MUNI | Pimco Intermediate Municipal | ETF-Other | 0.67% | +0.06% | +9.09% | |
| 26 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 0.60% | — | +3.84% | |
| 27 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.56% | -0.03% | +1.73% | |
| 28 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.55% | -0.03% | -1.25% | |
| 29 | RWL | Invesco S&p 500 Revenue ETF | ETF-Large Cap & Growth | 0.54% | — | -0.42% | |
| 30 | AVDS | Avantis Intl Sm Cap Eq ETF | ETF-Other | 0.51% | — | -0.23% | |
| 31 | VV | Vanguard Large-cap ETF | ETF-Other | 0.51% | — | +0.50% | |
| 32 | VCRM | Vanguard Core Tax-ex Bond | ETF-Other | 0.49% | +0.04% | +10.06% | |
| 33 | AAPL | Apple INC | Stock-Tech | 0.47% | -0.04% | -0.30% | |
| 34 | PTRB | Pgim Total Return Bond ETF | ETF-Other | 0.47% | +0.08% | +20.48% | |
| 35 | VTV | Vanguard Value ETF | ETF-Other | 0.44% | — | +1.56% | |
| 36 | BIV | Vanguard Intermediate-term B | ETF-Other | 0.42% | -0.05% | -9.83% | |
| 37 | FNDA | Schwab Fndmntl US Sm Co ETF | ETF-Other | 0.32% | — | -1.71% | |
| 38 | MA | Mastercard INC - A | Stock-Financials | 0.29% | -0.04% | -0.20% | |
| 39 | MDY | State Street Spdr S&p Midcap | ETF-Other | 0.27% | — | -1.65% | |
| 40 | SCHA | Schwab US Small-cap ETF | ETF-Other | 0.27% | — | -0.25% | |
| 41 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.25% | — | +4.12% | |
| 42 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.24% | — | -1.26% | |
| 43 | SPMD | Ss Spdr P S&p 400 Midcap ETF | ETF-Other | 0.24% | — | -4.26% | |
| 44 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.23% | — | +0.11% | |
| 45 | WMT | Walmart INC | Stock-Consumer Staples | 0.23% | +0.03% | +4.66% | |
| 46 | MSFT | Microsoft CORP | Stock-Tech | 0.22% | -0.13% | -16.19% | |
| 47 | AVSU | Avantis Resp US Equity ETF | ETF-Other | 0.22% | — | +7.79% | |
| 48 | SCHM | Schwab US Mid Cap ETF | ETF-Other | 0.22% | — | -3.88% | |
| 49 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.21% | — | — | |
| 50 | IYY | Ishares Dow Jones U.s. ETF | ETF-Other | 0.20% | — | -0.24% |
Performance for Q3 2026
+2.5%
Performance Last 4 Quarters
+17.4%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 140 | $697.6M | 6 | |
| 2025-12-31 | 134 | $700.3M | 11 | |
| 2025-09-30 | 132 | $674.5M | 22 | |
| 2025-06-30 | 122 | $617.2M | 0 | |
| 2025-03-31 | 116 | $550.9M | 100 | |
| 2024-12-31 | 109 | $555.5M | 0 | |
| 2024-09-30 | 109 | $581.2M | 0 | |
| 2024-06-30 | 106 | $536.2M | 0 | |
| 2024-03-31 | 104 | $511.7M | 0 | |
| 2023-12-31 | 102 | $461.9M | 0 | |
| 2023-09-30 | 96 | $422.9M | 0 | |
| 2023-06-30 | 97 | $415.9M | 0 | |
| 2023-03-31 | 95 | $385.3M | 0 | |
| 2022-12-31 | 91 | $355.4M | 0 | |
| 2022-09-30 | 83 | $293.9M | 0 | |
| 2022-06-30 | 82 | $296.0M | 0 | |
| 2022-03-31 | 82 | $300.6M | 0 | |
| 2021-12-31 | 84 | $310.7M | 0 | |
| 2021-09-30 | 82 | $285.5M | 0 | |
| 2021-06-30 | 85 | $286.5M | 99 | |
| 2021-03-31 | 84 | $280.6M | 9 | |
| 2020-12-31 | 85 | $260.6M | 17 | |
| 2020-09-30 | 72 | $220.1M | 9 | |
| 2020-06-30 | 76 | $215.8M | 22 | |
| 2020-03-31 | 74 | $186.6M | 37 | |
| 2019-12-31 | 96 | $222.3M | 24 | |
| 2019-09-30 | 97 | $202.9M | 9 | |
| 2019-06-30 | 92 | $195.1M | 18 | |
| 2019-03-31 | 94 | $189.6M | 25 | |
| 2018-12-31 | 91 | $160.7M | 34 | |
| 2018-09-30 | 98 | $170.9M | 35 | |
| 2018-06-30 | 107 | $186.3M | 17 | |
| 2018-03-31 | 110 | $186.0M | 14 | |
| 2017-12-31 | 120 | $195.8M | 12 | |
| 2017-09-30 | 120 | $189.4M | 16 | |
| 2017-06-30 | 123 | $182.4M | 23 | |
| 2017-03-31 | 102 | $155.3M | 25 | |
| 2016-12-31 | 327 | $177.3M | 12 | |
| 2016-09-30 | 402 | $176.4M | 10 | |
| 2016-06-30 | 377 | $175.1M | 17 | |
| 2016-03-31 | 391 | $170.9M | 0 |
Kelman-Lazarov, Inc.'s most significant position changes for 2026-03-31: Sold out: 1st Source CORP (SRCE); New buy: Avantis U.s. Equity ETF (AVUS); Sold out: Ss Technology Select Sector (XLK); New buy: Invesco S&p Midcap 400 Pure (RFV); New buy: Costco Wholesale CORP (COST).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AVDE | Avantis International Equity | +0.5% | +8.60% | Add |
| 2 | FNDX | Schwab Fndmntl US Lrg Co ETF | +0.3% | +0.63% | Add |
| 3 | FNDC | Schwab Fndmnt Intl Sm Eq ETF | +0.3% | +4.56% | Add |
| 4 | IJR | Ishares Core S&p Small-cap E | +0.2% | +1.40% | Add |
| 5 | STIP | Ishares 0-5 Year Tips Bond E | +0.2% | +2.79% | Add |
| 6 | SMMU | Pimco Shrt Trm Muni Bnd ETF | +0.2% | +16.58% | Add |
| 7 | IJH | Ishares Core S&p Midcap ETF | +0.2% | +3.21% | Add |
| 8 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | +0.1% | -2.14% | Trim |
| 9 | PTRB | Pgim Total Return Bond ETF | +0.1% | +20.48% | Add |
| 10 | MBB | Ishares Mbs ETF | +0.1% | +2.30% | Add |
| 11 | QQQ | Invesco Qqq Trust Series 1 | +0.1% | +72.70% | Add |
| 12 | MUNI | Pimco Intermediate Municipal | +0.1% | +9.09% | Add |
| 13 | VCRM | Vanguard Core Tax-ex Bond | 0% | +10.06% | Add |
| 14 | SPDW | Ste Str Spdr Pt Dw EU ETF | 0% | +18.64% | Add |
| 15 | WMT | Walmart INC | 0% | +4.66% | Add |
| 16 | JNJ | Johnson & Johnson | 0% | +11.61% | Add |
| 17 | GOOGL | Alphabet Inc-cl A | 0% | +1.73% | Add |
| 18 | SPY | Ss Spdr S&p 500 ETF Trust-us | 0% | -1.25% | Trim |
| 19 | QLTY | Gmo U.s. Quality ETF | 0% | +4.02% | Add |
| 20 | MA | Mastercard INC - A | 0% | -0.20% | Trim |
| 21 | SCHF | Schwab Intl Equity ETF | 0% | -5.75% | Trim |
| 22 | AVGO | Broadcom INC | 0% | -35.24% | Trim |
| 23 | AAPL | Apple INC | 0% | -0.30% | Trim |
| 24 | PYLD | Pimco Multisector Bond Actv | -0.1% | -1.14% | Trim |
| 25 | BIV | Vanguard Intermediate-term B | -0.1% | -9.83% | Trim |
| 26 | VUG | Vanguard Growth ETF | -0.1% | +5.70% | Add |
| 27 | SPYM | Ste Str Spdr Pt S&p 500 ETF | -0.1% | +2.83% | Add |
| 28 | GSIE | Goldman Sachs Activebeta Int | -0.1% | -3.18% | Trim |
| 29 | GNMA | Ishares Gnma Bond ETF | -0.1% | -29.02% | Trim |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -0.42% | Trim |
| 31 | SCHX | Schwab US Large-cap ETF | -0.1% | +1.21% | Add |
| 32 | MSFT | Microsoft CORP | -0.1% | -16.19% | Trim |
| 33 | GSLC | Goldman Activebeta US Lc ETF | -0.3% | -3.45% | Trim |
| 34 | MOAT | Vaneck Morningstar Wide Moat | -0.4% | +0.90% | Add |
| 35 | SCHG | Schwab US Large-cap Growth | -0.7% | +1.97% | Add |
| 36 | SRCE | 1st Source CORP | — | EXIT | Sold out |
| 37 | AVUS | Avantis U.s. Equity ETF | — | NEW | New buy |
| 38 | XLK | Ss Technology Select Sector | — | EXIT | Sold out |
| 39 | RFV | Invesco S&p Midcap 400 Pure | — | NEW | New buy |
| 40 | COST | Costco Wholesale CORP | — | NEW | New buy |
| 41 | BOXX | Alpha Architect 1-3 Mnth Box | — | NEW | New buy |
| 42 | UNH | Unitedhealth Group INC | — | EXIT | Sold out |
| 43 | ABBV | Abbvie INC | — | EXIT | Sold out |
| 44 | LLY | Eli Lilly & Co | — | NEW | New buy |
| 45 | IWN | Ishares Russell 2000 Value E | — | NEW | New buy |
| 46 | COP | Conocophillips | — | NEW | New buy |
| 47 | PCG | P G & E CORP | — | NEW | New buy |
| 48 | MMM | 3m Co | — | EXIT | Sold out |
| 49 | TJX | Tjx Companies INC | — | NEW | New buy |
| 50 | FDL | First Trust Morn Dvd Lead In | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-27 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-26 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-29 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-06 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-01 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-30 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-04 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-04 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-24 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-04 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-29 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-27 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-29 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-22 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-08 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-08 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-06-25 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-01-23 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-05 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-24 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-25 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-17 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-11 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-14 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-19 | 13F-HR | View on EDGAR |
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