# Kelman-Lazarov, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1672067. Source: https://holderbook.com/funds/1672067-kelman-lazarov-inc/

- Reported value: $763.3M
- Positions: 154
- Weight of the ten largest: 53.9%
- Filed: 2026-08-10

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | [FNDX](https://holderbook.com/stocks/FNDX/) | $73.1M | 2,350,202 | 9.6% | 31 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $63.7M | 1,882,199 | 8.3% | 31 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $58.5M | 562,820 | 7.7% | 31 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $37.8M | 430,413 | 5.0% | 6 |
| ISHARES TR | [STIP](https://holderbook.com/stocks/STIP/) | $32.8M | 320,695 | 4.3% | 16 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $31.4M | 352,258 | 4.1% | 15 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $31.2M | 210,298 | 4.1% | 31 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $30.1M | 1,022,937 | 3.9% | 6 |
| GOLDMAN SACHS ETF TR | [GSLC](https://holderbook.com/stocks/GSLC/) | $28.2M | 198,590 | 3.7% | 31 |
| PIMCO ETF TR | [BOND](https://holderbook.com/stocks/BOND/) | $24.5M | 266,083 | 3.2% | 12 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $24.0M | 253,580 | 3.1% | 12 |
| SCHWAB STRATEGIC TR | [FNDC](https://holderbook.com/stocks/FNDC/) | $23.8M | 489,415 | 3.1% | 31 |
| SCHWAB STRATEGIC TR | [FNDE](https://holderbook.com/stocks/FNDE/) | $22.6M | 569,914 | 3.0% | 28 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $21.6M | 279,751 | 2.8% | 31 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $21.5M | 276,323 | 2.8% | 17 |
| GOLDMAN SACHS ETF TR | [GSIE](https://holderbook.com/stocks/GSIE/) | $20.5M | 449,338 | 2.7% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $16.0M | 31,986 | 2.1% | 31 |
| GMO ETF TRUST | [QLTY](https://holderbook.com/stocks/QLTY/) | $15.9M | 380,893 | 2.1% | 10 |
| PIMCO ETF TR | [PYLD](https://holderbook.com/stocks/PYLD/) | $13.0M | 489,951 | 1.7% | 11 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $10.2M | 368,873 | 1.3% | 31 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $8.8M | 102,406 | 1.2% | 31 |
| PIMCO ETF TR | [SMMU](https://holderbook.com/stocks/SMMU/) | $8.7M | 172,326 | 1.1% | 14 |
| PIMCO ETF TR | [STPZ](https://holderbook.com/stocks/STPZ/) | $7.0M | 131,408 | 0.9% | 15 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $5.9M | 61,225 | 0.8% | 15 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $4.8M | 13,416 | 0.6% | 31 |
| PIMCO ETF TR | [MUNI](https://holderbook.com/stocks/MUNI/) | $4.8M | 91,059 | 0.6% | 15 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $4.4M | 5,917 | 0.6% | 31 |
| VANGUARD MUN BD FDS | [VCRM](https://holderbook.com/stocks/VCRM/) | $4.2M | 55,199 | 0.6% | 5 |
| INVESCO EXCH TRADED FD TR II | [RWL](https://holderbook.com/stocks/RWL/) | $4.2M | 32,495 | 0.5% | 29 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $4.1M | 11,986 | 0.5% | 5 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $4.0M | 79,932 | 0.5% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.9M | 13,643 | 0.5% | 31 |
| AMERICAN CENTY ETF TR | [AVDS](https://holderbook.com/stocks/AVDS/) | $3.7M | 48,834 | 0.5% | 8 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $3.4M | 15,531 | 0.4% | 31 |
| PGIM ETF TR | [PTRB](https://holderbook.com/stocks/PTRB/) | $3.1M | 75,617 | 0.4% | 11 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $2.9M | 38,005 | 0.4% | 17 |
| SCHWAB STRATEGIC TR | [FNDA](https://holderbook.com/stocks/FNDA/) | $2.6M | 67,948 | 0.3% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $2.3M | 3,288 | 0.3% | 11 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $2.2M | 62,142 | 0.3% | 14 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $2.1M | 3,014 | 0.3% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $2.0M | 3,926 | 0.3% | 31 |
| SPDR SERIES TRUST | [SPMD](https://holderbook.com/stocks/SPMD/) | $1.9M | 28,083 | 0.2% | 15 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.9M | 2,517 | 0.2% | 17 |
| AMERICAN CENTY ETF TR | [AVSU](https://holderbook.com/stocks/AVSU/) | $1.9M | 21,187 | 0.2% | 11 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $1.8M | 50,028 | 0.2% | 23 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $1.8M | 7,521 | 0.2% | 31 |
| ISHARES TR | [IYY](https://holderbook.com/stocks/IYY/) | $1.6M | 8,838 | 0.2% | 31 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $1.6M | 2,999 | 0.2% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.5M | 4,316 | 0.2% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $1.5M | 2 | 0.2% | 30 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.4M | 12,484 | 0.2% | 31 |
| AMERICAN CENTY ETF TR | [AVUS](https://holderbook.com/stocks/AVUS/) | $1.4M | 10,860 | 0.2% | 2 |
| SPDR INDEX SHS FDS | [SPDW](https://holderbook.com/stocks/SPDW/) | $1.4M | 26,793 | 0.2% | 4 |
| SPDR SERIES TRUST | [SPAB](https://holderbook.com/stocks/SPAB/) | $1.3M | 52,423 | 0.2% | 6 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $1.3M | 1,810 | 0.2% | 4 |
| AMERICAN CENTY ETF TR | [AVLV](https://holderbook.com/stocks/AVLV/) | $1.2M | 12,931 | 0.2% | 5 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $1.2M | 9,440 | 0.2% | 13 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.2M | 5,830 | 0.2% | 9 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.1M | 4,810 | 0.2% | 25 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $1.1M | 14,306 | 0.1% | 17 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $1.1M | 13,227 | 0.1% | 26 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.1M | 923 | 0.1% | 3 |
| ISHARES TR | [GNMA](https://holderbook.com/stocks/GNMA/) | $1.0M | 23,468 | 0.1% | 13 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $984.0K | 2,403 | 0.1% | 31 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $978.7K | 3,126 | 0.1% | 31 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $974.5K | 4,020 | 0.1% | 6 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $937.0K | 5,861 | 0.1% | 31 |
| GOLDMAN SACHS ETF TR | [GBIL](https://holderbook.com/stocks/GBIL/) | $933.7K | 9,322 | 0.1% | 13 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $931.6K | 2,498 | 0.1% | 28 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $896.6K | 3,530 | 0.1% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $874.4K | 2,079 | 0.1% | 26 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $870.1K | 2,766 | 0.1% | 31 |
| AMERICAN CENTY ETF TR | [AVDV](https://holderbook.com/stocks/AVDV/) | $853.7K | 8,284 | 0.1% | 4 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $849.6K | 16,103 | 0.1% | 31 |
| WISDOMTREE TR | [AIVL](https://holderbook.com/stocks/AIVL/) | $837.6K | 6,387 | 0.1% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $818.4K | 5,581 | 0.1% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $810.9K | 8,396 | 0.1% | 6 |
| VANGUARD MUN BD FDS | [VSDM](https://holderbook.com/stocks/VSDM/) | $810.0K | 10,570 | 0.1% | 6 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $784.5K | 2,588 | 0.1% | 4 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $776.4K | 3,419 | 0.1% | 25 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $771.8K | 10,810 | 0.1% | 31 |
| PIMCO ETF TR | [MINO](https://holderbook.com/stocks/MINO/) | $764.1K | 16,697 | 0.1% | 5 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $732.4K | 6,639 | 0.1% | 4 |
| NUSHARES ETF TR | [NUBD](https://holderbook.com/stocks/NUBD/) | $706.5K | 31,920 | 0.1% | 22 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $704.9K | 2,346 | 0.1% | 6 |
| ISHARES TR | [EFG](https://holderbook.com/stocks/EFG/) | $658.8K | 5,295 | 0.1% | 4 |
| GOLDMAN SACHS ETF TR | [GEM](https://holderbook.com/stocks/GEM/) | $634.4K | 12,200 | 0.1% | 31 |
| ISHARES TR | [IBB](https://holderbook.com/stocks/IBB/) | $619.6K | 3,258 | 0.1% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $554.1K | 1,638 | 0.1% | 23 |
| SPDR SERIES TRUST | [SPTM](https://holderbook.com/stocks/SPTM/) | $553.0K | 6,091 | 0.1% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $547.8K | 943 | 0.1% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $508.1K | 1,345 | 0.1% | 5 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $506.2K | 21,885 | 0.1% | 27 |
| WISDOMTREE TR | [EPS](https://holderbook.com/stocks/EPS/) | $505.2K | 6,495 | 0.1% | 4 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $492.1K | 1,395 | 0.1% | 31 |
| NUSHARES ETF TR | [NULG](https://holderbook.com/stocks/NULG/) | $486.7K | 4,157 | 0.1% | 23 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $484.0K | 1,479 | 0.1% | 10 |
| AMERICAN CENTY ETF TR | [AVSD](https://holderbook.com/stocks/AVSD/) | $455.3K | 5,699 | 0.1% | 15 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $448.4K | 3,490 | 0.1% | 5 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $446.4K | 1,302 | 0.1% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.9% | +14.8% | -6.0% | 100% |
| Q1 2026 | -1.8% | -4.6% | +2.8% | 100% |
| Q4 2025 | +2.0% | +2.4% | -0.4% | 100% |
| Q3 2025 | +5.8% | +7.8% | -2.0% | 100% |
| Q2 2025 | +6.3% | +10.5% | -4.1% | 100% |
| Q1 2025 | -0.7% | -4.6% | +3.8% | 100% |
| Q4 2024 | -1.9% | +2.1% | -4.0% | 100% |
| Q3 2024 | +6.7% | +5.4% | +1.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $763.3M | 154 |
| Q1 2026 | $697.6M | 140 |
| Q4 2025 | $700.3M | 134 |
| Q3 2025 | $674.5M | 132 |
| Q2 2025 | $617.2M | 122 |
| Q1 2025 | $550.9M | 116 |
| Q4 2024 | $555.5M | 109 |
| Q3 2024 | $581.2M | 109 |
| Q2 2024 | $536.2M | 106 |
| Q1 2024 | $511.7M | 104 |
| Q4 2023 | $461.9M | 102 |
| Q3 2023 | $422.9M | 96 |