Institutional Manager · CIK 0001672067

Kelman-Lazarov, Inc.

MEMPHIS, TN · File #028-17412

Latest AUM

$700.3M

Positions

134

Top-10 Concentration

57.9%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	AMERICAN CENTY ETF TR	025072703	+244,826	+$20.2M	+$278,876
REDUCE	GOLDMAN SACHS ETF TR	NVGLF	-465,982	-$20.0M	+$1.7M
ADD	SPDR SERIES TRUST	78464A854	+28,424	+$2.3M	+$716,682
REDUCE	TESLA INC	TSLA	-4,968	-$2.2M	+$34,514
ADD	ISHARES TR	46429B747	+21,344	+$2.2M	-$273,231
REDUCE	GOLDMAN SACHS ETF TR	NVGLF	-14,722	-$1.9M	+$476,828
ADD	ISHARES TR	464288588	+17,792	+$1.7M	+$15,860
ADD	VANGUARD INDEX FDS	922908637	+5,319	+$1.7M	+$44,750
ADD	VANGUARD BD INDEX FDS	921937827	+12,009	+$946,431	-$25,399
ADD	NETFLIX INC	NFLX	+10,001	+$937,694	-$1.3M

Sector Allocation

Financials

1.8%$12.6M

Technology

1.1%$8.0M

Consumer Discretionary

0.5%$3.6M

Healthcare

0.3%$2.0M

Consumer Staples

0.3%$1.9M

Communication Services

0.2%$1.3M

Industrials

0.2%$1.3M

Energy

0.0%$268,630

Filing History

Jan 26, 202613F HOLDINGS REPORTQ/E Dec 2025134 pos · $700.3M
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025132 pos · $674.5M
Jul 29, 202513F HOLDINGS REPORTQ/E Jun 2025122 pos · $617.2M
May 6, 202513F HOLDINGS REPORTQ/E Mar 2025116 pos · $550.9M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024109 pos · $555.5M
Nov 8, 202413F HOLDINGS REPORTQ/E Sep 2024109 pos · $581.2M
Aug 12, 202413F HOLDINGS REPORTQ/E Jun 2024106 pos · $536.2M
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024104 pos · $511.7M
Oct 30, 202313F HOLDINGS REPORTQ/E Dec 202396 pos · $422.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SCHWAB STRATEGIC TR	808524771	2,356,429	$64.1M	9.83%
2	SCHWAB STRATEGIC TR	808524300	1,834,823	$59.9M	9.18%
3	VANECK ETF TRUST	92189F643	556,020	$57.6M	8.83%
4	SPDR SERIES TRUST	78464A854	409,641	$32.9M	5.04%
5	ISHARES TR	46429B747	303,015	$31.0M	4.76%
6	GOLDMAN SACHS ETF TR	NVGLF	213,417	$28.3M	4.33%
7	SCHWAB STRATEGIC TR	808524201	1,019,736	$27.4M	4.21%
8	AMERICAN CENTY ETF TR	025072703	326,357	$26.9M	4.12%
9	ISHARES TR	464287804	209,258	$25.1M	3.86%
10	PIMCO ETF TR	72201R775	260,274	$24.2M	3.72%
11	ISHARES TR	464288588	244,345	$23.3M	3.57%
12	SCHWAB STRATEGIC TR	808524730	607,762	$21.9M	3.36%
13	SCHWAB STRATEGIC TR	808524748	475,257	$21.2M	3.25%
14	VANGUARD BD INDEX FDS	921937827	266,401	$21.0M	3.22%
15	GOLDMAN SACHS ETF TR	NVGLF	468,352	$20.1M	3.08%
16	ISHARES TR	464287507	272,798	$18.0M	2.76%
17	BERKSHIRE HATHAWAY INC DEL	BRK-A	32,258	$16.2M	2.49%
18	GMO ETF TRUST	90139K100	365,857	$14.1M	2.16%
19	PIMCO ETF TR	72201R585	503,900	$13.4M	2.06%
20	SCHWAB STRATEGIC TR	808524805	398,594	$9.6M	1.47%