Kelman-Lazarov, Inc.
CIK 1672067 · View on SEC EDGAR ↗
- Portfolio value
- $763.3M
- Positions
- 154
- As of
- June 30, 2026
#2,922 of 9,443 by 13F value · top 30.9%
Portfolio value QoQ: +9.4% 13F does not disclose cash
- Top 10 holdings weight
- 53.89%
- Top 25 holdings weight
- 83.27%
- Positions above 1%
- 22
- Effective number of positions
- 24.4
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 1.11% Est. buys $20,810,146 · sells $8,093,912
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 88.5% still held
- New positions
- 16
- Increased
- 55
- Decreased
- 61
- Closed
- 2
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Technology
1.2%
Communication Services
1.0%
Retail
0.6%
Financial Services
0.4%
Healthcare
0.3%
Consumer Discretionary
0.2%
Industrials
0.2%
Logistics & Transportation
0.1%
Consumer products
0.1%
Financials
0.1%
Consumer Staples
0.1%
Energy
0.0%
Utilities
0.0%
Other/Unmapped
95.5%
Full portfolio 154 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| FNDX | $73,091,292 | 9.58% | 2,350,202 | $7,053,714 | Down ×1 | ||
| SCHG | $63,693,622 | 8.34% | 1,882,199 | $9,193,546 | Up ×2 | ||
| MOAT | $58,510,794 | 7.67% | 562,820 | $4,259,652 | Up ×6 | ||
| SPYM | $37,824,706 | 4.96% | 430,413 | $5,582,845 | Up ×5 | ||
| STIP | $32,762,201 | 4.29% | 320,695 | $546,783 | Up ×6 | ||
| AVDE | $31,421,412 | 4.12% | 352,258 | $1,351,486 | Down ×1 | ||
| IJR | $31,189,330 | 4.09% | 210,298 | $4,811,640 | Down ×1 | ||
| SCHX | $30,105,023 | 3.94% | 1,022,937 | $3,641,955 | Down ×1 | ||
| GSLC | $28,177,955 | 3.69% | 198,590 | $2,394,429 | Down ×6 | ||
| BOND PIMCO Active Bond Exchange-Traded Fund Exchange-Traded Fund | $24,535,536 | 3.21% | 266,083 | $331,478 | Up ×4 | ||
| MBB iShares MBS ETF | $23,968,377 | 3.14% | 253,580 | $235,163 | Up ×6 | ||
| FNDC | $23,766,006 | 3.11% | 489,415 | $728,063 | Down ×1 | ||
| FNDE | $22,614,168 | 2.96% | 569,914 | $-141,320 | Down ×2 | ||
| IJH | $21,571,576 | 2.83% | 279,751 | $2,557,855 | Down ×1 | ||
| BSV | $21,528,349 | 2.82% | 276,323 | $588,185 | Up ×4 | ||
| GSIE | $20,534,743 | 2.69% | 449,338 | $977,249 | Down ×6 | ||
| BRKB | $16,005,475 | 2.10% | 31,986 | $611,654 | Down ×2 | ||
| QLTY | $15,852,755 | 2.08% | 380,893 | $2,083,628 | Up ×3 | ||
| PYLD | $12,993,513 | 1.70% | 489,951 | $-57,610 | Down ×2 | ||
| SCHF | $10,217,783 | 1.34% | 368,873 | $919,784 | Down ×2 | ||
| VUG | $8,821,246 | 1.16% | 102,406 | $1,413,780 | Up ×4 | ||
| SMMU | $8,702,478 | 1.14% | 172,326 | $574,821 | Up ×6 | ||
| STPZ | $7,009,310 | 0.92% | 131,408 | $-44,244 | Up ×1 | ||
| AVEM | $5,907,572 | 0.77% | 61,225 | $497,412 | Down ×2 | ||
| GOOGL Alphabet Inc. - Class A Common Stock | $4,794,401 | 0.63% | 13,416 | $907,179 | Down ×1 | ||
| MUNI | $4,789,722 | 0.63% | 91,059 | $126,700 | Up ×3 | ||
| SPY SPY | $4,418,663 | 0.58% | 5,917 | $565,880 | Down ×3 | ||
| VCRM | $4,217,204 | 0.55% | 55,199 | $805,394 | Up ×4 | ||
| RWL | $4,151,534 | 0.54% | 32,495 | $414,901 | Down ×5 | ||
| VV | $4,122,105 | 0.54% | 11,986 | $587,905 | Up ×4 | ||
| VTEB | $4,042,960 | 0.53% | 79,932 | $-114,796 | Down ×1 | ||
| AAPL Apple Inc. - Common Stock | $3,947,704 | 0.52% | 13,643 | $634,907 | Up ×1 | ||
| AVDS | $3,675,238 | 0.48% | 48,834 | $128,857 | Down ×2 | ||
| VTV | $3,384,760 | 0.44% | 15,531 | $289,291 | Down ×1 | ||
| PTRB | $3,135,098 | 0.41% | 75,617 | $-122,670 | Down ×1 | ||
| BIV | $2,915,005 | 0.38% | 38,005 | $-45,210 | Down ×2 | ||
| FNDA | $2,586,100 | 0.34% | 67,948 | $373,749 | Down ×3 | ||
| VOO | $2,258,540 | 0.30% | 3,288 | $566,297 | Up ×1 | ||
| SCHA | $2,245,175 | 0.29% | 62,142 | $372,603 | Down ×2 | ||
| MDY | $2,119,858 | 0.28% | 3,014 | $245,301 | Down ×3 | ||
| MA Mastercard Incorporated Common Stock | $2,016,580 | 0.26% | 3,926 | $-1,028 | Down ×2 | ||
| SPMD | $1,897,280 | 0.25% | 28,083 | $231,733 | Down ×2 | ||
| IVV | $1,884,714 | 0.25% | 2,517 | $119,098 | Down ×1 | ||
| AVSU | $1,875,489 | 0.25% | 21,187 | $318,738 | Up ×4 | ||
| SCHM | $1,844,549 | 0.24% | 50,028 | $289,195 | Down ×2 | ||
| VIG | $1,779,672 | 0.23% | 7,521 | $140,532 | Down ×1 | ||
| IYY | $1,611,079 | 0.21% | 8,838 | $208,719 | Down ×3 | ||
| DIA | $1,566,641 | 0.21% | 2,999 | $181,006 | Up ×6 | ||
| GOOG Alphabet Inc. - Class C Capital Stock | $1,524,946 | 0.20% | 4,316 | $345,339 | Up ×3 | ||
| BRKA | $1,497,700 | 0.20% | 2 | $61,420 | |||
| WMT Walmart Inc. - Common Stock | $1,413,897 | 0.19% | 12,484 | $-186,511 | Down ×1 | ||
| AVUS | $1,390,949 | 0.18% | 10,860 | $363,312 | Up ×1 | ||
| SPDW | $1,350,099 | 0.18% | 26,793 | $126,999 | |||
| SPAB | $1,337,847 | 0.18% | 52,423 | $19,916 | Up ×5 | ||
| QQQ Invesco QQQ Trust, Series 1 | $1,332,725 | 0.17% | 1,810 | $248,328 | Down ×1 | ||
| AVLV | $1,179,437 | 0.15% | 12,931 | $152,224 | Up ×3 | ||
| IWF | $1,172,171 | 0.15% | 9,440 | $165,845 | Up ×1 | ||
| NVDA NVIDIA Corporation - Common Stock | $1,166,525 | 0.15% | 5,830 | $245,170 | Up ×3 | ||
| AMZN Amazon.com, Inc. - Common Stock | $1,146,415 | 0.15% | 4,810 | $403,099 | Up ×4 | ||
| VCSH Vanguard Short-Term Corporate Bond ETF | $1,130,622 | 0.15% | 14,306 | $-45,085 | Down ×2 | ||
| VO | $1,065,663 | 0.14% | 13,227 | $116,692 | Up ×4 | ||
| MU Micron Technology, Inc. - Common Stock | $1,065,410 | 0.14% | 923 | $778,922 | Up ×2 | ||
| GNMA iShares GNMA Bond ETF | $1,037,986 | 0.14% | 23,468 | $-100,517 | Down ×6 | ||
| IWB | $984,029 | 0.13% | 2,403 | $127,215 | |||
| FDX FedEx Corporation Common Stock | $978,692 | 0.13% | 3,126 | $-131,153 | Up ×1 | ||
| IWD | $974,491 | 0.13% | 4,020 | $115,745 | Up ×1 | ||
| YUM Yum! Brands, Inc. | $936,983 | 0.12% | 5,861 | $18,677 | Down ×2 | ||
| GBIL | $933,741 | 0.12% | 9,322 | $604,167 | Up ×1 | ||
| MSFT Microsoft Corporation - Common Stock | $931,626 | 0.12% | 2,498 | $-637,692 | Down ×2 | ||
| JNJ Johnson & Johnson Common Stock | $896,585 | 0.12% | 3,530 | $996 | Down ×1 | ||
| TSLA Tesla, Inc. - Common Stock | $874,427 | 0.11% | 2,079 | $123,864 | Up ×2 | ||
| NSC Norfolk Southern Corporation Common Stock | $870,150 | 0.11% | 2,766 | $80,170 | Up ×1 | ||
| AVDV | $853,666 | 0.11% | 8,284 | $-12,520 | Down ×1 | ||
| FNDF | $849,594 | 0.11% | 16,103 | $61,701 | Up ×1 | ||
| AIVL | $837,588 | 0.11% | 6,387 | $97,144 | Down ×3 | ||
| PG Procter & Gamble Company (The) Common Stock | $818,402 | 0.11% | 5,581 | $-36,574 | Down ×1 | ||
| IEFA | $810,886 | 0.11% | 8,396 | $20,469 | Down ×2 | ||
| VSDM | $809,976 | 0.11% | 10,570 | $5,722 | Up ×5 | ||
| VB | $784,475 | 0.10% | 2,588 | $99,292 | Down ×1 | ||
| IVE | $776,414 | 0.10% | 3,419 | $54,403 | |||
| NFLX Netflix, Inc. - Common Stock | $771,834 | 0.10% | 10,810 | $-348,987 | Down ×1 | ||
| MINO | $764,055 | 0.10% | 16,697 | $9,852 | |||
| IWR | $732,414 | 0.10% | 6,639 | $24,288 | Down ×2 | ||
| NUBD | $706,549 | 0.09% | 31,920 | $14,441 | Up ×3 | ||
| IWM | $704,856 | 0.09% | 2,346 | $123,048 | |||
| EFG | $658,804 | 0.09% | 5,295 | $69,100 | |||
| GEM | $634,400 | 0.08% | 12,200 | $107,360 | |||
| IBB IBB | $619,554 | 0.08% | 3,258 | $69,533 | Up ×1 | ||
| AXP American Express Company Common Stock | $554,054 | 0.07% | 1,638 | $52,845 | Down ×3 | ||
| SPTM | $553,025 | 0.07% | 6,091 | $71,652 | Up ×3 | ||
| AMD Advanced Micro Devices, Inc. - Common Stock | $547,798 | 0.07% | 943 | Up ×1 | |||
| AVGO Broadcom Inc. - Common Stock | $508,074 | 0.07% | 1,345 | $127,067 | Up ×1 | ||
| SCHZ | $506,204 | 0.07% | 21,885 | $16,193 | Up ×3 | ||
| EPS | $505,246 | 0.07% | 6,495 | $62,872 | |||
| HD Home Depot, Inc. (The) Common Stock | $492,052 | 0.06% | 1,395 | $87,044 | Up ×2 | ||
| NULG | $486,658 | 0.06% | 4,157 | $110,591 | Up ×1 | ||
| JPM JP Morgan Chase & Co. Common Stock | $483,961 | 0.06% | 1,479 | $62,892 | Up ×3 | ||
| AVSD | $455,261 | 0.06% | 5,699 | $36,431 | Up ×3 | ||
| MRK Merck & Company, Inc. Common Stock (new) | $448,423 | 0.06% | 3,490 | $22,331 | Down ×2 | ||
| MTUM | $446,365 | 0.06% | 1,302 | $133,898 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| MOAT | $58,510,794 | 7.67% | up ×6 |
| SPYM | $37,824,706 | 4.96% | up ×5 |
| STIP | $32,762,201 | 4.29% | up ×6 |
| BOND | $24,535,536 | 3.21% | up ×4 |
| MBB | $23,968,377 | 3.14% | up ×6 |
| BSV | $21,528,349 | 2.82% | up ×4 |
| QLTY | $15,852,755 | 2.08% | up ×3 |
| VUG | $8,821,246 | 1.16% | up ×4 |
| SMMU | $8,702,478 | 1.14% | up ×6 |
| MUNI | $4,789,722 | 0.63% | up ×3 |
| VCRM | $4,217,204 | 0.55% | up ×4 |
| VV | $4,122,105 | 0.54% | up ×4 |
| AVSU | $1,875,489 | 0.25% | up ×4 |
| DIA | $1,566,641 | 0.21% | up ×6 |
| GOOG | $1,524,946 | 0.20% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| AMD | $547,798 | 943 | 0.07% |
| Unknown issuer (CUSIP: 314352105) | $424,914 | 2,814 | 0.06% |
| INTC | $293,223 | 2,100 | 0.04% |
| FIX | $279,455 | 141 | 0.04% |
| UNH | $278,249 | 669 | 0.04% |
| GEV | $251,420 | 214 | 0.03% |
| WDC | $239,520 | 375 | 0.03% |
| XLK | $238,150 | 1,250 | 0.03% |
| GE | $236,197 | 632 | 0.03% |
| SNDK | $225,099 | 99 | 0.03% |
| BLK | $211,338 | 220 | 0.03% |
| VHT | $206,317 | 690 | 0.03% |
| MOH | $206,287 | 902 | 0.03% |
| MMM | $203,683 | 1,258 | 0.03% |
| V | $201,495 | 587 | 0.03% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| SCHG | Bought more | +11K | +$9.2M |
| FNDX | Trimmed | -21K | +$7.1M |
| SPYM | Bought more | +9K | +$5.6M |
| IJR | Trimmed | -2K | +$4.8M |
| MOAT | Bought more | +2K | +$4.3M |
| SCHX | Trimmed | -9K | +$3.6M |
| IJH | Trimmed | -2K | +$2.6M |
| GSLC | Trimmed | -7K | +$2.4M |
| QLTY | Bought more | +320 | +$2.1M |
| VUG | Bought more | +85K | +$1.4M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| EMB | March 31, 2025 | 22,716 | $2,022,633 | |
| SRCE | March 31, 2026 | 23,406 | $1,462,641 | 24.8% |
| MCH | June 30, 2025 | 41,621 | $1,013,313 | No longer tracked |
| MOTE | Sept. 30, 2025 | 20,436 | $566,374 | No longer tracked |
| PPG | March 31, 2025 | 4,283 | $511,604 | 3.9% |
| XLK | March 31, 2026 | 2,182 | $314,143 | No longer tracked |
| UNH | March 31, 2026 | 883 | $291,638 | 43.1% |
| SCHH | Dec. 31, 2025 | 13,476 | $290,677 | No longer tracked |
| ABBV | March 31, 2026 | 1,238 | $282,859 | 21.3% |
| VEU | Dec. 31, 2025 | 3,883 | $277,131 | No longer tracked |
| IEMG | June 30, 2025 | 5,049 | $272,495 | No longer tracked |
| EL | Sept. 30, 2025 | 3,368 | $272,105 | 11.5% |
| BA | Sept. 30, 2025 | 1,292 | $270,713 | -0.6% |
| MO | June 30, 2025 | 4,426 | $265,649 | 13.8% |
| SUSB | March 31, 2025 | 10,243 | $253,002 | |
| MCHI | June 30, 2025 | 4,486 | $244,038 | |
| BILS | March 31, 2025 | 2,424 | $240,340 | No longer tracked |
| COP | June 30, 2026 | 1,813 | $239,316 | 30.3% |
| NUSC | March 31, 2025 | 5,353 | $224,194 | No longer tracked |
| YUMC | March 31, 2025 | 4,619 | $222,497 | -5.7% |
| MMM | March 31, 2026 | 1,374 | $219,977 | 23.8% |
| FDL | June 30, 2026 | 4,275 | $217,170 | No longer tracked |
| MRK | March 31, 2025 | 2,142 | $213,086 | 69.0% |
| KO | Sept. 30, 2025 | 2,872 | $203,200 | 36.7% |
| MKC | Dec. 31, 2025 | 3,011 | $201,468 | -18.8% |
| V | Sept. 30, 2025 | 565 | $200,681 | 7.7% |