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Kelman-Lazarov, Inc.

5100 POPLAR AVENUE STE. 2805, MEMPHIS, TN 38137 • 901-685-8284

Q4 2025 · Filed 2026-01-26
Market Value
$696M
+3.8%
Holdings
134
-1
New Purchases
4
Added To
77
Closed
3
Reduced
35
Top 10 Concentration
54.2%
Turnover
5.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AVDE 3.86% 0.96% +2.90% $27M
SPLG 4.72% 4.45% +0.27% $33M
VV 0.53% 0.30% +0.24% $4M
MBB 3.34% 3.21% +0.13% $23M
MOAT 8.27% 8.14% +0.13% $58M
STIP 4.46% 4.34% +0.12% $31M
GOOGL 0.60% 0.48% +0.11% $4M
AVSU 0.21% 0.13% +0.08% $1M
AVLV 0.14% 0.06% +0.08% $953K
MSFT 0.35% 0.28% +0.07% $2M
SPDW 0.14% 0.08% +0.07% $1M
PTRB 0.39% 0.33% +0.06% $3M
QLTY 2.02% 1.96% +0.06% $14M
AAPL 0.51% 0.45% +0.06% $4M
AVGO 0.09% 0.04% +0.05% $658K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GSIE 2.89% 5.72% -2.84% $20M
GSLC 4.06% 4.43% -0.37% $28M
TSLA 0.12% 0.46% -0.33% $870K
SCHG 8.60% 8.83% -0.23% $60M
FNDE 3.15% 3.26% -0.12% $22M
FNDC 3.04% 3.14% -0.10% $21M
GNMA 0.23% 0.33% -0.09% $2M
SCHX 3.94% 4.04% -0.09% $27M
NFLX 0.15% 0.21% -0.06% $1M
PYLD 1.93% 1.98% -0.05% $13M
BRK-B 2.33% 2.38% -0.05% $16M
SCHH 0.00% 0.04% -0.04% $0
VEU 0.00% 0.04% -0.04% $0
PEP 0.07% 0.11% -0.04% $481K
STPZ 1.04% 1.07% -0.03% $7M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 96.2%
Communication Services 1.0%
Technology 1.0%
Consumer Cyclical 0.6%
Consumer Defensive 0.5%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 35 $63M 9.1%
Large Cap 63 $488M 70.1%
Mid Cap 18 $115M 16.6%
Small Cap 15 $26M 3.7%
Micro Cap 3 $4M 0.6%

Portfolio Analytics

Avg Market Cap
$358.3B
Median Market Cap
$41.1B
Avg P/E
36.6
Median P/E
25.6
Avg Dividend Yield
0.01%
Avg Beta
0.95
# Stocks
39
# ETFs / Funds
95

Top Holdings (134 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 FNDX 9.21% 2,356,429 $64M $27.21 $2M +10,709 +0.5%
2 SCHG 8.60% 1,834,823 $60M $32.62 $603K -21,942 -1.2%
3 MOAT 8.27% 556,020 $58M $103.56 $3M +4,855 +0.9%
4 SPLG 4.72% 409,641 $33M $80.22 $3M +28,424 +7.5%
5 STIP 4.46% 303,015 $31M $102.39 $2M +21,344 +7.6%
6 GSLC 4.06% 213,417 $28M $132.37 -$1M -14,722 -6.5%
7 SCHX 3.94% 1,019,736 $27M $26.91 $364K -8,238 -0.8%
8 AVDE 3.86% 326,357 $27M $82.32 $20M +244,826 +300.3%
9 IJR 3.61% 209,258 $25M $120.18 $865K +4,904 +2.4%
10 BOND 3.48% 260,274 $24M $93.08 $768K +8,976 +3.6%
11 MBB 3.34% 244,345 $23M $95.22 $2M +17,792 +7.8%
12 FNDE 3.15% 607,762 $22M $36.06 $22K +2,302 +0.4%
13 FNDC 3.04% 475,257 $21M $44.55 $78K +1,317 +0.3%
14 BSV 3.02% 266,401 $21M $78.81 $921K +12,009 +4.7%
15 GSIE 2.89% 468,352 $20M $42.94 -$18M -465,982 -49.9%
16 IJH 2.59% 272,798 $18M $66.00 $691K +7,502 +2.8%
17 BRK-B 2.33% 32,258 $16M $502.65 $267K +536 +1.7%
18 QLTY 2.02% 365,857 $14M $38.46 $900K +1,932 +0.5%
19 PYLD 1.93% 503,900 $13M $26.68 $157K +8,865 +1.8%
20 SCHF 1.38% 398,594 $10M $24.04 $349K +1,988 +0.5%
21 VUG 1.12% 16,045 $8M $487.85 $536K +843 +5.5%
22 STPZ 1.04% 135,060 $7M $53.66 $54K +2,290 +1.7%
23 SMMU 1.00% 138,186 $7M $50.43 $151K +3,374 +2.5%
24 AVEM 0.78% 70,326 $5M $77.02 $154K +263 +0.4%
25 MUNI 0.62% 81,905 $4M $52.41 $313K +5,787 +7.6%
26 GOOGL 0.60% 13,288 $4M $313.00 $922K -29 -0.2%
27 SPY 0.59% 5,999 $4M $681.90 $49K -69 -1.1%
28 VTEB 0.58% 80,253 $4M $50.29 $92K +1,479 +1.9%
29 RWL 0.54% 32,654 $4M $114.50 $75K -456 -1.4%
30 VV 0.53% 11,767 $4M $314.80 $2M +5,319 +82.5%
31 AAPL 0.51% 13,092 $4M $271.85 $506K +1,103 +9.2%
32 AVDS 0.50% 49,472 $3M $69.81 $134K +324 +0.7%
33 BIV 0.48% 42,537 $3M $77.88 $114K +1,570 +3.8%
34 VTV 0.43% 15,535 $3M $190.99 $69K -2 -0.0%
35 PTRB 0.39% 65,143 $3M $42.04 $492K +11,899 +22.4%
36 MSFT 0.35% 5,058 $2M $483.66 $562K +1,420 +39.0%
37 MA 0.33% 4,046 $2M $570.83 $15K +11 +0.3%
38 FNDA 0.31% 69,405 $2M $31.51 -$245 -787 -1.1%
39 MDY 0.27% 3,090 $2M $603.36 $9K -24 -0.8%
40 SCHA 0.26% 64,558 $2M $28.48 $54K +587 +0.9%
41 VOO 0.26% 2,868 $2M $627.06 $75K +54 +1.9%
42 IVV 0.26% 2,596 $2M $685.00 $42K +1 +0.0%
43 SPMD 0.24% 29,376 $2M $57.91 $41K +354 +1.2%
44 VIG 0.24% 7,614 $2M $219.78 $31K +4 +0.1%
45 GNMA 0.23% 36,184 $2M $44.54 -$577K -13,172 -26.7%
46 SCHM 0.23% 52,267 $2M $30.07 $36K +454 +0.9%
47 BRK-A 0.22% 2 $2M $754,800.00 $1K
48 AVSU 0.21% 19,537 $1M $76.30 $608K +7,540 +62.9%
49 IYY 0.21% 8,871 $1M $165.81 $26K -19 -0.2%
50 SRCE 0.21% 23,406 $1M $62.49 $21K -13 -0.1%
51 WMT 0.20% 12,304 $1M $111.41 $127K +233 +1.9%
52 DIA 0.19% 2,777 $1M $480.61 $52K +11 +0.4%
53 VCSH 0.19% 16,672 $1M $79.73 $15K +232 +1.4%
54 SPAB 0.18% 47,390 $1M $25.75 $89K +3,625 +8.3%
55 GOOG 0.17% 3,882 $1M $313.82 $300K +111 +2.9%
56 IWF 0.16% 2,367 $1M $473.31 $12K
57 NFLX 0.15% 11,163 $1M $93.76 -$347K +10,001 +860.7%
58 FDX 0.15% 3,582 $1M $288.85 $209K +81 +2.3%
59 SPDW 0.14% 22,584 $1M $44.41 $475K +10,250 +83.1%
60 VO 0.14% 3,301 $958K $290.26 -$10K +5 +0.1%
61 AVLV 0.14% 12,571 $953K $75.77 $574K +7,328 +139.8%
62 YUM 0.13% 6,200 $938K $151.29 -$4K +2 +0.0%
63 IWB 0.13% 2,403 $897K $373.44 $19K
64 IWR 0.13% 9,264 $892K $96.27 $189K +1,981 +27.2%
65 TSLA 0.12% 1,935 $870K $449.72 -$2M -4,968 -72.0%
66 IWD 0.12% 4,050 $852K $210.35 $28K +1 +0.0%
67 IEFA 0.12% 9,498 $850K $89.46 $96K +869 +10.1%
68 AMZN 0.12% 3,550 $819K $230.82 $97K +259 +7.9%
69 NSC 0.12% 2,829 $817K $288.73 -$33K
70 PG 0.12% 5,677 $814K $143.30 -$82K -154 -2.6%
71 NVDA 0.12% 4,335 $808K $186.50 $57K +306 +7.6%
72 MINO 0.11% 16,697 $757K $45.32 -$39K -870 -5.0%
73 DTN 0.11% 6,420 $738K $114.97 $3K -12 -0.2%
74 AVDV 0.10% 7,748 $728K $93.97 $229K +2,146 +38.3%
75 FNDF 0.10% 16,102 $728K $45.21 $35K -28 -0.2%
76 IVE 0.10% 3,419 $725K $212.07 -$56K -364 -9.6%
77 NUBD 0.10% 30,429 $680K $22.35 $10K +570 +1.9%
78 JNJ 0.10% 3,283 $680K $206.98 $77K +31 +0.9%
79 QQQ 0.10% 1,088 $668K $614.18 $204K +315 +40.8%
80 AVGO 0.09% 1,901 $658K $346.10 $379K +1,056 +125.0%
81 AXP 0.09% 1,750 $647K $369.95 $42K -73 -4.0%
82 VB 0.09% 2,383 $615K $257.95 $9K
83 EFG 0.09% 5,295 $603K $113.92 $211
84 IBB 0.08% 3,394 $573K $168.77 $83K +1 +0.0%
85 GBIL 0.08% 5,283 $528K $99.94 -$121K -1,196 -18.5%
86 GEM 0.07% 12,200 $508K $41.62 -$20K -763 -5.9%
87 SPTM 0.07% 6,086 $502K $82.50 $11K +3 +0.1%
88 SCHZ 0.07% 20,845 $487K $23.37 $4K +274 +1.3%
89 PEP 0.07% 3,352 $481K $143.51 -$234K -1,740 -34.2%
90 PM 0.07% 2,901 $465K $160.43 -$19K -86 -2.9%
91 ESGD 0.07% 4,864 $462K $95.08 $9K -11 -0.2%
92 IWM 0.06% 1,815 $447K $246.16 $8K
93 SCHV 0.06% 13,976 $414K $29.61 -$10K -578 -4.0%
94 NULG 0.06% 4,157 $407K $97.81 -$8K -9 -0.2%
95 JPM 0.06% 1,244 $401K $322.31 $12K +11 +0.9%
96 AMGN 0.06% 1,221 $400K $327.25 $56K +4 +0.3%
97 DIS 0.06% 3,498 $398K $113.76 $7K +82 +2.4%
98 HD 0.06% 1,154 $397K $344.01 -$78K -18 -1.5%
99 SPYG 0.06% 3,659 $390K $106.70 $8K
100 CSM 0.05% 4,800 $382K $79.68 $15K

New Positions

SymbolValue% Port
XLK $314K 0.05%
SPEM $284K 0.04%
ABBV $283K 0.04%
MU $211K 0.03%

Sold Out Positions

SymbolValue% Port
MKC —%
VEU —%
SCHH —%
View SEC EDGAR Filings for Kelman-Lazarov, Inc. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms