Kelman-Lazarov, Inc. — 13F Holdings & Portfolio
CIK 1672067 · latest 13F-HR filed 2026-08-10
Kelman-Lazarov, Inc. manages $763.3M in 13F-reported U.S. long-equity assets across 154 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are FNDX (9.58%), SCHG (8.34%), MOAT (7.67%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 16 new positions and exited 2; 83 existing positions rose in reported value and 13 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$763.3M
Long-equity book
Holdings
154
Distinct positions
Period
2026-06-30
Filed 2026-08-10
Q/Q Activity
+16 / −2 / ↑83 / ↓13
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26FNDX9.6% · -1%SCHG8.3% · +1%MOAT7.7% · +0%SPYM5.0% · +2%STIP4.3% · +3%AVDE4.1% · -1%IJR4.1% · -1%SCHX3.9% · -1%GSLC3.7% · -4%BOND3.2% · +1%MBB3.1% · +2%FNDC3.1% · -2%FNDE3.0% · -4%IJH2.8% · -1%BSV2.8% · +4%GSIE2.7% · -1%BRK.B2.1% · -0%QLTY2.1% · +0%PYLD1.7% · -2%SCHF1.3% · -2%VUG1.2% · +504%SMMU1.1% · +7%STPZ0.9% · +1%AVEM0.8% · -9%GOOGL0.6% · -1%MUNI0.6% · +2%SPY0.6% · -0%VCRM0.6% · +22%RWL0.5% · -0%VV0.5% · +1%VTEB0.5% · -4%AAPL0.5% · +4%AVDS0.5% · -1%VTV0.4% · -2%PTRB0.4% · -4%BIV0.4% · -1%FNDA0.3% · -0%VOO0.3% · +16%SCHA0.3% · -4%MDY0.3% · -1%MA0.3% · -3%SPMD0.2% · -0%IVV0.2% · -7%AVSU0.2% · +1%SCHM0.2% · -0%VIG0.2% · -1%IYY0.2% · -0%DIA0.2% · +0%GOOG0.2% · +5%BRK.A0.2% · 0%WMT0.2% · -3%AVUS0.2% · +18%SPDW0.2% · 0%SPAB0.2% · +2%QQQ0.2% · -4%AVLV0.2% · +2%IWF0.2% · +300%NVDA0.2% · +10%AMZN0.1% · +35%VCSH0.1% · -4%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 53.9%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 31, 2026.
Assets Under Management
$894.6M
Discretionary
$894.6M
Employees
17
Accounts
1,512
Address
5100 POPLAR AVE, STE 2805
MEMPHIS, TN 38137-2805
MEMPHIS, TN 38137-2805
Phone
(901) 685-8284
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BUZAN, ANDREW, D Control | TREASURER/CHIEF INVESTMENT OFFICER since Jan 2026 | 10–25% | Individual |
| KELMAN, MARTIN, SAMUEL Control | CHAIRMAN since Apr 1981 | 10–25% | Individual |
| LAZAROV, RONALD, JAY Control | FOUNDING PARTNER since Aug 1979 | 10–25% | Individual |
| MUNEKATA, MICHAEL Control | CHIEF COMPLIANCE OFFICER since May 2019 | 5–10% | Individual |
| O'Hearn, Patrick, Joseph Control | SECRETARY/SENIOR FINANCIAL ADVISOR since Jan 2026 | 10–25% | Individual |
| SAMUELS, JACOB, CULLEN Control | SENIOR PORTFOLIO MANAGER since May 2019 | 5–10% | Individual |
| SCHMITT, KEITH, FRANCIS Control | PRESIDENT/DIRECTOR OF FINANCIAL PLANNING since Jan 2026 | 25–50% | Individual |
| LOWERY, APRIL, RICE | SENIOR FINANCIAL ADVISOR since Jan 2025 | Less than 5% | Individual |
| PURCELL, CHRISTOPHER, JOHN | SENIOR FINANCIAL ADVISOR since Dec 2018 | Less than 5% | Individual |
Ownership & leadership changes · 14 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 31, 2026 filing
- AddedLOWERY, APRIL, RICE · SENIOR FINANCIAL ADVISOR · Less than 5%
- AddedPURCELL, CHRISTOPHER, JOHN · SENIOR FINANCIAL ADVISOR · Less than 5%
- ChangedBUZAN, ANDREW, D · title CO-CHIEF INVESTMENT OFFICER → TREASURER/CHIEF INVESTMENT OFFICER
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT → FOUNDING PARTNER
- ChangedO'Hearn, Patrick, Joseph · title SENIOR FINANCIAL ADVISOR → SECRETARY/SENIOR FINANCIAL ADVISOR; now a control person
- ChangedSCHMITT, KEITH, FRANCIS · title DIRECTOR OF FINANCIAL PLANNING → PRESIDENT/DIRECTOR OF FINANCIAL PLANNING
Mar 28, 2025 filing
- AddedSAMUELS, JACOB, CULLEN · SENIOR PORTFOLIO MANAGER · 5–10% · control person
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT/CO-CHIEF INVESTMENT OFFICER → PRESIDENT
- ChangedMUNEKATA, MICHAEL · ownership Less than 5% → 5–10%
- ChangedSCHMITT, KEITH, FRANCIS · ownership 10–25% → 25–50%
Mar 28, 2024 filing
- ChangedO'Hearn, Patrick, Joseph · ownership 5–10% → 10–25%
Mar 31, 2023 filing
- ChangedBUZAN, ANDREW, D · ownership 5–10% → 10–25%
- ChangedKELMAN, MARTIN, SAMUEL · ownership 25–50% → 10–25%
- ChangedLAZAROV, RONALD, JAY · ownership 25–50% → 10–25%
Mar 30, 2022 filing
- AddedO'Hearn, Patrick, Joseph · SENIOR FINANCIAL ADVISOR · 5–10%
Mar 29, 2021 filing
- ChangedKELMAN, MARTIN, SAMUEL · ownership 50–75% → 25–50%
- ChangedLAZAROV, RONALD, JAY · ownership 50–75% → 25–50%
Mar 30, 2020 filing
- ChangedBUZAN, ANDREW, D · ownership Less than 5% → 5–10%
- ChangedKELMAN, MARTIN, SAMUEL · ownership 25–50% → 50–75%
- ChangedLAZAROV, RONALD, JAY · ownership 25–50% → 50–75%
- ChangedSCHMITT, KEITH, FRANCIS · ownership 5–10% → 10–25%
May 31, 2019 filing
- AddedBUZAN, ANDREW, D · CO-CHIEF INVESTMENT OFFICER · Less than 5% · control person
- AddedMUNEKATA, MICHAEL · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- AddedSCHMITT, KEITH, FRANCIS · DIRECTOR OF FINANCIAL PLANNING · 5–10% · control person
- ChangedKELMAN, MARTIN, SAMUEL · ownership 50–75% → 25–50%
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT; CHIEF COMPLIANCE OFFICER → PRESIDENT/CO-CHIEF INVESTMENT OFFICER; ownership 50–75% → 25–50%
May 16, 2018 filing
- No longer listedMARTIN, JESSICA, MOSBY · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2017
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT → PRESIDENT; CHIEF COMPLIANCE OFFICER
Jan 6, 2017 filing
- AddedMARTIN, JESSICA, MOSBY · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT, CHIEF COMPLIANCE OFFICER → PRESIDENT
Older changes (5 more filings)
Nov 29, 2016 filing
- No longer listedELLIS, KRISTEN, MATTINGLY · CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY · Less than 5% · control person · listed since Oct 2014
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT → PRESIDENT, CHIEF COMPLIANCE OFFICER
Jan 19, 2016 filing
- ChangedELLIS, KRISTEN, MATTINGLY · title COMPLIANCE OFFICER AND ASSISTANT SECRETARY → CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT, CHIEF COMPLIANCE OFFICER → PRESIDENT
Oct 16, 2015 filing
- ChangedELLIS, KRISTEN, MATTINGLY · title CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY → COMPLIANCE OFFICER AND ASSISTANT SECRETARY
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT → PRESIDENT, CHIEF COMPLIANCE OFFICER
Nov 3, 2014 filing
- AddedELLIS, KRISTEN, MATTINGLY · CHIEF COMPLIANCE OFFICER AND ASSISTANT SECRETARY · Less than 5% · control person
- ChangedLAZAROV, RONALD, JAY · title PRESIDENT/CHIEF COMPLIANCE OFFICER → PRESIDENT
Mar 30, 2012 filing (earliest on record)
- ListedKELMAN, MARTIN, SAMUEL · CHAIRMAN · 50–75% · control person
- ListedLAZAROV, RONALD, JAY · PRESIDENT/CHIEF COMPLIANCE OFFICER · 50–75% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- SCHWAB STRATEGIC TR$9.2M +16.9%
- SCHWAB STRATEGIC TR$7.1M +10.7%
- SPDR SERIES TRUST$5.6M +17.3%
- ISHARES TR$4.8M +18.2%
- VANECK ETF TRUST$4.3M +7.9%
Top Trims
- MICROSOFT CORP-$637.7K -40.6%
- NETFLIX INC.-$349.0K -31.1%
- WALMART INC-$186.5K -11.7%
- FEDEX CORP-$131.2K -11.8%
- ISHARES TR-$100.5K -8.8%
New Positions
- ADVANCED MICRO DEVICES INC$547.8K
- FEDEX FGHT HLDG CO INC$424.9K
- INTEL CORP$293.2K
- COMFORT SYS USA INC$279.5K
- UNITEDHEALTH GROUP INC$278.2K
Kelman-Lazarov, Inc. Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SCHWAB STRATEGIC TR | FNDX | 808524771 | $73.1M | 9.58% | 2,350,202 | SH |
| 2 | SCHWAB STRATEGIC TR | SCHG | 808524300 | $63.7M | 8.34% | 1,882,199 | SH |
| 3 | VANECK ETF TRUST | MOAT | 92189F643 | $58.5M | 7.67% | 562,820 | SH |
| 4 | SPDR SERIES TRUST | SPYM | 78464A854 | $37.8M | 4.96% | 430,413 | SH |
| 5 | ISHARES TR | STIP | 46429B747 | $32.8M | 4.29% | 320,695 | SH |
| 6 | AMERICAN CENTY ETF TR | AVDE | 025072703 | $31.4M | 4.12% | 352,258 | SH |
| 7 | ISHARES TR | IJR | 464287804 | $31.2M | 4.09% | 210,298 | SH |
| 8 | SCHWAB STRATEGIC TR | SCHX | 808524201 | $30.1M | 3.94% | 1,022,937 | SH |
| 9 | GOLDMAN SACHS ETF TR | GSLC | 381430503 | $28.2M | 3.69% | 198,590 | SH |
| 10 | PIMCO ETF TR | BOND | 72201R775 | $24.5M | 3.21% | 266,083 | SH |
| 11 | ISHARES TR | MBB | 464288588 | $24.0M | 3.14% | 253,580 | SH |
| 12 | SCHWAB STRATEGIC TR | FNDC | 808524748 | $23.8M | 3.11% | 489,415 | SH |
| 13 | SCHWAB STRATEGIC TR | FNDE | 808524730 | $22.6M | 2.96% | 569,914 | SH |
| 14 | ISHARES TR | IJH | 464287507 | $21.6M | 2.83% | 279,751 | SH |
| 15 | VANGUARD BD INDEX FDS | BSV | 921937827 | $21.5M | 2.82% | 276,323 | SH |
| 16 | GOLDMAN SACHS ETF TR | GSIE | 381430107 | $20.5M | 2.69% | 449,338 | SH |
| 17 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $16.0M | 2.10% | 31,986 | SH |
| 18 | GMO ETF TRUST | QLTY | 90139K100 | $15.9M | 2.08% | 380,893 | SH |
| 19 | PIMCO ETF TR | PYLD | 72201R585 | $13.0M | 1.70% | 489,951 | SH |
| 20 | SCHWAB STRATEGIC TR | SCHF | 808524805 | $10.2M | 1.34% | 368,873 | SH |
| 21 | VANGUARD INDEX FDS | VUG | 922908736 | $8.8M | 1.16% | 102,406 | SH |
| 22 | PIMCO ETF TR | SMMU | 72201R874 | $8.7M | 1.14% | 172,326 | SH |
| 23 | PIMCO ETF TR | STPZ | 72201R205 | $7.0M | 0.92% | 131,408 | SH |
| 24 | AMERICAN CENTY ETF TR | AVEM | 025072604 | $5.9M | 0.77% | 61,225 | SH |
| 25 | ALPHABET INC | GOOGL | 02079K305 | $4.8M | 0.63% | 13,416 | SH |
| 26 | PIMCO ETF TR | MUNI | 72201R866 | $4.8M | 0.63% | 91,059 | SH |
| 27 | STATE STR SPDR S&P 500 ETF T | SPY | 78462F103 | $4.4M | 0.58% | 5,917 | SH |
| 28 | VANGUARD MUN BD FDS | VCRM | 922907712 | $4.2M | 0.55% | 55,199 | SH |
| 29 | INVESCO EXCH TRADED FD TR II | RWL | 46138G698 | $4.2M | 0.54% | 32,495 | SH |
| 30 | VANGUARD INDEX FDS | VV | 922908637 | $4.1M | 0.54% | 11,986 | SH |
| 31 | VANGUARD MUN BD FDS | VTEB | 922907746 | $4.0M | 0.53% | 79,932 | SH |
| 32 | APPLE INC | AAPL | 037833100 | $3.9M | 0.52% | 13,643 | SH |
| 33 | AMERICAN CENTY ETF TR | AVDS | 025072190 | $3.7M | 0.48% | 48,834 | SH |
| 34 | VANGUARD INDEX FDS | VTV | 922908744 | $3.4M | 0.44% | 15,531 | SH |
| 35 | PGIM ETF TR | PTRB | 69344A800 | $3.1M | 0.41% | 75,617 | SH |
| 36 | VANGUARD BD INDEX FDS | BIV | 921937819 | $2.9M | 0.38% | 38,005 | SH |
| 37 | SCHWAB STRATEGIC TR | FNDA | 808524763 | $2.6M | 0.34% | 67,948 | SH |
| 38 | VANGUARD INDEX FDS | VOO | 922908363 | $2.3M | 0.30% | 3,288 | SH |
| 39 | SCHWAB STRATEGIC TR | SCHA | 808524607 | $2.2M | 0.29% | 62,142 | SH |
| 40 | STATE STR SPDR S&P MIDCAP 40 | MDY | 78467Y107 | $2.1M | 0.28% | 3,014 | SH |
| 41 | MASTERCARD INCORPORATED | MA | 57636Q104 | $2.0M | 0.26% | 3,926 | SH |
| 42 | SPDR SERIES TRUST | SPMD | 78464A847 | $1.9M | 0.25% | 28,083 | SH |
| 43 | ISHARES TR | IVV | 464287200 | $1.9M | 0.25% | 2,517 | SH |
| 44 | AMERICAN CENTY ETF TR | AVSU | 025072281 | $1.9M | 0.25% | 21,187 | SH |
| 45 | SCHWAB STRATEGIC TR | SCHM | 808524508 | $1.8M | 0.24% | 50,028 | SH |
| 46 | VANGUARD SPECIALIZED FUNDS | VIG | 921908844 | $1.8M | 0.23% | 7,521 | SH |
| 47 | ISHARES TR | IYY | 464287846 | $1.6M | 0.21% | 8,838 | SH |
| 48 | STATE STR SPDR DOW JONES IND | DIA | 78467X109 | $1.6M | 0.21% | 2,999 | SH |
| 49 | ALPHABET INC | GOOG | 02079K107 | $1.5M | 0.20% | 4,316 | SH |
| 50 | BERKSHIRE HATHAWAY INC DEL | BRK.A | 084670108 | $1.5M | 0.20% | 2 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-10 | $763.3M | 154 | 0001398344-26-013958 |
| 2026-03-31 | 2026-04-27 | $697.6M | 140 | 0001398344-26-007296 |
| 2025-12-31 | 2026-01-26 | $700.3M | 134 | 0001398344-26-001181 |
Filer Information
Address
5100 POPLAR AVENUE STE. 2805MEMPHIS, TN 38137
Phone
(901) 685-8284
Filing Manager
Kelman-Lazarov, Inc.
MEMPHIS, TN
Signatory
Michael Munekata
Chief Compliance Officer