Kelman-Lazarov, Inc.
Long book
$697.6M
Q1 2026
Positions
140
Top-10 weight
53%
concentration
Last quarter
+9.7%
SPY +14.8%
Turnover
11%
of book per quarter
Strategy in plain words
auto-generated from filingsKelman-Lazarov, Inc. is a wealth-management firm allocating client money, running a $697.6M US long book across 140 positions.
The portfolio is concentrated: the top 10 names carry 53% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: SCHWAB FNDMNTL US LRG CO ETF, SCHWAB US LARGE-CAP GROWTH, VANECK MORNINGSTAR WIDE MOAT, STE STR SPDR PT S&P 500 ETF, ISHARES 0-5 YEAR TIPS BOND E.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.2%
Q2 2024
+7.1%
Q3 2024
-1.0%
Q4 2024
-0.4%
Q1 2025
+6.9%
Q2 2025
+6.3%
Q3 2025
+2.9%
Q4 2025
-1.6%
Q1 2026
+9.7%
Sector allocation
Financials 39%
Technology 26%
Consumer discretionary 11%
Services media 8%
Industrials 6%
Healthcare 4%
Consumer staples 2%
Other 2%
Long book by quarter
What does Kelman-Lazarov, Inc. own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 32.1K | $15.4M | 2.2% | -0.4% |
| GOOGL ALPHABET INC-CL A | Technology | 13.5K | $3.9M | 0.6% | +1.7% |
| AAPL APPLE INC | Technology | 13.1K | $3.3M | 0.5% | -0.3% |
| MA MASTERCARD INC - A | Services media | 4.0K | $2.0M | 0.3% | -0.2% |
| WMT WALMART INC | Consumer discretionary | 12.9K | $1.6M | 0.2% | +4.7% |
| MSFT MICROSOFT CORP | Technology | 4.2K | $1.6M | 0.2% | -16.2% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 2 | $1.4M | 0.2% | Held |
| GOOG ALPHABET INC-CL C | Technology | 4.1K | $1.2M | 0.2% | +5.9% |
| NFLX NETFLIX INC | Services media | 11.7K | $1.1M | 0.2% | +4.4% |
| FDX FEDEX CORP | Industrials | 3.1K | $1.1M | 0.2% | -13.0% |
| NVDA NVIDIA CORP | Technology | 5.3K | $921K | 0.1% | +21.9% |
| YUM YUM! BRANDS INC | Consumer discretionary | 5.9K | $918K | 0.1% | -4.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 3.7K | $896K | 0.1% | +11.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 5.9K | $855K | 0.1% | +4.3% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 2.8K | $790K | 0.1% | -2.7% |
| TSLA TESLA INC | Industrials | 2.0K | $751K | 0.1% | +4.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.6K | $743K | 0.1% | +0.5% |
| AXP AMERICAN EXPRESS CO | Financials | 1.7K | $501K | 0.1% | -5.3% |
| PEP PEPSICO INC | Consumer staples | 3.2K | $497K | 0.1% | -4.5% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 2.9K | $486K | 0.1% | +1.4% |
| AMGN AMGEN INC | Healthcare | 1.2K | $436K | 0.1% | +1.5% |
| XOM EXXON MOBIL CORP | Energy | 2.6K | $435K | 0.1% | +14.9% |
| MRK MERCK & CO. INC. | Healthcare | 3.5K | $426K | 0.1% | -1.8% |
| JPM JPMORGAN CHASE & CO | Financials | 1.4K | $421K | 0.1% | +15.0% |
| HD HOME DEPOT INC | Consumer discretionary | 1.2K | $405K | 0.1% | +6.7% |
| AVGO BROADCOM INC | Technology | 1.2K | $381K | 0.1% | -35.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 140 | $697.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 26, 2026 | 134 | $700.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 132 | $674.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 29, 2025 | 122 | $617.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 6, 2025 | 116 | $550.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 109 | $555.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 109 | $581.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 106 | $536.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 104 | $511.7M | canonical | SEC ↗ |