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Livermore
Livermore
ZHEN

Kelman-Lazarov, Inc.

SEC CIK
0001672067
Latest filing
Aug 10, 2026

The latest 13F from Kelman-Lazarov, Inc. covers Q2 2026 (filed Aug 10, 2026): 154 long positions worth $763.3M. The top 10 holdings make up 53.9% of the portfolio, and the largest is Schwab Fundamental U.S. Large Company ETF at 9.6%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
16
Est. +$4.24M
Added
53
Est. +$7.58M
Reduced
61
Est. −$7.64M
Sold out
2
Est. −$456.5K

Top 5 holdings

Share of this quarter's portfolio value

  1. Schwab Fundamental U.S. Large Company ETF808524771
    9.6%$73.1M
  2. Schwab U.S. Large-Cap Growth ETF808524300
    8.3%$63.7M
  3. VanEck Morningstar Wide Moat ETF92189F643
    7.7%$58.5M
  4. State Street SPDR Portfolio S&P 500 ETF78464A854
    5.0%$37.8M
  5. iShares Tr46429B747
    4.3%$32.8M

Share of portfolio

Top 5 holdings and the other 149 positions, by share of portfolio value

  1. Schwab Fundamental U.S. Large Company ETF9.6%
  2. Schwab U.S. Large-Cap Growth ETF8.3%
  3. VanEck Morningstar Wide Moat ETF7.7%
  4. State Street SPDR Portfolio S&P 500 ETF5.0%
  5. iShares Tr4.3%
  6. Other 149 positions65.2%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46429B747
    +$942.3KAdded
  2. State Street SPDR Portfolio S&P 500 ETF78464A854
    +$805.9KAdded
  3. Vanguard Mun BD FDS922907712
    +$748.6KAdded
  4. Vanguard Short-Term Bond ETF921937827
    +$721.7KAdded
  5. Goldman Sachs ETF Tr381430529
    +$604.3KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Schwab U.S. Large-Cap Growth ETF808524300
    +0.53 pp7.8% → 8.3%
  2. State Street SPDR Portfolio S&P 500 ETF78464A854
    +0.33 pp4.6% → 5.0%
  3. Gmo ETF Trust90139K100
    +0.10 pp2.0% → 2.1%
  4. MUMicron Technology Inc
    +0.10 pp<0.1% → 0.1%History
  5. Vanguard Morningstar Growth ETF922908736
    +0.09 pp1.1% → 1.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Goldman Sachs ETF Tr381430503
    −$1.06MReduced
  2. Schwab Fundamental Emerging Markets Equity ETF808524730
    −$985.8KReduced
  3. Schwab Fundamental U.S. Large Company ETF808524771
    −$652.7KReduced
  4. MSFTMicrosoft Corp
    −$649.3KReducedHistory
  5. American Centy ETF Tr025072604
    −$570.7KReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Schwab Fundamental Emerging Markets Equity ETF808524730
    −0.30 pp3.3% → 3.0%
  2. American Centy ETF Tr025072703
    −0.19 pp4.3% → 4.1%
  3. Schwab Fundamental International Small Equity ETF808524748
    −0.19 pp3.3% → 3.1%
  4. PIMCO ETF Tr72201R585
    −0.17 pp1.9% → 1.7%
  5. Goldman Sachs ETF Tr381430107
    −0.11 pp2.8% → 2.7%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$763.3M
+$65.7M (+9.4%) vs. prior quarter
Positions
154
+14 vs. prior quarter
Top 10 concentration
53.9%
Top 10 as share of value
Turnover
1.1%
Q2 2026, one quarter
Average holding period
17.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $763.3M (Q2 2026)

Q1 2021: $280.6MQ2 2021: $286.5MQ3 2021: $285.5MQ4 2021: $310.7MQ1 2022: $300.6MQ2 2022: $296.0MQ3 2022: $293.9MQ4 2022: $355.4MQ1 2023: $385.3MQ2 2023: $415.9MQ3 2023: $422.9MQ4 2023: $461.9MQ1 2024: $511.7MQ2 2024: $536.2MQ3 2024: $581.2MQ4 2024: $555.5MQ1 2025: $550.9MQ2 2025: $617.2MQ3 2025: $674.5MQ4 2025: $700.3MQ1 2026: $697.6MQ2 2026: $763.3M
Q1 2021Q2 2026
13F filings of Kelman-Lazarov, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 2026154$763.3MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q1 2026SEC
Q1 2026Apr 27, 2026140$697.6MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q4 2025SEC
Q4 2025Jan 26, 2026134$700.3MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q3 2025SEC
Q3 2025Nov 12, 2025132$674.5MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q2 2025SEC
Q2 2025Jul 29, 2025122$617.2MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q1 2025SEC
Q1 2025May 6, 2025116$550.9MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2024SEC
Q4 2024Feb 13, 2025109$555.5MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q3 2024SEC
Q3 2024Nov 8, 2024109$581.2MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2024SEC
Q2 2024Aug 12, 2024106$536.2MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q1 2024SEC
Q1 2024May 9, 2024104$511.7MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2023SEC
Q4 2023Feb 1, 2024102$461.9MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q3 2023SEC
Q3 2023Oct 30, 202396$422.9MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2023SEC
Q2 2023Aug 4, 202397$415.9MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q1 2023SEC
Q1 2023May 4, 202395$385.3MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2022SEC
Q4 2022Feb 6, 202391$355.4MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q3 2022SEC
Q3 2022Oct 24, 202283$293.9MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2022SEC
Q2 2022Aug 8, 202282$296.0MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q1 2022SEC
Q1 2022May 10, 202282$300.6MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q4 2021SEC
Q4 2021Feb 9, 202284$310.7MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q3 2021SEC
Q3 2021Nov 4, 202182$285.5MSchwab Fundamental U.S. Large Company ETFVanEck Morningstar Wide Moat ETFSchwab U.S. Large-Cap Growth ETFvs. Q2 2021SEC
Q2 2021Aug 10, 202185$286.5MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETFvs. Q1 2021SEC
Q1 2021May 7, 202184$280.6MSchwab Fundamental U.S. Large Company ETFSchwab U.S. Large-Cap Growth ETFVanEck Morningstar Wide Moat ETF–SEC