Kelman-Lazarov, Inc.

CIK 0001672067 · Q2 2026

13F Equity AUM

$763.3M

+9.4% QoQ

Positions

154

+14 QoQ

AUM Rank

#3,921

Top 31%

Skill Alpha (FF)

-1.1%/yr^ns

No Clear Edge

Rank #4,464 · Top 54%

vs S&P -3.7%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 34.8%Top 10: 53.9%Top 20: 78.7%

FNDX9.6%

SCHG8.3%

MOAT7.7%

SPYM5.0%

STIP4.3%

AVDE4.1%

IJR4.1%

SCHX3.9%

GSLC3.7%

BOND3.2%

Others (144)46.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services94.8%

Other5.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 154Median: 0.11%Avg: 0.65%

0–0.5%

122(12.8%)

0.5–1%

10(6.2%)

1–3%

10(20.8%)

3–5%

9(34.6%)

5%+

3(25.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 154vs 20 funds

0%Low

154

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New16Increased55Decreased61Exited2

New Positions

AMD0.1%

+943

FEDEX FGHT HLDG CO I…0.1%

+3K

UNH0.0%

+669

INTC0.0%

+2K

FIX0.0%

+141

MGV0.0%

+1K

BLK0.0%

+220

GE0.0%

+632

VHT0.0%

+690

GEV0.0%

+214

Increased

VUG1.2%

+85K(+504%)

SCHG8.3%

+11K(+1%)

SMMU1.1%

+11K(+7%)

VO0.1%

+10K(+300%)

VCRM0.6%

+10K(+22%)

BSV2.8%

+9K(+3%)

STIP4.3%

+9K(+3%)

SPYM5.0%

+9K(+2%)

IWF0.1%

+7K(+300%)

GBIL0.1%

+6K(+183%)

Decreased

FNDE3.0%

-24,845(-4%)

FNDX9.6%

-20,986(-1%)

SCHX3.9%

-9,164(-1%)

PYLD1.7%

-8,183(-2%)

FNDC3.1%

-7,521(-2%)

GSLC3.7%

-7,464(-4%)

SCHF1.3%

-6,804(-2%)

AVEM0.8%

-5,915(-9%)

GSIE2.7%

-4,117(-1%)

VTEB0.5%

-3,406(-4%)

Exited

COP

-1,813

FDL

-4,275

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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