Kelman-Lazarov, Inc.

CIK 0001672067 · Q1 2026

13F Equity AUM

$697.6M

-0.4% QoQ

Positions

140

+6 QoQ

AUM Rank

#3,517

Top 28%

Skill Alpha (FF)

-1.4%/yr^ns

No Clear Edge

Rank #4,384 · Top 53%

vs S&P -6.2%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 34.3%Top 10: 53.4%Top 20: 79.2%

FNDX9.5%

SCHG7.8%

MOAT7.8%

SPYM4.6%

STIP4.6%

AVDE4.3%

SCHX3.8%

IJR3.8%

GSLC3.7%

BOND3.5%

Others (130)46.6%

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

Sector Allocation

Financial Services95.2%

Other4.8%

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

Position Sizing

Positions: 140Median: 0.12%Avg: 0.71%

0–0.5%

109(12.8%)

0.5–1%

8(4.7%)

1–3%

9(16.1%)

3–5%

11(41.3%)

5%+

3(25.1%)

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

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Portfolio Overlap

Shared: 136Unique: 4vs 20 funds

1.9%Low

140

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.5%

JPMORGAN CHASE & CO

2.7%

BANK OF AMERICA CORP /DE/

2.7%

FMR LLC

3.9%

BlackRock, Inc.

2.2%

STATE STREET CORP

1.5%

VANGUARD CAPITAL MANAGEMENT LLC

1.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.4%

GEODE CAPITAL MANAGEMENT, LLC

1.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New11Increased68Decreased46Exited5

New Positions

AVUS0.1%

+9K

IWN0.0%

+1K

LLY0.0%

+294

RFV0.0%

+2K

BOXX0.0%

+3K

COST0.0%

+313

CB0.0%

+653

COP0.0%

+2K

FDL0.0%

+4K

TJX0.0%

+1K

Increased

SCHG7.8%

+36K(+2%)

AVDE4.3%

+28K(+9%)

SMMU1.2%

+23K(+17%)

FNDC3.3%

+22K(+5%)

FNDX9.5%

+15K(+1%)

QLTY2.0%

+15K(+4%)

PTRB0.5%

+13K(+20%)

SCHX3.8%

+12K(+1%)

SPYM4.6%

+12K(+3%)

IJH2.7%

+9K(+3%)

Decreased

SCHF1.3%

-22,917(-6%)

GSIE2.8%

-14,897(-3%)

FNDE3.3%

-13,003(-2%)

GNMA0.2%

-10,502(-29%)

GSLC3.7%

-7,363(-3%)

PYLD1.9%

-5,766(-1%)

STPZ1.0%

-4,696(-3%)

BIV0.4%

-4,182(-10%)

AVEM0.8%

-3,186(-5%)

SCHM0.2%

-2,029(-4%)

Exited

-23,406

-883

-2,182

-1,238

-1,374

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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