KELMAN-LAZAROV, INC.

Filed: 11/12/2025ACC: 0001398344-25-020737

📋 What this filing means

KELMAN-LAZAROV, INC. filed this quarterly 13F‑HR report disclosing 132 equity positions with a total reported market value of $674.47M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

132

Positions

$674.47M

Total AUM (reported)

12.83M

Total Shares

Allocation by class

FUNDAMENTAL US L$61.69M9.1%

US LCAP GR ETF$59.25M8.8%

MRNGSTR WDE MOAT$54.63M8.1%

ACTIVEBETA INT$38.41M5.7%

PORTFOLIO S&P500$29.86M4.4%

ACTIVEBETA US LG$29.72M4.4%

0-5 YR TIPS ETF$29.11M4.3%

Portfolio Concentration

Top 3$175.57M26.0%

4–10$201.93M29.9%

11–25$190.61M28.3%

Rest$106.37M15.8%

Top 3 weight

26.0%

Top 10 weight

56.0%

Voting Authority Distribution

Total shares with voting rights: 12.83M

Sole

Full voting authority

0.00

% of voting shares0.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

12.83M

% of voting shares100.0%

Investment Discretion (by position count)

Sole132

Shared0

Other0

Dominant voting typeNone · 100.0% of voting shares

Institutional Holdings132

Rows:

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL US L

Shares2.35M

TypeSH

Market value$61.69M

9.15%

Sole

0.00

Shared

0.00

None

2.35M

SCHWAB STRATEGIC TR

SOLE

US LCAP GR ETF

Shares1.86M

TypeSH

Market value$59.25M

8.78%

Sole

0.00

Shared

0.00

None

1.86M

VANECK ETF TRUST

SOLE

MRNGSTR WDE MOAT

Shares551.16K

TypeSH

Market value$54.63M

8.10%

Sole

0.00

Shared

0.00

None

551.16K

GOLDMAN SACHS ETF TR

SOLE

ACTIVEBETA INT

Shares934.33K

TypeSH

Market value$38.41M

5.69%

Sole

0.00

Shared

0.00

None

934.33K

SPDR SERIES TRUST

SOLE

PORTFOLIO S&P500

Shares381.22K

TypeSH

Market value$29.86M

4.43%

Sole

0.00

Shared

0.00

None

381.22K

GOLDMAN SACHS ETF TR

SOLE

ACTIVEBETA US LG

Shares228.14K

TypeSH

Market value$29.72M

4.41%

Sole

0.00

Shared

0.00

None

228.14K

ISHARES TR

SOLE

0-5 YR TIPS ETF

Shares281.67K

TypeSH

Market value$29.11M

4.32%

Sole

0.00

Shared

0.00

None

281.67K

SCHWAB STRATEGIC TR

SOLE

US LRG CAP ETF

Shares1.03M

TypeSH

Market value$27.08M

4.01%

Sole

0.00

Shared

0.00

None

1.03M

ISHARES TR

SOLE

CORE S&P SCP ETF

Shares204.35K

TypeSH

Market value$24.28M

3.60%

Sole

0.00

Shared

0.00

None

204.35K

PIMCO ETF TR

SOLE

ACTIVE BD ETF

Shares251.30K

TypeSH

Market value$23.46M

3.48%

Sole

0.00

Shared

0.00

None

251.30K

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL EMER

Shares605.46K

TypeSH

Market value$21.89M

3.25%

Sole

0.00

Shared

0.00

None

605.46K

ISHARES TR

SOLE

MBS ETF

Shares226.55K

TypeSH

Market value$21.56M

3.20%

Sole

0.00

Shared

0.00

None

226.55K

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL INTL

Shares473.94K

TypeSH

Market value$21.10M

3.13%

Sole

0.00

Shared

0.00

None

473.94K

VANGUARD BD INDEX FDS

SOLE

SHORT TRM BOND

Shares254.39K

TypeSH

Market value$20.07M

2.98%

Sole

0.00

Shared

0.00

None

254.39K

ISHARES TR

SOLE

CORE S&P MCP ETF

Shares265.30K

TypeSH

Market value$17.31M

2.57%

Sole

0.00

Shared

0.00

None

265.30K

BERKSHIRE HATHAWAY INC DEL

SOLE

CL B NEW

Shares31.72K

TypeSH

Market value$15.95M

2.36%

Sole

0.00

Shared

0.00

None

31.72K

PIMCO ETF TR

SOLE

MULTISECTOR BD

Shares495.04K

TypeSH

Market value$13.29M

1.97%

Sole

0.00

Shared

0.00

None

495.04K

2023 ETF SERIES TRUST II

SOLE

GMO US QUALITY E

Shares363.93K

TypeSH

Market value$13.17M

1.95%

Sole

0.00

Shared

0.00

None

363.93K

SCHWAB STRATEGIC TR

SOLE

INTL EQTY ETF

Shares396.61K

TypeSH

Market value$9.23M

1.37%

Sole

0.00

Shared

0.00

None

396.61K

VANGUARD INDEX FDS

SOLE

GROWTH ETF

Shares15.20K

TypeSH

Market value$7.29M

1.08%

Sole

0.00

Shared

0.00

None

15.20K

PIMCO ETF TR

SOLE

1-5 US TIP IDX

Shares132.77K

TypeSH

Market value$7.19M

1.07%

Sole

0.00

Shared

0.00

None

132.77K

PIMCO ETF TR

SOLE

SHTRM MUN BD ACT

Shares134.81K

TypeSH

Market value$6.82M

1.01%

Sole

0.00

Shared

0.00

None

134.81K

AMERICAN CENTY ETF TR

SOLE

INTL EQT ETF

Shares81.53K

TypeSH

Market value$6.43M

0.95%

Sole

0.00

Shared

0.00

None

81.53K

AMERICAN CENTY ETF TR

SOLE

AVANTIS EMGMKT

Shares70.06K

TypeSH

Market value$5.26M

0.78%

Sole

0.00

Shared

0.00

None

70.06K

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares6.07K

TypeSH

Market value$4.04M

0.60%

Sole

0.00

Shared

0.00

None

6.07K

Issuer	Class	Shares	Type	Value / Portfolio %	None
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL US L	2.35M	SH	$61.69M 9.15%	2.35M
SCHWAB STRATEGIC TRSOLE	US LCAP GR ETF	1.86M	SH	$59.25M 8.78%	1.86M
VANECK ETF TRUSTSOLE	MRNGSTR WDE MOAT	551.16K	SH	$54.63M 8.10%	551.16K
GOLDMAN SACHS ETF TRSOLE	ACTIVEBETA INT	934.33K	SH	$38.41M 5.69%	934.33K
SPDR SERIES TRUSTSOLE	PORTFOLIO S&P500	381.22K	SH	$29.86M 4.43%	381.22K
GOLDMAN SACHS ETF TRSOLE	ACTIVEBETA US LG	228.14K	SH	$29.72M 4.41%	228.14K
ISHARES TRSOLE	0-5 YR TIPS ETF	281.67K	SH	$29.11M 4.32%	281.67K
SCHWAB STRATEGIC TRSOLE	US LRG CAP ETF	1.03M	SH	$27.08M 4.01%	1.03M
ISHARES TRSOLE	CORE S&P SCP ETF	204.35K	SH	$24.28M 3.60%	204.35K
PIMCO ETF TRSOLE	ACTIVE BD ETF	251.30K	SH	$23.46M 3.48%	251.30K
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL EMER	605.46K	SH	$21.89M 3.25%	605.46K
ISHARES TRSOLE	MBS ETF	226.55K	SH	$21.56M 3.20%	226.55K
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL INTL	473.94K	SH	$21.10M 3.13%	473.94K
VANGUARD BD INDEX FDSSOLE	SHORT TRM BOND	254.39K	SH	$20.07M 2.98%	254.39K
ISHARES TRSOLE	CORE S&P MCP ETF	265.30K	SH	$17.31M 2.57%	265.30K
BERKSHIRE HATHAWAY INC DELSOLE	CL B NEW	31.72K	SH	$15.95M 2.36%	31.72K
PIMCO ETF TRSOLE	MULTISECTOR BD	495.04K	SH	$13.29M 1.97%	495.04K
2023 ETF SERIES TRUST IISOLE	GMO US QUALITY E	363.93K	SH	$13.17M 1.95%	363.93K
SCHWAB STRATEGIC TRSOLE	INTL EQTY ETF	396.61K	SH	$9.23M 1.37%	396.61K
VANGUARD INDEX FDSSOLE	GROWTH ETF	15.20K	SH	$7.29M 1.08%	15.20K
PIMCO ETF TRSOLE	1-5 US TIP IDX	132.77K	SH	$7.19M 1.07%	132.77K
PIMCO ETF TRSOLE	SHTRM MUN BD ACT	134.81K	SH	$6.82M 1.01%	134.81K
AMERICAN CENTY ETF TRSOLE	INTL EQT ETF	81.53K	SH	$6.43M 0.95%	81.53K
AMERICAN CENTY ETF TRSOLE	AVANTIS EMGMKT	70.06K	SH	$5.26M 0.78%	70.06K
SPDR S&P 500 ETF TRSOLE	TR UNIT	6.07K	SH	$4.04M 0.60%	6.07K

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