Kelman-Lazarov, Inc.

Kelman-Lazarov's $697.6 million, 140-position book — 84% of it in ETFs — was almost perfectly static this quarter: of 140 holdings, exactly one was closed out (the mortgage-bond fund GNMA, $1.6 million) and exactly one was opened (a new $1.6 million stake in Walmart), a near dollar-for-dollar single swap. Every other position simply drifted a few percent in either direction. What stands out inside that stillness is the firm's two largest growth-factor ETFs, SCHG (Schwab US Large-Cap Growth) and MOAT (VanEck Wide Moat), both of which the firm kept buying — shares up 2.0% and 0.9% respectively — even as their dollar value fell ($5.4 million and $3.3 million, the two largest declines in the book), because the underlying holdings' prices dropped faster than the new buying could offset. The firm didn't pull back on either fund; it kept adding into the weakness. With overall AUM essentially flat quarter over quarter (-0.4%), this is a portfolio on autopilot, still dollar-cost-averaging into its highest-conviction growth sleeve through a down move.