Castellan Group

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Castellan Group reported 57 stock positions worth $792.7 million. Its top holding was Castellan Targetd Equity ETF (CTEF) at 54.1% of the portfolio, followed by Castellan Target Inc. ETF (CTIF, 18.8%) and Alphabet Class C (GOOG, 1.5%). Compared with Q3 2025, it opened 24 new positions, sold out of 2, added to 25 and reduced 5. The biggest buy was Alpha Architect 1-3 MNTH Box (BOXX, shares +1030%) and the biggest sale Castellan Targetd Equity ETF (CTEF, shares −9%).

Most Recent 13F
Q2 2026
Location
LOUISVILLE, KY
CIK
0001832521
Portfolio Value
$792.7M (Q4 2025)
SEC Filing
0001832521-26-000001 ↗ filed Jan 23, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $195.3M Q1 2024 Q2 2024: $210.1M Q2 2024 Q3 2024: $237.2M Q3 2024 Q4 2024: $230.8M Q4 2024 Q1 2025: $357.6M Q1 2025 Q2 2025: $542.8M Q2 2025 Q3 2025: $688.0M Q3 2025 Q4 2025: $792.7M $792.7M Q4 2025 Q1 2026: $722.6M Q1 2026 Q2 2026: $910.0M Q2 2026

Holdings 57 stocks · $792.7M
CTEF Castellan Targetd Equity ETF 54.07% 6,419,640 $428.6M Reduce -8.7%
CTIF Castellan Target Inc. ETF 18.80% 2,944,135 $149.0M Add +6.3%
GOOG Alphabet Inc. Class C 1.47% 37,102 $11.6M Add +422.6%
BOXX Alpha Architect 1-3 MNTH Box 1.40% 96,076 $11.1M Add +1030.3%
MSFT Microsoft Corp. 1.04% 17,119 $8.3M Add +435.0%
AMZN Amazon.com Inc. 1.04% 35,809 $8.3M New
GLTR Abrdn Precious Metals Basket 0.99% 37,983 $7.8M Reduce -10.7%
XOM Exxon Mobil Corp. 0.96% 62,973 $7.6M Add +131.3%
RSP Invesco S&P 500 Equal Weight 0.94% 39,016 $7.5M New
SPY SS SPDR S&P 500 ETF Trust-US 0.94% 10,909 $7.4M New
MCK McKesson Corp. 0.84% 8,130 $6.7M New
AAPL Apple Inc. 0.84% 24,502 $6.7M Add +1392.2%
XLE SS Energy Select Sector 0.81% 144,446 $6.5M Add +5.2%
NVDA Nvidia Corp. 0.74% 31,477 $5.9M New
VB Vanguard Most SM-Cap ETF-Usd 0.62% 19,118 $4.9M New
CWEN Clearway Energy Inc. Class C 0.55% 130,242 $4.3M Add +4.3%
CTRE Caretrust REIT Inc. 0.54% 119,420 $4.3M Add +4.3%
FR First Industrial Realty TR 0.53% 73,957 $4.2M Add +4.4%
NEE Nextera Energy Inc. 0.53% 51,924 $4.2M Add +7.8%
POR Portland General Electric Co. 0.52% 86,221 $4.1M Add +4.5%
ES Eversource Energy 0.51% 60,063 $4.0M Add +4.2%
META Meta Platforms Inc. Class A 0.51% 6,065 $4.0M Add +506.5%
ATO Atmos Energy Corp. 0.50% 23,793 $4.0M Add +4.5%
USMV iShares MSCI USA Min Vol Fac 0.49% 41,342 $3.9M New
TRNO Terreno Realty Corp. 0.49% 65,971 $3.9M Add +4.6%
EGP Eastgroup Properties Inc. 0.49% 21,733 $3.9M Add +4.7%
MPLX MPLX LP 0.48% 71,444 $3.8M Add +5.0%
DKL Delek Logistics Partners LP 0.48% 84,732 $3.8M Add +4.9%
WEC WEC Energy Group Inc. 0.47% 35,149 $3.7M Add +4.8%
NJR New Jersey Resources Corp. 0.46% 79,843 $3.7M Add +5.1%
AXP American Express Co. 0.43% 9,237 $3.4M New
GTY Getty Realty Corp. 0.43% 123,676 $3.4M Add +5.4%
V Visa Inc. Class A 0.41% 9,321 $3.3M New
CVX Chevron Corp. 0.39% 20,521 $3.1M Add +7.3%
HESM Hess Midstream LP Class A 0.39% 89,963 $3.1M Add +6.4%
CAT Caterpillar Inc. 0.39% 5,364 $3.1M New
BRK.B Berkshire Hathaway Inc. Class B 0.39% 6,073 $3.1M New
IUSV iShares Core S&P U.S. Value 0.38% 29,740 $3.0M New
PANW Palo Alto Networks Inc. 0.36% 15,704 $2.9M New
TT Trane Technologies PLC 0.36% 7,401 $2.9M New
WMT Walmart Inc. 0.35% 25,011 $2.8M New
OCTP Pgim S&P 500 Buffer 12-Oct 0.32% 84,120 $2.6M New
UBER Uber Technologies Inc. 0.31% 30,174 $2.5M New
TMO Thermo Fisher Scientific Inc. 0.27% 3,637 $2.1M New
INDA iShares MSCI India ETF 0.24% 34,884 $1.9M New
HD Home Depot Inc. 0.23% 5,232 $1.8M New
RIO Rio Tinto PLC-Spon ADR 0.22% 21,548 $1.7M Reduce -6.5%
BHP BHP Group Ltd.-Spon ADR 0.21% 27,083 $1.6M Add +0.5%
HON Honeywell International Inc. 0.20% 8,088 $1.6M New
DDFN Innov Eq DD 15 Buf ETF - Nov 0.20% 81,187 $1.6M New
GOOGL Alphabet Inc. Class A 0.18% 4,600 $1.4M No change
PDEC Innovator U.S. Equity Power 0.07% 12,186 $529K Reduce -31.0%
PGR Progressive Corp. 0.06% 2,000 $455K No change
LRN Stride Inc. 0.05% 6,340 $412K No change
BMAR Innovator U.S. Equity Buffer 0.05% 7,728 $410K Reduce -2.5%
AVGO Broadcom Inc. 0.03% 721 $250K New
JPM JPMorgan Chase & Co. 0.03% 644 $208K New

Options reported separately and not counted above: ALPHABET INC calls ($932K), ALPHABET INC calls ($660K), SPY puts ($585K), STATE STR SPDR S&P 500 ETF T puts ($304K).

Portfolio Sells Q3 2025 → Q4 2025
CTEF Castellan Targetd Equity ETF Reduce -8.7% 54.07% −12.50
HALO Halozyme Therapeutics Inc. Sold out 0.00% −0.17
BAPR Innovator U.S. Equity Buffer Sold out 0.00% −0.05
PDEC Innovator U.S. Equity Power Reduce -31.0% 0.07% −0.04
GLTR Abrdn Precious Metals Basket Reduce -10.7% 0.99% −0.04
BMAR Innovator U.S. Equity Buffer Reduce -2.5% 0.05% −0.01
RIO Rio Tinto PLC-Spon ADR Reduce -6.5% 0.22% −0.00

Portfolio Buys Q3 2025 → Q4 2025
BOXX Alpha Architect 1-3 MNTH Box Add +1030.3% 1.40% +1.25
GOOG Alphabet Inc. Class C Add +422.6% 1.47% +1.22
AMZN Amazon.com Inc. New 1.04% +1.04
RSP Invesco S&P 500 Equal Weight New 0.94% +0.94
SPY SS SPDR S&P 500 ETF Trust-US New 0.94% +0.94
MCK McKesson Corp. New 0.84% +0.84
MSFT Microsoft Corp. Add +435.0% 1.04% +0.80
AAPL Apple Inc. Add +1392.2% 0.84% +0.78
NVDA Nvidia Corp. New 0.74% +0.74
VB Vanguard Most SM-Cap ETF-Usd New 0.62% +0.62
XOM Exxon Mobil Corp. Add +131.3% 0.96% +0.51
USMV iShares MSCI USA Min Vol Fac New 0.49% +0.49
AXP American Express Co. New 0.43% +0.43
V Visa Inc. Class A New 0.41% +0.41
META Meta Platforms Inc. Class A Add +506.5% 0.51% +0.40
CAT Caterpillar Inc. New 0.39% +0.39
BRK.B Berkshire Hathaway Inc. Class B New 0.39% +0.39
IUSV iShares Core S&P U.S. Value New 0.38% +0.38
PANW Palo Alto Networks Inc. New 0.36% +0.36
TT Trane Technologies PLC New 0.36% +0.36
WMT Walmart Inc. New 0.35% +0.35
OCTP Pgim S&P 500 Buffer 12-Oct New 0.32% +0.32
UBER Uber Technologies Inc. New 0.31% +0.31
TMO Thermo Fisher Scientific Inc. New 0.27% +0.27
INDA iShares MSCI India ETF New 0.24% +0.24
HD Home Depot Inc. New 0.23% +0.23
HON Honeywell International Inc. New 0.20% +0.20
DDFN Innov Eq DD 15 Buf ETF - Nov New 0.20% +0.20
CWEN Clearway Energy Inc. Class C Add +4.3% 0.55% +0.03
AVGO Broadcom Inc. New 0.03% +0.03
JPM JPMorgan Chase & Co. New 0.03% +0.03
FR First Industrial Realty TR Add +4.4% 0.53% +0.00
NEE Nextera Energy Inc. Add +7.8% 0.53% −0.00
POR Portland General Electric Co. Add +4.5% 0.52% −0.01
BHP BHP Group Ltd.-Spon ADR Add +0.5% 0.21% −0.01
MPLX MPLX LP Add +5.0% 0.48% −0.01
EGP Eastgroup Properties Inc. Add +4.7% 0.49% −0.02
GTY Getty Realty Corp. Add +5.4% 0.43% −0.03
TRNO Terreno Realty Corp. Add +4.6% 0.49% −0.03
CTRE Caretrust REIT Inc. Add +4.3% 0.54% −0.03
HESM Hess Midstream LP Class A Add +6.4% 0.39% −0.03
CVX Chevron Corp. Add +7.3% 0.39% −0.04
DKL Delek Logistics Partners LP Add +4.9% 0.48% −0.06
ATO Atmos Energy Corp. Add +4.5% 0.50% −0.06
NJR New Jersey Resources Corp. Add +5.1% 0.46% −0.07
XLE SS Energy Select Sector Add +5.2% 0.81% −0.08
ES Eversource Energy Add +4.2% 0.51% −0.09
WEC WEC Energy Group Inc. Add +4.8% 0.47% −0.09
CTIF Castellan Target Inc. ETF Add +6.3% 18.80% −1.97

Options Activity Q3 2025 → Q4 2025
PROSHARES TR II put Sold out 470 $978Kbefore exit
ALPHABET INC call Add +6.1% 70 $932K
SPY SS SPDR S&P 500 ETF Trust-US put New 270 $585K
HALOZYME THERAPEUTICS INC call Sold out 160 $318Kbefore exit
STATE STR SPDR S&P 500 ETF T put New 380 $304K
MICROSOFT CORP call Sold out 32 $237Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 39$910.0MCTEF, CTIF, BOXX, CTRE, LXP
Q1 2026 34$722.6MCTEF, CTIF, BOXX, CWEN, NEE
Q4 2025 57$792.7MCTEF, CTIF, GOOG, BOXX, MSFT
Q3 2025 35$688.0MCTEF, CTIF, GLTR, XLE, ES
Q2 2025Amended 31$542.8MCTEF, CTIF, XLE, GLTR, BOXX
Q1 2025 65$357.6MHALO, MSFT, FTNT, IDCC, TSCO
Q4 2024 61$230.8MAPP, MSFT, TGTX, FTNT, NCLH
Q3 2024 59$237.2MNRG, MSFT, APP, MOD, URI
Q2 2024 59$210.1MMSFT, FTAI, MOD, MEDP, KLAC
Q1 2024 59$195.3MMSFT, MOD, FTAI, URI, MEDP