In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 23, 2026), Castellan Group reported 34 stock positions worth $722.6 million . Its top holding was Castellan Targetd Equity ETF (CTEF) at 61.1% of the portfolio, followed by Castellan Target Inc. ETF (CTIF, 22.2% ) and Alpha Architect 1-3 MNTH Box (BOXX, 2.9% ). Compared with Q4 2025, it opened 1 new position, sold out of 24, added to 18 and reduced 10. The biggest buy was Castellan Targetd Equity ETF (CTEF, shares +1% ) and the biggest sale an exit from Alphabet Class C (GOOG).
Location LOUISVILLE, KY
CIK 0001832521
Portfolio Value $722.6M (Q1 2026) Holdings 34 stocks · $722.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 CTEF Castellan Targetd Equity ETF 6,499,741 $441.4M Add +1.3% CTIF Castellan Target Inc. ETF 3,303,710 $160.3M Add +12.2% BOXX Alpha Architect 1-3 MNTH Box 177,481 $20.6M Add +84.7% CWEN Clearway Energy Inc. Class C 142,230 $5.6M Add +9.2% NEE Nextera Energy Inc. 54,095 $5.0M Add +4.2% GLTR Abrdn Precious Metals Basket 22,882 $5.0M Reduce -39.8% POR Portland General Electric Co. 94,433 $5.0M Add +9.5% XLE SS Energy Select Sector 79,591 $4.9M Reduce -44.9% NJR New Jersey Resources Corp. 88,321 $4.9M Add +10.6% CTRE Caretrust REIT Inc. 130,179 $4.8M Add +9.0% ATO Atmos Energy Corp. 25,625 $4.7M Add +7.7% FR First Industrial Realty TR 79,219 $4.6M Add +7.1% ES Eversource Energy 65,923 $4.6M Add +9.8% DKL Delek Logistics Partners LP 91,162 $4.5M Add +7.6% WEC WEC Energy Group Inc. 38,939 $4.5M Add +10.8% TRNO Terreno Realty Corp. 72,689 $4.5M Add +10.2% EGP Eastgroup Properties Inc. 23,923 $4.4M Add +10.1% MPLX MPLX LP 77,053 $4.4M Add +7.8% GTY Getty Realty Corp. 134,301 $4.3M Add +8.6% HESM Hess Midstream LP Class A 98,872 $3.8M Add +9.9% XOM Exxon Mobil Corp. 14,862 $2.5M Reduce -76.4% OCTP Pgim S&P 500 Buffer 12-Oct 84,120 $2.5M No change CVX Chevron Corp. 11,381 $2.4M Reduce -44.5% SPY SS SPDR S&P 500 ETF Trust-US 3,600 $2.3M Reduce -67.0% MSFT Microsoft Corp. 6,200 $2.3M Reduce -63.8% RIO Rio Tinto PLC-Spon ADR 21,548 $2.0M No change BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 27,083 $2.0M No change DDFN Innov Eq DD 15 Buf ETF - Nov 81,187 $1.5M No change ORCL Oracle Corp. 7,600 $1.1M New META Meta Platforms Inc. Class A 1,000 $572K Reduce -83.5% LRN Stride Inc. 5,800 $511K Reduce -8.5% AMZN Amazon.com Inc. 2,400 $500K Reduce -93.3% PGR Progressive Corp. 2,000 $396K No change AAPL Apple Inc. 930 $236K Reduce -96.2%
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($1.5M), SPY puts ($877K), INVESCO QQQ TR puts ($694K).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ GOOG Alphabet Inc. Class C Sold out 0.00% −1.47 AMZN Amazon.com Inc. Reduce -93.3% 0.07% −0.97 RSP Invesco S&P 500 Equal Weight Sold out 0.00% −0.94 MCK McKesson Corp. Sold out 0.00% −0.84 AAPL Apple Inc. Reduce -96.2% 0.03% −0.81 NVDA Nvidia Corp. Sold out 0.00% −0.74 MSFT Microsoft Corp. Reduce -63.8% 0.32% −0.73 VB Vanguard Most SM-Cap ETF-Usd Sold out 0.00% −0.62 SPY SS SPDR S&P 500 ETF Trust-US Reduce -67.0% 0.32% −0.61 XOM Exxon Mobil Corp. Reduce -76.4% 0.35% −0.61 USMV iShares MSCI USA Min Vol Fac Sold out 0.00% −0.49 AXP American Express Co. Sold out 0.00% −0.43 META Meta Platforms Inc. Class A Reduce -83.5% 0.08% −0.43 V Visa Inc. Class A Sold out 0.00% −0.41 CAT Caterpillar Inc. Sold out 0.00% −0.39 BRK.B Berkshire Hathaway Inc. Class B Sold out 0.00% −0.39 IUSV iShares Core S&P U.S. Value Sold out 0.00% −0.38 PANW Palo Alto Networks Inc. Sold out 0.00% −0.36 TT Trane Technologies PLC Sold out 0.00% −0.36 WMT Walmart Inc. Sold out 0.00% −0.35 UBER Uber Technologies Inc. Sold out 0.00% −0.31 GLTR Abrdn Precious Metals Basket Reduce -39.8% 0.69% −0.29 TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.27 INDA iShares MSCI India ETF Sold out 0.00% −0.24 HD Home Depot Inc. Sold out 0.00% −0.23 HON Honeywell International Inc. Sold out 0.00% −0.20 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.18 XLE SS Energy Select Sector Reduce -44.9% 0.67% −0.14 CVX Chevron Corp. Reduce -44.5% 0.33% −0.07 PDEC Innovator U.S. Equity Power Sold out 0.00% −0.07 BMAR Innovator U.S. Equity Buffer Sold out 0.00% −0.05 AVGO Broadcom Inc. Sold out 0.00% −0.03 JPM JPMorgan Chase & Co. Sold out 0.00% −0.03 LRN Stride Inc. Reduce -8.5% 0.07% +0.02
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ CTEF Castellan Targetd Equity ETF Add +1.3% 61.08% +7.01 CTIF Castellan Target Inc. ETF Add +12.2% 22.18% +3.38 BOXX Alpha Architect 1-3 MNTH Box Add +84.7% 2.86% +1.46 CWEN Clearway Energy Inc. Class C Add +9.2% 0.77% +0.23 NJR New Jersey Resources Corp. Add +10.6% 0.67% +0.21 NEE Nextera Energy Inc. Add +4.2% 0.70% +0.17 POR Portland General Electric Co. Add +9.5% 0.69% +0.17 GTY Getty Realty Corp. Add +8.6% 0.59% +0.16 WEC WEC Energy Group Inc. Add +10.8% 0.62% +0.16 ORCL Oracle Corp. New 0.15% +0.15 ATO Atmos Energy Corp. Add +7.7% 0.66% +0.15 DKL Delek Logistics Partners LP Add +7.6% 0.63% +0.15 HESM Hess Midstream LP Class A Add +9.9% 0.53% +0.14 TRNO Terreno Realty Corp. Add +10.2% 0.62% +0.13 MPLX MPLX LP Add +7.8% 0.61% +0.13 EGP Eastgroup Properties Inc. Add +10.1% 0.61% +0.12 ES Eversource Energy Add +9.8% 0.63% +0.12 CTRE Caretrust REIT Inc. Add +9.0% 0.66% +0.12 FR First Industrial Realty TR Add +7.1% 0.63% +0.10
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ STATE STR SPDR S&P 500 ETF T put Reduce -7.6% 351 $1.5M ALPHABET INC call Sold out 70 $932Kbefore exit INVESCO QQQ TR put New 171 $694K ALPHABET INC call Sold out 46 $660Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 39 $910.0M CTEF, CTIF, BOXX, CTRE, LXP Q1 2026 34 $722.6M CTEF, CTIF, BOXX, CWEN, NEE Q4 2025 57 $792.7M CTEF, CTIF, GOOG, BOXX, MSFT Q3 2025 35 $688.0M CTEF, CTIF, GLTR, XLE, ES Q2 2025 Amended 31 $542.8M CTEF, CTIF, XLE, GLTR, BOXX Q1 2025 65 $357.6M HALO, MSFT, FTNT, IDCC, TSCO Q4 2024 61 $230.8M APP, MSFT, TGTX, FTNT, NCLH Q3 2024 59 $237.2M NRG, MSFT, APP, MOD, URI Q2 2024 59 $210.1M MSFT, FTAI, MOD, MEDP, KLAC Q1 2024 59 $195.3M MSFT, MOD, FTAI, URI, MEDP