CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

CIK

1329375

Location

DALLAS, TX

Portfolio Value

Small $142,282,202

Diversification

Diversified

Filing Date

Global Rank

#994 / 8,232 ▲ 167

Top Industry

Oil & Gas Midstream 74.2%

3Y Alpha vs SPY

+7.6%

Period ended 2 months ago

Filed Apr 28, 2026 · 47d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+111.7%

SPY

+76.3%

Annualised alpha

+7.6%

Max drawdown

−18.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

64 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.1%

+0.6 pts

Top 5

32.1%

+0.6 pts

Top 10

54.2%

+0.9 pts

HHI

396

Diversified+5

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	81.8%	$1,643,697,611	35
Utilities	7.1%	$142,282,202	11
Industrials	7.1%	$142,255,144	8
Technology	3.4%	$68,712,786	7
Real Estate	0.3%	$6,127,140	1
Financial Services	0.3%	$5,654,280	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

23 positions

Ticker	Company	Δ Shares	Shares	Value
ENB	Enbridge Inc	+400,000	1,001,500	$54,221,210
SEI	Solaris Energy Infrastructure, Inc.	+327,000	388,000	$21,925,880
WES	Western Midstream Partners, LP	+136,000	1,676,900	$69,037,973
WMB	Williams Companies, Inc.	+105,000	1,700,100	$123,733,278
MPC	Marathon Petroleum Corp	+60,300	142,800	$34,868,904
EQT	EQT Corp	+59,000	403,258	$25,663,339
NEE	Nextera Energy Inc	+45,000	95,000	$8,823,600
KNTK	Kinetik Holdings Inc.	+30,600	1,874,000	$90,720,340
PANW	Palo Alto Networks Inc	+25,000	72,000	$11,543,040
PRIM	Primoris Services Corp	+25,000	152,000	$21,742,080
DY	Dycom Industries Inc	+21,000	36,000	$12,197,520
NET	Cloudflare, Inc.	+20,000	50,000	$10,317,000
BE	Bloom Energy Corp	+20,000	135,000	$18,291,150
DOCN	DigitalOcean Holdings, Inc.	+16,200	132,200	$11,340,116
CLSK	Cleanspark, Inc.	+12,000	32,000	$272,320
PBA	Pembina Pipeline Corp	+10,000	1,357,100	$60,743,796
NRG	Nrg Energy, Inc.	+8,500	170,500	$24,916,870
ET	Energy Transfer LP	+6,000	7,997,600	$154,353,680
SNOW	Snowflake Inc.	+6,000	29,000	$4,373,780
CRWD	CrowdStrike Holdings, Inc.	+5,000	30,000	$11,712,300
IREN	IREN Ltd	+4,000	157,000	$5,381,960
AGX	Argan Inc	+3,000	38,000	$20,696,700
MTZ	Mastec Inc	+400	70,900	$22,811,366
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
SOBO	South Bow Corp	−625,000	865,500	$28,838,460
CVE	Cenovus Energy Inc.	−430,000	30,000	$795,900
PAGP	Plains Gp Holdings LP	−265,000	3,460,000	$84,008,800
OKE	Oneok Inc /New/	−228,016	1,069,900	$96,708,261
KMI	Kinder Morgan, Inc.	−142,700	2,722,300	$91,278,719
AM	Antero Midstream Corp	−115,000	201,000	$4,582,800
PAA	Plains All American Pipeline LP	−100,000	55,300	$1,234,849
VNOM	Viper Energy, Inc.	−74,000	205,000	$9,632,950
EPD	Enterprise Products Partners L.P.	−47,000	1,745,500	$66,049,720
LNG	Cheniere Energy, Inc.	−45,000	279,800	$79,396,048
GEL	Genesis Energy LP	−34,700	151,000	$2,692,330
CEG	Constellation Energy Corp	−34,000	82,700	$23,093,975
TRGP	Targa Resources Corp.	−29,000	652,300	$163,551,179
TLN	Talen Energy Corp	−27,900	89,300	$28,507,239
VST	Vistra Corp.	−25,100	183,600	$27,600,588
MPLX	Mplx LP	−24,700	1,859,100	$106,098,837
GEV	GE Vernova Inc.	−23,850	24,000	$20,949,600
DTM	DT Midstream, Inc.	−22,200	727,100	$97,918,557
NXT	Nextpower Inc.	−20,000	143,000	$17,238,650
TRP	Tc Energy Corp	−14,900	1,280,600	$80,165,560
PSX	Phillips 66	−10,800	180,100	$32,810,618
PWR	Quanta Services, Inc.	−1,000	38,000	$20,862,760
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
APC	ARKO Petroleum Corp.	712,451	$12,745,748
SUNC	SunocoCorp LLC	200,000	$12,330,000
EE	Excelerate Energy, Inc.	325,000	$10,861,500
WTTR	Select Water Solutions, Inc.	420,000	$6,426,000
MWH	SOLV Energy, Inc.	200,000	$6,006,000
WBI	WaterBridge Infrastructure LLC	202,500	$5,424,975
STRL	Sterling Infrastructure, Inc.	11,550	$4,703,968
DUK	Duke Energy CORP	35,000	$4,582,900
CIFR	Cipher Digital Inc.	170,000	$2,187,900
GLNG	Golar Lng Ltd	7,000	$378,770
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
HESM	Hess Midstream LP	1,357,200	$46,823,400
FSLR	First Solar, Inc.	68,000	$17,763,640
MSFT	Microsoft Corp	10,000	$4,836,200
ORCL	Oracle Corp	23,000	$4,482,930
PEG	Public Service Enterprise Group Inc	49,000	$3,934,700
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

11 positions · $142,282,202 total · Utilities only · as of Mar 31, 2026

All sectors Energy Financial Services Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TLN	Talen Energy Corp Utilities	Reduced	89,300	-27,900	$28,507,239	−35.1%	20.04%
VST	Vistra Corp. Utilities	Reduced	183,600	-25,100	$27,600,588	−18.0%	19.40%
NRG	Nrg Energy, Inc. Utilities	Added	170,500	+8,500	$24,916,870	−3.4%	17.51%
CEG	Constellation Energy Corp Utilities	Reduced	82,700	-34,000	$23,093,975	−44.0%	16.23%
NEE	Nextera Energy Inc Utilities	Added	95,000	+45,000	$8,823,600	+119.8%	6.20%
ETR	Entergy Corp /De/ Utilities	Held	63,000	0	$7,078,680	+21.6%	4.98%
MWH	SOLV Energy, Inc. Utilities	NEW	200,000	NEW	$6,006,000	NEW	4.22%
DUK	Duke Energy CORP Utilities	NEW	35,000	NEW	$4,582,900	NEW	3.22%
SO	Southern Co Utilities	Held	45,000	0	$4,343,400	+10.7%	3.05%
WEC	Wec Energy Group, Inc. Utilities	Held	35,000	0	$4,051,950	+9.8%	2.85%
AEP	American Electric Power Co Inc Utilities	Held	25,000	0	$3,277,000	+13.7%	2.30%