CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
Long book
$2.01B
Q1 2026
Positions
64
Top-10 weight
54%
concentration
Last quarter
+5.1%
SPY +14.8%
Turnover
23%
of book per quarter
Strategy in plain words
auto-generated from filingsCUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT is a diversified fundamental manager, specialised in utilities (63% of the long book), running a $2.01B US long book across 64 positions.
The portfolio is concentrated: the top 10 names carry 54% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: TARGA RESOURCES CORP, ENERGY TRANSFER LP, WILLIAMS COS INC, MPLX LP, DT MIDSTREAM INC.
Over the last 9 quarters its long book ran on average 1.9pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.1%
Q2 2024
+7.0%
Q3 2024
+10.6%
Q4 2024
+4.8%
Q1 2025
+2.3%
Q2 2025
+2.9%
Q3 2025
-1.2%
Q4 2025
+19.7%
Q1 2026
+5.1%
Sector allocation
Utilities 66%
Energy 20%
Industrials 9%
Technology 3%
Consumer discretionary 1%
Financials 0%
Materials 0%
Long book by quarter
What does CUSHING ASSET own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TRGP TARGA RESOURCES CORP | Utilities | 652.3K | $163.6M | 8.1% | -4.3% |
| ET ENERGY TRANSFER LP | Utilities | 8.0M | $154.4M | 7.7% | +0.1% |
| WMB WILLIAMS COS INC | Utilities | 1.7M | $123.7M | 6.2% | +6.6% |
| MPLX MPLX LP | Energy | 1.9M | $106.1M | 5.3% | -1.3% |
| DTM DT MIDSTREAM INC | Utilities | 727.1K | $97.9M | 4.9% | -3.0% |
| OKE ONEOK INC | Utilities | 1.1M | $96.7M | 4.8% | -17.6% |
| KMI KINDER MORGAN INC | Utilities | 2.7M | $91.3M | 4.5% | -5.0% |
| KNTK KINETIK HOLDINGS INC | Utilities | 1.9M | $90.7M | 4.5% | +1.7% |
| TRP TC ENERGY CORP | Utilities | 1.3M | $80.2M | 4.0% | -1.2% |
| LNG CHENIERE ENERGY INC | Utilities | 279.8K | $79.4M | 4.0% | -13.9% |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 1.7M | $69.0M | 3.4% | +8.8% |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 1.7M | $66.0M | 3.3% | -2.6% |
| PBA PEMBINA PIPELINE CORP | Energy | 1.4M | $60.7M | 3.0% | +0.7% |
| ENB ENBRIDGE INC | Energy | 1.0M | $54.2M | 2.7% | +66.5% |
| MPC MARATHON PETROLEUM CORP | Energy | 142.8K | $34.9M | 1.7% | +73.1% |
| PSX PHILLIPS 66 | Energy | 180.1K | $32.8M | 1.6% | -5.7% |
| SOBO SOUTH BOW CORP | Energy | 865.5K | $28.8M | 1.4% | -41.9% |
| TLN TALEN ENERGY CORP | Utilities | 89.3K | $28.5M | 1.4% | -23.8% |
| VST VISTRA CORP | Utilities | 183.6K | $27.6M | 1.4% | -12.0% |
| EQT EQT CORP | Energy | 403.3K | $25.7M | 1.3% | +17.1% |
| NRG NRG ENERGY INC | Utilities | 170.5K | $24.9M | 1.2% | +5.2% |
| CEG CONSTELLATION ENERGY | Utilities | 82.7K | $23.1M | 1.1% | -29.1% |
| MTZ MASTEC INC | Industrials | 70.9K | $22.8M | 1.1% | +0.6% |
| SEI SOLARIS ENERGY INFRASTRUCTUR | Industrials | 388.0K | $21.9M | 1.1% | +536.1% |
| PRIM PRIMORIS SERVICES CORP | Industrials | 152.0K | $21.7M | 1.1% | +19.7% |
| GEV GE VERNOVA INC | Industrials | 24.0K | $20.9M | 1.0% | -49.8% |
| PWR QUANTA SERVICES INC | Industrials | 38.0K | $20.9M | 1.0% | -2.6% |
| AGX ARGAN INC | Industrials | 38.0K | $20.7M | 1.0% | +8.6% |
| BE BLOOM ENERGY CORP- A | Industrials | 135.0K | $18.3M | 0.9% | +17.4% |
| NXT NEXTPOWER INC-CL A | Technology | 143.0K | $17.2M | 0.9% | -12.3% |
| APC ARKO PETROLEUM CORP | Consumer discretionary | 712.5K | $12.7M | 0.6% | New |
| SUNC SUNOCOCORP LLC | Energy | 200.0K | $12.3M | 0.6% | New |
| DY DYCOM INDUSTRIES INC | Industrials | 36.0K | $12.2M | 0.6% | +140.0% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 30.0K | $11.7M | 0.6% | +20.0% |
| PANW PALO ALTO NETWORKS INC | Technology | 72.0K | $11.5M | 0.6% | +53.2% |
| DOCN DIGITALOCEAN HOLDINGS INC | Technology | 132.2K | $11.3M | 0.6% | +14.0% |
| EE EXCELERATE ENERGY INC-A | Utilities | 325.0K | $10.9M | 0.5% | New |
| NET CLOUDFLARE INC - CLASS A | Technology | 50.0K | $10.3M | 0.5% | +66.7% |
| VNOM VIPER ENERGY INC-CL A | Energy | 205.0K | $9.6M | 0.5% | -26.5% |
| NEE NEXTERA ENERGY INC | Utilities | 95.0K | $8.8M | 0.4% | +90.0% |
| ETR ENTERGY CORP | Utilities | 63.0K | $7.1M | 0.4% | Held |
| WTTR SELECT WATER SOLUTIONS INC | Energy | 420.0K | $6.4M | 0.3% | New |
| MWH SOLV ENERGY INC-CL A | Industrials | 200.0K | $6.0M | 0.3% | New |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 202.5K | $5.4M | 0.3% | New |
| IREN IREN LTD | Financials | 157.0K | $5.4M | 0.3% | +2.6% |
| ARLP ALLIANCE RESOURCE PARTNERS | Materials | 191.0K | $5.3M | 0.3% | Held |
| STRL STERLING INFRASTRUCTURE INC | Industrials | 11.6K | $4.7M | 0.2% | New |
| DUK DUKE ENERGY CORP | Utilities | 35.0K | $4.6M | 0.2% | New |
| AM ANTERO MIDSTREAM CORP | Utilities | 201.0K | $4.6M | 0.2% | -36.4% |
| SNOW SNOWFLAKE INC | Technology | 29.0K | $4.4M | 0.2% | +26.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 28, 2026 | 66 | $2.02B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 27, 2026 | 60 | $1.74B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 20, 2025 | 59 | $1.76B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 14, 2025 | 68 | $1.73B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 61 | $1.62B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 21, 2025 | 68 | $1.52B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 21, 2024 | 63 | $1.36B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 22, 2024 | 59 | $1.26B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 24, 2024 | 56 | $1.18B | canonical | SEC ↗ |
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