CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
SEC Form 13F institutional filer · CIK 0001329375
13F-HR · 22 reported holdings · 2026-03-31
Reported long-US-equity value
$0.94B
Top-10 concentration
86.6%
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT — $944M AUM allocation strategy
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT files SEC Form 13F and reports $944M of long US equity value across 22 reported holdings for 2026-03-31.
Its largest sector bet is Energy 71.4%, followed by Utilities 10.6% and Financials 9.6%.
The top 10 holdings account for 87% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$944M
total across 22 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
87% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$WMB +105K sh · +$27.9M+$EQT +59K sh · +$7.21M+$NEE +45K sh · +$4.81M
Biggest trims (shares)
−$OKE −228K sh · +$1.31M−$KMI −143K sh · +$12.5M−$CEG −34K sh · −$18.1M
Exited to nil (held last quarter, gone now)
$FSLR ($17.8M last qtr)$MSFT ($4.84M last qtr)$ORCL ($4.48M last qtr)$PEG ($3.93M last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Oil & Gas Storage & Transportation50.3%—
- Oil & Gas Refining & Marketing18.4%—
- Asset Management & Custody Banks9.6%—
- Electric Utilities7.0%—
- Oil & Gas Exploration & Production2.7%—
- Independent Power Producers & Energy Traders2.7%—
- Systems Software2.5%—
- Heavy Electrical Equipment2.2%—
- Other holdings4.6%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $TRGP | Targa Resources Inc | 652K | $164M | -29K | 17.3% |
| $MPC | Marathon Petroleum Corporation | 2M | $141M | +35.6K | 14.9% |
| $WMB | Williams Companies Inc | 1.7M | $124M | +105K | 13.1% |
| $OKE | ONEOK Inc | 1.07M | $96.7M | -228K | 10.2% |
| $KMI | Kinder Morgan Inc | 2.72M | $91.3M | -143K | 9.7% |
| $BX | Blackstone Inc | 1.87M | $90.7M | +30.6K | 9.6% |
| $PSX | Phillips 66 | 180K | $32.8M | -10.8K | 3.5% |
| $VST | Vistra Corp | 184K | $27.6M | -25.1K | 2.9% |
| $EQT | EQT Corporation | 403K | $25.7M | +59K | 2.7% |
| $NRG | NRG Energy Inc | 171K | $24.9M | +8.5K | 2.6% |
…and 12 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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