Q2 2026 13F · SEC CIK 1329375

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

Hedge fundFiled 2026-07-28 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.2B
Reported positions: 73
Top holdings a year, 3 yrs: +23.0%
Average holding period: 10.3 yrs

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT is a hedge fund that reported 73 positions worth $2.2B in its Q2 2026 13F, filed 2026-07-28. Its largest holdings were Targa Res Corp (TRGP, 7.4%), Energy Transfer L P (ETPC, 6.8%), Williams Companies (WMB, 6.2%). A portfolio copying its top holdings returned 23.0% a year over the last 3 years, against 20.4% for the S&P 500.

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT holdings largest 50 of 73 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
TRGPTarga Res Corp	7.4%	8.1%	614,300	-5.8%	$164.7M
ETPCEnergy Transfer L P	6.8%	7.7%	7,923,600	-0.9%	$151.5M
WMBWilliams Companies	6.2%	6.2%	1,866,100	+9.8%	$138.7M
DTMDt Midstream Inc Common Stock	4.8%	4.9%	730,100	+0.4%	$107.1M
PAGPPlains Gp Hldgs L P	4.1%	4.2%	3,795,000	+9.7%	$92.1M
MPLXMplx LP	4.1%	5.3%	1,614,600	-13.2%	$91.0M
OKEOneok Inc	3.8%	4.8%	985,900	-7.9%	$85.7M
KNTKKinetik Holdings Inc	3.8%	4.5%	1,752,000	-6.5%	$84.7M
TRPTc Energy Corp	3.7%	4.0%	1,245,800	-2.7%	$82.6M
LNGCheniere Energy Inc	3.6%	4.0%	337,800	+20.7%	$80.7M
KMIKinder Morgan Inc Del Com	2.9%	4.5%	2,039,400	-25.1%	$65.2M
EPDEnterprise Prods Partners L	2.6%	3.3%	1,565,500	-10.3%	$57.5M
WESWestern Midstream Partners LP	2.5%	3.4%	1,259,900	-24.9%	$55.1M
PBAPembina Pipeline Corp	2.4%	3.0%	1,158,100	-14.7%	$53.6M
ENBEnbridge Inc Com	2.3%	2.7%	956,500	-4.5%	$51.9M
BEBloom Energy Corp	1.9%	0.9%	136,900	+1.4%	$41.4M
AGXArgan, Inc.	1.6%	1.0%	45,500	+19.7%	$36.3M
MTZMastec Inc	1.5%	1.1%	82,800	+16.8%	$34.4M
GEVGe Vernova Inc	1.5%	1.0%	28,700	+19.6%	$33.7M
SOISolaris Energy Infras Inc	1.5%	1.1%	418,000	+7.7%	$33.6M
PWRQuanta Svcs Inc Com	1.4%	1.0%	43,800	+15.3%	$31.5M
VSTVistra Corp Com	1.4%	1.4%	198,000	+7.8%	$31.4M
NRGNrg Energy Inc	1.4%	1.2%	212,700	+24.8%	$31.1M
SOBOSouth Bow Corp	1.3%	1.4%	855,500	-1.2%	$30.1M
TLNTalen Energy Corp	1.3%	1.4%	76,800	-14.0%	$29.5M
SUNCSunococorp LLC	1.2%	0.6%	406,000	+103.0%	$27.5M
CEGConstellation Energy Corp	1.2%	1.1%	107,000	+29.4%	$26.6M
DYDycom Industries Inc	1.2%	0.6%	52,000	+44.4%	$26.3M
PANWPalo Alto Networks Inc	1.1%	0.6%	75,000	+4.2%	$25.6M
EEExcelerate Energy Inc Cl A Com	1.1%	0.5%	650,000	+100.0%	$24.7M
KGSKodiak Gas Services Inc	1.0%	—	300,000	—	$22.5M
CRWDCrowdstrike Hldgs Inc Class A	1.0%	0.6%	29,000	-3.3%	$22.1M
DOCNDigitalocean Hldgs Inc	1.0%	0.6%	140,400	+6.2%	$22.0M
NXTNextpower Inc	1.0%	0.9%	181,000	+26.6%	$21.6M
EQTEQT Corp	1.0%	1.3%	403,258	+0.0%	$21.4M
WBIWaterbridge Infrastructure L	1.0%	0.3%	620,000	+206.2%	$21.2M
WTTRSelect Water Solutions Inc	0.9%	0.3%	1,020,000	+142.9%	$20.4M
MWHSolv Energy Inc	0.8%	0.3%	520,000	+160.0%	$17.7M
STRLSterling Infrastructure Inc	0.8%	0.2%	20,550	+77.9%	$17.2M
VGVenture Global Inc	0.7%	—	1,389,000	—	$15.5M
NETCloudflare Inc	0.7%	0.5%	60,000	+20.0%	$14.7M
IRDMIridium Communications Inc	0.6%	—	236,000	—	$12.9M
MPCMarathon Petroleum Corporation	0.6%	1.7%	49,800	-65.1%	$12.7M
PSXPhillips 66	0.6%	1.6%	73,100	-59.4%	$12.4M
ETREntergy Corp.	0.5%	0.4%	100,000	+58.7%	$11.5M
ENTGEntegris Inc Com	0.5%	—	59,000	—	$10.6M
EROKEaglerock Ld LLC	0.4%	—	470,000	—	$10.0M
SNOWSnowflake Inc	0.4%	—	34,000	—	$8.7M
NBISNebius Group N.v. Shs Class A	0.4%	—	31,300	—	$8.6M
DLRDigital Realty Trust Inc	0.4%	0.3%	47,000	+38.2%	$8.4M

What CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +26.3% /yr; S&P 500 +20.1%
3 years: +23.0% /yr; S&P 500 +20.4%
5 years: +18.9% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.2B	73
Q1 2026	$2.0B	64
Q4 2025	$1.7B	60
Q3 2025	$1.8B	59
Q2 2025	$1.6B	60
Q1 2025	$1.6B	60
Q4 2024	$1.5B	64
Q3 2024	$1.4B	62
Q2 2024	$1.3B	57
Q1 2024	$1.2B	56
Q4 2023	$1.1B	56
Q3 2023	$987.0M	59

Questions about CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's portfolio

What stocks does CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT own?

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's latest 13F, for Q2 2026 and filed Jul 28, 2026, lists 73 positions worth $2.2B. The largest are Targa Res Corp (TRGP) at 7.4%, Energy Transfer L P (ETPC) at 6.8%, Williams Companies (WMB) at 6.2%, Dt Midstream Inc Common Stock (DTM) at 4.8% and Plains Gp Hldgs L P (PAGP) at 4.1%.

What did CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT buy last quarter?

In Q2 2026, CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT added Waterbridge Infrastructure L (WBI) (+206.2% shares), Solv Energy Inc (MWH) (+160.0% shares) and Select Water Solutions Inc (WTTR) (+142.9% shares), compared with its Q1 2026 filing.

What did CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT sell last quarter?

In Q2 2026, CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT cut from its top 50 Primoris Svcs Corp (PRIM), cut from its top 50 Arko Petroleum Corp (APC), cut from its top 50 Viper Energy Inc (VNOM), cut from its top 50 Nextera Energy Inc Com (NEE), cut from its top 50 TXO Partners LP (TXO), Marathon Petroleum Corporation (MPC) (-65.1% shares), Phillips 66 (PSX) (-59.4% shares) and Kinder Morgan Inc Del Com (KMI) (-25.1% shares), compared with its Q1 2026 filing.

How has CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's portfolio performed?

A portfolio copying CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's 20 largest 13F holdings each quarter, from the day each filing was public, returned +23.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +26.3% against +20.1%. Over 5 years: +18.9% a year against +11.6%.

When is CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's next 13F filing due?

13F filings are due 45 days after each quarter ends. CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.