Q3 2026 13F · SEC CIK 1329375

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

Hedge fundFiled 2026-10-26 for Q3 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: 9.1 yrs

CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT is a hedge fund that reported 73 positions worth $2.2B in its Q3 2026 13F, filed 2026-10-26. Its largest holdings were Energy Transfer L P (ETPC, 7.0%), Targa Res Corp (TRGP, 6.9%), Williams Cos (WMB, 5.6%). 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 Q2 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	Q2 2026	Shares	Share change	Reported value
ETPCEnergy Transfer L P	7.0%	6.8%	7,772,599	-1.9%	$153.7M
TRGPTarga Res Corp	6.9%	7.4%	554,800	-9.7%	$150.0M
WMBWilliams Cos	5.6%	6.2%	1,788,100	-4.2%	$121.5M
PAGPPlains Gp Hldgs L P	4.4%	4.1%	3,745,000	-1.3%	$97.0M
LNGCheniere Energy Inc	4.1%	3.6%	331,100	-2.0%	$89.1M
KNTKKinetik Holdings Inc	4.1%	3.8%	1,773,000	+1.2%	$89.0M
DTMDt Midstream Inc	3.8%	4.8%	687,100	-5.9%	$82.1M
OKEOneok Inc New	3.8%	—	959,900	—	$81.9M
MPLXMplx LP	3.4%	4.1%	1,330,800	-17.6%	$75.0M
SOISolaris Energy Infrastructure Inc	3.4%	1.5%	1,029,000	+146.2%	$73.2M
KMIKinder Morgan Inc Del	3.1%	2.9%	2,274,400	+11.5%	$68.6M
TRPTc Energy Corp	3.0%	3.7%	1,145,800	-8.0%	$66.2M
EPDEnterprise Prods Partners L	2.9%	2.6%	1,801,500	+15.1%	$64.2M
WESWestern Midstream Partners LP	2.7%	2.5%	1,330,900	+5.6%	$59.1M
PBAPembina Pipeline Corp	2.4%	2.4%	1,158,100	+0.0%	$51.6M
BEBloom Energy Corp	1.8%	1.9%	145,200	+6.1%	$40.2M
KGSKodiak Gas Svcs Inc	1.8%	1.0%	728,000	+142.7%	$38.6M
GEVGe Vernova Inc	1.7%	1.5%	38,650	+34.7%	$36.7M
CRWDCrowdstrike Hldgs Inc	1.5%	1.0%	122,700	+323.1%	$32.5M
PANWPalo Alto Networks Inc	1.5%	1.1%	80,000	+6.7%	$31.8M
VSTVistra Corp	1.4%	1.4%	224,000	+13.1%	$31.0M
CEGConstellation Energy Corp	1.4%	1.2%	120,800	+12.9%	$30.7M
TLNTalen Energy Corp	1.3%	1.3%	92,600	+20.6%	$29.0M
ENBEnbridge Inc	1.3%	2.3%	621,500	-35.0%	$28.9M
PWRQuanta Svcs Inc	1.2%	1.4%	41,250	-5.8%	$26.5M
WTTRSelect Water Solutions Inc	1.2%	0.9%	1,330,000	+30.4%	$26.3M
NRGNrg Energy Inc	1.2%	1.4%	274,900	+29.2%	$26.3M
SUNCSunococorp LLC	1.2%	1.2%	356,000	-12.3%	$26.0M
MPCMarathon Petroleum	1.1%	0.6%	60,800	+22.1%	$24.0M
VGVenture Global Inc	1.1%	0.7%	1,870,000	+34.6%	$23.6M
SOBOSouth Bow Corp	1.1%	1.3%	705,500	-17.5%	$23.4M
NETCloudflare Inc	1.0%	0.7%	60,000	+0.0%	$20.8M
EEExcelerate Energy Inc	0.9%	1.1%	644,500	-0.8%	$20.7M
IRDMIridium Communications Inc	0.9%	0.6%	416,500	+76.5%	$20.0M
DOCNDigitalocean Hldgs Inc	0.9%	1.0%	145,600	+3.7%	$19.4M
WBIWaterbridge Infrastructure L	0.9%	1.0%	660,000	+6.5%	$18.6M
MTZMasTec Inc	0.8%	1.5%	78,600	-5.1%	$16.8M
AGXArgan Inc	0.8%	1.6%	43,300	-4.8%	$16.4M
PSXPhillips 66	0.7%	0.6%	58,100	-20.5%	$14.8M
DYDycom Inds Inc	0.6%	1.2%	51,000	-1.9%	$13.7M
NXTNextpower Inc	0.6%	1.0%	173,600	-4.1%	$13.5M
MWHSolv Energy Inc	0.6%	0.8%	506,000	-2.7%	$12.2M
EQTEqt Corp	0.5%	1.0%	238,258	-40.9%	$11.6M
SNOWSnowflake Inc	0.5%	0.4%	34,000	+0.0%	$11.5M
NBISNebius Group N.v.	0.5%	0.4%	44,500	+42.2%	$10.5M
STRLSterling Infrastructure Inc	0.5%	0.8%	20,450	-0.5%	$10.1M
AESIAtlas Energy Solutions Inc	0.5%	—	832,000	—	$10.0M
ETREntergy Corp New	0.5%	0.5%	100,000	+0.0%	$9.9M
EROKEaglerock Ld LLC	0.4%	0.4%	470,000	+0.0%	$9.8M
IRENIren Limited	0.4%	—	210,400	—	$8.6M

What CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT bought and sold in Q3 2026, against Q2 2026.

New positions

Q2 2026's filing was too long to tell new positions apart.

Added to

CRWD Crowdstrike Hldgs Inc+323.1% shares
SOI Solaris Energy Infrastructure Inc+146.2% shares
KGS Kodiak Gas Svcs Inc+142.7% shares
IRDM Iridium Communications Inc+76.5% shares
NBIS Nebius Group N.v.+42.2% shares
GEV Ge Vernova Inc+34.7% shares
VG Venture Global Inc+34.6% shares
WTTR Select Water Solutions Inc+30.4% shares

Reduced

EQT Eqt Corp-40.9% shares
ENB Enbridge Inc-35.0% shares
PSX Phillips 66-20.5% shares
MPLX Mplx LP-17.6% shares
SOBO South Bow Corp-17.5% shares
SUNC Sunococorp LLC-12.3% shares
TRGP Targa Res Corp-9.7% shares
TRP Tc Energy Corp-8.0% shares

Left the top 50

Share counts compared with the Q2 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, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 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
Q3 2026	$2.2B	73
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

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 Q3 2026 and filed Oct 26, 2026, lists 73 positions worth $2.2B. The largest are Energy Transfer L P (ETPC) at 7.0%, Targa Res Corp (TRGP) at 6.9%, Williams Cos (WMB) at 5.6%, Plains Gp Hldgs L P (PAGP) at 4.4% and Cheniere Energy Inc (LNG) at 4.1%.

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

In Q3 2026, CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT added Crowdstrike Hldgs Inc (CRWD) (+323.1% shares), Solaris Energy Infrastructure Inc (SOI) (+146.2% shares) and Kodiak Gas Svcs Inc (KGS) (+142.7% shares), compared with its Q2 2026 filing.

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

In Q3 2026, CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT cut from its top 50 Oneok Inc New (OKE), cut from its top 50 Entegris Inc (ENTG), cut from its top 50 Digital Rlty Tr Inc (DLR), Eqt Corp (EQT) (-40.9% shares), Enbridge Inc (ENB) (-35.0% shares) and Phillips 66 (PSX) (-20.5% shares), compared with its Q2 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 Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.