CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +6.0% per quarter — versus +2.4% per quarter from simply owning every 13F stock. It beat that baseline in only 54.8% of quarters (excess t = 1.38, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 64 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| TRGP | $164M | | TRIM |
| ET | $154M | | HOLD |
| WMB | $124M | | ADD |
| MPLX | $106M | | HOLD |
| DTM | $98M | | TRIM |
| OKE | $97M | | TRIM |
| KMI | $91M | | TRIM |
| KNTK | $91M | | HOLD |
| PAGP | $84M | | TRIM |
| TRP | $80M | | HOLD |
| LNG | $79M | | TRIM |
| WES | $69M | | ADD |
| EPD | $66M | | TRIM |
| PBA | $61M | | HOLD |
| ENB | $54M | | ADD |
| MPC | $35M | | ADD |
| PSX | $33M | | TRIM |
| SOBO | $29M | | TRIM |
| TLN | $29M | | TRIM |
| VST | $28M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.