CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

CIK 0001329375 · Q1 2026

13F Equity AUM

$2.0B

+15.8% QoQ

Positions

+6 QoQ

AUM Rank

#1,787

Top 14%

Skill Alpha (FF)

-1.6%/yr^ns

No Clear Edge

Rank #4,541 · Top 55%

vs S&P -12.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 32.0%Top 10: 53.9%Top 20: 77.8%

TRGP8.1%

ET7.6%

WMB6.1%

MPLX5.3%

DTM4.8%

OKE4.8%

KMI4.5%

KNTK4.5%

PAGPEUR4.2%

TRP4.0%

Others (56)46.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy76.9%

Utilities11.7%

Industrials6.0%

Technology3.3%

Other2.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 66Median: 0.61%Avg: 1.52%

0–0.5%

27(5.8%)

0.5–1%

10(6.4%)

1–3%

15(20.3%)

3–5%

10(40.4%)

5%+

4(27.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 66Unique: 0vs 20 funds

0.9%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

1.2%

BANK OF AMERICA CORP /DE/

1.4%

JPMORGAN CHASE & CO

1.3%

BlackRock, Inc.

1.5%

FMR LLC

1.9%

GEODE CAPITAL MANAGEMENT, LLC

1.6%

VANGUARD CAPITAL MANAGEMENT LLC

1.5%

STATE STREET CORP

1.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

1.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New12Increased23Decreased22Exited6

New Positions

ARKO PETE CORP0.6%

+712K

SUNC0.6%

+200K

EE0.5%

+325K

WTTR0.3%

+420K

XLE0.3%

+100K

SOLV ENERGY INC0.3%

+200K

WBI0.3%

+203K

AMLP0.3%

+100K

DUK0.2%

+35K

UAO0.2%

+12K

Increased

ENB2.7%

+400K(+67%)

SEI1.1%

+327K(+536%)

WES3.4%

+136K(+9%)

WMB6.1%

+105K(+7%)

MPC1.7%

+60K(+73%)

EQT1.3%

+59K(+17%)

NEE0.4%

+45K(+90%)

KNTK4.5%

+31K(+2%)

PANW0.6%

+25K(+53%)

PRIM1.1%

+25K(+20%)

Decreased

SOBO1.4%

-625,000(-42%)

CVE0.0%

-430,000(-93%)

PAGPEUR4.2%

-265,000(-7%)

OKE4.8%

-228,016(-18%)

KMI4.5%

-142,700(-5%)

AM0.2%

-115,000(-36%)

PAA0.1%

-100,000(-64%)

VNOM0.5%

-74,000(-27%)

EPD3.3%

-47,000(-3%)

LNG3.9%

-45,000(-14%)

Exited

-1,357,200

-68,000

-10,000

-23,000

-49,000

-7,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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