1y return+23.6%S&P 500 +20.9%
3y return+80.5%S&P 500 +68.5%
5y return+100.8%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2020: $383 against $290 in the S&P 500.2
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENTS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TRGPTarga Res Corp | $164.7M | 7.4% | −5.8% |
| ETEnergy Transfer L P | $151.5M | 6.8% | |
| WMBWilliams Cos Inc | $138.7M | 6.2% | +9.8% |
| DTMDt Midstream Inc | $107.1M | 4.8% | |
| PAGPPlains Gp Hldgs L P | $92.1M | 4.1% | +9.7% |
| MPLXMplx LP | $91.0M | 4.1% | −13.2% |
| Oneok Inc NewCUSIP 682680103 | $85.7M | 3.8% | −7.9% |
| KNTKKinetik Holdings Inc | $84.7M | 3.8% | −6.5% |
| TRPTc Energy Corp | $82.6M | 3.7% | −2.7% |
| LNGCheniere Energy Inc | $80.7M | 3.6% | +20.7% |
| KMIKinder Morgan Inc Del | $65.2M | 2.9% | −25.1% |
| EPDEnterprise Prods Partners L | $57.5M | 2.6% | −10.3% |
| WESWestern Midstream Partners L | $55.1M | 2.5% | −24.9% |
| PBAPembina Pipeline Corp | $53.6M | 2.4% | −14.7% |
| ENBEnbridge Inc | $51.9M | 2.3% | −4.5% |
| BEBloom Energy Corp | $41.4M | 1.9% | +1.4% |
| AGXArgan Inc | $36.3M | 1.6% | +19.7% |
| MTZMastec Inc | $34.4M | 1.5% | +16.8% |
| GEVGe Vernova Inc | $33.7M | 1.5% | +19.6% |
| SEISolaris Energy Infras Inc | $33.6M | 1.5% | +7.7% |
| PWRQuanta Svcs Inc | $31.5M | 1.4% | +15.3% |
| VSTVistra Corp | $31.4M | 1.4% | +7.8% |
| NRGNrg Energy Inc | $31.1M | 1.4% | +24.8% |
| SOBOSouth Bow Corp | $30.1M | 1.3% | −1.2% |
| TLNTalen Energy Corp | $29.5M | 1.3% | −14.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TRGPTarga Res Corp | June 30, 2020 | +1236.0% | $164.7M |
| LNGCheniere Energy Inc | June 30, 2020 | +394.6% | $80.7M |
| VSTVistra Corp | December 31, 2023 | +311.8% | $31.4M |
| WMBWilliams Cos Inc | June 30, 2020 | +290.8% | $138.7M |
| AGXArgan Inc | June 30, 2025 | +262.2% | $36.3M |
| GEVGe Vernova Inc | December 31, 2024 | +257.2% | $33.7M |
| PWRQuanta Svcs Inc | December 31, 2023 | +233.7% | $31.5M |
| DOCNDigitalocean Hldgs Inc | December 31, 2025 | +226.3% | $22.0M |
| MPLXMplx LP | June 30, 2020 | +226.0% | $91.0M |
| DTMDt Midstream Inc | September 30, 2021 | +217.4% | $107.1M |
Sold off last quarter
- PRIMPrimoris Svcs Corp was $21.7M
- VNOMViper Energy Inc was $9.6M
- CVECenovus Energy Inc was $796K
- Golar Lng LtdCUSIP G9456A100 was $379K
- New Fortress Energy IncCUSIP 644393100 was $59K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.2% | +14.8% |
| March 31, 2026 | +18.4% | −4.6% |
| December 31, 2025 | −2.2% | +2.4% |
| September 30, 2025 | +0.5% | +7.8% |
| June 30, 2025 | +1.1% | +10.5% |
| March 31, 2025 | +3.5% | −4.6% |
| December 31, 2024 | +8.9% | +2.1% |
| September 30, 2024 | +5.1% | +5.4% |
| June 30, 2024 | +4.3% | +4.0% |
| March 31, 2024 | +11.6% | +10.0% |
| December 31, 2023 | +3.6% | +11.2% |
| September 30, 2023 | +1.0% | −3.6% |
| June 30, 2023 | +1.9% | +8.3% |
| March 31, 2023 | −1.1% | +7.0% |
| December 31, 2022 | +7.2% | +7.1% |
| September 30, 2022 | +1.7% | −5.3% |
| June 30, 2022 | −11.0% | −16.5% |
| March 31, 2022 | +16.0% | −4.9% |
| December 31, 2021 | −0.4% | +10.7% |
| September 30, 2021 | −1.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1329375&type=13F-HR&dateb=&owner=include&count=40CIK 1329375
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1329375/000131586326000561/Filed July 28, 2026 · accession 0001315863-26-000561