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Cushing Asset Management, LP
John Musgrave · Asset Manager · Multi-Strategy
Cushing Asset Management, LP, which currently operates as NXG Investment Management, is a Dallas-based investment advisory firm founded in 2003 by Jerry V. Swank. The firm established its reputation as a specialist in energy infrastructure and Master Limited Partnerships (MLPs), focusing on income-oriented strategies within the midstream sector. In 2022, the firm rebranded to NXG to reflect its evolution toward "next generation" investment themes, including clean energy, sustainable infrastructure, and the global energy transition. Cushing manages a diverse suite of investment products, including closed-end funds, exchange-traded funds (ETFs), and institutional accounts, leveraging deep industry expertise to navigate the complexities of traditional and transformational energy markets.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +24.3% |
| YTD return | +23.9% |
| Sharpe ratio | 4.04 |
| Win rate | 54% |
| AUM | $1.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.nxgim.com/ |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| TRGP | Targa Resources Inc | 12.0% | +62.9% |
| ET | Energy Transfer LP | 11.5% | +23.2% |
| WMB | Williams Companies Inc | 9.2% | +8.3% |
| PAGP | Plains GP Holdings LP | 7.1% | +41.1% |
| MPLX | MPLX LP | 6.5% | +19.0% |
| KNTK | Kinetik Holdings Inc | 6.4% | +28.0% |
| DTM | DT Midstream Inc | 6.4% | +5.9% |
| OKE | ONEOK Inc | 6.3% | +25.6% |
| LNG | Cheniere Energy Inc | 6.3% | +12.4% |
| KMI | Kinder Morgan Inc | 4.2% | +12.1% |
| EPD | Enterprise Products Partners LP | 4.1% | +23.8% |
| WES | Western Midstream Partners LP | 4.1% | +19.4% |
| BE | Bloom Energy Corp | 2.4% | +9.4% |
| SUNC | SunocoCorp LLC | 2.2% | +6.1% |
| CEG | Constellation Energy Corp | 2.1% | -3.9% |
| VST | Vistra Energy Corp | 2.0% | -9.2% |
| SEI | Solaris Energy Infrastructure, Inc. | 1.9% | +2.1% |
| PWR | Quanta Services Inc | 1.8% | -4.8% |
| GEV | GE Vernova LLC | 1.8% | -12.3% |
| PANW | Palo Alto Networks Inc | 1.7% | +0.4% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 14, 2026 | BUY | TRGP | 12.0% → 12.0% |
| Sep 14, 2026 | BUY | VST | 1.9% → 2.0% |
| Sep 14, 2026 | BUY | GEV | 1.8% → 1.8% |
| Sep 14, 2026 | SELL | PAGP | 7.2% → 7.1% |
| Sep 14, 2026 | BUY | CEG | 2.0% → 2.1% |
Investment Style Analysis
Cushing Asset Management, LP is widely recognized for employing a Multi-Strategy strategy. As of Sep 18, 2026, the firm oversees approximately $1.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Oil & Gas Midstream and Utilities - Independent Power Producers sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 14, Cushing Asset Management, LP made a significant move by increasing exposure to TRGP. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm's investment philosophy is centered on the belief that a research-intensive, fundamental approach is necessary to identify mispriced opportunities in the energy and infrastructure sectors. By combining top-down industry analysis with bottom-up security selection, the firm seeks to construct portfolios that provide attractive risk-adjusted returns and consistent income. Their strategy emphasizes active management to capitalize on the secular shift toward decarbonization and technological innovation in the energy value chain. Risk management is a core component of their process, focusing on companies with high-quality assets, sustainable cash flows, and strong competitive positions in both traditional and emerging infrastructure landscapes.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Cushing Asset Management, LP.
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Frequently asked questions
How is the simulated portfolio for Cushing Asset Management, LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Cushing Asset Management, LP's largest holding?
As of the latest filing, Cushing Asset Management, LP's top position is Targa Resources Inc (TRGP), representing 12.0% of the portfolio. This reflects a high-conviction bet by the institution.
What is Cushing Asset Management, LP's historical performance and risk profile?
Our simulation indicates a total return of +24.3% with a win rate of 54%. Notably, the portfolio maintains a Sharpe Ratio of 4.04, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Cushing Asset Management, LP primarily invest in?
Cushing Asset Management, LP has a strong preference for the Oil & Gas Midstream sector, which makes up 86.3% of their disclosed assets. The portfolio also has exposure to Utilities - Independent Power Producers, indicating a specific thematic focus.
Is Cushing Asset Management, LP's portfolio concentrated or diversified?
Cushing Asset Management, LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 32.7% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Cushing Asset Management, LP performed in 2026?
Our AI-simulated model portfolio for Cushing Asset Management, LP tracks a Year-to-Date (YTD) return of +23.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does John Musgrave manage Cushing Asset Management, LP directly?
Yes, John Musgrave serves as the key portfolio manager for Cushing Asset Management, LP, overseeing the investment strategy and final capital allocation decisions.