John Musgrave
About John Musgrave
John Musgrave (born 1982) is Chief Executive Officer and President of NXG NextGen Infrastructure Income Fund (the “Fund”) and an Interested Trustee; he also serves as Chief Investment Officer and Portfolio Manager at the Adviser (Cushing Asset Management, LP d/b/a NXG Investment Management). He became a Trustee on January 23, 2025, after serving as CEO/President of the Funds since 2023 and previously as Co-Chief Investment Officer and Managing Director at the Adviser (2016–2023) . During the six months ended May 31, 2025, the Fund delivered a -3.61% NAV total return and a -5.37% share-price total return; the market premium to NAV was 2.30% at period-end (versus a 4.17% premium at the prior fiscal year-end and a 5.83% discount on May 31, 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cushing Asset Management, LP (d/b/a NXG Investment Management) | Portfolio Manager | 2007–present | Long-tenured PM across infrastructure strategies; direct linkage to Fund portfolio decisions . |
| Cushing Asset Management, LP (d/b/a NXG Investment Management) | Managing Director; Co-Chief Investment Officer | 2016–2023 | Senior investment leadership shaping strategy and risk across the Adviser’s platform . |
| Cushing Asset Management, LP (d/b/a NXG Investment Management) | Chief Investment Officer | 2023–present | Firm-wide CIO responsibility; alignment of Adviser resources with Fund objectives . |
| NXG NextGen Infrastructure Income Fund (and related Fund Complex) | Chief Executive Officer and President | 2023–present | Executive leadership of the Fund; accountable for execution and shareholder communications . |
External Roles
| Organization | Role | Class/Term | Notes |
|---|---|---|---|
| NXG NextGen Infrastructure Income Fund (NYSE: NXG) | Trustee (Interested) | Class I; elected May 22, 2025 for term to 2027 | Appointed as Trustee on Jan 23, 2025; Interested due to officer role at Adviser . |
| NXG Cushing Midstream Energy Fund (NYSE: SRV) | Trustee; CEO & President | Class III nominee for term to 2028 | Musgrave listed as Trustee, CEO and President of each Fund in the joint proxy notice . |
Board Governance
- Structure: Four Trustees; three Independent and one Interested (Musgrave). The Chair (Brian R. Bruce) is Independent. Audit and Nominating/Corporate Governance Committees are composed solely of Independent Trustees .
- Board cadence and attendance: Board meets regularly four times per year; during the fiscal year ended Nov 30, 2024, six meetings were held and each Trustee attended all regular and committee meetings (note: Musgrave joined the Board in Jan 2025) .
- Election results (May 22, 2025): Musgrave elected as Class I Trustee.
| Candidate | For | Withheld |
|---|---|---|
| John Musgrave | 2,528,555 | 90,199 |
- Dual-role implications: Musgrave is CEO/President and an Interested Trustee; potential independence concerns are mitigated by an Independent Chair and Independent-only committees, which oversee audit and nominations .
Fixed Compensation
- Officers of the Funds do not receive compensation from the Funds. Trustee compensation is paid only to Independent Trustees; as an Interested Trustee, Musgrave’s trustee compensation is N/A (not applicable) .
- Implication: Musgrave’s pay is received from the Adviser (not disclosed in the Fund’s proxy), limiting visibility into salary, bonus, equity grants, vesting, severance, and CoC terms at the public-fund level .
Performance Compensation
- Performance metrics tied to Musgrave’s compensation, specific incentive weightings, targets, and payout curves are not disclosed in Fund filings (officer compensation is not paid by the Funds) .
- Clawback policy: Item “Recovery of Erroneously Awarded Compensation” is marked Not Applicable in the Fund’s semi-annual report, reflecting exchange rule treatment for this registrant type .
Equity Ownership & Alignment
| Holder | Fund | Ownership (Dollar Range) | As Of | % of Shares Outstanding | Pledged |
|---|---|---|---|---|---|
| John Musgrave | NXG | None | 12/31/2024 | <1% (each Trustee/officers group) | Not disclosed |
| John Musgrave | SRV | Over $100,000 | 12/31/2024 | <1% (each Trustee/officers group) | Not disclosed |
- Ownership guidelines and pledge/hedging policies: Not disclosed in the proxy .
- Note: Aggregate group holdings (Trustees and officers) were less than 1% of outstanding shares of each Fund as of Dec 31, 2024 .
Employment Terms
- Trustee appointment: Appointed Interested Trustee on Jan 23, 2025 (Class I) .
- Independence and committees: Not independent; Fund committees consist only of Independent Trustees .
- Employment contract, severance, change-in-control, non-compete/non-solicit, garden leave, post-termination consulting: Not disclosed at the Fund level; officers are compensated by the Adviser, and such terms are not included in Fund proxy statements .
Performance & Track Record
- Fund returns and market/NAV positioning during Musgrave’s CEO tenure:
| Metric | May 31, 2024 | Nov 30, 2024 (FY End) | May 31, 2025 |
|---|---|---|---|
| Premium/(Discount) to NAV | -5.83% (discount) | +4.17% (premium) | +2.30% (premium) |
| Period | NAV Total Return | Share Price Total Return |
|---|---|---|
| Six months ended May 31, 2025 | -3.61% | -5.37% |
- Capital raising: The Fund completed an oversubscribed transferable rights offering (expired Aug 13, 2025) at a subscription price of $44.92 per share, with expected gross proceeds of approximately $63 million—indicative of investor demand during his tenure .
- Certifications: Musgrave signs Sarbanes-Oxley certifications for the Fund, signaling direct accountability for disclosure controls and financial reporting .
Director Compensation (Context)
- Independent Trustee compensation for fiscal year ended Nov 30, 2024 (NXG portion): Brian R. Bruce $53,639; Andrea N. Mullins $49,555. Musgrave (Interested Trustee): N/A (no fees from the Funds) .
| Trustee | NXG Compensation (FY 2024) |
|---|---|
| Brian R. Bruce (Independent) | $53,639 |
| Andrea N. Mullins (Independent) | $49,555 |
| John Musgrave (Interested) | N/A |
Investment Implications
- Pay-for-performance transparency is limited because officer compensation is paid by the Adviser and not disclosed in Fund filings; this constrains alignment analysis (no visibility into salary/bonus/PSUs/options/vesting/CIC terms) .
- Governance mitigants for dual role: An Independent Chair and Independent-only Audit and Nominating committees provide structural oversight despite Musgrave’s Interested Trustee status .
- Alignment: As of Dec 31, 2024, Musgrave reported no NXG holdings but “Over $100,000” in sister fund SRV; combined Trustee/officer ownership in each Fund was <1%, suggesting limited internal ownership at the Fund level .
- Execution and capital access: An oversubscribed rights offering (~$63 million gross proceeds at $44.92) demonstrates ability to access capital and shareholder support; 2025 trustee election vote totals further indicate backing, albeit with some withholds .
- Risk flags: No disclosures of clawbacks at the Fund level (Item 18 “Not Applicable”) and no visibility into pledging/hedging, severance, or Form 4 trading patterns; retention risk and selling pressure cannot be assessed without Adviser-level disclosures or insider trade data .