Cushing Asset Management, LP
Cushing Asset Management, LP, now doing business as NXG Investment Management, is a Dallas, Texas-based SEC-registered investment adviser founded in 2003. The firm specializes in asset management, particularly for high net worth individuals and institutional investors, offering strategies through private funds, separately managed accounts, mutual funds, and closed-end funds. Its principal and sole control person is Jerry V. Swank via Swank Capital, LLC. The firm is recognized for its expertise in energy infrastructure, MLPs, and thematic equity investing. They have approximately 11 to 23 employees and serve clients seeking deep sector knowledge and risk-managed strategies.
Investment Strategy
Cushing Asset Management, LP (NXG Investment Management) employs a fundamental, research-driven approach with risk management overlays. The firm primarily invests in energy infrastructure (midstream MLP and related companies), next generation infrastructure, global clean equity, and micro-, small-, and smid-cap growth companies. Through rigorous industry research, the firm aims to identify issuers best positioned to meet performance objectives across market cycles, emphasizing portfolio construction rooted in macroeconomic analysis, sector trends, and individual company fundamentals.
Latest 13F Filing Activity
Cushing Asset Management, LP filed their most recent 13F report on Sep 30, 2025 disclosing 58 equity positions with a total 13F market value of $2B. The fund increased holdings in Talen Energy Corp., TC Energy Corp., NRG Energy Inc. among other positions. Cushing Asset Management, LP reduced exposure to Oneok Inc. New, Clearway Energy Inc., Aris Water Solutions Inc. among others.
Top Holdings
Equity Positions (58)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
E ET | ENERGY TRANSFER L P | 8.00% | $140.9M | 8,211,600 | $13.04 | $17.16 | +$10.7M |
T TRGP | TARGA RES CORP | 6.49% | $114.3M | 682,300 | $55.24 | $167.54 | -$1.7M |
L LNG | CHENIERE ENERGY INC | 6.01% | $105.9M | 450,800 | $112.07 | $234.98 | -$6.1M |
M MPLX | MPLX LP | 4.92% | $86.6M | 1,733,800 | $39.50 | $49.95 | -$1.8M |
O OKE | ONEOK INC NEW | 4.63% | $81.5M | 1,116,916 | $71.85 | $72.97 | -$26.7M |
Industry Allocation
Investment Team (2)
| Name | Role | Location | |
|---|---|---|---|
 | Managing Partner, Co-Chief Investment Officer and Portfolio Manager | Dallas, TX , United States | |
 | Equity Research Analyst | Dallas, TX , United States |