13F 申報指南13F 觀念全攻略
什麼是 SEC Form 13F 申報？美股機構大戶持股全攻略
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
AlphaSMO 權威研究指南閱讀專題
CIK: 0001329375
申報總市值
US$22.3億
US$22.3億
61 檔
27.3%
根據最新整理的 13F 季度數據集，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 於 Q1 2025 結束時的管理資產規模為 US$22.3億。該機構在本季度申報了 61 檔美股持倉，呈現出該時期的主要投資地圖。
Q1 2025 的申報記錄反映 CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 的板塊替換策略：機構本季推動了 28 筆增持與 22 筆減持，籌碼呈現明顯的結構重組。
整體而言，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 的前 5 大持股（包含 ET, TRGP, LNG）貢獻了組合市值的 27.3%，形成該機構在 Q1 2025 季度的基本面基石。
| # | 代號 | 標的名稱 | 資產子類別 | 佔比 | 佔比變動 | 持倉量變化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ET | Energy Transfer LP | 股票-能源 | 8.49% | -0.86% | -2.24% | |
| 2 | TRGP | Targa Resources CORP | 股票-能源 | 8.45% | -0.73% | +1.76% | |
| 3 | LNG | Cheniere Energy Inc | 股票-能源 | 7.71% | -0.32% | +7.13% | |
| 4 | OKE | Oneok Inc | 股票-能源 | 6.96% | -0.95% | +34.38% | |
| 5 | MPLX | Mplx LP | 股票-能源 | 6.01% | -1.18% | +20.95% | |
| 6 | PAGP | Plains Gp Holdings Lp-cl A | 股票-能源 | 5.31% | -0.04% | +2.02% | |
| 7 | KMI | Kinder Morgan, Inc. | 股票-能源 | 5.04% | -1.60% | +6.79% | |
| 8 | WMB | Williams Cos Inc | 股票-能源 | 4.96% | +0.09% | +0.93% | |
| 9 | HESM | Hess Midstream LP - Class A | 股票-其他 | 4.75% | — | +40.98% | |
| 10 | TRP | Tc Energy CORP | 股票-能源 | 4.54% | -0.27% | +10.13% | |
| 11 | DTM | Dt Midstream Inc | 股票-能源 | 4.46% | -0.06% | -4.33% | |
| 12 | PBA | Pembina Pipeline CORP | 股票-能源 | 4.40% | -0.61% | +6.57% | |
| 13 | EPD | Enterprise Products Partners | 股票-能源 | 4.05% | -0.69% | -10.89% | |
| 14 | WES | Western Midstream Partners L | 股票-能源 | 3.36% | -0.95% | +4.14% | |
| 15 | EQT | Eqt CORP | 股票-能源 | 2.19% | -0.31% | +5.83% | |
| 16 | KNTK | Kinetik Holdings Inc | 股票-其他 | 1.89% | -0.70% | +34.09% | |
| 17 | VST | Vistra CORP | 股票-公用事業 | 1.74% | +0.04% | +27.93% | |
| 18 | PSX | Phillips 66 | 股票-能源 | 1.39% | -1.07% | +8.84% | |
| 19 | TLN | Talen Energy CORP | 股票-公用事業 | 1.09% | -0.09% | -18.77% | |
| 20 | CWEN | Clearway Energy Inc-c | 股票-公用事業 | 0.97% | — | +4.82% | |
| 21 | CEG | Constellation Energy | 股票-公用事業 | 0.90% | +0.05% | -23.28% | |
| 22 | AM | Antero Midstream CORP | 股票-能源 | 0.86% | +0.03% | -19.71% | |
| 23 | ENB | Enbridge Inc | 股票-能源 | 0.82% | -0.36% | -1.69% | |
| 24 | MPC | Marathon Petroleum CORP | 股票-能源 | 0.78% | -1.16% | +20.74% | |
| 25 | VNOMUSD | Viper Energy Inc-cl A | 股票-其他 | 0.71% | — | -14.99% | |
| 26 | NRG | Nrg Energy Inc | 股票-公用事業 | 0.46% | +0.16% | — | |
| 27 | GEV | GE Vernova Inc | 股票-工業 | 0.45% | +0.47% | +380.00% | |
| 28 | PWR | Quanta Services Inc | 股票-工業 | 0.42% | +0.38% | -12.05% | |
| 29 | ARLP | Alliance Resource Partners | 股票-其他 | 0.42% | -0.10% | +38.89% | |
| 30 | GEL | Genesis Energy L.p. | 股票-其他 | 0.41% | -0.13% | +9.70% | |
| 31 | SRE | Sempra | 股票-公用事業 | 0.36% | — | — | |
| 32 | MSFT | Microsoft CORP | 股票-科技 | 0.35% | — | +50.00% | |
| 33 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.34% | -0.25% | +113.89% | |
| 34 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.33% | +0.41% | +7.14% | |
| 35 | SOBO | South Bow CORP | 股票-其他 | 0.32% | -0.08% | -29.37% | |
| 36 | CVE | Cenovus Energy Inc | 股票-能源 | 0.29% | -0.04% | EXIT | |
| 37 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.27% | +0.57% | — | |
| 38 | ITRI | Itron Inc | 股票-科技 | 0.26% | — | — | |
| 39 | FSLR | First Solar Inc | 股票-科技 | 0.24% | — | -11.43% | |
| 40 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.23% | — | — | |
| 41 | PAA | Plains All Amer Pipeline LP | 股票-能源 | 0.23% | +0.04% | -15.85% | |
| 42 | CORZ | Core Scientific Inc | 股票-科技 | 0.22% | +0.01% | NEW | |
| 43 | CLSK | Cleanspark Inc | 股票-金融 | 0.21% | +0.01% | +66.83% | |
| 44 | SO | Southern Co/the | 股票-公用事業 | 0.19% | +0.12% | — | |
| 45 | PRIM | Primoris Services CORP | 股票-工業 | 0.17% | -1.08% | EXIT | |
| 46 | RSG | Republic Services Inc | 股票-工業 | 0.16% | — | — | |
| 47 | AMLP | Alerian Mlp ETF | ETF-其他 | 0.16% | -0.26% | EXIT | |
| 48 | NXT | Nextpower Inc-cl A | 股票-科技 | 0.16% | +0.11% | — | |
| 49 | TXO | Txo Partners LP | 股票-其他 | 0.15% | -0.06% | -50.31% | |
| 50 | EQIX | Equinix Inc | 股票-房地產 | 0.15% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | LNG | Cheniere Energy Inc | +4.2% | +7.13% | 加碼 |
| 2 | OKE | Oneok Inc | +3.2% | +34.38% | 加碼 |
| 3 | TRGP | Targa Resources CORP | +2.8% | +1.76% | 減碼 |
| 4 | HESM | Hess Midstream LP - Class A | +2.2% | +40.98% | 加碼 |
| 5 | VST | Vistra CORP | +1.6% | +27.93% | 加碼 |
| 6 | KMI | Kinder Morgan, Inc. | +1.4% | +6.79% | 加碼 |
| 7 | WES | Western Midstream Partners L | +1.4% | +4.14% | 加碼 |
| 8 | ET | Energy Transfer LP | +1.3% | -2.24% | 加碼 |
| 9 | PSX | Phillips 66 | +1.1% | +8.84% | 加碼 |
| 10 | MPLX | Mplx LP | +1% | +20.95% | 加碼 |
| 11 | WMB | Williams Cos Inc | +0.9% | +0.93% | 減碼 |
| 12 | AM | Antero Midstream CORP | +0.4% | -19.71% | 加碼 |
| 13 | MSFT | Microsoft CORP | +0.3% | +50.00% | 加碼 |
| 14 | TRP | Tc Energy CORP | +0.3% | +10.13% | 加碼 |
| 15 | PBA | Pembina Pipeline CORP | -0.3% | +6.57% | 加碼 |
| 16 | EPD | Enterprise Products Partners | -0.4% | -10.89% | 加碼 |
| 17 | PAGP | Plains Gp Holdings Lp-cl A | -0.7% | +2.02% | 減碼 |
| 18 | MPC | Marathon Petroleum CORP | -1.2% | +20.74% | 減碼 |
| 19 | CWEN | Clearway Energy Inc-c | -1.3% | +4.82% | 減碼 |
| 20 | ENB | Enbridge Inc | -4.5% | -1.69% | 減碼 |
| 21 | DTM | Dt Midstream Inc | — | NEW | 新建倉 |
| 22 | XIFR | Xplr Infrastructure LP | — | EXIT | 清倉 |
| 23 | EQT | Eqt CORP | — | NEW | 新建倉 |
| 24 | KNTK | Kinetik Holdings Inc | — | NEW | 新建倉 |
| 25 | ETRNUSD | Equitrans Midstream CORP | — | EXIT | 清倉 |
| 26 | WEP | Magellan Midstream Partners | — | EXIT | 清倉 |
| 27 | ✓ | Atlantica Sustainable Infr P | — | EXIT | 清倉 |
| 28 | DCPUSD | Dcp Midstream LP | — | EXIT | 清倉 |
| 29 | RTLRUSD | Rattler Midstream LP | — | EXIT | 清倉 |
| 30 | TLN | Talen Energy CORP | — | NEW | 新建倉 |
| 31 | CEG | Constellation Energy | — | NEW | 新建倉 |
| 32 | 0E41 | Enlink Midstream LLC | — | EXIT | 清倉 |
| 33 | VNOMUSD | Viper Energy Inc-cl A | — | NEW | 新建倉 |
| 34 | CEQPUSD | Crestwood Equity Partners LP | — | EXIT | 清倉 |
| 35 | COR1EUR | Coresite Realty CORP | — | EXIT | 清倉 |
| 36 | NRG | Nrg Energy Inc | — | NEW | 新建倉 |
| 37 | GEV | GE Vernova Inc | — | NEW | 新建倉 |
| 38 | ✓ | — | EXIT | 清倉 | |
| 39 | PWR | Quanta Services Inc | — | NEW | 新建倉 |
| 40 | ARLP | Alliance Resource Partners | — | NEW | 新建倉 |
| 41 | VOD | Vodafone Group Plc-sp Adr | — | EXIT | 清倉 |
| 42 | SRE | Sempra | — | NEW | 新建倉 |
| 43 | SEDG | Solaredge Technologies Inc | — | EXIT | 清倉 |
| 44 | SBAC | Sba Communications CORP | — | EXIT | 清倉 |
| 45 | CRWD | Crowdstrike Holdings Inc - A | — | NEW | 新建倉 |
| 46 | SOBO | South Bow CORP | — | NEW | 新建倉 |
| 47 | UNP | Union Pacific CORP | — | EXIT | 清倉 |
| 48 | CVE | Cenovus Energy Inc | — | NEW | 新建倉 |
| 49 | VNET | Vnet Group Inc-adr | — | EXIT | 清倉 |
| 50 | RUN | Sunrun Inc | — | EXIT | 清倉 |
根據 SEC 官方 Form 13F 申報備案，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 在 Q1 2025 季度的美股持倉總市值約為 US$22.3億，共申報了 61 個公開持股部位。
在 Q1 2025 季度，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 按市值排列的前三大核心持股分別為：ET (8.5%)、TRGP (8.4%)、LNG (7.7%)。其中最大持股部位 ET 佔據整體投資組合約 8.5% 的權重。
精選 AlphaSMO 大戶持股與內部人交易深度分析，提升投資決策勝率
完整解讀 Form 13F 申報規範、1 億美元門檻與 45 天延遲申報機制，學會如何追蹤頂級對沖基金與機構法人持倉動向。
本季最大新建倉標的
DTM
市值: US$7242.0萬
本季最大獲利了結 / 清倉標的
XIFR
前期市值: US$4146.5萬
在 Q1 2025 季度中，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 共進行了 50 項持倉異動，包含新建倉 14 個部位、加碼 14 個部位、減碼 6 個部位以及清倉 16 個部位。 其中最大新建倉標的為 DTM。 本季清倉部位包含 XIFR。
本頁面所有持股數據均直接同步自美國證券交易委員會（SEC）EDGAR 官方系統之 13F-HR / 13F-HR/A 季度申報文件。AlphaSMO 透過機器解析 CUSIP 與個股對照，提供 100% 精準對齊的歷史時序數據集，並支援 Schema.org 結構化資料格式。
解析公司高管、董事與 10% 大股東之 Form 4 內部人交易申報，掌握高管自家股票買賣第一手訊號。
深入剖析 5% 股益申報門檻、13D 與 13G 之差異，以及最新 SEC 申報時程規範，洞察機構法人的激進投資動向。