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
59 檔
23.7%
在 Q3 2025 的 13F 官方備案中，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 管理的美股投資組合規模來到 US$22.3億，整體持股檔數為 59 檔。
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 於 Q3 2025 展現出進攻型調倉步調，本季推動了 7 檔股票的新建倉與 23 檔既有部位加碼，整體資金傾向擴大在美股市場的曝險佈局。
在資產配置集中度方面，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 的前 5 大核心持股（包含 ET, TRGP, LNG 等）合計佔整體申報市值的 23.7%，反映機構在主要關鍵部位上的權重分佈。
| # | 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 | 8.00% | -0.86% | +14.33% | |
| 2 | TRGP | Targa Resources CORP | 股票-能源 | 6.49% | -0.73% | +2.40% | |
| 3 | LNG | Cheniere Energy Inc | 股票-能源 | 6.01% | -0.32% | -1.98% | |
| 4 | MPLX | Mplx LP | 股票-能源 | 4.92% | -1.18% | +1.05% | |
| 5 | OKE | Oneok Inc | 股票-能源 | 4.63% | -0.95% | -15.70% | |
| 6 | HESM | Hess Midstream LP - Class A | 股票-其他 | 4.54% | — | +0.87% | |
| 7 | DTM | Dt Midstream Inc | 股票-能源 | 4.36% | -0.06% | -9.22% | |
| 8 | WMB | Williams Cos Inc | 股票-能源 | 4.32% | +0.09% | +0.76% | |
| 9 | KMI | Kinder Morgan, Inc. | 股票-能源 | 4.23% | -1.60% | +4.60% | |
| 10 | TRP | Tc Energy CORP | 股票-能源 | 4.22% | -0.27% | +9.20% | |
| 11 | PAGP | Plains Gp Holdings Lp-cl A | 股票-能源 | 3.71% | -0.04% | +1.19% | |
| 12 | PBA | Pembina Pipeline CORP | 股票-能源 | 3.60% | -0.61% | -7.20% | |
| 13 | EPD | Enterprise Products Partners | 股票-能源 | 3.54% | -0.69% | +1.79% | |
| 14 | WES | Western Midstream Partners L | 股票-能源 | 2.83% | -0.95% | +5.57% | |
| 15 | VST | Vistra CORP | 股票-公用事業 | 2.57% | +0.04% | -18.77% | |
| 16 | TLN | Talen Energy CORP | 股票-公用事業 | 2.56% | -0.09% | -50.97% | |
| 17 | SOBO | South Bow CORP | 股票-其他 | 2.46% | -0.08% | +0.29% | |
| 18 | KNTK | Kinetik Holdings Inc | 股票-其他 | 2.40% | -0.70% | +26.88% | |
| 19 | CEG | Constellation Energy | 股票-公用事業 | 2.24% | +0.05% | -40.15% | |
| 20 | GEV | GE Vernova Inc | 股票-工業 | 1.63% | +0.47% | +46.09% | |
| 21 | PSX | Phillips 66 | 股票-能源 | 1.62% | -1.07% | +5.01% | |
| 22 | ENB | Enbridge Inc | 股票-能源 | 1.44% | -0.36% | +66.33% | |
| 23 | NRG | Nrg Energy Inc | 股票-公用事業 | 1.40% | +0.16% | +55.10% | |
| 24 | EQT | Eqt CORP | 股票-能源 | 1.09% | -0.31% | — | |
| 25 | AM | Antero Midstream CORP | 股票-能源 | 1.00% | +0.03% | +17.05% | |
| 26 | MPC | Marathon Petroleum CORP | 股票-能源 | 0.94% | -1.16% | — | |
| 27 | BE | Bloom Energy Corp- A | 股票-工業 | 0.90% | +0.94% | -53.25% | |
| 28 | PWR | Quanta Services Inc | 股票-工業 | 0.82% | +0.38% | +16.67% | |
| 29 | FSLR | First Solar Inc | 股票-科技 | 0.78% | — | +12.73% | |
| 30 | PRIM | Primoris Services CORP | 股票-工業 | 0.67% | -1.08% | EXIT | |
| 31 | GEL | Genesis Energy L.p. | 股票-其他 | 0.65% | -0.13% | — | |
| 32 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.64% | +0.41% | +228.57% | |
| 33 | VNOM | Viper Energy Inc-cl A | 股票-能源 | 0.61% | -0.48% | EXIT | |
| 34 | EIX | Edison International | 股票-公用事業 | 0.60% | — | — | |
| 35 | MTZ | Mastec Inc | 股票-工業 | 0.57% | +0.41% | +56.67% | |
| 36 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.54% | +0.57% | +56.67% | |
| 37 | AGX | Argan Inc | 股票-工業 | 0.48% | +0.61% | +287.50% | |
| 38 | TXO | Txo Partners LP | 股票-其他 | 0.46% | -0.06% | +9.62% | |
| 39 | MSTR | Strategy Inc | 股票-科技 | 0.46% | — | +25.00% | |
| 40 | NXT | Nextpower Inc-cl A | 股票-科技 | 0.45% | +0.11% | +22.99% | |
| 41 | ITRI | Itron Inc | 股票-科技 | 0.38% | — | +35.00% | |
| 42 | TMUS | T-mobile US Inc | 股票-通訊服務 | 0.37% | — | +42.11% | |
| 43 | NET | Cloudflare Inc - Class A | 股票-科技 | 0.37% | +0.15% | +100.00% | |
| 44 | ARLP | Alliance Resource Partners | 股票-其他 | 0.35% | -0.10% | — | |
| 45 | DLR | Digital Realty Trust Inc | 股票-房地產 | 0.33% | +0.08% | +100.00% | |
| 46 | ETR | Entergy CORP | 股票-公用事業 | 0.33% | +0.16% | +152.00% | |
| 47 | CVE | Cenovus Energy Inc | 股票-能源 | 0.33% | -0.04% | EXIT | |
| 48 | EQIX | Equinix Inc | 股票-房地產 | 0.31% | — | +75.00% | |
| 49 | NTNX | Nutanix Inc - A | 股票-科技 | 0.25% | — | +71.43% | |
| 50 | SO | Southern Co/the | 股票-公用事業 | 0.24% | +0.12% | +36.36% |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | SOBO | South Bow CORP | +2.1% | +0.29% | 加碼 |
| 2 | TLN | Talen Energy CORP | +1.5% | -50.97% | 加碼 |
| 3 | CEG | Constellation Energy | +1.3% | -40.15% | 加碼 |
| 4 | GEV | GE Vernova Inc | +1.2% | +46.09% | 加碼 |
| 5 | NRG | Nrg Energy Inc | +0.9% | +55.10% | 加碼 |
| 6 | VST | Vistra CORP | +0.8% | -18.77% | 減碼 |
| 7 | ENB | Enbridge Inc | +0.6% | +66.33% | 加碼 |
| 8 | FSLR | First Solar Inc | +0.5% | +12.73% | 加碼 |
| 9 | KNTK | Kinetik Holdings Inc | +0.5% | +26.88% | 加碼 |
| 10 | PRIM | Primoris Services CORP | +0.5% | +24.64% | 加碼 |
| 11 | MTZ | Mastec Inc | +0.4% | +56.67% | 加碼 |
| 12 | PWR | Quanta Services Inc | +0.4% | +16.67% | 加碼 |
| 13 | CRWD | Crowdstrike Holdings Inc - A | +0.3% | +228.57% | 加碼 |
| 14 | TXO | Txo Partners LP | +0.3% | +9.62% | 加碼 |
| 15 | NXT | Nextpower Inc-cl A | +0.3% | +22.99% | 加碼 |
| 16 | PANW | Palo Alto Networks Inc | +0.3% | +56.67% | 加碼 |
| 17 | GEL | Genesis Energy L.p. | +0.2% | — | 加碼 |
| 18 | PSX | Phillips 66 | +0.2% | +5.01% | 加碼 |
| 19 | DLR | Digital Realty Trust Inc | +0.2% | +100.00% | 加碼 |
| 20 | ETR | Entergy CORP | +0.2% | +152.00% | 加碼 |
| 21 | MPC | Marathon Petroleum CORP | +0.2% | — | 減碼 |
| 22 | EQIX | Equinix Inc | +0.2% | +75.00% | 加碼 |
| 23 | AM | Antero Midstream CORP | +0.1% | +17.05% | 加碼 |
| 24 | DTM | Dt Midstream Inc | -0.1% | -9.22% | 減碼 |
| 25 | ET | Energy Transfer LP | -0.5% | +14.33% | 加碼 |
| 26 | EPD | Enterprise Products Partners | -0.5% | +1.79% | 加碼 |
| 27 | WES | Western Midstream Partners L | -0.5% | +5.57% | 減碼 |
| 28 | WMB | Williams Cos Inc | -0.6% | +0.76% | 減碼 |
| 29 | PBA | Pembina Pipeline CORP | -0.8% | -7.20% | 減碼 |
| 30 | KMI | Kinder Morgan, Inc. | -0.8% | +4.60% | 減碼 |
| 31 | MPLX | Mplx LP | -1.1% | +1.05% | 減碼 |
| 32 | EQT | Eqt CORP | -1.1% | — | 減碼 |
| 33 | PAGP | Plains Gp Holdings Lp-cl A | -1.6% | +1.19% | 減碼 |
| 34 | LNG | Cheniere Energy Inc | -1.7% | -1.98% | 減碼 |
| 35 | TRGP | Targa Resources CORP | -2% | +2.40% | 減碼 |
| 36 | OKE | Oneok Inc | -2.3% | -15.70% | 減碼 |
| 37 | BE | Bloom Energy Corp- A | — | NEW | 新建倉 |
| 38 | CWEN | Clearway Energy Inc-c | — | EXIT | 清倉 |
| 39 | VNOMUSD | Viper Energy Inc-cl A | — | EXIT | 清倉 |
| 40 | VNOM | Viper Energy Inc-cl A | — | NEW | 新建倉 |
| 41 | EIX | Edison International | — | NEW | 新建倉 |
| 42 | AGX | Argan Inc | — | NEW | 新建倉 |
| 43 | MSTR | Strategy Inc | — | NEW | 新建倉 |
| 44 | NET | Cloudflare Inc - Class A | — | NEW | 新建倉 |
| 45 | SRE | Sempra | — | EXIT | 清倉 |
| 46 | MSFT | Microsoft CORP | — | EXIT | 清倉 |
| 47 | NEE | Nextera Energy Inc | — | EXIT | 清倉 |
| 48 | CORZ | Core Scientific Inc | — | EXIT | 清倉 |
| 49 | CLSK | Cleanspark Inc | — | EXIT | 清倉 |
| 50 | WEC | Wec Energy Group Inc | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 在 Q3 2025 季度的美股持倉總市值約為 US$22.3億，共申報了 59 個公開持股部位。
在 Q3 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 (8.0%)、TRGP (6.5%)、LNG (6.0%)。其中最大持股部位 ET 佔據整體投資組合約 8.0% 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
BE
市值: US$1581.5萬
本季最大獲利了結 / 清倉標的
CWEN
前期市值: US$1580.1萬
在 Q3 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 7 個部位、加碼 23 個部位、減碼 13 個部位以及清倉 7 個部位。 其中最大新建倉標的為 BE。 本季清倉部位包含 CWEN。
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。