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
60 檔
24.6%
截至 Q4 2025 季度末，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 的美股持倉估值約為 US$22.3億，全數申報部位共有 60 檔。
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 在 Q4 2025 進行了結構性的板塊輪動與部位換股。在開立 7 個全新部位及加碼 19 檔持股的同時，亦同步清倉 7 檔並減碼 16 檔標的。
整體而言，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 的前 5 大持股（包含 ET, TRGP, MPLX）貢獻了組合市值的 24.6%，形成該機構在 Q4 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 | 7.56% | -0.86% | -2.68% | |
| 2 | TRGP | Targa Resources CORP | 股票-能源 | 7.21% | -0.73% | -0.15% | |
| 3 | MPLX | Mplx LP | 股票-能源 | 5.77% | -1.18% | +8.65% | |
| 4 | WMB | Williams Cos Inc | 股票-能源 | 5.50% | +0.09% | +32.91% | |
| 5 | OKE | Oneok Inc | 股票-能源 | 5.47% | -0.95% | +16.21% | |
| 6 | DTM | Dt Midstream Inc | 股票-能源 | 5.14% | -0.06% | +10.30% | |
| 7 | KMI | Kinder Morgan, Inc. | 股票-能源 | 4.52% | -1.60% | +8.94% | |
| 8 | PAGP | Plains Gp Holdings Lp-cl A | 股票-能源 | 4.09% | -0.04% | +3.91% | |
| 9 | TRP | Tc Energy CORP | 股票-能源 | 4.09% | -0.27% | -5.13% | |
| 10 | KNTK | Kinetik Holdings Inc | 股票-其他 | 3.81% | -0.70% | +86.50% | |
| 11 | LNG | Cheniere Energy Inc | 股票-能源 | 3.62% | -0.32% | -27.95% | |
| 12 | WES | Western Midstream Partners L | 股票-能源 | 3.49% | -0.95% | +21.24% | |
| 13 | EPD | Enterprise Products Partners | 股票-能源 | 3.30% | -0.69% | -10.04% | |
| 14 | PBA | Pembina Pipeline CORP | 股票-能源 | 2.94% | -0.61% | -13.96% | |
| 15 | HESM | Hess Midstream LP - Class A | 股票-其他 | 2.69% | — | -41.43% | |
| 16 | TLN | Talen Energy CORP | 股票-公用事業 | 2.52% | -0.09% | +10.67% | |
| 17 | CEG | Constellation Energy | 股票-公用事業 | 2.36% | +0.05% | -2.51% | |
| 18 | SOBO | South Bow CORP | 股票-其他 | 2.35% | -0.08% | -2.61% | |
| 19 | VST | Vistra CORP | 股票-公用事業 | 1.93% | +0.04% | -9.54% | |
| 20 | GEV | GE Vernova Inc | 股票-工業 | 1.79% | +0.47% | +2.35% | |
| 21 | ENB | Enbridge Inc | 股票-能源 | 1.65% | -0.36% | +19.94% | |
| 22 | NRG | Nrg Energy Inc | 股票-公用事業 | 1.48% | +0.16% | +6.58% | |
| 23 | PSX | Phillips 66 | 股票-能源 | 1.41% | -1.07% | -8.97% | |
| 24 | EQT | Eqt CORP | 股票-能源 | 1.06% | -0.31% | -2.55% | |
| 25 | FSLR | First Solar Inc | 股票-科技 | 1.02% | — | +9.68% | |
| 26 | PWR | Quanta Services Inc | 股票-工業 | 0.94% | +0.38% | +11.43% | |
| 27 | PRIM | Primoris Services CORP | 股票-工業 | 0.90% | -1.08% | EXIT | |
| 28 | MTZ | Mastec Inc | 股票-工業 | 0.88% | +0.41% | +50.00% | |
| 29 | NXT | Nextpower Inc-cl A | 股票-科技 | 0.81% | +0.11% | +52.34% | |
| 30 | MPC | Marathon Petroleum CORP | 股票-能源 | 0.77% | -1.16% | -3.51% | |
| 31 | CRWD | Crowdstrike Holdings Inc - A | 股票-科技 | 0.67% | +0.41% | +8.70% | |
| 32 | AGX | Argan Inc | 股票-工業 | 0.63% | +0.61% | +12.90% | |
| 33 | VNOM | Viper Energy Inc-cl A | 股票-能源 | 0.62% | -0.48% | EXIT | |
| 34 | BE | Bloom Energy Corp- A | 股票-工業 | 0.57% | +0.94% | -38.50% | |
| 35 | PANW | Palo Alto Networks Inc | 股票-科技 | 0.50% | +0.57% | — | |
| 36 | CVE | Cenovus Energy Inc | 股票-能源 | 0.45% | -0.04% | EXIT | |
| 37 | TXO | Txo Partners LP | 股票-其他 | 0.36% | -0.06% | — | |
| 38 | NET | Cloudflare Inc - Class A | 股票-科技 | 0.34% | +0.15% | — | |
| 39 | ETR | Entergy CORP | 股票-公用事業 | 0.33% | +0.16% | — | |
| 40 | IREN | IREN Limited | 股票-其他 | 0.33% | +0.05% | — | |
| 41 | AM | Antero Midstream CORP | 股票-能源 | 0.32% | +0.03% | -65.12% | |
| 42 | DOCN | Digitalocean Holdings Inc | 股票-科技 | 0.32% | +0.43% | — | |
| 43 | DLR | Digital Realty Trust Inc | 股票-房地產 | 0.30% | +0.08% | — | |
| 44 | DY | Dycom Industries Inc | 股票-工業 | 0.29% | +0.58% | — | |
| 45 | SNOW | Snowflake Inc | 股票-科技 | 0.29% | +0.17% | +76.92% | |
| 46 | MSFT | Microsoft CORP | 股票-科技 | 0.28% | — | — | |
| 47 | ORCL | Oracle CORP | 股票-科技 | 0.26% | — | — | |
| 48 | ARLP | Alliance Resource Partners | 股票-其他 | 0.25% | -0.10% | -20.75% | |
| 49 | NEE | Nextera Energy Inc | 股票-公用事業 | 0.23% | -0.25% | — | |
| 50 | PEG | Public Service Enterprise Gp | 股票-公用事業 | 0.23% | — | — |
| # | 代號 | 標的名稱 | 佔比變動 | 持倉量變化 | 異動類型 |
|---|---|---|---|---|---|
| 1 | KNTK | Kinetik Holdings Inc | +1.4% | +86.50% | 加碼 |
| 2 | WMB | Williams Cos Inc | +1.2% | +32.91% | 加碼 |
| 3 | MPLX | Mplx LP | +0.9% | +8.65% | 加碼 |
| 4 | OKE | Oneok Inc | +0.8% | +16.21% | 加碼 |
| 5 | DTM | Dt Midstream Inc | +0.8% | +10.30% | 加碼 |
| 6 | TRGP | Targa Resources CORP | +0.7% | -0.15% | 減碼 |
| 7 | WES | Western Midstream Partners L | +0.7% | +21.24% | 加碼 |
| 8 | PAGP | Plains Gp Holdings Lp-cl A | +0.4% | +3.91% | 加碼 |
| 9 | NXT | Nextpower Inc-cl A | +0.4% | +52.34% | 加碼 |
| 10 | MTZ | Mastec Inc | +0.3% | +50.00% | 加碼 |
| 11 | KMI | Kinder Morgan, Inc. | +0.3% | +8.94% | 加碼 |
| 12 | FSLR | First Solar Inc | +0.2% | +9.68% | 加碼 |
| 13 | PRIM | Primoris Services CORP | +0.2% | +47.67% | 加碼 |
| 14 | ENB | Enbridge Inc | +0.2% | +19.94% | 加碼 |
| 15 | GEV | GE Vernova Inc | +0.2% | +2.35% | 加碼 |
| 16 | AGX | Argan Inc | +0.2% | +12.90% | 加碼 |
| 17 | SNOW | Snowflake Inc | +0.1% | +76.92% | 加碼 |
| 18 | PWR | Quanta Services Inc | +0.1% | +11.43% | 加碼 |
| 19 | CVE | Cenovus Energy Inc | +0.1% | +33.72% | 加碼 |
| 20 | CEG | Constellation Energy | +0.1% | -2.51% | 減碼 |
| 21 | NRG | Nrg Energy Inc | +0.1% | +6.58% | 加碼 |
| 22 | TXO | Txo Partners LP | -0.1% | — | 不變 |
| 23 | ARLP | Alliance Resource Partners | -0.1% | -20.75% | 減碼 |
| 24 | SOBO | South Bow CORP | -0.1% | -2.61% | 減碼 |
| 25 | TRP | Tc Energy CORP | -0.1% | -5.13% | 減碼 |
| 26 | MPC | Marathon Petroleum CORP | -0.2% | -3.51% | 減碼 |
| 27 | PSX | Phillips 66 | -0.2% | -8.97% | 減碼 |
| 28 | EPD | Enterprise Products Partners | -0.2% | -10.04% | 減碼 |
| 29 | BE | Bloom Energy Corp- A | -0.3% | -38.50% | 減碼 |
| 30 | ET | Energy Transfer LP | -0.4% | -2.68% | 減碼 |
| 31 | GEL | Genesis Energy L.p. | -0.5% | -72.92% | 減碼 |
| 32 | VST | Vistra CORP | -0.6% | -9.54% | 減碼 |
| 33 | PBA | Pembina Pipeline CORP | -0.7% | -13.96% | 減碼 |
| 34 | AM | Antero Midstream CORP | -0.7% | -65.12% | 減碼 |
| 35 | HESM | Hess Midstream LP - Class A | -1.9% | -41.43% | 減碼 |
| 36 | LNG | Cheniere Energy Inc | -2.4% | -27.95% | 減碼 |
| 37 | EIX | Edison International | — | EXIT | 清倉 |
| 38 | MSTR | Strategy Inc | — | EXIT | 清倉 |
| 39 | ITRI | Itron Inc | — | EXIT | 清倉 |
| 40 | TMUS | T-mobile US Inc | — | EXIT | 清倉 |
| 41 | IREN | IREN Limited | — | NEW | 新建倉 |
| 42 | DOCN | Digitalocean Holdings Inc | — | NEW | 新建倉 |
| 43 | EQIX | Equinix Inc | — | EXIT | 清倉 |
| 44 | DY | Dycom Industries Inc | — | NEW | 新建倉 |
| 45 | MSFT | Microsoft CORP | — | NEW | 新建倉 |
| 46 | ORCL | Oracle CORP | — | NEW | 新建倉 |
| 47 | NTNX | Nutanix Inc - A | — | EXIT | 清倉 |
| 48 | MSI | Motorola Solutions Inc | — | EXIT | 清倉 |
| 49 | NEE | Nextera Energy Inc | — | NEW | 新建倉 |
| 50 | SEI | Solaris Energy Infrastructur | — | NEW | 新建倉 |
根據 SEC 官方 Form 13F 申報備案，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 在 Q4 2025 季度的美股持倉總市值約為 US$22.3億，共申報了 60 個公開持股部位。
在 Q4 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 (7.6%)、TRGP (7.2%)、MPLX (5.8%)。其中最大持股部位 ET 佔據整體投資組合約 7.6% 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
IREN
市值: US$577.9萬
本季最大獲利了結 / 清倉標的
EIX
前期市值: US$1050.3萬
在 Q4 2025 季度中，CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 共進行了 49 項持倉異動，包含新建倉 7 個部位、加碼 19 個部位、減碼 16 個部位以及清倉 7 個部位。 其中最大新建倉標的為 IREN。 本季清倉部位包含 EIX。
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。