Form 4: NXG Cushing Midstream Energy Fund Portfolio Manager Increases Holdings

Portfolio Manager Todd Sunderland acquired 45 common shares of NXG Cushing Midstream Energy Fund at $41.80 per share through a rights offering and also increased holdings through a dividend reinvestment plan.

Summary

• Todd Sunderland, a Portfolio Manager at NXG Cushing Midstream Energy Fund, acquired 45 common shares on November 21, 2024, at a price of $41.80 per share.
• The shares were acquired through the exercise of rights in the Fund's transferrable rights offering, which expired on November 14, 2024.
• The number of shares acquired was confirmed on November 21, 2024, after pro-ration and allocation of shares due to over-subscription.
• Sunderland also acquired 11.676 shares through an Automatic Dividend Reinvestment Plan (DRIP).
• Following these transactions, Sunderland's total holdings are 156.676 common shares.

Sentiment

Score: 7

Explanation: The document reflects a positive sentiment as the portfolio manager is increasing their stake in the fund, indicating confidence. However, it is a routine transaction and not a major event.

Positives

• The portfolio manager's participation in the rights offering and DRIP indicates confidence in the fund's prospects.
• The acquisition of shares through the rights offering was at a set price of $41.80.

Industry Context

This transaction reflects a portfolio manager's activity within a midstream energy fund, which is common in the investment management industry. It indicates the manager's personal investment decisions aligning with the fund's strategy.

Comparison to Industry Standards

• Portfolio managers frequently participate in rights offerings and dividend reinvestment plans of the funds they manage, aligning their interests with those of the fund's shareholders.
• The specific number of shares acquired and the price paid are typical for such transactions and are not unusual compared to similar activities in the investment management industry.
• The use of a DRIP is a common method for investors to increase their holdings over time, and this is a standard practice in the industry.

Stakeholder Impact

• The transaction may positively impact shareholder confidence as it shows the portfolio manager's commitment to the fund.
• The increased holdings by the portfolio manager could be seen as a positive signal to the market.

Key Dates

Keywords

NXG Cushing Midstream Energy Fund, Portfolio Manager, Todd Sunderland, Rights Offering, Dividend Reinvestment Plan, Share Acquisition, SRV