In plain terms — NXG Cushing Midstream Energy Fund
Shares currently cost about 6.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.2% discount, so today's level is not high for this fund (Z-score +0.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 14.4% a year of the share price (13.5% of the assets). That is a payout rate, not a return: part of it may be capital being handed back, and a one-off special payment in the last year is excluded from the regular rate.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.07 of assets — a ReinvestCapture™ rate of 15.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 24.9% over the past year including distributions (NAV total return).
Annual costs are 3.52% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +1.18% | 1.74% | -0.80 | 63 |
| 6 months | -0.27% | 2.78% | +0.03 | 124 |
| 1 year | -1.23% | 2.98% | +0.34 | 247 |
| 3 years | -0.39% | — | — | — |
| 5 years | -5.04% | — | — | — |
Current contemporaneous premium/discount -0.20% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.82% to +4.85%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.19% | -13.85% | +12.29% | -0.34% | +5.65% | +4.80% |
| Market price total return | -4.12% | -11.09% | +23.23% | +19.11% | +22.11% | +19.49% |
| NAV return | +0.70% | -8.65% | +14.43% | +4.58% | +5.88% | +1.40% |
| NAV total return | +1.86% | -5.65% | +25.47% | +24.87% | +22.40% | +15.18% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
NXG Cushing Midstream Energy Fund is a closed-ended balanced mutual fund launched by Swank Capital, LLC. The fund is managed by Swank Energy Income Advisors L.P. It invests in the public equity and fixed income markets across the globe with a focus in United States. The fund typically invests in MLPs, Other Natural Resource Companies, and global commodities. It primarily invests in the securities of MLPs, other equity securities, debt securities, and securities of non-U.S. issuers employing a fundamental analysis. NXG Cushing Midstream Energy Fund was formed on May 23, 2007 and is domiciled in Dallas.
CEF Explorer research page for NXG Cushing Midstream Energy Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.