NXG - NXG NextGen Infrastructure Income Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. April 6, 2026

   The fund offered holders the right to buy more shares, until April 30, 2026.

   Original document →

2. April 6, 2026

   Sit Investment filed a notice about its stake, as a passive investor.

   Original document →

3. Jan 6, 2026

   Sit Investment cut its stake to 5.2% (from 11.2%), as a passive investor.

   Original document →

4. Dec 30, 2025

   The fund said it may sell new shares.

   Original document →

5. Sept 3, 2025

   Sit Investment raised its stake to 11.2% (from 2.5%), as a passive investor.

   Original document →

About this fund

• Run by Cushing Asset Management LP. Part of the Cushing fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $444 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 30% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -17.4%; at +10%, about +12.7%. As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs: 1.8% a year in management fees; 4.2% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in utilities and infrastructure, 9 charge a lower management fee and 9 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $45 in the first year and about $458 over 10 years, assuming the holdings return 5% a year. As of Nov 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $6.48 a share. $0.50 of that was income; $5.98 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $50.52. The shares traded at $50.31, about 0.4% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 11.3% below to 6.4% above. As of Nov 30, 2025, from the fund's annual report. Original document →
• How the holdings did: down 0.7% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $6.48 in the fiscal year ended Nov 30, 2025; $6.48 in the year ended Nov 30, 2024; $3.94 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $5.98 in the year ended Nov 30, 2025; $5.86 in the year ended Nov 30, 2024; $1.76 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.16% a year in the fiscal year ended Nov 30, 2025; 4.81% a year in the year ended Nov 30, 2024; 4.15% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $286 million at Nov 30, 2025; $178 million at Nov 30, 2024; $104 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• Borrowing: about 32% on top of its own money at Nov 30, 2025; 29% at Nov 30, 2024; 30% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• The fund had about 5.66 million shares at Nov 30, 2025, up 117.6% from Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +7.9%, counting payouts. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +96.3%, counting payouts. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned -16.4%, counting payouts. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned +0.3%, counting payouts. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +33.4%, counting payouts. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +137.2%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $23,700 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +34.4%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 10 funds that invest in utilities and infrastructure with a fiscal year ending within six months of this one, 9 reported a higher share return for that year and 0 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (97%), the rest cash and short-term holdings. About 97% issued in the U.S.

1. Crowdstrike Holdings - 6%
2. Palo Alto Networks - 5.6%
3. GE Vernova - 4.9%
4. Targa Resources - 4.8%
5. Energy Transfer LP - 4.4%
6. Constellation Energy - 4.3%
7. Bloom Energy - 4.2%
8. Cloudflare - 4.1%
9. Vistra - 4%
10. NRG Energy - 4%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →