Investment Team

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David O. Nicholas, CFA

Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager
Industry experience: 34 years
Nicholas Company Tenure: 31 years
Lead Portfolio Manager - Nicholas Fund, Inc., Nicholas II, Inc. and Nicholas Limited Edition, Inc.
Co-Portfolio Manager - Nicholas Equity Income Fund, Inc.

 

Dave Nicholas joined Nicholas Company as an investment analyst in 1986.  He serves in a leadership position for the company as CEO and President, while primarily focusing his efforts day-to-day on investments as a Portfolio Manager and the Chief Investment Officer.   Dave has developed his philosophy and skills over the past thirty years under the guidance of the long-held investment philosophy and process developed by Albert O. Nicholas, the founder of Nicholas Company.  This opportunity has allowed Dave to gain a deep experience and knowledge analyzing companies and the equity markets.

Dave’s approach is aligned with the Nicholas core investment philosophy and process, while adjusting it to meet the characteristics of various capitalization growth companies.  Core elements to the philosophy include identifying companies with secular growth capabilities, consistent earnings growth, strong balance sheets and solid management teams.  Dave also shares a preference for non-consensus strategies when market opportunities arise.

Dave is the lead portfolio manager of Nicholas Fund, Nicholas II and Nicholas Limited Edition, while serving as co-manager for Nicholas Equity Income Fund.  As Chief Investment Officer he guides the firm’s investment process and the investment team on a day-to-day basis.

Dave earned a B.B.A. in Finance from the University of Wisconsin-Madison and completed his M.S. in Finance at the University of Wisconsin-Milwaukee, where he is a member of the University’s Business School Advisory Board. He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.


 


 

David Johnson, CFA

David L. Johnson, CFA

Executive Vice President, Separate Account Portfolio Manager
Industry experience: 50 years
Nicholas Company Tenure: 37 years

 

Dave Johnson joined Nicholas Company in 1980 as a portfolio manager for separately managed accounts. Dave is responsible for private client portfolios serving high net worth individuals, pension funds, foundations and endowments. He is a seasoned investment manager offering significant experience in guiding clients during challenging markets in pursuit of their financial objectives.

 

Dave started his career in 1967, after completing two years of military service, with the Milwaukee Company working as a research analyst and later as the portfolio manager for the Audax Fund, a small-company growth fund. He joined Heritage Investment Advisors in 1973, as a research analyst and private account portfolio manager.

 

Dave earned his B.B.A. and M.B.A. from the University of Wisconsin at Madison. He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.

 

 


 

Lawrence J. Pavelec, CFA

Chief Operating Officer, Senior Vice President and Portfolio Manager
Industry experience: 33 years
Nicholas Company Tenure: 14 years
Portfolio Manager - Nicholas High Income Fund, Inc.

Larry Pavelec serves in a leadership position for Nicholas Company as the Chief Operating Officer and head of product distribution.  This position involves collaborating with the other senior members of the Management Committee on strategic initiatives for the Company.  He also serves as an analyst and client portfolio manager for the separately managed account equity portfolios and manager for the Nicholas High Income Fund, a high yield corporate bond fund.


As portfolio manager for the high yield corporate fund, he employs a bottom-up, value approach philosophy that focuses on companies with sufficient earnings growth and adequate asset coverage to meet debt obligations. Nicholas High Income Fund is generally positioned with a short-to-intermediate maturity structure and securities that we believe tend to provide more stability during difficult markets, while generating a market level of income consistent with the high yield corporate sector.

Larry joined Nicholas Company in 2003, to serve as the portfolio manager for the Nicholas High Income Fund and lead the product distribution effort.  Larry's career as a credit analyst and portfolio manager began in 1984 with M&I Investment Management Corp., where he focused on investment-grade corporate bonds, asset-backed securities and mortgage-backed securities. Before joining Nicholas, he was with Brandes Investment Partners as the co-manager for Brandes Fixed Income Partners, serving as portfolio manager and head of marketing for the firm.

Larry earned his B.S. in Finance from the University of Wisconsin at La Crosse. He has served on various non-profit boards over the years including the Mequon-Thiensville Education Foundation and North Shore County Club.  He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.

 


 

Michael L. Shelton, CFA, CPA

Senior Research Analyst and Portfolio Manager
Industry experience: 21 years
Nicholas Company Tenure: 11 years
Lead Portfolio Manager - Nicholas Equity Income Fund, Inc.
Co-Portfolio Manager - Nicholas Fund, Inc.

 

Michael joined Nicholas Company in 2006. He serves as lead portfolio manager of Nicholas Equity Income Fund, co-portfolio manager of Nicholas Fund and is a senior research analyst. Michael has a depth of knowledge following years of covering the healthcare, technology and industrial sectors.  Michael has had the opportunity to work alongside Dave and Ab Nicholas analyzing companies for each of the investment strategies.  This experience has provided a sound basis for his adoption of the long-held Nicholas investment philosophy and process. 
 
Prior to joining Nicholas Company, Michael worked for the Department of Defense Financing & Accounting Service as a financial analyst. He spent three years with Robert W. Baird as a research analyst and at McDonald Investments for one year focusing on healthcare companies. Before starting his investment career, he worked with Ernst & Young as an auditor and tax consultant.
 
Michael has earned his CPA and CFA designations. He graduated magna cum laude from Miami University in Oxford, Ohio and obtained his MBA from The Ohio State University. He is a member of the CFA Society Milwaukee.
 


 

Neal Dihora, CFA

Senior Research Analyst and Portfolio Manager
Industry experience: 15 years
Nicholas Company Tenure: 4 years
Co-Portfolio Manager - Nicholas Limited Edition, Inc. 

 

Neal joined Nicholas as a senior research analyst in 2015, in addition to an earlier period with the firm from 2003-05. Neal was named co-portfolio manager of Nicholas Limited Edition, Inc. in November 2016. Neal is focused on stocks with small-and mid–sized capitalizations with an emphasis on healthcare and industrials.

 

Before rejoining Nicholas Company in 2015, Neal was a senior equity analyst at Morningstar, covering the aerospace and defense sectors. Prior to Morningstar, Neal was a co-portfolio manager of the Wasatch Ultra Growth fund for three years starting in 2006, with a particular focus on the healthcare and retail areas.

 

Neal earned his B.B.A. and M.S. from the University of Wisconsin at Madison and is an alumnus of the school's Applied Security Analysis Program. He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.

 


 

Brian J. Janowski, CFA, CPA

Senior Research Analyst
Industry experience: 15 years

Nicholas Company Tenure: Since December 2016
 

Brian joined Nicholas Company in 2016 as a senior research analyst.  Brian is focused on stocks of all market capitalizations with a particular emphasis on the financials, materials, and utilities sectors.
 

Prior to joining Nicholas Company, Brian served as a senior equity analyst and co-portfolio manager for the BMO Small and Mid Cap Value Funds for eight years.  Before that, Brian was an equity analyst and co-portfolio manager at American Family Insurance for six years.
 

Brian graduated from the University of Wisconsin-Madison and has earned the right to use the CFA and CPA designations.  He is a member of the CFA Society of Milwaukee. 
 


 

Mark A. Zikeli

Research Analyst
Industry experience: 6 years

Nicholas Company Tenure: Since September 2016
 

Mark joined Nicholas Company in September 2016 as a research analyst. Mark is a generalist analyzing companies with small- and mid-sized capitalizations with an emphasis on industrials.

Previously, Mark was a senior associate at Longbow Research in Cleveland, OH for over 3 years covering building products and construction materials. Prior to Longbow Research he worked as a research associate at a FinTech start-up in Seattle, WA.

Mark earned his BBA in Finance from UW-Milwaukee and earned the Investment Management Certificate Program (IMCP), specializing in security analysis and portfolio management.

He is a 2017 Level III Candidate in the CFA Program. 


 

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and is not exhaustive. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation. Neither the fund nor any of its representatives may give legal or tax advice.

References to other mutual funds should not be interpreted as an offer of these securities.


Diversification does not assure a profit nor protect against loss in a declining market.



The Nicholas Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Nicholas Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. 

Please refer to each prospectus for important information about each investment company, including investment objectives, risks, charges and expenses. 

Mutual fund investing involves risk; principal loss is possible. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. 

Past performance does not guarantee future results.

Diversification does not assure a profit nor protect against loss in a declining market.

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Nicholas Funds are distributed by Quasar Distributors, LLC

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