Nicholas High Income Fund, Inc. Portfolio Manager

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Larry J. Pavelec, CFA

Senior Vice President, High Yield and Equity Portfolio Manager
Industry experience: 32 years
Nicholas Company Tenure: 13 years


Larry joined Nicholas Company in 2003.  He is responsible for Nicholas Company’s high yield fixed income product, the Nicholas High Income Fund. As portfolio manager for the high yield corporate fund, he employs a bottom-up, value approach philosophy that focuses on companies with adequate asset coverage and earnings 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 in difficult markets, while generating a market level of income consistent with the high yield corporate sector. Larry also serves on the Senior Management Committee and is responsible for the client service and distribution efforts at Nicholas Company.


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 earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.



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. 

An investment in the Money Market Fund, Inc. is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

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 such as limited liquidity and great volatility. 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