Albert O. Nicholas, CFA
Chairman and Chief Executive Officer, Portfolio Manager

Ab Nicholas founded Nicholas Company in 1967. Although he considers himself an investment analyst first and foremost, Ab has been often recognized for his skill as a portfolio manager. His flagship fund, the Nicholas Fund, has been on Forbes’ Honor Roll for nearly two of the last three decades.

Ab began his career with Northwestern National Insurance Company, where he worked as an investment analyst. He also spent several years at Marshall and Ilsley Bank before co-founding Nicholas Company. In 1969, Ab decided he could best help clients by making it easier to purchase a diversified portfolio of stocks, so he introduced Nicholas Fund. Ab currently manages Nicholas and Nicholas Equity Income Funds.

While earning a Bachelor’s in Economics at the University of Wisconsin at Madison, Ab played guard for the Badger basketball team. After spending two years in the military, he returned to the University for an M.B.A. in Finance and Investments. He is a member of the Milwaukee Investment Analysts Society, and a Chartered Financial Analyst.

David O. Nicholas, CFA
Chief Investment Officer and Portfolio Manager

Dave Nicholas is an experienced investment analyst and portfolio manager, who is dedicated to helping investors reach their goals by offering mutual funds that have low expenses, low minimums, and tax-efficient investment policies. One of his goals is to provide investors in Nicholas Family of Funds with top-quartile performance.

Dave began his career at First Wisconsin Bank, now known as U.S. Bancorp, where he spent several years working as an analyst before joining Nicholas Company’s research team. He currently manages Nicholas II and Limited Edition Funds.

A sports enthusiast, coach, and board member of the Mequon-Thiensville Education Foundation, Dave earned a B.B.A. in Finance at the University of Wisconsin, Madison. He completed an M.S. in Finance at the University of Wisconsin, Milwaukee, and is a member of the University's Business School Advisory Board. Dave is also a member of the Milwaukee Investment Analysts Society, and a Chartered Financial Analyst.

David L. Johnson, CFA
Executive Vice President, Portfolio Manager

David L. Johnson has been managing private accounts for Nicholas Company’s individual and institutional investors since 1980. He is a seasoned investment manager whose experience navigating challenging markets benefits our investors each day.

In 1967, after completing two years of military service, Dave went to work for the Milwaukee Company as an analyst and was later appointed portfolio manager for the Audex Fund, a small-company growth fund. He joined Heritage Investment Advisors in 1973 as an analyst and private account  manager, and in 1980 came to Nicholas Company. Since that time, he has managed our  private account management team, serving pension fund, foundation, endowment, and individual clients.

Dave is a Badger fan, who earned his B.B.A. and M.B.A. from the University of Wisconsin at Madison. He is a Chartered Financial Analyst, and belongs to the Milwaukee Investment Analysts Society.

Lawrence J. Pavelec, CFA
Senior Vice President, Portfolio Manager

Lawrence J. Pavelec manages Nicholas Company’s the high yield fixed income products, including Nicholas High Income Fund, and separately managed accounts. Larry is a seasoned portfolio manager employing a bottom-up, value approach to fixed income selection.  Searching for high quality securities of companies that are under valued in the marketplace. Larry also serves on the Senior Management Committee and is responsible for the Marketing and Distribution Group at Nicholas Company.

Larry's career as a portfolio manager and analyst began in 1984 with M&I Investment Management focusing on investment-grade corporate bonds and mortgage-backed securities. He was with Brandes Investment Partners before joining Nicholas Company in 2003 to lead the high yield fixed income and marketing efforts for the firm.

Larry is an avid golfer, downhill skier, and youth sports coach.  He earned his B.S. in Finance from the University of Wisconsin at La Crosse, is a Chartered Financial Analyst, and a member of the Milwaukee Investment Analysts’ Society. 

Michael L. Shelton, CFA, CPA
Co-Portfolio Manager, Research Analyst

Michael Shelton is a Co-Portfolio manager of the Nicholas Equity Income Fund and a research analyst with a generalist responsibility across all market capitalizations while offering specialization in the healthcare, technology and industrial sectors.  

Prior to joining Nicholas Company in 2006, Mike worked for the Department of Defense Financing & Accounting Service as a financial analyst.  Mike was a research analyst for Robert W. Baird for three years and McDonald Investments for one year focusing on healthcare companies.  He started his career with Ernst & Young as an auditor and tax consultant.

Mike has a CPA and CFA designation.  He graduated magna cum laude from Miami University in Oxford , Ohio and obtained his MBA from The Ohio State University. 

Mike enjoys playing basketball and softball.  He also enjoys travel, reading and outdoor activities. 

Jeff Kinnel
Research Analyst/Trader

Jeff Kinnel is a research analyst and trader for Nicholas Company.  Jeff's focus is as a generalist across all market capitalizations with specialization in the energy, financial and high yield corporate bonds sectors. He handles the high yield bond trading and equity trading.

Prior to joining Nicholas Company in 2004, Jeff served as a corporate bond analyst and trader for Cleary Gull in Milwaukee, Wisconsin.  Jeff also worked at Guaranty Bank as a mortgage-backed security analyst and trader.

Jeff graduated from Miami University in Oxford, Ohio and obtained his MBA from University of Wisconsin - Milwaukee.  Jeff is currently working toward his CFA designation.

Jeff is an avid golfer who plays competitively in tournaments.  He also enjoys running and playing basketball.