Investment Team

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David O Nicholas

David O. Nicholas, CFA

Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager
Industry experience: 38 years
Nicholas Company Tenure: 35 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: 54 years
Nicholas Company Tenure: 41 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

Lawrence J. Pavelec, CFA

Chief Operating Officer, Executive Vice President and Separate Account Portfolio Manager
Industry experience: 37 years
Nicholas Company Tenure: 18 years

 

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.
 

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 Country Club.  He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.

 


 

Michael Shelton

Michael L. Shelton, CFA, CPA

Senior Research Analyst and Portfolio Manager
Industry experience: 25 years
Nicholas Company Tenure: 15 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 earning his CPA designation in 1995.
 
Michael graduated magna cum laude from Miami University in Oxford, Ohio and obtained his M.B.A. from The Ohio State University. He has earned the right to use the CFA designation and is a member of the CFA Society Milwaukee. 


 

Brian J. Janowski

Brian J. Janowski, CFA, CPA

Senior Research Analyst and Portfolio Manager
Industry experience: 19 years

Nicholas Company Tenure: 5 years
Co-Portfolio Manager - Nicholas II, Inc. 

 

Brian joined Nicholas Company in 2016 as a senior research analyst. Brian was named co-portfolio manager of Nicholas II, Inc. in April 2018.  Brian is focused on stocks of all market capitalizations with a particular emphasis on consumer staples, utilities and financials including financial technology.
 

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 Milwaukee. 
 


 

Ryan Bushman

Ryan P. Bushman, CFA

Senior Research Analyst and Portfolio Manager
Industry experience: 21 years
Co-Portfolio Manager - Nicholas Limited Editon, Inc.

 

Ryan joined Nicholas Company in October 2020 as a senior research analyst. Ryan was named co-portfolio manager of Nicholas Limited Edition, Inc. effective February 2021. Ryan is a generalist analyzing companies across all capitalizations with an emphasis on small- and mid-cap stocks in the health care and industrial sectors.

Previously, Ryan was a Co-Portfolio Manager and Research Analyst at Rice Hall James & Associates in San Diego, CA for 3 years covering the consumer and health care sectors. Other sectors of coverage included industrials and information technology. Ryan began his career in the investment industry in 2000 at M&I Investment Management Corp. as a financial auditor and trade coordinator and held various analyst positions from 2003 to 2007 at the company as it was acquired by BMO Asset Management advancing to the role of Equity Analyst and Director for the BMO Small-Cap Growth and Mid-Cap Growth products for nine years.

Ryan earned a B.B.A. with an emphasis on Finance from UW-Whitewater and graduated magna cum laude from Marquette University earning an M.B.A. with an emphasis in Finance.

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

 


 

Jeffrey Strong

Jeffrey J. Strong, CFA

Senior Research Analyst
Industry experience: 15 years


 

Jeff joined Nicholas Company in April 2021 as a senior research analyst. Jeff is focused on stocks of all market capitalizations with a particular emphasis on the information technology sector.

Prior to joining Nicholas Company, Jeff was a portfolio manager at the State of Wisconsin Investment Board, managing the Global Technology Portfolio for three years. Before that, Jeff was a research analyst for two years at Heartland Advisors, with primary emphasis on the technology, industrials and consumer sectors. Jeff started his career in investment management at BMO Asset Management, where he was a senior equity analyst for eight years on the BMO Small and Mid Cap Value Funds.

Jeff earned his B.B.A. and M.B.A. from the University of Wisconsin-Madison, where he participated in the Applied Security Analysis Program. He has also earned the right to use the CFA designation and is a member of the CFA Society Milwaukee.
 

 


 

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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.



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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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