Investment Team

David O. Nicholas, CFA

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

Michael L. Shelton, CFA, CPA

Senior Research Analyst and Portfolio Manager
Industry experience: 28 years
Nicholas Company Tenure: 18 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. 

Ryan P. Bushman, CFA

Senior Research Analyst and Portfolio Manager
Industry experience: 24 years
Nicholas Company Tenure: 4 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.

Paul J. Knych

Senior Research Analyst and Associate Portfolio Manager
Industry experience: 18 years
Associate Portfolio Manager - Nicholas Equity Income Fund, Inc.
 

Paul joined Nicholas Company in September 2023 as a senior research analyst. Paul is focused on stocks of all market capitalizations with a particular emphasis on the consumer discretionary and staples sectors. Effective July 2024, Paul serves as associate portfolio manager of Nicholas Equity Income Fund.

Previously, Paul was a senior research analyst at Nuveen in Minneapolis, MN. During his tenure, he spent over 4 years covering the small cap consumer discretionary and staples sectors. Prior to that, he covered consumer staples and materials in the mid- and large-cap space. Paul has also served as an equity oversight analyst at Nuveen. Prior to his tenure at Nuveen, Paul had 6 years of experience in the investment consulting industry with Mercer Investment Consulting and Aon Hewitt.

Paul earned a B.S. in Business Management from Northeastern Illinois University, and an M.B.A. with an emphasis in Financial Analysis and M.S.F. from DePaul University.