Nicholas Fund Portfolio Managers
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David O. Nicholas, CFA
Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager
Industry experience: 42 years
Nicholas Company Tenure: 39 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: 29 years
Nicholas Company Tenure: 19 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.
Jeffrey J. Strong, CFA
Senior Research Analyst and Portfolio Manager
Industry experience: 19 years
Nicholas Company Tenure: 4 years
Co-Portfolio Manager - Nicholas Fund, Inc. and Nicholas II, Inc.
Jeff joined Nicholas Company in April 2021 as a senior research analyst. Jeff was named co-portfolio manager of Nicholas Fund, Inc. effective July 2021 and Nicholsa II, Inc. effective January 2025. 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.