Nicholas provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for institutions.
Nicholas reports 12 clients. They include 5 charitable organizations, 4 investment companies and 3 high-net-worth individuals. Of its assets, 100.0% ($6.08B across 13 accounts) are managed with discretion. A wrap fee program the firm both sponsors and manages holds $7.35M.
| Client type | Clients | Assets |
|---|---|---|
| High-net-worth individuals | 25% | <1% |
| Investment companies | 33% | 99% |
| Charitable organizations | 42% | <1% |
| Corporations and other businesses | Fewer than 5 | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 3 | $8.2M | 0.1% | $2.73M |
| Investment companies | 4 | $6.04B | 99.4% | $1.51B |
| Charitable organizations | 5 | $19.4M | 0.3% | $3.88M |
| Corporations and other businesses | Fewer than 5 | $11.9M | 0.2% | — |
| Total | 12 | $6.08B | 100% | — |
- Clients
- 3
- Regulatory AUM
- $8.2M
- AUM share
- 0.1%
- Avg. per client
- $2.73M
- Clients
- 4
- Regulatory AUM
- $6.04B
- AUM share
- 99.4%
- Avg. per client
- $1.51B
- Clients
- 5
- Regulatory AUM
- $19.4M
- AUM share
- 0.3%
- Avg. per client
- $3.88M
- Clients
- Fewer than 5
- Regulatory AUM
- $11.9M
- AUM share
- 0.2%
- Avg. per client
- —
Total
- Clients
- 12
- Regulatory AUM
- $6.08B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
Nicholas is paid through a percentage of assets under management and performance-based fees; its fees and minimums are set out in its brochures on the SEC website.
David Nicholas owns 50% to 75% of Nicholas. David Nicholas is CEO; the leadership team includes President Jennifer Kloehn and Chief Operating Officer Lawrence Pavelec. It has 16 employees, 7 of them in advisory roles.
Leadership
David NicholasChief Executive Officer, President, Chief Investment Officer, Director, Shareholder- Jennifer KloehnChief Financial Officer, Chief Compliance Officer, Executive Vice President, Treasurer
- Christopher O'ReillyChief Technology Officer, Executive Vice President
Lawrence PavelecChief Operating Officer, Executive Vice President, Secretary- David LubarDirector
- K. LundgrenDirector
- Lynn NicholasShareholder
- Susan FascianoShareholder
Investment adviser representatives
1 representatives listed in the SEC register as of 9 October 2026.
Staff
- 16 employees
- 7 in advisory functions
- 1 state-registered rep
- 1 broker-dealer rep
- Owns 50% to 75% of Nicholas Co Inc
David Nicholas
Control person · since August 1986
- Owns 10% to 25% of Nicholas Co Inc
Lynn Nicholas
since September 1983
- Owns 10% to 25% of Nicholas Co Inc
Susan Fasciano
since December 2003
Nicholas’ regulatory assets grew from $4.74B (January 2021) to $6.08B (January 2026); clients fell from 18 to 12 and employees were 16 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| January 2026 | $6.08B | 12 | 16 | 1 |
| January 2025 | $6.32B | 12 | 17 | 1 |
| January 2024 | $5.13B | 13 | 15 | 1 |
| January 2023 | $4.88B | 14 | 15 | 1 |
| January 2022 | $6.18B | 15 | 15 | 1 |
| January 2021 | $4.74B | 18 | 16 | 1 |
Besides its headquarters, Nicholas has 0 offices, with 1 listed address in Wisconsin.
Wisconsin · 1 listed address
- 411 E. Wisconsin Ave., Ste 2100, MilwaukeeHQ
Contact and registration details
- Legal name
- Nicholas Co Inc
- Headquarters
- 411 E. Wisconsin Ave., Ste 2100, Milwaukee, WI 53202-4467
- Website
- Not reported
- Phone
- 414-272-4650
- @nicholas-funds
- SEC file
- 801-4658
- Structure
- Wisconsin corporation
- Fiscal year end
- October
Nicholas uses J.P. Morgan ($11.9M, 31%), Johnson Bank ($9.47M, 25%) and Wells Fargo Advisors Financial Network ($7.35M, 19%), among others, as custodians for its separately managed accounts. Nicholas does not have custody of client assets.
- Wells Fargo Advisors Financial NetworkWells Fargo Advisors Financial Network, LLC · St. Louis, MO · $7.35M19%
- J.P. MorganJPMorgan Chase Bank, N.A. · Newark, DE · $11.9M31%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $4.96M13%
- Johnson BankJohnson Bank · Racine, WI · $9.47M25%
- Robert W. Baird & Co.Robert W. Baird & Co. Incorporated · Milwaukee, WI · $4.72M12%
At year end, Nicholas’ separately managed accounts were mostly in stocks (96%). Its reported 13F holdings for the quarter ended 30 June 2026 total $5.47B across 195 positions; the largest are Alphabet Inc.. Class C (4.4%), Nvidia Corporation (4.2%) and Amazon.com, Inc.. (3.8%).
What the accounts hold
- Stocks96%
- Cash4%
Reported 13F holdings
- $5.47B
- Reported 13F value
- 195
- Positions
- 27.6%
- In the 10 largest
- +7.3%
- Value vs. prior quarter
- Alphabet Inc.. Class C · Cap Stk CL C4.4%
- Nvidia Corporation4.2%
- Amazon.com, Inc..3.8%
- Apple Inc..3.5%
- Microsoft Corporation3.1%
- Advanced Micro Devices, Inc..1.9%
- Broadcom Inc..1.8%
- Palo Alto Networks, Inc..1.7%
- Home Depot, Inc..1.6%
- Waste Connections, Inc..1.5%
Together, the ten largest are 27.6% of reported value.
How many clients does Nicholas have?
Nicholas has 12 clients and manages $6.08 billion for them, as of January 2026. They include 5 charitable organizations, 4 investment companies and 3 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 23 January 2026
What services does Nicholas offer?
Nicholas provides portfolio management for individuals and small businesses, portfolio management for investment companies, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Nicholas use?
Nicholas’ separately managed account assets are held at JPMorgan Chase Bank, N.A. (Newark, DE), with $11.9M, Johnson Bank (Racine, WI), with $9.47M, Wells Fargo Advisors Financial Network, LLC (St. Louis, MO), with $7.35M, Charles Schwab & Co., Inc. (Westlake, TX), with $4.96M and Robert W. Baird & Co. Incorporated (Milwaukee, WI), with $4.72M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 23 January 2026
How many financial advisors does Nicholas have?
Nicholas has 1 investment adviser representative registered with state securities authorities, out of 16 employees, and 7 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Nicholas invest in?
At the end of its last fiscal year, Nicholas’ separately managed accounts held 96% exchange-traded equities and 4% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Nicholas?
Nicholas’ direct owners are David Nicholas (50% to 75%), Lynn Nicholas (10% to 25%) and Susan Fasciano (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 23 January 2026
How does Nicholas get paid?
Nicholas is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Nicholas?
Nicholas’ main office is at 411 E. Wisconsin Ave., Ste 2100, Milwaukee, WI 53202-4467. Its phone number is 414-272-4650.