Fund Evaluator:
Nicholas (NICSX)
Follow This Fund
Best Performing in Large Growth Over the Last Year
| 39.6% | Tanaka Growth (TGFRX) |
| 35.2% | Fidelity Advisor OTC Z (FOTJX) |
| 35.1% | Fidelity OTC (FOCPX) |
| 34.8% | Chase Growth N (CHASX) |
| 27.3% | Fidelity Advisor Focused Stock Z (FSFOX) |
Fund Details
Nicholas Overview
Nicholas (NICSX) is an actively managed U.S. Equity Large Growth fund. Nicholas launched the fund in 1969.
The investment seeks to increase the value of the investment over the long-term ("long-term growth"). The fund primarily invests in common stocks of domestic small, medium- and large-sized companies believed to have growth potential. The adviser believes a company's annual sales volume and market capitalization (the number of shares outstanding multiplied by the per share price) are the factors most illustrative of a company's size. In distinguishing company size in terms of sales volume, the adviser considers a company's sales volume relative to peer companies in the company's industry.
About Nicholas (NICSX)
There are 2 members of the management team with an average tenure of 9.64 years: Jeffrey Strong (2022), David Nicholas (2011). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Nicholas has 54 securities in its portfolio. The top 10 holdings constitute 36.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Nicholas is part of the Equity global asset class and is within the U.S. Equity fund group. Nicholas has 7.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 89.8%. There is 7.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Nicholas has 3.0% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $2 billion average for the Large Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NICSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Nicholas expense ratio is above average compared to funds in the Large Growth category. Nicholas has an expense ratio of 0.70%, which is 27% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Nicholas has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 54% for the Large Growth category.
Recently, in the month of July 2026, Nicholas returned 2.2%, which earned it a grade of A, as the Large Growth category had an average return of -3.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Nicholas has a trailing yield of 0.03%, which is below the 0.06% category average. The fund normally distributes its income semi-annually and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Nicholas Grades
Year to date, the fund has returned 5.5%, 1.8 percentage points better than the category, which translates into a grade of B. The fund has returned 6.3% over the past year (grade of D), 11.5% over the past three years (grade of F) and 8.8% per year over the past five years (grade of C) and 12.4% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Nicholas, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
NICSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NICSX Return (NAV) | 2.2% | 5.2% | 6.3% | 11.5% | 8.8% | 12.4% |
| NICSX Grade | A | A | D | F | C | F |
| +/- Category | 5.3% | 3.5% | -2.7% | -6.5% | 0.1% | -3.0% |
| Large Growth Avg | -3.1% | 1.7% | 9.1% | 18.1% | 8.7% | 15.4% |
| NICSX Tax Cost Ratio | na | na | 0.9% | 2.0% | 2.1% | 2.1% |
NICSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NICSX Return (NAV) | 5.5% | 4.5% | 16.7% | 34.2% | -18.1% | 26.6% | 18.9% | 33.5% | -1.5% | 17.5% | 0.9% |
| NICSX Grade | B | F | F | D | A | A | F | C | C | F | D |
| +/- Category | 1.8% | -11.2% | -13.0% | -4.6% | 14.0% | 6.2% | -23.4% | 0.3% | -0.8% | -12.3% | -1.8% |
| Large Growth Avg | 3.7% | 15.7% | 29.7% | 38.9% | -32.1% | 20.4% | 42.3% | 33.2% | -0.7% | 29.8% | 2.7% |
| Risk Measures | |
| Standard Deviation: | 13.2% |
| Total Risk Index: | 1.08 - Above Average |
| Category Risk Index: | 0.75 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.94 |
| R-Squared: | 87% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $3986 Mil |
| Fund Total Assets: | $3,987 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.3 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Nicholas David (2011), Strong Jeffrey (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 54 |
| % in Top 10 Holdings: | 36.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.2% |
Portfolio Allocation |
|
| Domestic Stock: | 89.8% |
| Foreign Stock: | 7.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.0% |
Purchase Information
| Fund Family: | Nicholas |
| Phone Number: | 800-544-6547 |
| Website: | www.nicholasfunds.com |
| Status: | Open |
| Inception Date: | July 14, 1969 |
| Min. Initial Purchase: | $ 500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Nicholas |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
