Fund Evaluator:
Nicholas Limited Edition N (NNLEX)
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Best Performing in Small Growth Over the Last Year
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Fund Details
Nicholas Limited Edition N Overview
Nicholas Limited Edition N (NNLEX) is an actively managed U.S. Equity Small Growth fund. Nicholas launched the fund in 2005.
The investment seeks to increase the value of the investment over the long-term. The fund primarily primarily invests in common stocks of domestic corporations with small-and medium‑sized market capitalizations believed to have growth potential. The advisor believes a company’s annual sales volume and the market capitalization (the number of shares outstanding multiplied by the per share price) are the factors most illustrative of a company’s size. The advisor generally considers companies with market capitalizations up to $3 billion as "small", between $3 billion and $25 billion as "medium," and greater than $25 billion as "large."
About Nicholas Limited Edition N (NNLEX)
There are 3 members of the management team with an average tenure of 13.45 years: Ryan Bushman (2021), Aaron Hizmi (2025), David Nicholas (1993). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. Nicholas Limited Edition N has 63 securities in its portfolio. The top 10 holdings constitute 23.8% 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 Limited Edition N is part of the Equity global asset class and is within the U.S. Equity fund group. Nicholas Limited Edition N has 6.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.5%. There is 6.3% 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 Limited Edition N has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $431 million average for the Small 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.
NNLEX 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 Limited Edition N expense ratio is high compared to funds in the Small Growth category. Nicholas Limited Edition N has an expense ratio of 1.16%, which is 1% lower than its category average, making the fund expense ratio grade a C. 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 Limited Edition N has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 78% for the Small Growth category.
Recently, in the month of July 2026, Nicholas Limited Edition N returned 1.9%, which earned it a grade of A, as the Small Growth category had an average return of -6.7%. 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 Limited Edition N has a trailing yield of 0.00%, which is below the 0.06% category average. The fund normally distributes its income annually and its capital gains 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 Limited Edition N Grades
Year to date, the fund has returned 0.3%, 13.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -3.6% over the past year (grade of F), 0.4% over the past three years (grade of F) and -0.8% per year over the past five years (grade of F) and 7.3% per year over the past 10 years (grade of F).
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NNLEX 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 |
|
| NNLEX Return (NAV) | 1.9% | 9.1% | -3.6% | 0.4% | -0.8% | 7.3% |
| NNLEX Grade | A | A | F | F | F | F |
| +/- Category | 8.6% | 5.4% | -26.3% | -12.0% | -4.1% | -3.9% |
| Small Growth Avg | -6.7% | 3.7% | 22.7% | 12.4% | 3.3% | 11.2% |
| NNLEX Tax Cost Ratio | na | na | 1.9% | 1.0% | 1.8% | 1.8% |
NNLEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NNLEX Return (NAV) | 0.3% | -10.7% | 11.6% | 16.8% | -23.9% | 18.7% | 22.5% | 27.1% | -1.3% | 19.6% | 12.0% |
| NNLEX Grade | F | F | D | C | B | A | F | D | B | D | B |
| +/- Category | -13.4% | -18.7% | -3.9% | 0.1% | 4.1% | 8.2% | -19.3% | -2.8% | 2.8% | -4.5% | 1.8% |
| Small Growth Avg | 13.6% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 16.3% |
| Total Risk Index: | 1.33 - Above Average |
| Category Risk Index: | 0.79 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.90 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $345 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 33.4 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Nicholas David (1993), Bushman Ryan (2021), Hizmi Aaron (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 63 |
| % in Top 10 Holdings: | 23.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.3% |
Portfolio Allocation |
|
| Domestic Stock: | 91.5% |
| Foreign Stock: | 6.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | Nicholas |
| Phone Number: | 800-544-6547 |
| Website: | www.nicholasfunds.com |
| Status: | Open |
| Inception Date: | February 28, 2005 |
| 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: | 0.22% |
Expenses and Fees | |
| Expense Ratio (%): | 1.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Nicholas Limited Edition I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
