Nicholas II Fund Class I
NCTWX
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- Nicholas II, Inc. (NCTWX) is a mid-cap growth mutual fund that seeks long-term capital appreciation by investing primarily in common stocks of domestic small- to medium-sized companies with market capitalizations generally between $500 million and $10 billion, focusing on those with sound business fundamentals, attractive earnings prospects, and valuations discounted relative to their long-term potential; the fund is benchmarked against the Russell Midcap Growth Index and typically holds 60-70 diversified positions across sectors such as technology, industrials, health care, and consumer discretionary. Class I shares (ticker: NCTWX) feature a minimum initial investment of $100,000 and an expense ratio of 0.59%, while Class N shares (NNTWX) require a $500 minimum with a 0.90% expense ratio; top holdings as of September 30, 2025, include O'Reilly Automotive Inc. (2.53%), Vulcan Materials Co. (2.50%), Teledyne Technologies Inc. (2.49%), and PTC Inc. (2.34%). The fund emphasizes companies positioned to benefit from long-term social and economic trends, prioritizing consistent earnings growth, strong balance sheets, and solid management teams while employing moderate portfolio turnover to minimize capital losses in adverse markets through fundamental valuation techniques. Founded on October 17, 1983, as the second equity fund in the Nicholas Family of Funds and managed by Nicholas Company, Inc., headquartered at 411 East Wisconsin Avenue, Suite 2100, Milwaukee, Wisconsin 53202, the fund operates primarily in the U.S. equity markets targeting institutional and individual growth-oriented investors. Nicholas Company, Inc., established in 1967 and 100% owned by the Nicholas family, serves as investment adviser, providing continuous investment services under the supervision of the fund's Board of Directors. The fund distributes shares through U.S. Bank Global Fund Services and is available to U.S. residents only. David O. Nicholas, CFA, has served as lead portfolio manager since 1993 and also acts as Chief Investment Officer of Nicholas Company; Brian J. Janowski, CFA, CPA, joined as co-portfolio manager in April 2018; Jeffrey J. Strong, CFA, who joined Nicholas Company in April 2021, was named co-portfolio manager of Nicholas II, Inc. effective January 28, 2025, bringing expertise in information technology and industrials. As of September 30, 2025, fund assets stand at approximately $963 million for Class I and $70 million for Class N, with 69 holdings. No major acquisitions, funding rounds, partnerships, or strategic shifts have been reported in the last 1-2 years beyond routine portfolio management and the addition of the new co-manager.