Nicholas Limited Edition Fund
NNLEX
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- Nicholas Limited Edition Fund, Inc. (NNLEX) is a small-cap growth mutual fund that seeks long-term capital appreciation by investing primarily in common stocks of domestic small- and medium-sized companies with market capitalizations generally between $500 million and $2 billion, selected for their sound business models, strong earnings growth prospects, and discounted valuations relative to long-term potential; the fund maintains a diversified portfolio typically comprising 67 holdings, benchmarked against the Russell 2000 Growth Index, with a focus on companies positioned to capitalize on U.S. economic trends. Offered in Class I (NCLEX, minimum initial investment $100,000) and Class N (NNLEX, minimum initial investment $500) share classes, the fund emphasizes fundamental bottom-up security selection, reasonable valuations for margin of safety, and moderate portfolio turnover to minimize volatility while pursuing superior risk-adjusted returns. Managed by Nicholas Company, Inc., an independent Milwaukee, Wisconsin-based investment firm founded in 1967, with lead portfolio manager David O. Nicholas (since 1993), co-portfolio manager Ryan P. Bushman (since February 2021), and associate portfolio manager Aaron D. Hizmi, the fund operates exclusively for U.S. investors through direct sales, brokerage platforms, or financial advisors, with assets under management of approximately $416 million as of September 30, 2025. The fund targets established small-cap growth companies across diversified industries, prioritizing those with ample financial resources, consistent sales and earnings expansion, robust balance sheets, and capable management teams capable of achieving superior long-term stock performance. Geographic operations are concentrated in the United States, reflecting its focus on domestic equities, with no international exposure highlighted in its strategy. Top holdings as of September 30, 2025, include Dorman Products Inc. (2.67%), Encompass Health Corp. (2.46%), i3 Verticals Inc. (2.46%), and others such as ExlService Holdings Inc., Q2 Holdings Inc., and Descartes Systems Group Inc., underscoring sector-agnostic selection emphasizing growth potential. Launched on May 18, 1987, the fund has adhered to Nicholas Company's long-term growth philosophy without major strategic shifts, partnerships, acquisitions, funding rounds, or new product launches reported in the past 1-2 years; it continues under steady management oversight with recent team enhancements, including Ryan P. Bushman's appointment as co-portfolio manager in February 2021 and Aaron D. Hizmi's addition as associate portfolio manager. Nicholas Company, Inc., advisor to the Nicholas Family of Funds—including flagship Nicholas Fund (multi-cap growth, 1969), Nicholas II (mid-cap growth), and Nicholas Equity Income Fund—maintains low expense ratios (Class N: 1.15%; Class I: 0.85%) and distributes shares via Quasar Distributors, LLC, with fiscal year-end October 31. No reorganizations, name changes, or significant operational alterations have occurred recently, preserving the fund's core small-cap focus amid ongoing market volatility.