# Nicholas Co Inc

> Nicholas Co Inc is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1968, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated January 23, 2026.

- CRD: 108347
- Filed as: NICHOLAS CO INC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: January 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108347
- AdvisorCensus page: https://advisorcensus.com/firm/nicholas-co-inc-milwaukee-wi-108347

## Quick answers

**How is Nicholas Co Inc compensated?**
On its Form ADV (Item 5.E, October 2026), Nicholas Co Inc reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Nicholas Co Inc located?**
Nicholas Co Inc's principal office is in Milwaukee, WI, according to its Form ADV.

**Is Nicholas Co Inc registered with the SEC or a state?**
Nicholas Co Inc is an SEC-registered investment advisory firm, registered since 1968. Status as filed: Approved. CRD 108347.

**How much does Nicholas Co Inc manage?**
Nicholas Co Inc reports $6,076,875,451 in regulatory assets under management in its Form ADV filing dated January 23, 2026 (100% discretionary).

**How have Nicholas Co Inc's assets and staff changed since 2021?**
In the Form ADV data for Nicholas Co Inc: Regulatory assets under management: $4,742,944,445 in the October 2021 data and $6,076,875,451 in the October 2026 data, up 28%. Total employees: 16 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Nicholas Co Inc serve?**
By number of clients on Form ADV Item 5.D: charitable organizations (5); investment companies (4); high net worth individuals (3).

**Which custodians does Nicholas Co Inc use?**
Nicholas Co Inc's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Johnson Bank, JPMorgan Private Bank, Robert W. Baird & Co. Incorporated and Wells Fargo Advisors Financial Network, LLC as custodians holding 10% or more of its separately managed account assets.

**Does Nicholas Co Inc report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108347

**Does Nicholas Co Inc state an account minimum?**
Its Form ADV Part 2A brochure dated January 23, 2026 says: "Nicholas generally requires a minimum of $1 million in assets to establish a discretionary account. Nicholas will accept lower initial investments provided that the potential exists for additional investment."

**What changed in Nicholas Co Inc's recent Form ADV filings?**
In the February 2026 filing data: Employees performing advisory functions went from 8 to 7.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated January 23, 2026)

- Account minimum: $1,000,000 (the brochure says it may be waived or negotiated)

> Nicholas generally requires a minimum of $1 million in assets to establish a discretionary account. Nicholas will accept lower initial investments provided that the potential exists for additional investment.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Johnson Bank
- JPMorgan Private Bank
- Robert W. Baird & Co. Incorporated
- Wells Fargo Advisors Financial Network, LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $6,076,875,451
- Discretionary: $6,076,875,451
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 3 | $8,198,896 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 4 | $6,037,415,938 |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 5 | $19,409,592 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | Fewer than 5 | $11,851,025 |
| Other | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1968 (58 years)
- Employees: 16 total, 7 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- nicholasfunds.com
- nicholasinvestments.com
- LinkedIn @NICHOLAS-FUNDS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,742,944,445 | 16 | January 29, 2021 |
| October 2022 | $6,180,872,905 | 15 | January 28, 2022 |
| October 2023 | $4,882,201,529 | 15 | January 27, 2023 |
| October 2024 | $5,132,297,895 | 15 | January 24, 2024 |
| October 2025 | $6,320,548,103 | 17 | January 24, 2025 |
| October 2026 | $6,076,875,451 | 16 | January 23, 2026 |

Regulatory assets under management: $4,742,944,445 in the October 2021 data and $6,076,875,451 in the October 2026 data, up 28%.
Total employees: 16 in October 2021 and 16 in October 2026.

## Changes in the filing (last 12 months)

### February 2026
- Employees performing advisory functions went from 8 to 7.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Nicholas Co Inc (CRD 108347): Form ADV filing data as of October 2026.