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Nicholas Investment Partners, L.P.
Catherine Nicholas · Asset Manager · Growth
Nicholas Investment Partners, L.P. is an independent, employee-owned investment boutique based in San Diego, California. Founded in 2006 by Catherine Nicholas and Art Nicholas, the firm specializes in dynamic, less efficient markets with a primary focus on U.S. small-cap and mid-cap growth equities, as well as convertible bonds. As a majority women-owned enterprise, the firm is known for its research-driven approach that combines fundamental analysis with quantitative insights. Its mission is to identify companies experiencing sustainable and accelerating growth through transformative change. Nicholas Investment Partners serves a diverse client base, including institutional investors such as public and corporate pensions, foundations, and endowments, as well as private wealth clients. The firm is recognized for its agility and commitment to risk management, maintaining a forward-looking perspective to capture emerging growth opportunities across various market cycles.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +7.5% |
| YTD return | +0.8% |
| Sharpe ratio | 3.90 |
| Win rate | 51% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 4, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.nicpartners.com |
Current Holdings
Updated on Sep 4, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| RVMD | Revolution Medicines Inc | 10.7% | +89.1% |
| BWXT | BWX Technologies Inc | 8.8% | -17.0% |
| CALY | Callaway Golf Company | 6.5% | -4.3% |
| NVDA | NVIDIA Corporation | 5.9% | +20.4% |
| BBIO | BridgeBio Pharma Inc | 5.1% | +24.8% |
| XENE | Xenon Pharmaceuticals Inc | 5.0% | -0.3% |
| ELVN | Enliven Therapeutics Inc. | 4.8% | +1.6% |
| CRS | Carpenter Technology Corporation | 4.4% | -1.0% |
| KTB | Kontoor Brands Inc | 4.3% | -4.9% |
| PARR | Par Pacific Holdings Inc | 4.2% | +0.7% |
| DNTH | Dianthus Therapeutics Inc. | 4.2% | +0.9% |
| AMZN | Amazon.com Inc | 4.2% | -4.2% |
| WTFC | Wintrust Financial Corporation | 4.2% | -3.7% |
| AXSM | Axsome Therapeutics Inc | 4.2% | +3.1% |
| MOD | Modine Manufacturing Company | 4.2% | -21.8% |
| AVGO | Broadcom Inc | 4.1% | +4.2% |
| TSM | Taiwan Semiconductor Manufacturing | 4.0% | +1.8% |
| GEV | GE Vernova LLC | 4.0% | +35.7% |
| LSCC | Lattice Semiconductor Corporation | 3.6% | -12.2% |
| MIRM | Mirum Pharmaceuticals Inc | 3.5% | +3.7% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | EMBJ | 6.3% → 0.0% |
| Aug 31, 2026 | BUY | ELVN | 0.0% → 4.8% |
| Aug 31, 2026 | BUY | AMZN | 3.6% → 4.2% |
| Aug 31, 2026 | BUY | CALY | 3.6% → 6.5% |
| Aug 31, 2026 | BUY | NVDA | 5.2% → 5.9% |
Investment Style Analysis
Nicholas Investment Partners, L.P. is widely recognized for employing a Growth strategy. As of Sep 4, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology and Semiconductors sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Nicholas Investment Partners, L.P. made a significant move by reducing the position in EMBJ. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm's investment philosophy is rooted in the belief that change creates opportunity. They focus on identifying high-quality companies with catalysts for positive change—such as innovation, market shifts, or new management strategies—that can improve a company's fundamental growth profile. Their process is built upon three core pillars: Change, which exploits underappreciated opportunities primed to exceed market expectations; Sustainability, which ensures that growth is supported by strong financials and leadership; and Timeliness, which aims to optimize entry and exit points for maximum impact. By combining deep fundamental research with disciplined risk awareness, the firm seeks to build high-conviction portfolios that deliver consistent long-term risk-adjusted returns.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Nicholas Investment Partners, L.P..
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Frequently asked questions
How is the simulated portfolio for Nicholas Investment Partners, L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Nicholas Investment Partners, L.P.'s largest holding?
As of the latest filing, Nicholas Investment Partners, L.P.'s top position is Revolution Medicines Inc (RVMD), representing 10.7% of the portfolio. This reflects a high-conviction bet by the institution.
What is Nicholas Investment Partners, L.P.'s historical performance and risk profile?
Our simulation indicates a total return of +7.5% with a win rate of 51%. Notably, the portfolio maintains a Sharpe Ratio of 3.90, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Nicholas Investment Partners, L.P. primarily invest in?
Nicholas Investment Partners, L.P. has a strong preference for the Biotechnology sector, which makes up 37.6% of their disclosed assets. The portfolio also has exposure to Semiconductors, indicating a specific thematic focus.
Is Nicholas Investment Partners, L.P.'s portfolio concentrated or diversified?
Nicholas Investment Partners, L.P. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 26.0% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Nicholas Investment Partners, L.P. performed in 2026?
Our AI-simulated model portfolio for Nicholas Investment Partners, L.P. tracks a Year-to-Date (YTD) return of +0.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Catherine Nicholas manage Nicholas Investment Partners, L.P. directly?
Yes, Catherine Nicholas serves as the key portfolio manager for Nicholas Investment Partners, L.P., overseeing the investment strategy and final capital allocation decisions.