SMALL CAP GROWTH FUND

High conviction portfolio in dynamic, less-followed markets

Fund Overview

Fund Overview: The Fund seeks to provide long-term capital appreciation by investing primarily in small-cap companies, defined as those with market capitalizations within the range of the Russell 2000 Growth Index at the time of purchase. We believe active management within this less widely followed segment offers attractive opportunities to capture early growth potential and diversify portfolios.

Investment Objective: The Fund aims to deliver long-term capital appreciation by identifying successful, growing companies that we believe are well-positioned to manage change and exceed expectations.

Investment Approach: Through a research-driven process, we aim to identify companies undergoing transformative growth and innovation. We employ disciplined stock selection and risk management to build a dynamic portfolio designed to adapt to changing market conditions.

Primary Return: We believe security selection and active tilts in core verticals are the primary drivers of potential returns.

Explore our Fund: [ Factsheet | Commentary | Contact ]

Catherine Nicholas, Lead PM

> 40 Years of Investment Experience

John Wylie, PM

> 40 Years of Investment Experience

Highlights

Asset Class / Style

US Equity Growth

Capitalization

Small Cap

Benchmark

Russell 2000 Growth ®

Approach

Active

Driver of Expected Return

Stock Selection

Fund Facts

Share

Institutional

Ticker Symbol

NPSGX

CUSIP

00774Q726

Inception Date

1/16/2019

Total Expense Ratio (Net)*

0.99%

Total Expense Ratio (Gross)

1.06%

Minimum Investment

$5,000

*Adviser has contractually agreed to waive fees until January 31, 2027.

Performance

Monthly Returns

Quarterly Returns

Performance Statistics

as of June 30, 2026	MTD	YTD	1 Year	3 Years	5 Years	Since Inception 01/16/2019
NPSGX -Nicholas Partners Small Cap Growth Fund - I	4.17%	32.61%	60.29%	25.05%	8.95%	18.57%
Russell 2000 Growth Index	3.55%	22.18%	38.74%	18.44%	5.57%	11.75%
Difference	0.62%	10.43%	21.55%	6.61%	3.38%	6.82%

Returns over one year are annualized. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance figures assume all distributions are reinvested. Investment performance does not reflect the redemption fee of 2.00% on shares held less than 30 days; if it was reflected, the total return would be lower than shown.

as of June 30, 2026	QTD	YTD	1 Year	3 Years	5 Years	Since Inception 01/16/2019
NPSGX -Nicholas Partners Small Cap Growth Fund - I	28.23%	32.61%	60.29%	25.05%	8.95%	18.57%
Russell 2000 Growth Index	25.71%	22.18%	38.74%	18.44%	5.57%	11.75%
Difference	2.52%	10.43%	21.55%	6.61%	3.38%	6.82%

as of 06/30/2026	5 Year - Small Cap Growth Fund (NPSGX)	5 Year - Russell 2000 Growth
Alpha (%)	3.65	--
Beta	0.94	1.00
R-Squared (%)	0.91	1.00
Sharpe Ratio	0.24	0.09
Standard Deviation (%)	21.67	21.89
Upside Capture (%)	98.61	--
Downside Capture (%)	90.18	--

Note: Except for Standard Deviation and Sharpe Ratio, the performance based-statistics above were calculated relative to the Nicholas Partners Small Cap Growth Fund (NPSGX) benchmark (Russell 2000 Growth Index). Performance statistics for additional periods will be provided on request. Source: Nicholas Investment Partners; FTSE/Russell; NASDAQ evestment.

Returns over one year are annualized. The performance data quoted represents past performance, which is not an indication or a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance figures assume all distributions are reinvested. Investment performance does not reflect the redemption fee of 2.00% on shares held less than 30 days; if it was reflected, the total return would be lower than shown.

Fund Characteristics

Top Ten Holdings

All Holdings

Fund Characteristics

as of 6/30/2026 Ticker	Security	GICS Sector	Small Cap Growth Fund- NPSGX (Wt. %)	Russell 2000 Growth (benchmark wt. %)	Active Weight (%)
RVMD	Revolution Medicines, Inc.	Health Care	3.69	0.00	3.69
BWXT	BWX Technologies, Inc.	Industrials	3.45	0.00	3.45
CALY	Callaway Golf Company	Consumer Discretionary	2.82	0.00	2.82
MOD	Modine Manufacturing Company	Industrials	2.68	0.00	2.68
CRS	Carpenter Technology Corp.	Industrials	2.30	0.00	2.30
STRL	Sterling Infrastructure, Inc.	Industrials	2.25	0.00	2.25
TFII	TFI International Inc.	Industrials	2.06	0.00	2.06
LINC	Lincoln Educational Svcs.	Consumer Discretionary	2.02	0.09	1.93
LSCC	Lattice Semiconductor Corp.	Information Technology	1.94	0.00	1.94
ELVN	Enliven Therapeutics, Inc.	Health Care	1.93	0.13	1.80
			25.14	0.22	24.92

Holdings are subject to change. Specific securities identified do not represent all securities purchased, sold or recommended to advisory clients. It should not be assumed investments in these securities were or will be profitable. Current and future holdings are subject to risk.

as of 6/30/26 TIKCER	Security	Shares	Market Value	% of Total Portfolio
BWXT	BWX Technologies, Inc.	34,282.00	$ 7,010,326.18	4.69
RVMD	Revolution Medicines, Inc.	45,757.00	$ 4,449,868.25	2.98
MOD	Modine Manufacturing Company	19,415.00	$ 4,207,424.65	2.81
INSM	Insmed Incorporated	23,487.00	$ 3,840,594.24	2.57
KTOS	Kratos Defense & Security Solutions	52,428.00	$ 3,696,698.28	2.47
STRL	Sterling Infrastructure, Inc.	9,025.00	$ 3,675,611.75	2.46
PARR	Par Pacific Holdings Inc	54,968.00	$ 3,443,195.52	2.30
EMBJ	Embraer S.A. Sponsored ADR	57,592.00	$ 3,417,509.28	2.29
FTAI	FTAI Aviation Ltd.	13,228.00	$ 3,240,860.00	2.17
BBIO	BridgeBio Pharma, Inc.	43,183.00	$ 3,206,769.58	2.15
WTFC	Wintrust Financial Corporation	22,512.00	$ 3,127,817.28	2.09
TFII	TFI International Inc.	27,772.00	$ 3,016,872.36	2.02
LINC	Lincoln Educational Services	72,810.00	$ 2,961,910.80	1.98
SKT	Tanger Inc.	84,074.00	$ 2,856,834.52	1.91
CRS	Carpenter Technology Corporation	7,227.00	$ 2,848,522.05	1.91
BE	Bloom Energy Corporation Class A	20,769.00	$ 2,813,991.81	1.88
CENX	Century Aluminum Company	46,933.00	$ 2,754,497.77	1.84
CALY	Callaway Golf Company	180,959.00	$ 2,511,710.92	1.68
NUVL	Nuvalent, Inc. Class A	24,289.00	$ 2,488,408.05	1.66
SPHR	Sphere Entertainment Co. Class A	20,818.00	$ 2,444,033.20	1.63
XENE	Xenon Pharmaceuticals Inc.	41,400.00	$ 2,407,410.00	1.61
AEIS	Advanced Energy Industries, Inc.	7,284.00	$ 2,350,619.64	1.57
LSCC	Lattice Semiconductor Corporation	25,176.00	$ 2,335,325.76	1.56
MTSI	MACOM Technology Solutions	10,457.00	$ 2,322,185.99	1.55
FN	Fabrinet	4,369.00	$ 2,278,520.88	1.52
ROAD	Construction Partners, Inc. Class A	18,597.00	$ 2,066,498.64	1.38
RKLB	Rocket Lab Corporation	32,163.00	$ 2,065,507.86	1.38
POWL	Powell Industries, Inc.	3,549.00	$ 1,920,292.92	1.28
RSI	Rush Street Interactive, Inc. Class A	85,342.00	$ 1,856,188.50	1.24
PL	Planet Labs PBC Class A	66,036.00	$ 1,845,706.20	1.23
AXSM	Axsome Therapeutics, Inc.	10,770.00	$ 1,820,345.40	1.22
NVMI	Nova Ltd.	3,962.00	$ 1,720,617.36	1.15
OSIS	OSI Systems, Inc.	6,163.00	$ 1,636,338.13	1.09
SITM	SiTime Corporation	4,679.00	$ 1,615,892.65	1.08
APGE	Apogee Therapeutics, Inc.	18,179.00	$ 1,530,126.43	1.02
PIPR	Piper Sandler Companies	19,232.00	$ 1,472,209.60	0.98
SHOO	Steven Madden, Ltd.	43,230.00	$ 1,466,361.60	0.98
NXT	Nextpower Inc. Class A	11,940.00	$ 1,439,367.00	0.96
ELVN	Enliven Therapeutics, Inc.	35,883.00	$ 1,406,613.60	0.94
ROIV	Roivant Sciences Ltd.	50,663.00	$ 1,403,365.10	0.94
MIRM	Mirum Pharmaceuticals, Inc.	15,174.00	$ 1,401,774.12	0.94
ABVX	Abivax SA Sponsored ADR	11,757.00	$ 1,309,141.95	0.88
CRDO	Credo Technology Group Holding	13,586.00	$ 1,275,317.82	0.85
IDYA	IDEAYA Biosciences, Inc.	37,030.00	$ 1,233,839.60	0.83
SBCF	Seacoast Banking Corp.of Florida	39,684.00	$ 1,202,028.36	0.80
VIAV	Viavi Solutions Inc	35,708.00	$ 1,188,362.24	0.79
GAP	Gap, Inc.	47,186.00	$ 1,141,901.20	0.76
SKYW	SkyWest, Inc	12,250.00	$ 1,124,917.50	0.75
SMTC	Semtech Corporation	13,995.00	$ 1,076,075.55	0.72
ONTO	Onto Innovation, Inc.	5,230.00	$ 1,072,516.10	0.72
CHEF	Chefs' Warehouse, Inc.	17,592.00	$ 1,045,844.40	0.70
CR	Crane Company	6,031.00	$ 1,031,301.00	0.69
MP	MP Materials Corp Class A	21,223.00	$ 1,024,221.98	0.69
AGX	Argan, Inc.	1,814.00	$ 987,995.10	0.66
IDCC	InterDigital, Inc.	3,230.00	$ 975,460.00	0.65
BOOT	Boot Barn Holdings, Inc.	6,166.00	$ 902,455.76	0.60
AAOI	Applied Optoelectronics, Inc.	10,583.00	$ 895,215.97	0.60
DNTH	Dianthus Therapeutics, Inc.	10,222.00	$ 857,830.24	0.57
RMBS	Rambus Inc.	9,871.00	$ 849,202.13	0.57
CYTK	Cytokinetics, Incorporated	12,811.00	$ 844,373.01	0.56
U	Unity Software, Inc.	38,421.00	$ 842,956.74	0.56
IWO	iShares Russell 2000 Growth ETF	2,625.00	$ 823,751.25	0.55
SRRK	Scholar Rock Holding Corp.	16,316.00	$ 802,094.56	0.54
NAMS	NewAmsterdam Pharma Company	24,915.00	$ 797,529.15	0.53
OFRM	Once Upon a Farm, PBC	47,775.00	$ 781,121.25	0.52
MWH	SOLV Energy Inc Class A	25,853.00	$ 776,365.59	0.52
LC	LendingClub Corp	53,037.00	$ 759,489.84	0.51
ORA	Ormat Technologies, Inc.	6,726.00	$ 752,773.92	0.50
VERA	Vera Therapeutics, Inc. Class A	18,597.00	$ 748,157.31	0.50
DSGX	Descartes Systems Group Inc.	10,443.00	$ 747,301.08	0.50
GATX	GATX Corporation	4,352.00	$ 743,060.48	0.50
COGT	Cogent Biosciences, Inc.	18,591.00	$ 715,567.59	0.48
LIND	Lindblad Expeditions Holdings, Inc.	41,049.00	$ 710,147.70	0.48
PATK	Patrick Industries, Inc.	6,393.00	$ 710,070.51	0.47
SAIA	Saia, Inc.	2,018.00	$ 708,883.04	0.47
TXRH	Texas Roadhouse, Inc.	4,287.00	$ 707,955.18	0.47
COMP.EQ	Compass Inc Class A	95,555.00	$ 698,507.05	0.47
PVLA	Palvella Therapeutics, Inc.	5,360.00	$ 668,124.00	0.45
JOBY	Joby Aviation, Inc.	80,422.00	$ 664,285.72	0.44
FLS	Flowserve Corporation	9,003.00	$ 661,810.53	0.44
UEC	Uranium Energy Corp.	46,304.00	$ 625,104.00	0.42
JBTM	JBT Marel Corporation	4,640.00	$ 593,316.80	0.40
CELC	Celcuity Inc.	4,344.00	$ 495,824.16	0.33
PCOR	Procore Technologies Inc	8,611.00	$ 490,827.00	0.33
VRDN	Viridian Therapeutics, Inc.	24,230.00	$ 473,938.80	0.32
KYMR	Kymera Therapeutics, Inc.	5,636.00	$ 469,422.44	0.31
SANM	Sanmina Corporation	3,531.00	$ 457,758.84	0.31
ALAB	Astera Labs, Inc.	4,133.00	$ 452,976.80	0.30
GHM	Graham Corporation	5,648.00	$ 445,740.16	0.30
UCTT	Ultra Clean Holdings, Inc.	6,955.00	$ 432,461.90	0.29
ANF	Abercrombie & Fitch Co. Class A	4,670.00	$ 426,697.90	0.29
PRAX	Praxis Precision Medicines, Inc.	767.00	$ 247,119.73	0.17
APLD	Applied Digital Corporation	9,190.00	$ 218,170.60	0.15
CORZ	Core Scientific Inc	12,153.00	$ 181,808.88	0.12
WULF	TeraWulf Inc.	12,557.00	$ 181,197.51	0.12
	Cash ($USD)		$ 7,667,753.67	3.96

Holdings are subject to change. Specific securities identified do not represent all securities purchased, sold or recommended to advisory clients. It should not be assumed investments in these securities were or will be profitable. Current and future holdings are subject to risk.

as of 6/30/2026	Small Cap Growth Fund (NPSGX)	Russell 2000 Growth® (benchmark)
Number of Holdings	93	1,109
Active Share	87.64%	---
Market Cap (Wtd Average)	.8 B	.8 B
Market Cap (Median)	.1 B	.5 B
P/E Ratio (FY2)	23.6x	18.6x
Price/Book Ratio	4.9x	4.4x
EPS Growth (FY1 to FY2)	24.84%	24.99%
EPS Growth (3 to 5 YR)	14.07%	10.89%

Active Share is the percent of companies in the portfolio that differs from the benchmark.
Market Cap refers to the total dollar market value of a company's outstanding shares. This figure is commonly used to determine a company's size.
Price/Book Ratio compare a company's current market price to its book value.
P/E Ratio (FY2) is a forward-looking valuation measure of a company’s common stock. It encapsulates the amount of earnings estimated for next year per dollar of current share price. For the fund, the individual P/E stock ratios are then weighted by their respective portfolio market values in order to calculate a weighted harmonic average representative of the portfolio as a whole. P/E Ratio (FY2) is not a forecast of the fund’s future performance.
EPS Growth (FY1 to FY2) is the percent change in FY2 consensus EPS estimate to FY1 consensus EPS estimate. EPS Growth (FY1 to FY2) is not a forecast of the fund's future performance.
EPS Growth (3 to 5 YR) is the average consensus long-term EPS growth rate estimate over the next 3 to 5 years using a weighted average for holdings at the aggregate level. EPS Growth (3 to 5 YR) is not a forecast of the fund’s future performance.

Exposure

Sector Weights (GICs)

Market Cap

GICs Sector Wts. As of 6/30/2026	Small Cap Growth Fund (NPSGX)	Russell 2000 Growth Index	Active Weight
Communication Services	1.9	2.30	-0.40
Consumer Discretionary	14.1	8.50	5.60
Consumer Staples	2.5	1.60	0.90
Energy	1.6	5.10	-3.50
Financials	4.5	9.30	-4.80
Health Care	19.8	28.30	-8.50
Industrials	25.9	17.10	8.80
Information Technology	20.4	20.60	-0.20
Materials	1.3	4.60	-3.20
Real Estate	3.0	2.30	0.70
Utilities	0.4	0.30	0.10
Cash	4.0	0.00	4.00

Market Capitalzation (x-cash) as of 6/30/2026	Small Cap Growth Fund - NPSGX	Russell 200 Growth ® (benchmark)	Active Weight
Greater than $ 15B	26.15	0.00	26.15
$ 7.5 - $ 15 B	34.65	18.75	15.90
$ 4.5 - $ 7.5 B	16.74	29.73	-12.99
$ 1.5 - $ 4.5 B	19.63	39.56	-19.92
$ 750 M - $ 1.5 B	2.82	7.83	-5.01
$ 400 - $ 750 M	0.00	2.55	-2.55
Less than $ 400 M	0.00	1.58	-1.58

Documents

Support

Advisor Support
1-858-381-8189

Shareholders & Individual Investors
1-833-810-7345

Email
info@nicfunds.com

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information may be found in the Fund’s prospectus, and if available, the summary prospectus, which may be obtained by clicking here. Please read the prospectus, and if available the summary prospectus, carefully before investing.  

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associate with investing, investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations.

There is no assurance the fund’s investment objective will be achieved or maintained.

The Funds is distributed by SEI Investment Distribution Company (SIDCO) 1 Freedom Valley Dr, Oaks PA 19456. SIDCO is not affiliated with Nicholas Investment Partners. Additional information about SIDCO can be found on BrokerCheck.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

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SMALL CAP GROWTH FUND

High conviction portfolio in dynamic, less-followed markets

Fund Overview

Catherine Nicholas, Lead PM

John Wylie, PM

Highlights

Fund Facts

Performance

Fund Characteristics

Exposure

Documents

Fund Documents

Applications and Forms

Support