Nicholas Investment Partners Increases Portfolio Holdings in Q2 2026

Nicholas Investment Partners LP reported substantial changes to its investment strategy during the second quarter of 2026. The firm's total portfolio value increased significantly from previous periods, reflecting both strategic purchases and adjustments across various sectors.

Significant Purchases This Quarter

Nicholas Investment Partners demonstrated a clear focus on growth in specific areas during Q2:

• Callaway Golf (MODG), a leader in the golf equipment space, saw its holdings increase by an impressive 73.57% quarter-over-quarter.
• The firm established a new position with Kontoor Brands (KTB), acquiring shares representing the entirety of what was likely a previous zero allocation.
• Yeti Holdings (YETI) also benefited from a full quarter addition, indicating strong confidence in this consumer cyclical company.
• Roivant Sciences, symbol G76279101, experienced a notable increase of approximately 50.59% in its share count during this period.
• Additionally, Nicholas added significant stakes to other companies like Xenon Pharmaceuticals, growing their position by over 60%, and Enliven Therapeutics (ELVN) with a remarkable 114.27% increase.
• D-Wave Quantum, symbol QBTS, also received a full quarter addition to its portfolio allocation.

Notable Reductions and Exits

Conversely, the investment manager reduced or exited positions in several companies during Q2:

• The position in Xenon Pharmaceuticals (XENE), while growing significantly overall, saw a slight reduction relative to its portfolio allocation percentage.
• Nuvalent experienced an extreme decline in its holdings, reducing its portfolio weight from nearly 0.1% down to just 0.05%, effectively exiting a small position.
• The investment in Revolution Medicines decreased by -6.35%, indicating reduced confidence or strategic divestment from this biotech company.
• Axsome Therapeutics (AXSM)'s allocation dropped to just under half its previous level, reflecting a significant reduction in the portfolio's exposure to that stock.

These changes suggest Nicholas Investment Partners is actively managing its portfolio composition. The firm appears to favor companies with demonstrated strong growth patterns or those entering their investment scope for the first time during this period.

Sector Focus Remains Strong

The investor's allocation continues to be heavily concentrated in specific sectors:

• Technology remains a top sector focus, now accounting for approximately 22.13% of the portfolio value.
• Industrials follow closely at around 19.03%, while Healthcare allocation stands strong at about 16.48%.
• Nicholas Investment Partners maintains a significant position in Consumer Cyclical stocks, representing roughly half of the portfolio's value (14.17%) despite recent changes.
• The firm also holds positions in Financial Services and Energy sectors, though these allocations appear smaller compared to their active growth investments.

Overall, Nicholas Investment Partners showed a clear pattern of favoring companies with substantial share increases or those newly added during Q2. The portfolio's total value increased substantially this quarter, highlighting the firm's dynamic investment approach focused on capturing significant upward momentum in specific sectors and individual stocks.