The Fund Grade · free · no account needed
What grade does NNTWX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Nicholas II Fund
#427 of 500 graded active funds · blend · mid segment peer group
The point · specialist footprint
NNTWX puts less of its book behind proven specialists than 93% of graded funds.
● Bottom 20%
Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
NNTWX vs the Honor Roll · share card ↗Conviction exposure
0%
of the book in specialist-converged names
Late-stage weight
17.7%
of the book in Crowded or Fading names
Active share
93.8%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
Nicholas II Fund grades F, ranking 427 of 500, with zero specialist backing and nearly 18% of the portfolio in late-stage positions. Specialists are actively leaving ODFL, BURL, and CMG, which together account for meaningful weight. LSCC and AME carry Early Conviction signals, but that early edge is outweighed by the broader picture here.
→ Watch the combined fading weight in ODFL, BURL, and CMG closely, as specialists are exiting all three simultaneously.
→ At least 3 higher-graded funds exist in this segment. The evidence argues for comparing them against this F-grade portfolio.
Support leaving these positions
Read from today's disclosed book. Evidence, not advice.