NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC
Registered adviserCIK
1629649
Location
MILWAUKEE, WI
Portfolio Value
Mid
$8,527,444,780
Diversification
Highly concentrated
Reports for
NORTHWESTERN MUTUAL LIFE INSURANCE CO
Filing Date
Global Rank
#603
/ 8,830
▲ 51
Top Industry
Semiconductors
13.1%
Period ended 4 months ago
Filed Aug 12, 2026 · 3mo
26 quarters · since Mar 2020
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Holder type
Registered adviser
Form ADV roster, Nov 1, 2026
Regulatory AUM
$323,078,339,738
Main clients
Insurance companies
(98% of AUM)
Private funds
25 funds
· Securitized asset funds
Focus by gross assets, Schedule D of Dec 18, 2024
$5,050,201,930 gross assets
LEI
549300W5EJUHTUUBZI82
Private funds on Schedule D 7.B.(1)
As filed Dec 18, 2024; SEC's bulk Form ADV archive ends with 2024 filings.
$1,674,609,836 gross assets in 13 funds
Securitized asset funds
$1,318,491,185
(3)
Private equity funds
$356,118,651
(10)
Form ADV history
Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Nov 2026 | $323,078,339,738 | Insurance companies (98%) |
| Apr 2025 to Mar 2026 | $299,972,578,140 | Insurance companies (98%) |
| Jul 2024 to Mar 2025 | $281,345,911,200 | Insurance companies (99%) |
| Apr 2024 to Jun 2024 | $281,345,911,200 | Insurance companies (99%) |
| May 2023 to Mar 2024 | $262,082,656,098 | Insurance companies (100%) |
| Apr 2023 | $262,082,656,098 | Insurance companies (100%) |
3 earlier changes not shown.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Style
Concentrated
The top 10 positions are 74.1% of the book (60%+)
Turnover
Low turnover
10.9% over the last four quarters (under 30%)
Horizon
Long horizon
Value-weighted holding period 21.0 quarters (12+), a floor since 73.5% of the book was already held when coverage starts
Closest benchmark: every 13F filer's combined book, active share 65.8%; sector active share 54.5% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
879 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
58.2%
+2.0 pts
Top 5
69.5%
+3.1 pts
Top 10
74.1%
+2.5 pts
HHI
3,438
Highly concentrated+243
Portfolio Trend
26 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 67.2% | $5,728,511,047 |
| Technology | 10.7% | $914,767,913 |
| Industrials | 4.2% | $362,348,169 |
| Financial Services | 4.0% | $337,642,632 |
| Consumer Cyclical | 3.2% | $272,972,552 |
| Healthcare | 2.9% | $250,125,418 |
| Communication Services | 2.5% | $216,713,152 |
| Consumer Defensive | 1.3% | $107,617,951 |
| Real Estate | 1.1% | $96,947,331 |
| Energy | 1.1% | $91,345,607 |
| Basic Materials | 0.9% | $79,813,417 |
| Utilities | 0.8% | $68,639,591 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| USHY | iShares Broad USD High Yield Corporate Bond ETF | +7,863,000 | 8,646,000 | $320,074,920 | |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | +3,135,000 | 3,750,000 | $299,887,500 | |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | +1,116,000 | 4,559,454 | $497,299,647 | |
| — | +645,000 | 1,980,590 | $149,039,397 | ||
| VOO | VANGUARD 500 INDEX FUND | +222,859 | 770,657 | $529,294,934 | |
| IVV | iShares Core S&P 500 ETF | +206,296 | 1,405,896 | $1,052,861,455 | |
| MINT | PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | +49,514 | 392,414 | $39,559,255 | |
| KLAC | Kla Corp | +37,687 | 41,881 | $12,635,916 | |
| BKNG | Booking Holdings Inc. | +23,813 | 24,844 | $4,428,194 | |
| CVNA | Carvana Co. | +18,441 | 22,966 | $1,511,622 | |
| DVN | Devon Energy Corp | +17,118 | 36,965 | $1,527,393 | |
| PR | Permian Resources Corp | +11,183 | 177,044 | $3,259,380 | |
| SHC | Sotera Health Co | +7,468 | 59,657 | $1,058,911 | |
| NLY | Annaly Capital Management Inc | +3,895 | 164,834 | $3,685,688 | |
| AHR | American Healthcare REIT, Inc. | +3,607 | 43,352 | $2,260,806 | |
| CYTK | Cytokinetics Inc | +3,150 | 30,541 | $2,601,787 | |
| RYAAY | Ryanair Holdings PLC | +3,145 | 45,114 | $2,921,131 | |
| CTRE | CareTrust REIT, Inc. | +3,093 | 53,142 | $2,144,279 | |
| VNOM | Viper Energy, Inc. | +2,058 | 43,687 | $1,852,328 | |
| SMCI | Super Micro Computer, Inc. | +1,950 | 18,049 | $529,377 | |
| GOOG | Alphabet Inc. | +1,895 | 151,537 | $53,542,568 | |
| GOOGL | Alphabet Inc. | +1,709 | 187,999 | $67,185,202 | |
| AA | Alcoa Corp | +1,346 | 59,361 | $3,095,082 | |
| AMZN | Amazon Com Inc | +1,275 | 313,851 | $74,803,247 | |
| INTC | Intel Corp | +1,235 | 151,473 | $21,150,174 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| EFA | iShares MSCI EAFE ETF | −869,449 | 10,419,892 | $1,082,418,380 | |
| IJR | iShares Core S&P Small-Cap ETF | −248,915 | 5,014,613 | $743,717,254 | |
| IJH | iShares Core S&P Mid-Cap ETF | −47,618 | 8,517,640 | $656,795,220 | |
| AGG | iShares Core U.S. Aggregate Bond ETF | −26,578 | 411,464 | $40,726,706 | |
| PINS | Pinterest, Inc. | −22,793 | 108,367 | $2,278,958 | |
| PBR-A | Petrobras - Petroleo Brasileiro SA | −13,210 | 55,213 | $808,318 | |
| IEFA | iShares Core MSCI EAFE ETF | −10,500 | 12,138 | $1,172,288 | |
| DD | DuPont de Nemours, Inc. | −8,713 | 4,380 | $594,103 | |
| CASY | Caseys General Stores Inc | −7,119 | 1,185 | $941,826 | |
| DBX | Dropbox, Inc. | −5,385 | 33,690 | $925,464 | |
| FLR | Fluor Corp | −4,690 | 31,419 | $1,646,041 | |
| MAT | Mattel Inc | −4,259 | 65,369 | $907,321 | |
| CART | Maplebear Inc. | −4,163 | 37,008 | $1,752,328 | |
| CRM | Salesforce, Inc. | −3,754 | 26,228 | $4,108,878 | |
| BAC | Bank Of America Corp | −2,992 | 209,326 | $11,927,395 | |
| KRG | Kite Realty Group Trust | −2,823 | 45,680 | $1,296,398 | |
| ACI | Albertsons Companies, Inc. | −2,798 | 80,096 | $1,083,698 | |
| HOG | Harley-Davidson, Inc. | −2,788 | 23,679 | $579,188 | |
| CRBG | Corebridge Financial, Inc. | −2,741 | 54,452 | $1,558,960 | |
| SLM | SLM Corp | −2,204 | 42,423 | $1,100,452 | |
| FOUR | Shift4 Payments, Inc. | −1,931 | 13,205 | $642,291 | |
| FHN | First Horizon Corp | −1,891 | 106,763 | $2,737,403 | |
| AMH | American Homes 4 Rent | −1,781 | 71,255 | $2,388,467 | |
| EXEL | Exelixis, Inc. | −1,641 | 56,541 | $3,076,395 | |
| MTG | Mgic Investment Corp | −1,570 | 47,574 | $1,341,586 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
20 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| TLT | iShares 20+ Year Treasury Bond ETF | 2,913,600 | $251,793,312 | |
| JNK | State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 520,000 | $50,112,400 | |
| IGLB | iShares 10+ Year Investment Grade Corporate Bond ETF | 258,000 | $12,910,320 | |
| MRVL | Marvell Technology, Inc. | 28,071 | $8,362,070 | |
| ROKU | Roku, Inc | 29,512 | $4,076,787 | |
| CDE | Coeur Mining, Inc. | 232,708 | $3,797,794 | |
| SMTC | Semtech Corp | 20,946 | $3,390,110 | |
| SANM | Sanmina Corp | 12,056 | $3,051,132 | |
| TOST | Toast, Inc. | 105,290 | $2,929,167 | |
| DOCN | DigitalOcean Holdings, Inc. | 18,311 | $2,875,376 | |
| VIAV | Viavi Solutions Inc. | 52,616 | $2,512,414 | |
| IESC | IES Holdings, Inc. | 1,970 | $1,447,280 | |
| SIRI | Sirius Xm Holdings Inc. | 42,404 | $1,252,614 | |
| VEEV | Veeva Systems Inc | 4,814 | $854,340 | |
| FDXF | FedEx Freight Holding Company, Inc. | 3,485 | $526,235 | |
| DVA | Davita Inc. | 1,029 | $228,931 | |
| BF-B | Brown Forman Corp | 5,397 | $143,830 | |
| NWS | News Corp | 3,863 | $108,395 | |
| SKYD | Skydance Corp | 10,112 | $99,704 | |
| MBB | iShares MBS ETF | 100 | $9,452 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
14 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| IGV | iShares Expanded Tech-Software Sector ETF | 1,134,300 | $90,800,715 | |
| — | 6,253 | $2,196,679 | ||
| — | 10,228 | $1,819,254 | ||
| CCL | Carnival Corp Ltd. | 36,802 | $952,435 | |
| — | 24,275 | $853,024 | ||
| — | 7,121 | $538,276 | ||
| BRBR | Bellring Brands, Inc. | 26,272 | $422,716 | |
| FLO | Flowers Foods Inc | 47,311 | $385,584 | |
| BLKB | Blackbaud Inc | 8,019 | $309,613 | |
| CNXC | Concentrix Corp | 9,797 | $268,045 | |
| CAG | Conagra Brands Inc. | 15,306 | $240,610 | |
| EPAM | EPAM Systems, Inc. | 1,767 | $239,251 | |
| POOL | Pool Corp | 1,049 | $212,244 | |
| COTY | Coty Inc. | 82,801 | $166,430 | |
| No positions match the current search. | ||||
879 tracked positions ·
$8,527,444,780 total
· filing declares
880 positions · $8,529,380,092
· as of Jun 30, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 879 positions by value
· page 1 of 18
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| EFA |
iShares MSCI EAFE ETF
|
Reduced | 10,419,892 | $1,082,418,380 | 12.69% | |
| IVV |
iShares Core S&P 500 ETF
|
Added | 1,405,896 | $1,052,861,455 | 12.35% | |
| IJR |
iShares Core S&P Small-Cap ETF
|
Reduced | 5,014,613 | $743,717,254 | 8.72% | |
| IJH |
iShares Core S&P Mid-Cap ETF
|
Reduced | 8,517,640 | $656,795,220 | 7.70% | |
| VOO |
VANGUARD 500 INDEX FUND
|
Added | 770,657 | $529,294,934 | 6.21% | |
| LQD |
iShares iBoxx $ Investment Grade Corporate Bond ETF
|
Added | 4,559,454 | $497,299,647 | 5.83% | |
| USHY |
iShares Broad USD High Yield Corporate Bond ETF
|
Added | 8,646,000 | $320,074,920 | 3.75% | |
| HYG |
iShares iBoxx $ High Yield Corporate Bond ETF
|
Added | 3,750,000 | $299,887,500 | 3.52% | |
| TLT |
iShares 20+ Year Treasury Bond ETF
|
NEW | 2,913,600 | $251,793,312 | 2.95% | |
| NVDA |
Nvidia Corp
Technology
|
Reduced | 776,551 | $155,380,089 | 1.82% | |
|
|
Added | 1,980,590 | $149,039,397 | 1.75% | ||
| AAPL |
Apple Inc.
Technology
|
Added | 470,900 | $136,259,624 | 1.60% | |
| MSFT |
Microsoft Corp
Technology
|
Added | 238,168 | $88,841,427 | 1.04% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Added | 313,851 | $74,803,247 | 0.88% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Added | 187,999 | $67,185,202 | 0.79% | |
| AVGO |
Broadcom Inc.
Technology
|
Added | 151,801 | $57,342,827 | 0.67% | |
| GOOG |
Alphabet Inc.
Communication Services
|
Added | 151,537 | $53,542,568 | 0.63% | |
| JNK |
State Street(R) SPDR(R) Bloomberg High Yield Bond ETF
|
NEW | 520,000 | $50,112,400 | 0.59% | |
| MU |
Micron Technology Inc
Technology
|
Added | 36,157 | $41,735,663 | 0.49% | |
| AGG |
iShares Core U.S. Aggregate Bond ETF
|
Reduced | 411,464 | $40,726,706 | 0.48% | |
| META |
Meta Platforms, Inc.
Communication Services
|
Added | 70,408 | $39,660,122 | 0.47% | |
| MINT |
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
|
Added | 392,414 | $39,559,255 | 0.46% | |
| TSLA |
Tesla, Inc.
Consumer Cyclical
|
Added | 90,265 | $37,965,459 | 0.45% | |
| LLY |
ELI LILLY & Co
Healthcare
|
Added | 25,362 | $30,419,946 | 0.36% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Added | 52,280 | $30,369,974 | 0.36% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Added | 58,780 | $29,412,924 | 0.34% | |
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Reduced | 85,910 | $28,120,920 | 0.33% | |
| INTC |
Intel Corp
Technology
|
Added | 151,473 | $21,150,174 | 0.25% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Added | 77,179 | $19,601,150 | 0.23% | |
| AMAT |
Applied Materials Inc
Technology
|
Added | 25,445 | $18,396,735 | 0.22% | |
| V |
Visa Inc.
Financial Services
|
Reduced | 53,213 | $18,256,848 | 0.21% | |
| XOM |
ExxonMobil Holdings Corp
Energy
|
Reduced | 132,895 | $18,169,404 | 0.21% | |
| LRCX |
Lam Research Corp
Technology
|
Added | 40,096 | $17,374,799 | 0.20% | |
| WMT |
Walmart Inc.
Consumer Defensive
|
Added | 140,559 | $15,919,712 | 0.19% | |
| CAT |
Caterpillar Inc
Industrials
|
Reduced | 14,768 | $15,726,443 | 0.18% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Added | 126,640 | $14,875,134 | 0.17% | |
| ABBV |
AbbVie Inc.
Healthcare
|
Added | 56,647 | $14,254,651 | 0.17% | |
| COST |
Costco Wholesale Corp
Consumer Defensive
|
Added | 14,224 | $13,306,125 | 0.16% | |
| MA |
Mastercard Inc
Financial Services
|
Reduced | 25,871 | $13,287,345 | 0.16% | |
| IGLB |
iShares 10+ Year Investment Grade Corporate Bond ETF
|
NEW | 258,000 | $12,910,320 | 0.15% | |
| KLAC |
Kla Corp
Technology
|
Added | 41,881 | $12,635,916 | 0.15% | |
| GE |
General Electric Co
Industrials
|
Reduced | 33,452 | $12,502,015 | 0.15% | |
| UNH |
Unitedhealth Group Inc
Healthcare
|
Added | 29,117 | $12,101,898 | 0.14% | |
| BAC |
Bank Of America Corp
Financial Services
|
Reduced | 209,326 | $11,927,395 | 0.14% | |
| HD |
Home Depot, Inc.
Consumer Cyclical
|
Added | 31,935 | $11,262,835 | 0.13% | |
| PG |
PROCTER & GAMBLE Co
Consumer Defensive
|
Added | 74,658 | $10,947,849 | 0.13% | |
| SNDK |
Sandisk Corp
Technology
|
Added | 4,747 | $10,793,396 | 0.13% | |
| MRK |
Merck & Co., Inc.
Healthcare
|
Reduced | 79,187 | $10,175,529 | 0.12% | |
| GEV |
GE Vernova Inc.
Industrials
|
Reduced | 8,615 | $10,121,418 | 0.12% | |
| KO |
Coca Cola Co
Consumer Defensive
|
Added | 124,151 | $10,089,751 | 0.12% |
Showing the top 50 of 879 positions. Create a free account to see every position, past quarters, search, filters and CSV export.
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.