Northwestern Mutual Investment Management Company, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Northwestern Mutual Investment Management Company, LLC reported 876 stock positions worth $6.3 billion. Its top holding was iShares MSCI Eafe ETF (EFA) at 18.2% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 14.6%) and iShares Core S&P Small-Cap E (IJR, 10.6%). Compared with Q4 2024, it opened 13 new positions, sold out of 12, added to 607 and reduced 248. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +203%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001629649
- Portfolio Value
- $6.3B (Q1 2025)
- SEC Filing
- 0001085146-25-003074 ↗ filed May 14, 2025
Holdings Value
Holdings 876 stocks · $6.3B
| EFA iShares MSCI Eafe ETF | 18.21% | 14,037,846 | $1.1B | Add +63.1% |
| IVV iShares Core S&P 500 ETF | 14.64% | 1,641,700 | $922.5M | Add +202.6% |
| IJR iShares Core S&P Small-Cap E | 10.65% | 6,416,033 | $670.9M | Add +72.0% |
| IJH iShares Core S&P Midcap ETF | 9.37% | 10,117,261 | $590.3M | Add +106.8% |
| VOO Vanguard S&P 500 ETF | 6.79% | 832,444 | $427.8M | Add +55.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 5.94% | 3,443,100 | $374.2M | Add +31.4% |
| AAPL Apple Inc. | 1.68% | 477,777 | $106.1M | Reduce -0.5% |
| MSFT Microsoft Corp. | 1.41% | 236,438 | $88.8M | Add +0.2% |
| NVDA Nvidia Corp. | 1.34% | 778,906 | $84.4M | Add +0.0% |
| AMZN Amazon.com Inc. | 0.91% | 299,983 | $57.1M | Add +1.0% |
| MBB iShares MBS ETF | 0.73% | 489,000 | $45.9M | New |
| META Meta Platforms Inc. Class A | 0.64% | 69,650 | $40.1M | Add +0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.49% | 58,297 | $31.0M | Add +0.2% |
| AGG iShares Core U.S. Aggregate | 0.47% | 297,407 | $29.4M | Reduce -3.3% |
| GOOGL Alphabet Inc. Class A | 0.46% | 185,519 | $28.7M | Reduce 0.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.40% | 335,738 | $25.4M | Reduce -52.8% |
| AVGO Broadcom Inc. | 0.40% | 149,081 | $25.0M | Add +0.5% |
| GOOG Alphabet Inc. Class C | 0.37% | 150,356 | $23.5M | Reduce -0.5% |
| TSLA Tesla Inc. | 0.37% | 89,002 | $23.1M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 0.35% | 88,930 | $21.8M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 0.33% | 25,061 | $20.7M | Add +0.2% |
| V Visa Inc. Class A | 0.30% | 54,811 | $19.2M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 0.26% | 138,448 | $16.5M | Reduce -0.8% |
| UNH Unitedhealth Group Inc. | 0.24% | 29,269 | $15.3M | Add +0.2% |
| MA Mastercard Inc. Class A | 0.23% | 25,902 | $14.2M | Reduce -0.5% |
| COST Costco Wholesale Corp. | 0.21% | 14,119 | $13.4M | Add +0.4% |
| PG The Procter & Gamble Co. | 0.20% | 74,579 | $12.7M | Reduce -0.3% |
| JNJ Johnson & Johnson | 0.20% | 76,574 | $12.7M | Add +0.2% |
| NFLX Netflix Inc. | 0.20% | 13,604 | $12.7M | Add +0.2% |
| WMT Walmart Inc. | 0.19% | 137,971 | $12.1M | Add +0.1% |
| ABBV Abbvie Inc. | 0.19% | 56,147 | $11.8M | Add +0.1% |
| HD Home Depot Inc. | 0.18% | 31,593 | $11.6M | Add +0.2% |
| CVX Chevron Corp. | 0.14% | 53,155 | $8.9M | Add +0.2% |
| KO The Coca-Cola Co. | 0.14% | 123,143 | $8.8M | Add +0.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.14% | 210,596 | $8.8M | Reduce -0.6% |
| CRM Salesforce Inc. | 0.13% | 30,438 | $8.2M | Add +0.3% |
| CSCO Cisco Systems Inc. | 0.12% | 126,673 | $7.8M | Add +0.1% |
| WFC Wells Fargo & Co. | 0.12% | 104,604 | $7.5M | Reduce -1.1% |
| ABT Abbott Laboratories | 0.12% | 55,165 | $7.3M | Add +0.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 29,408 | $7.3M | Add +0.2% |
| MRK Merck & Co. Inc. | 0.11% | 80,455 | $7.2M | Add +0.2% |
| ORCL Oracle Corp. | 0.11% | 51,595 | $7.2M | Add +1.1% |
| MCD McDonald's Corp. | 0.11% | 22,791 | $7.1M | Add +0.2% |
| FNV Franco-Nevada Corp. | 0.11% | 45,195 | $7.1M | Add +3.3% |
| GE General Electric filed as GE AEROSPACE | 0.11% | 34,136 | $6.8M | Reduce -0.7% |
| PEP Pepsico Inc. | 0.10% | 43,620 | $6.5M | Add +0.1% |
| T AT&T Inc. | 0.10% | 228,303 | $6.5M | Add +0.2% |
| VZ Verizon Communications Inc. | 0.10% | 133,890 | $6.1M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.10% | 12,166 | $6.1M | Add +0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.09% | 57,497 | $5.7M | Reduce -0.0% |
| ISRG Intuitive Surgical Inc. | 0.09% | 11,343 | $5.6M | Add +0.3% |
| RTX RTX Corp. | 0.09% | 42,367 | $5.6M | Add +0.3% |
| PLTR Palantir Technologies Inc. Class A | 0.09% | 65,195 | $5.5M | Add +0.2% |
| INTU Intuit Inc. | 0.09% | 8,903 | $5.5M | Add +0.0% |
| GS Goldman Sachs Group Inc. | 0.09% | 9,925 | $5.4M | Reduce -0.4% |
| QCOM Qualcomm Inc. | 0.09% | 35,176 | $5.4M | Reduce -0.3% |
| AMGN Amgen Inc. | 0.08% | 17,086 | $5.3M | Add +0.1% |
| ADBE Adobe Inc. | 0.08% | 13,845 | $5.3M | Reduce -0.9% |
| AMD Advanced Micro Devices | 0.08% | 51,540 | $5.3M | Add +0.0% |
| PGR Progressive Corp. | 0.08% | 18,631 | $5.3M | Add +0.2% |
| NOW ServiceNow Inc. | 0.08% | 6,552 | $5.2M | Add +0.2% |
| TXN Texas Instruments Inc. | 0.08% | 28,954 | $5.2M | Reduce -0.0% |
| SPGI S&P Global Inc. | 0.08% | 10,019 | $5.1M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.08% | 15,200 | $5.0M | Reduce -0.8% |
| BKNG Booking Holdings Inc. | 0.08% | 1,052 | $4.8M | Add +0.1% |
| UBER Uber Technologies Inc. | 0.08% | 66,441 | $4.8M | Reduce -0.6% |
| AXP American Express Co. | 0.08% | 17,652 | $4.7M | Reduce -0.1% |
| BSX Boston Scientific Corp. | 0.07% | 46,875 | $4.7M | Add +0.2% |
| NEE Nextera Energy Inc. | 0.07% | 65,403 | $4.6M | Add +0.2% |
| MS Morgan Stanley | 0.07% | 39,356 | $4.6M | Reduce -0.1% |
| PFE Pfizer Inc. | 0.07% | 180,239 | $4.6M | Add +0.2% |
| UNP Union Pacific Corp. | 0.07% | 19,220 | $4.5M | Reduce -0.1% |
| GILD Gilead Sciences Inc. | 0.07% | 39,637 | $4.4M | Add +0.2% |
| CMCSA Comcast Corp. Class A | 0.07% | 119,956 | $4.4M | Reduce -1.0% |
| BLK BlackRock Inc. | 0.07% | 4,631 | $4.4M | Add +0.2% |
| ADI Analog Devices Inc. | 0.07% | 21,719 | $4.4M | Reduce -12.8% |
| HON Honeywell International Inc. | 0.07% | 20,681 | $4.4M | Add +0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.07% | 35,752 | $4.4M | Reduce -0.2% |
| COP Conocophillips | 0.07% | 40,579 | $4.3M | Reduce -1.2% |
| SCHW Schwab (charles) Corp. | 0.07% | 54,200 | $4.2M | Add +14.2% |
| C Citigroup Inc. | 0.07% | 59,702 | $4.2M | Reduce -0.6% |
| LOW Lowe's Cos Inc. | 0.07% | 17,958 | $4.2M | Reduce -0.3% |
| DHR Danaher Corp. | 0.07% | 20,355 | $4.2M | Reduce -0.3% |
| RBA RB Global Inc. | 0.07% | 41,003 | $4.1M | Add +0.0% |
| BA The Boeing Co. | 0.06% | 23,855 | $4.1M | Add +0.5% |
| TMUS T-Mobile US Inc. | 0.06% | 15,252 | $4.1M | Reduce -1.4% |
| SYK Stryker Corp. | 0.06% | 10,923 | $4.1M | Add +0.3% |
| IBKR Interactive Brokers Gro Class A | 0.06% | 24,209 | $4.0M | Add +0.1% |
| FISV Fiserv Inc. | 0.06% | 18,094 | $4.0M | Add +0.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.06% | 8,167 | $4.0M | Reduce -0.1% |
| ADP Automatic Data Processing | 0.06% | 12,941 | $4.0M | Add +0.0% |
| WSO Watsco Inc. | 0.06% | 7,745 | $3.9M | Add +0.1% |
| BMY Bristol-Myers Squibb Co. | 0.06% | 64,542 | $3.9M | Add +0.2% |
| CDNS Cadence Design SYS Inc. | 0.06% | 15,242 | $3.9M | Reduce -5.4% |
| MRSH Marsh & McLennan Cos | 0.06% | 15,621 | $3.8M | Add +0.2% |
| DE Deere & Co. | 0.06% | 8,055 | $3.8M | Reduce -0.3% |
| EME Emcor Group Inc. | 0.06% | 10,228 | $3.8M | Add +0.0% |
| FNF Fidelity National Financial | 0.06% | 57,800 | $3.8M | Add +0.0% |
| AMAT Applied Materials Inc. | 0.06% | 25,848 | $3.8M | Reduce -1.3% |
| KVUE Kenvue Inc. | 0.06% | 154,447 | $3.7M | Add +8.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $453K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | 9,000 | $453K | New |
Total filed on the 13F, all lines: $6.3B.
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -0.5% | 1.68% | −0.97 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -52.8% | 0.40% | −0.70 |
| GOOGL Alphabet Inc. Class A | Reduce 0.0% | 0.46% | −0.32 |
| GOOG Alphabet Inc. Class C | Reduce -0.5% | 0.37% | −0.26 |
| AGG iShares Core U.S. Aggregate | Reduce -3.3% | 0.47% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -0.5% | 0.35% | −0.13 |
| WSM Williams-Sonoma Inc. | Reduce -86.1% | 0.01% | −0.11 |
| EXE Expand Energy Corp. | Reduce -85.7% | 0.01% | −0.09 |
| V Visa Inc. Class A | Reduce -0.1% | 0.30% | −0.08 |
| MA Mastercard Inc. Class A | Reduce -0.5% | 0.23% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.20% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 0.26% | −0.07 |
| BAC Bank of America Corp. | Reduce -0.6% | 0.14% | −0.07 |
| ILMN Illumina Inc. | Reduce -0.1% | 0.04% | −0.06 |
| ADBE Adobe Inc. | Reduce -0.9% | 0.08% | −0.05 |
| DIS The Walt Disney Co. | Reduce -0.0% | 0.09% | −0.05 |
| ADI Analog Devices Inc. | Reduce -12.8% | 0.07% | −0.05 |
| P Everpure Inc. Class A | Reduce -0.4% | 0.05% | −0.05 |
| CDNS Cadence Design SYS Inc. | Reduce -5.4% | 0.06% | −0.05 |
| WFC Wells Fargo & Co. | Reduce -1.1% | 0.12% | −0.04 |
| CAT Caterpillar Inc. | Reduce -0.8% | 0.08% | −0.04 |
| TKO Tko Group Holdings Inc. | Reduce -85.7% | 0.01% | −0.04 |
| AXP American Express Co. | Reduce -0.1% | 0.08% | −0.04 |
| GS Goldman Sachs Group Inc. | Reduce -0.4% | 0.09% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -0.0% | 0.08% | −0.04 |
| DHR Danaher Corp. | Reduce -0.3% | 0.07% | −0.04 |
| MS Morgan Stanley | Reduce -0.1% | 0.07% | −0.04 |
| BURL Burlington Stores Inc. | Reduce -0.2% | 0.05% | −0.04 |
| AMAT Applied Materials Inc. | Reduce -1.3% | 0.06% | −0.03 |
| QCOM Qualcomm Inc. | Reduce -0.3% | 0.09% | −0.03 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.03 |
| ALTR Altair Engineering Inc. Class A | Sold out | 0.00% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -0.3% | 0.07% | −0.03 |
| DOCU Docusign Inc. | Reduce -0.4% | 0.06% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -1.0% | 0.07% | −0.03 |
| SPGI S&P Global Inc. | Reduce -0.6% | 0.08% | −0.03 |
| CIEN Ciena Corp. | Reduce -1.6% | 0.03% | −0.03 |
| BRKR Bruker Corp. | Reduce -7.3% | 0.03% | −0.03 |
| NBIX Neurocrine Biosciences Inc. | Reduce -1.5% | 0.04% | −0.03 |
| CSL Carlisle Cos Inc. | Reduce -1.6% | 0.05% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -1.2% | 0.03% | −0.03 |
| ACM Aecom | Reduce -1.0% | 0.04% | −0.03 |
| TJX TJX Companies Inc. | Reduce -0.2% | 0.07% | −0.03 |
| C Citigroup Inc. | Reduce -0.6% | 0.07% | −0.03 |
| NKE Nike Inc. Class B | Reduce -0.6% | 0.04% | −0.03 |
| RPM RPM International Inc. | Reduce -0.1% | 0.05% | −0.03 |
| TOL Toll Brothers Inc. | Reduce -1.0% | 0.04% | −0.03 |
| UNP Union Pacific Corp. | Reduce -0.1% | 0.07% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -0.5% | 0.05% | −0.02 |
| BILL Bill Holdings Inc. | Reduce -1.4% | 0.02% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| IVV iShares Core S&P 500 ETF | Add +202.6% | 14.64% | +7.58 |
| EFA iShares MSCI Eafe ETF | Add +63.1% | 18.21% | +3.82 |
| IJH iShares Core S&P Midcap ETF | Add +106.8% | 9.37% | +2.63 |
| IJR iShares Core S&P Small-Cap E | Add +72.0% | 10.65% | +1.15 |
| MBB iShares MBS ETF | New | 0.73% | +0.73 |
| VOO Vanguard S&P 500 ETF | Add +55.7% | 6.79% | +0.42 |
| GWRE Guidewire Software Inc. | New | 0.06% | +0.06 |
| ENTG Entegris Inc. | New | 0.05% | +0.05 |
| ACI Albertsons Cos Inc. Class A | New | 0.03% | +0.03 |
| DASH DoorDash Inc. Class A | New | 0.03% | +0.03 |
| ATI Ati Inc. | New | 0.03% | +0.03 |
| CAVA Cava Group Inc. | New | 0.02% | +0.02 |
| BBWI Bath & Body Works Inc. | New | 0.02% | +0.02 |
| CART Maplebear Inc. | New | 0.02% | +0.02 |
| ALK Alaska Air Group Inc. | New | 0.02% | +0.02 |
| HIMS Hims & Hers Health Inc. | New | 0.02% | +0.02 |
| VFC VF Corp. | New | 0.02% | +0.02 |
| ECHO Echostar Corp. Class A | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | Add +0.4% | 0.04% | +0.00 |
| OPCH Option Care Health Inc. | Add +0.0% | 0.02% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | Add +3.3% | 0.04% | +0.00 |
| IP International Paper Co. | Add +52.0% | 0.01% | +0.00 |
| WPM Wheaton Precious Metals Corp. | Add +3.3% | 0.05% | +0.00 |
| UMBF Umb Financial Corp. | Add +53.3% | 0.02% | −0.00 |
| CELH Celsius Holdings Inc. | Add +0.0% | 0.02% | −0.00 |
| FOX Fox Corp. Class B | Add +0.2% | 0.00% | −0.00 |
| WBA Walgreens Boots Alliance Inc. | Add +0.1% | 0.00% | −0.00 |
| FNV Franco-Nevada Corp. | Add +3.3% | 0.11% | −0.00 |
| PM Philip Morris International | Add +0.2% | 0.02% | −0.00 |
| PARAA Paramount Global Class B | Add +0.2% | 0.00% | −0.00 |
| GL Globe Life Inc. | Add +0.1% | 0.01% | −0.00 |
| HAS Hasbro Inc. | Add +0.2% | 0.00% | −0.00 |
| LKQ LKQ Corp. | Add +0.1% | 0.01% | −0.00 |
| MOS The Mosaic Co. | Add +0.2% | 0.00% | −0.00 |
| SOLV Solventum Corp. | Add +0.2% | 0.01% | −0.00 |
| HALO Halozyme Therapeutics Inc. | Add +0.0% | 0.03% | −0.00 |
| HII Huntington Ingalls Industrie | Add +0.1% | 0.00% | −0.00 |
| PPC Pilgrim's Pride Corp. | Add +0.0% | 0.01% | −0.00 |
| MO Altria Group Inc. | Add +0.2% | 0.01% | −0.00 |
| PNW Pinnacle West Capital | Add +0.2% | 0.01% | −0.00 |
| BEN Franklin Templeton Inc. | Add +0.5% | 0.00% | −0.00 |
| MHK Mohawk Industries Inc. | Add +0.1% | 0.00% | −0.00 |
| FLG Flagstar Bank NA | Add +0.0% | 0.01% | −0.00 |
| ROL Rollins Inc. | Add +0.1% | 0.01% | −0.00 |
| BAX Baxter International Inc. | Add +0.2% | 0.01% | −0.00 |
| BF.B Brown-Forman Corp. Class B | Add +0.1% | 0.00% | −0.00 |
| HSIC Henry Schein Inc. | Add +0.1% | 0.00% | −0.00 |
| CPB The Campbell's Company | Add +0.3% | 0.00% | −0.00 |
| MTCH Match Group Inc. | Add +0.2% | 0.00% | −0.00 |
| UHS Universal Health Services-B | Add +0.2% | 0.01% | −0.00 |
Notes & Other Activity Q4 2024 → Q1 2025
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | New | 9,000 | $453K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 879 | $8.5B | EFA, IVV, IJR, IJH, VOO |
| Q1 2026 | 873 | $6.6B | EFA, IVV, IJR, IJH, LQD |
| Q4 2025 | 877 | $8.6B | EFA, IVV, IJR, IJH, VOO |
| Q3 2025 | 877 | $6.9B | EFA, IVV, IJH, VOO, IJR |
| Q2 2025 | 879 | $6.5B | EFA, IVV, IJR, IJH, VOO |
| Q1 2025 | 876 | $6.3B | EFA, IVV, IJR, IJH, VOO |
| Q4 2024 | 875 | $4.5B | EFA, IJR, IVV, IJH, VOO |
| Q3 2024 | 874 | $4.3B | EFA, IJR, IVV, IJH, VOO |
| Q2 2024 | 876 | $3.9B | VOO, IJR, EFA, IJH, IEFA |
| Q1 2024 | 877 | $3.8B | VOO, IJR, EFA, IJH, IVV |