Northwestern Mutual Investment Management Company, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Northwestern Mutual Investment Management Company, LLC reported 879 stock positions worth $6.5 billion. Its top holding was iShares MSCI Eafe ETF (EFA) at 18.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 14.9%) and iShares Core S&P Small-Cap E (IJR, 10.2%). Compared with Q1 2025, it opened 6 new positions, sold out of 4, added to 497 and reduced 366. The biggest buy was iShares Core S&P Midcap ETF (IJH, shares +2%) and the biggest sale Ishr Ibx Usd Invgd CB ETF-Ui (LQD, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001629649
- Portfolio Value
- $6.5B (Q2 2025)
- SEC Filing
- 0001085146-25-004908 ↗ filed Aug 12, 2025
Holdings Value
Holdings 879 stocks · $6.5B
| EFA iShares MSCI Eafe ETF | 18.71% | 13,602,341 | $1.2B | Reduce -3.1% |
| IVV iShares Core S&P 500 ETF | 14.93% | 1,562,400 | $970.1M | Reduce -4.8% |
| IJR iShares Core S&P Small-Cap E | 10.15% | 6,036,215 | $659.7M | Reduce -5.9% |
| IJH iShares Core S&P Midcap ETF | 9.83% | 10,305,199 | $639.1M | Add +1.9% |
| VOO Vanguard S&P 500 ETF | 6.58% | 752,231 | $427.3M | Reduce -9.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 3.62% | 2,144,774 | $235.1M | Reduce -37.7% |
| NVDA Nvidia Corp. | 1.89% | 777,985 | $122.9M | Reduce -0.1% |
| MSFT Microsoft Corp. | 1.81% | 237,105 | $117.9M | Add +0.3% |
| AAPL Apple Inc. | 1.50% | 476,466 | $97.8M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 1.02% | 301,418 | $66.1M | Add +0.5% |
| META Meta Platforms Inc. Class A | 0.79% | 69,262 | $51.1M | Reduce -0.6% |
| AVGO Broadcom Inc. | 0.64% | 149,997 | $41.3M | Add +0.6% |
| GOOGL Alphabet Inc. Class A | 0.50% | 185,664 | $32.7M | Add +0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.44% | 58,498 | $28.4M | Add +0.3% |
| TSLA Tesla Inc. | 0.44% | 89,394 | $28.4M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 0.41% | 149,766 | $26.6M | Reduce -0.4% |
| AGG iShares Core U.S. Aggregate | 0.40% | 264,844 | $26.3M | Reduce -10.9% |
| JPM JPMorgan Chase & Co. | 0.40% | 88,655 | $25.7M | Reduce -0.3% |
| VCLT Vanguard Long-Term Corp. Bond | 0.32% | 274,190 | $20.8M | New |
| USHY iShares Broad Usd High Yield | 0.32% | 550,000 | $20.6M | New |
| LLY Eli Lilly & Co. | 0.30% | 25,094 | $19.6M | Add +0.1% |
| V Visa Inc. Class A | 0.30% | 54,582 | $19.4M | Reduce -0.4% |
| IEFA iShares Core MSCI Eafe ETF | 0.28% | 221,238 | $18.5M | Reduce -34.1% |
| NFLX Netflix Inc. | 0.28% | 13,577 | $18.2M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.23% | 137,493 | $14.8M | Reduce -0.7% |
| MA Mastercard Inc. Class A | 0.22% | 25,876 | $14.5M | Reduce -0.1% |
| COST Costco Wholesale Corp. | 0.22% | 14,154 | $14.0M | Add +0.3% |
| WMT Walmart Inc. | 0.21% | 137,827 | $13.5M | Reduce -0.1% |
| PG The Procter & Gamble Co. | 0.18% | 74,793 | $11.9M | Add +0.3% |
| JNJ Johnson & Johnson | 0.18% | 76,756 | $11.7M | Add +0.2% |
| HD Home Depot Inc. | 0.18% | 31,708 | $11.6M | Add +0.4% |
| ORCL Oracle Corp. | 0.17% | 51,885 | $11.3M | Add +0.6% |
| ABBV Abbvie Inc. | 0.16% | 56,349 | $10.5M | Add +0.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.15% | 209,039 | $9.9M | Reduce -0.7% |
| PLTR Palantir Technologies Inc. Class A | 0.14% | 67,858 | $9.3M | Add +4.1% |
| UNH Unitedhealth Group Inc. | 0.14% | 28,939 | $9.0M | Reduce -1.1% |
| CSCO Cisco Systems Inc. | 0.14% | 126,911 | $8.8M | Add +0.2% |
| GE General Electric filed as GE AEROSPACE | 0.13% | 34,019 | $8.8M | Reduce -0.3% |
| KO The Coca-Cola Co. | 0.13% | 123,572 | $8.7M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.13% | 29,649 | $8.7M | Add +0.8% |
| CRM Salesforce Inc. | 0.13% | 30,608 | $8.3M | Add +0.6% |
| WFC Wells Fargo & Co. | 0.13% | 103,811 | $8.3M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.12% | 55,503 | $7.5M | Add +0.6% |
| CVX Chevron Corp. | 0.11% | 51,811 | $7.4M | Reduce -2.5% |
| AMD Advanced Micro Devices | 0.11% | 51,724 | $7.3M | Add +0.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.11% | 57,349 | $7.1M | Reduce -0.3% |
| INTU Intuit Inc. | 0.11% | 8,919 | $7.0M | Add +0.2% |
| FNV Franco-Nevada Corp. | 0.11% | 42,609 | $7.0M | Reduce -5.7% |
| GS Goldman Sachs Group Inc. | 0.11% | 9,788 | $6.9M | Reduce -1.4% |
| NOW ServiceNow Inc. | 0.10% | 6,603 | $6.8M | Add +0.8% |
| MCD McDonald's Corp. | 0.10% | 22,811 | $6.7M | Add +0.1% |
| T AT&T Inc. | 0.10% | 229,545 | $6.6M | Add +0.5% |
| MRK Merck & Co. Inc. | 0.10% | 80,104 | $6.3M | Reduce -0.4% |
| UBER Uber Technologies Inc. | 0.10% | 66,710 | $6.2M | Add +0.4% |
| RTX RTX Corp. | 0.10% | 42,618 | $6.2M | Add +0.6% |
| ISRG Intuitive Surgical Inc. | 0.10% | 11,434 | $6.2M | Add +0.8% |
| TXN Texas Instruments Inc. | 0.09% | 28,980 | $6.0M | Add +0.1% |
| BKNG Booking Holdings Inc. | 0.09% | 1,039 | $6.0M | Reduce -1.2% |
| CAT Caterpillar Inc. | 0.09% | 15,003 | $5.8M | Reduce -1.3% |
| VZ Verizon Communications Inc. | 0.09% | 134,493 | $5.8M | Add +0.5% |
| PEP Pepsico Inc. | 0.09% | 43,739 | $5.8M | Add +0.3% |
| AXP American Express Co. | 0.09% | 17,656 | $5.6M | Add +0.0% |
| QCOM Qualcomm Inc. | 0.09% | 35,003 | $5.6M | Reduce -0.5% |
| MS Morgan Stanley | 0.09% | 39,407 | $5.6M | Add +0.1% |
| IBKR Interactive Brokers Gro Class A | 0.08% | 97,311 | $5.4M | Add +0.5% |
| CDNS Cadence Design SYS Inc. | 0.08% | 17,494 | $5.4M | Add +14.8% |
| EME Emcor Group Inc. | 0.08% | 9,993 | $5.3M | Reduce -2.3% |
| SPGI S&P Global Inc. | 0.08% | 10,014 | $5.3M | Reduce -0.1% |
| ADBE Adobe Inc. | 0.08% | 13,596 | $5.3M | Reduce -1.8% |
| C Citigroup Inc. | 0.08% | 59,582 | $5.1M | Reduce -0.2% |
| BSX Boston Scientific Corp. | 0.08% | 47,196 | $5.1M | Add +0.7% |
| BA The Boeing Co. | 0.08% | 24,054 | $5.0M | Add +0.8% |
| PGR Progressive Corp. | 0.08% | 18,702 | $5.0M | Add +0.4% |
| SCHW Schwab (charles) Corp. | 0.08% | 54,486 | $5.0M | Add +0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.08% | 12,043 | $4.9M | Reduce -1.0% |
| BLK BlackRock Inc. | 0.07% | 4,646 | $4.9M | Add +0.3% |
| AMGN Amgen Inc. | 0.07% | 17,153 | $4.8M | Add +0.4% |
| HON Honeywell International Inc. | 0.07% | 20,502 | $4.8M | Reduce -0.9% |
| AMAT Applied Materials Inc. | 0.07% | 25,919 | $4.7M | Add +0.3% |
| GEV GE Vernova Inc. | 0.07% | 8,707 | $4.6M | Reduce -0.8% |
| NEE Nextera Energy Inc. | 0.07% | 65,671 | $4.6M | Add +0.4% |
| GWRE Guidewire Software Inc. | 0.07% | 18,729 | $4.4M | Add +0.9% |
| GILD Gilead Sciences Inc. | 0.07% | 39,683 | $4.4M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.07% | 35,617 | $4.4M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.07% | 181,369 | $4.4M | Add +0.6% |
| MU Micron Technology Inc. | 0.07% | 35,651 | $4.4M | Add +0.6% |
| RBA RB Global Inc. | 0.07% | 41,348 | $4.4M | Add +0.8% |
| UNP Union Pacific Corp. | 0.07% | 19,059 | $4.4M | Reduce -0.8% |
| COF Capital One Financial Corp. | 0.07% | 20,405 | $4.3M | Add +68.3% |
| SYK Stryker Corp. | 0.07% | 10,972 | $4.3M | Add +0.5% |
| PANW Palo Alto Networks Inc. | 0.07% | 21,122 | $4.3M | Add +0.3% |
| CMCSA Comcast Corp. Class A | 0.07% | 118,807 | $4.2M | Reduce -1.0% |
| CASY Casey's General Stores Inc. | 0.07% | 8,288 | $4.2M | Add +0.4% |
| FIX Comfort Systems USA Inc. | 0.06% | 7,858 | $4.2M | Reduce -0.4% |
| CW Curtiss-Wright Corp. | 0.06% | 8,415 | $4.1M | Add +0.5% |
| DE Deere & Co. | 0.06% | 8,052 | $4.1M | Reduce -0.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.06% | 7,946 | $4.0M | Add +1.4% |
| DHR Danaher Corp. | 0.06% | 20,319 | $4.0M | Reduce -0.2% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.06% | 69,390 | $4.0M | Add +0.7% |
| ADP Automatic Data Processing | 0.06% | 12,950 | $4.0M | Add +0.1% |
Portfolio Sells Q1 2025 → Q2 2025
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -37.7% | 3.62% | −2.32 |
| MBB iShares MBS ETF | Reduce -100.0% | 0.00% | −0.73 |
| IJR iShares Core S&P Small-Cap E | Reduce -5.9% | 10.15% | −0.50 |
| VOO Vanguard S&P 500 ETF | Reduce -9.6% | 6.58% | −0.21 |
| AAPL Apple Inc. | Reduce -0.3% | 1.50% | −0.18 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -34.1% | 0.28% | −0.12 |
| UNH Unitedhealth Group Inc. | Reduce -1.1% | 0.14% | −0.10 |
| AGG iShares Core U.S. Aggregate | Reduce -10.9% | 0.40% | −0.06 |
| X United States Steel Corp. | Sold out | 0.00% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.7% | 0.23% | −0.03 |
| BERY Berry Global Group Inc. | Sold out | 0.00% | −0.03 |
| CVX Chevron Corp. | Reduce -2.5% | 0.11% | −0.03 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.0% | 0.08% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -0.4% | 0.10% | −0.02 |
| FISV Fiserv Inc. | Reduce -2.3% | 0.05% | −0.02 |
| COP Conocophillips | Reduce -0.8% | 0.06% | −0.01 |
| ADI Analog Devices Inc. | Reduce -27.1% | 0.06% | −0.01 |
| BRKR Bruker Corp. | Reduce -37.7% | 0.02% | −0.01 |
| TMUS T-Mobile US Inc. | Reduce -0.3% | 0.06% | −0.01 |
| BRBR Bellring Brands Inc. | Reduce -0.6% | 0.03% | −0.01 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.01 |
| CHE Chemed Corp. | Reduce -2.0% | 0.02% | −0.01 |
| ELV Elevance Health Inc. | Reduce -2.3% | 0.04% | −0.01 |
| SLB SLB Ltd. | Reduce -2.6% | 0.02% | −0.01 |
| REGN Regeneron Pharmaceuticals | Reduce -1.1% | 0.03% | −0.01 |
| HALO Halozyme Therapeutics Inc. | Reduce -2.7% | 0.02% | −0.01 |
| V Visa Inc. Class A | Reduce -0.4% | 0.30% | −0.01 |
| GMED Globus Medical Inc. Class A | Reduce -0.3% | 0.02% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -0.6% | 0.06% | −0.01 |
| FBIN Fortune Brands Innovations I | Reduce -2.8% | 0.02% | −0.01 |
| FNV Franco-Nevada Corp. | Reduce -5.7% | 0.11% | −0.01 |
| MUSA Murphy USA Inc. | Reduce -0.9% | 0.03% | −0.01 |
| CHRD Chord Energy Corp. | Reduce -5.1% | 0.02% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -1.0% | 0.07% | −0.01 |
| UNP Union Pacific Corp. | Reduce -0.8% | 0.07% | −0.00 |
| DHR Danaher Corp. | Reduce -0.2% | 0.06% | −0.00 |
| LNTH Lantheus Holdings Inc. | Reduce -0.1% | 0.02% | −0.00 |
| EOG EOG Resources Inc. | Reduce -2.7% | 0.03% | −0.00 |
| NOV Nov Inc. | Reduce -0.9% | 0.02% | −0.00 |
| ONTO Onto Innovation Inc. | Reduce -0.6% | 0.02% | −0.00 |
| FTV Fortive Corp. | Reduce -0.1% | 0.01% | −0.00 |
| CHDN Churchill Downs Inc. | Reduce -1.3% | 0.03% | −0.00 |
| ORLY O'reilly Automotive Inc. | Reduce -0.6% | 0.04% | −0.00 |
| TRGP Targa Resources Corp. | Reduce -0.2% | 0.02% | −0.00 |
| MUR Murphy Oil Corp. | Reduce -1.7% | 0.01% | −0.00 |
| ADBE Adobe Inc. | Reduce -1.8% | 0.08% | −0.00 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -0.6% | 0.02% | −0.00 |
| MAN Manpowergroup Inc. | Reduce -1.0% | 0.01% | −0.00 |
| LULU Lululemon Athletica Inc. | Reduce -1.0% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| IJH iShares Core S&P Midcap ETF | Add +1.9% | 9.83% | +0.47 |
| MSFT Microsoft Corp. | Add +0.3% | 1.81% | +0.41 |
| VCLT Vanguard Long-Term Corp. Bond | New | 0.32% | +0.32 |
| USHY iShares Broad Usd High Yield | New | 0.32% | +0.32 |
| AVGO Broadcom Inc. | Add +0.6% | 0.64% | +0.24 |
| AMZN Amazon.com Inc. | Add +0.5% | 1.02% | +0.11 |
| TSLA Tesla Inc. | Add +0.4% | 0.44% | +0.07 |
| ORCL Oracle Corp. | Add +0.6% | 0.17% | +0.06 |
| OKTA Okta Inc. | New | 0.06% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | Add +4.1% | 0.14% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +0.1% | 0.50% | +0.05 |
| APG Api Group Corp. | New | 0.04% | +0.04 |
| COIN Coinbase Global Inc. Class A | New | 0.04% | +0.04 |
| COF Capital One Financial Corp. | Add +68.3% | 0.07% | +0.03 |
| AMD Advanced Micro Devices | Add +0.4% | 0.11% | +0.03 |
| NOW ServiceNow Inc. | Add +0.8% | 0.10% | +0.02 |
| CDNS Cadence Design SYS Inc. | Add +14.8% | 0.08% | +0.02 |
| INTU Intuit Inc. | Add +0.2% | 0.11% | +0.02 |
| CW Curtiss-Wright Corp. | Add +0.5% | 0.06% | +0.02 |
| IBKR Interactive Brokers Gro Class A | Add +0.5% | 0.08% | +0.02 |
| UBER Uber Technologies Inc. | Add +0.4% | 0.10% | +0.02 |
| MU Micron Technology Inc. | Add +0.6% | 0.07% | +0.02 |
| APH Amphenol Corp. Class A | Add +0.2% | 0.06% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +1.4% | 0.06% | +0.02 |
| IBM Intl Business Machines Corp. | Add +0.8% | 0.13% | +0.02 |
| CEG Constellation Energy | Add +0.5% | 0.05% | +0.02 |
| PEGA Pegasystems Inc. | New | 0.02% | +0.02 |
| CRS Carpenter Technology | Add +0.1% | 0.05% | +0.02 |
| DUOL Duolingo | Add +4.0% | 0.06% | +0.01 |
| HIMS Hims & Hers Health Inc. | Add +3.0% | 0.03% | +0.01 |
| AMAT Applied Materials Inc. | Add +0.3% | 0.07% | +0.01 |
| BWXT BWX Technologies Inc. | Add +0.3% | 0.05% | +0.01 |
| CHWY Chewy Inc. Class A | Add +33.0% | 0.03% | +0.01 |
| P Everpure Inc. Class A | Add +0.7% | 0.06% | +0.01 |
| BA The Boeing Co. | Add +0.8% | 0.08% | +0.01 |
| GWRE Guidewire Software Inc. | Add +0.9% | 0.07% | +0.01 |
| MS Morgan Stanley | Add +0.1% | 0.09% | +0.01 |
| COHR Coherent Corp. | Add +0.7% | 0.05% | +0.01 |
| VST Vistra Corp. | Add +0.1% | 0.03% | +0.01 |
| WWD Woodward Inc. | Add +0.7% | 0.05% | +0.01 |
| ELF Elf Beauty Inc. | Add +0.4% | 0.02% | +0.01 |
| CSCO Cisco Systems Inc. | Add +0.2% | 0.14% | +0.01 |
| AXP American Express Co. | Add +0.0% | 0.09% | +0.01 |
| AXON Axon Enterprise Inc. | Add +2.4% | 0.03% | +0.01 |
| FIVE Five Below | Add +0.5% | 0.02% | +0.01 |
| DASH DoorDash Inc. Class A | Add +1.4% | 0.04% | +0.01 |
| TXN Texas Instruments Inc. | Add +0.1% | 0.09% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +0.3% | 0.07% | +0.01 |
| CIEN Ciena Corp. | Add +0.4% | 0.04% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +0.5% | 0.08% | +0.01 |
Notes & Other Activity Q1 2025 → Q2 2025
| MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) | DEP SHS REPSTG | Sold out | 9,000 | $453Kbefore exit |
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 |