Northwestern Mutual Investment Management Company, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Northwestern Mutual Investment Management Company, LLC reported 877 stock positions worth $6.9 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, 13.6%) and iShares Core S&P Midcap ETF (IJH, 9.4%). Compared with Q2 2025, it opened 16 new positions, sold out of 18, added to 229 and reduced 618. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +23%) and the biggest sale iShares Core S&P Small-Cap E (IJR, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001629649
- Portfolio Value
- $6.9B (Q3 2025)
- SEC Filing
- 0001629649-25-000010 ↗ filed Nov 7, 2025
Holdings Value
Holdings 877 stocks · $6.9B
| EFA iShares MSCI Eafe ETF | 18.66% | 13,813,864 | $1.3B | Add +1.6% |
| IVV iShares Core S&P 500 ETF | 13.62% | 1,406,900 | $941.6M | Reduce -9.9% |
| IJH iShares Core S&P Midcap ETF | 9.45% | 10,006,629 | $653.0M | Reduce -2.9% |
| VOO Vanguard S&P 500 ETF | 8.17% | 921,866 | $564.5M | Add +22.6% |
| IJR iShares Core S&P Small-Cap E | 7.94% | 4,619,141 | $548.9M | Reduce -23.5% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 4.31% | 2,670,204 | $297.6M | Add +24.5% |
| NVDA Nvidia Corp. | 2.10% | 777,675 | $145.1M | Reduce -0.0% |
| MSFT Microsoft Corp. | 1.77% | 236,910 | $122.7M | Reduce -0.1% |
| AAPL Apple Inc. | 1.74% | 472,991 | $120.4M | Reduce -0.7% |
| VCLT Vanguard Long-Term Corp. Bond | 1.36% | 1,214,290 | $94.3M | Add +342.9% |
| AMZN Amazon.com Inc. | 0.98% | 309,320 | $67.9M | Add +2.6% |
| META Meta Platforms Inc. Class A | 0.73% | 69,129 | $50.8M | Reduce -0.2% |
| AVGO Broadcom Inc. | 0.72% | 149,909 | $49.5M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 0.65% | 185,400 | $45.1M | Reduce -0.1% |
| TSLA Tesla Inc. | 0.58% | 89,437 | $39.8M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 0.52% | 148,835 | $36.2M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 58,445 | $29.4M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 0.40% | 87,639 | $27.6M | Reduce -1.1% |
| AGG iShares Core U.S. Aggregate | 0.39% | 268,062 | $26.9M | Add +1.2% |
| USHY iShares Broad Usd High Yield | 0.30% | 550,000 | $20.8M | No change |
| LLY Eli Lilly & Co. | 0.28% | 25,338 | $19.3M | Add +1.0% |
| IEFA iShares Core MSCI Eafe ETF | 0.28% | 221,238 | $19.3M | No change |
| V Visa Inc. Class A | 0.27% | 54,141 | $18.5M | Reduce -0.8% |
| NFLX Netflix Inc. | 0.23% | 13,543 | $16.2M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.22% | 135,877 | $15.3M | Reduce -1.2% |
| MA Mastercard Inc. Class A | 0.22% | 26,310 | $15.0M | Add +1.7% |
| ORCL Oracle Corp. | 0.21% | 52,819 | $14.9M | Add +1.8% |
| WMT Walmart Inc. | 0.21% | 139,893 | $14.4M | Add +1.5% |
| JNJ Johnson & Johnson | 0.21% | 76,758 | $14.2M | Add +0.0% |
| PLTR Palantir Technologies Inc. Class A | 0.19% | 72,485 | $13.2M | Add +6.8% |
| COST Costco Wholesale Corp. | 0.19% | 14,135 | $13.1M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.19% | 56,305 | $13.0M | Reduce -0.1% |
| HD Home Depot Inc. | 0.19% | 31,710 | $12.8M | Add +0.0% |
| PG The Procter & Gamble Co. | 0.17% | 74,656 | $11.5M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.16% | 217,187 | $11.2M | Add +3.9% |
| GE General Electric filed as GE AEROSPACE | 0.15% | 33,797 | $10.2M | Reduce -0.7% |
| UNH Unitedhealth Group Inc. | 0.14% | 28,865 | $10.0M | Reduce -0.3% |
| CVX Chevron Corp. | 0.14% | 61,338 | $9.5M | Add +18.4% |
| FNV Franco-Nevada Corp. | 0.13% | 40,133 | $8.9M | Reduce -5.8% |
| CSCO Cisco Systems Inc. | 0.12% | 126,213 | $8.6M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 0.12% | 102,099 | $8.6M | Reduce -1.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.12% | 29,689 | $8.4M | Add +0.1% |
| AMD Advanced Micro Devices | 0.12% | 51,723 | $8.4M | Reduce 0.0% |
| KO The Coca-Cola Co. | 0.12% | 123,449 | $8.2M | Reduce -0.1% |
| GS Goldman Sachs Group Inc. | 0.11% | 9,649 | $7.7M | Reduce -1.4% |
| ABT Abbott Laboratories | 0.11% | 55,472 | $7.4M | Reduce -0.1% |
| CRM Salesforce Inc. | 0.10% | 30,470 | $7.2M | Reduce -0.5% |
| RTX RTX Corp. | 0.10% | 42,662 | $7.1M | Add +0.1% |
| CAT Caterpillar Inc. | 0.10% | 14,932 | $7.1M | Reduce -0.5% |
| MCD McDonald's Corp. | 0.10% | 22,743 | $6.9M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 0.10% | 79,610 | $6.7M | Reduce -0.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.09% | 57,304 | $6.6M | Reduce -0.1% |
| UBER Uber Technologies Inc. | 0.09% | 66,467 | $6.5M | Reduce -0.4% |
| FIX Comfort Systems USA Inc. | 0.09% | 7,846 | $6.5M | Reduce -0.1% |
| T AT&T Inc. | 0.09% | 227,896 | $6.4M | Reduce -0.7% |
| APP AppLovin Corp. Class A | 0.09% | 8,629 | $6.2M | New |
| MS Morgan Stanley | 0.09% | 38,667 | $6.1M | Reduce -1.9% |
| PEP Pepsico Inc. | 0.09% | 43,634 | $6.1M | Reduce -0.2% |
| NOW ServiceNow Inc. | 0.09% | 6,629 | $6.1M | Add +0.4% |
| INTU Intuit Inc. | 0.09% | 8,891 | $6.1M | Reduce -0.3% |
| MU Micron Technology Inc. | 0.09% | 35,669 | $6.0M | Add +0.1% |
| C Citigroup Inc. | 0.09% | 58,673 | $6.0M | Reduce -1.5% |
| VZ Verizon Communications Inc. | 0.09% | 134,382 | $5.9M | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.08% | 12,035 | $5.8M | Reduce -0.1% |
| CDNS Cadence Design SYS Inc. | 0.08% | 16,514 | $5.8M | Reduce -5.6% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.08% | 69,207 | $5.8M | Reduce -0.3% |
| AXP American Express Co. | 0.08% | 17,299 | $5.7M | Reduce -2.0% |
| QCOM Qualcomm Inc. | 0.08% | 34,375 | $5.7M | Reduce -1.8% |
| BKNG Booking Holdings Inc. | 0.08% | 1,032 | $5.6M | Reduce -0.7% |
| LRCX Lam Research Corp. | 0.08% | 40,337 | $5.4M | Reduce -1.1% |
| BLK BlackRock Inc. | 0.08% | 4,589 | $5.4M | Reduce -1.2% |
| GEV GE Vernova Inc. | 0.08% | 8,676 | $5.3M | Reduce -0.4% |
| TXN Texas Instruments Inc. | 0.08% | 28,977 | $5.3M | Reduce -0.0% |
| AMAT Applied Materials Inc. | 0.08% | 25,577 | $5.2M | Reduce -1.3% |
| BA The Boeing Co. | 0.08% | 24,100 | $5.2M | Add +0.2% |
| SCHW Schwab (charles) Corp. | 0.08% | 54,384 | $5.2M | Reduce -0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.07% | 35,557 | $5.1M | Reduce -0.2% |
| ISRG Intuitive Surgical Inc. | 0.07% | 11,426 | $5.1M | Reduce -0.1% |
| FBND Fidelity Total Bond ETF | 0.07% | 107,700 | $5.0M | New |
| NEE Nextera Energy Inc. | 0.07% | 65,633 | $5.0M | Reduce -0.1% |
| SPGI S&P Global Inc. | 0.07% | 9,960 | $4.8M | Reduce -0.5% |
| AMGN Amgen Inc. | 0.07% | 17,158 | $4.8M | Add +0.0% |
| APH Amphenol Corp. Class A | 0.07% | 38,914 | $4.8M | Add +0.8% |
| ANET Arista Networks Inc. | 0.07% | 32,848 | $4.8M | Reduce -0.0% |
| ADBE Adobe Inc. | 0.07% | 13,520 | $4.8M | Reduce -0.6% |
| CASY Casey's General Stores Inc. | 0.07% | 8,288 | $4.7M | No change |
| INTC Intel Corp. | 0.07% | 139,504 | $4.7M | Add +0.3% |
| PFE Pfizer Inc. | 0.07% | 181,209 | $4.6M | Reduce -0.1% |
| PGR Progressive Corp. | 0.07% | 18,684 | $4.6M | Reduce -0.1% |
| BSX Boston Scientific Corp. | 0.07% | 47,226 | $4.6M | Add +0.1% |
| CIEN Ciena Corp. | 0.07% | 31,510 | $4.6M | Reduce -0.7% |
| CW Curtiss-Wright Corp. | 0.07% | 8,398 | $4.6M | Reduce -0.2% |
| KLAC KLA Corp. | 0.07% | 4,206 | $4.5M | Reduce -0.3% |
| LOW Lowe's Cos Inc. | 0.06% | 17,863 | $4.5M | Add +0.0% |
| RBA RB Global Inc. | 0.06% | 41,370 | $4.5M | Add +0.1% |
| UNP Union Pacific Corp. | 0.06% | 18,902 | $4.5M | Reduce -0.8% |
| NTNX Nutanix Inc. Class A | 0.06% | 59,753 | $4.4M | New |
| GILD Gilead Sciences Inc. | 0.06% | 39,547 | $4.4M | Reduce -0.3% |
| WPM Wheaton Precious Metals Corp. | 0.06% | 39,003 | $4.4M | Add +4.7% |
| PANW Palo Alto Networks Inc. | 0.06% | 21,289 | $4.3M | Add +0.8% |
Portfolio Sells Q2 2025 → Q3 2025
| IJR iShares Core S&P Small-Cap E | Reduce -23.5% | 7.94% | −2.21 |
| IVV iShares Core S&P 500 ETF | Reduce -9.9% | 13.62% | −1.31 |
| IJH iShares Core S&P Midcap ETF | Reduce -2.9% | 9.45% | −0.39 |
| EME Emcor Group Inc. | Reduce -85.7% | 0.01% | −0.07 |
| IBKR Interactive Brokers Gro Class A | Reduce -85.4% | 0.01% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -0.2% | 0.73% | −0.05 |
| NFLX Netflix Inc. | Reduce -0.3% | 0.23% | −0.04 |
| MSFT Microsoft Corp. | Reduce -0.1% | 1.77% | −0.04 |
| V Visa Inc. Class A | Reduce -0.8% | 0.27% | −0.03 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -0.1% | 0.19% | −0.03 |
| CRM Salesforce Inc. | Reduce -0.5% | 0.10% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -0.1% | 0.07% | −0.02 |
| SFM Sprouts Farmers Market Inc. | Reduce -0.3% | 0.03% | −0.02 |
| INTU Intuit Inc. | Reduce -0.3% | 0.09% | −0.02 |
| HES Hess Corp. | Sold out | 0.00% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.17% | −0.02 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.02 |
| CHX Championx Corp. | Sold out | 0.00% | −0.02 |
| KO The Coca-Cola Co. | Reduce -0.1% | 0.12% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -0.0% | 0.08% | −0.02 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.02 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −0.02 |
| FISV Fiserv Inc. | Reduce -2.0% | 0.03% | −0.01 |
| DIS The Walt Disney Co. | Reduce -0.1% | 0.09% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Reduce -0.6% | 0.02% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 0.42% | −0.01 |
| ADBE Adobe Inc. | Reduce -0.6% | 0.07% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -0.7% | 0.08% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -1.2% | 0.05% | −0.01 |
| HON Honeywell International Inc. | Reduce -1.3% | 0.06% | −0.01 |
| KD Kyndryl Holdings Inc. | Reduce -0.8% | 0.02% | −0.01 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.01 |
| SPGI S&P Global Inc. | Reduce -0.5% | 0.07% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -0.6% | 0.12% | −0.01 |
| BRBR Bellring Brands Inc. | Reduce -1.0% | 0.01% | −0.01 |
| MORN Morningstar Inc. | Reduce -8.2% | 0.02% | −0.01 |
| CSL Carlisle Cos Inc. | Reduce -1.3% | 0.05% | −0.01 |
| PGR Progressive Corp. | Reduce -0.1% | 0.07% | −0.01 |
| DE Deere & Co. | Reduce -0.3% | 0.05% | −0.01 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -0.3% | 0.05% | −0.01 |
| ELV Elevance Health Inc. | Reduce -0.4% | 0.03% | −0.01 |
| WING Wingstop Inc. | Reduce -0.1% | 0.02% | −0.01 |
| EQH Equitable Holdings Inc. | Reduce -1.6% | 0.05% | −0.01 |
| AMT American Tower Corp. | Reduce -0.1% | 0.04% | −0.01 |
| BJ Bj's Wholesale Club Holdings | Reduce -0.2% | 0.04% | −0.01 |
| T AT&T Inc. | Reduce -0.7% | 0.09% | −0.01 |
| RS Reliance Inc. | Reduce -0.2% | 0.05% | −0.01 |
| ABT Abbott Laboratories | Reduce -0.1% | 0.11% | −0.01 |
| LNTH Lantheus Holdings Inc. | Reduce -1.9% | 0.01% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| VOO Vanguard S&P 500 ETF | Add +22.6% | 8.17% | +1.59 |
| VCLT Vanguard Long-Term Corp. Bond | Add +342.9% | 1.36% | +1.04 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +24.5% | 4.31% | +0.69 |
| TSLA Tesla Inc. | Add +0.1% | 0.58% | +0.14 |
| APP AppLovin Corp. Class A | New | 0.09% | +0.09 |
| FBND Fidelity Total Bond ETF | New | 0.07% | +0.07 |
| NTNX Nutanix Inc. Class A | New | 0.06% | +0.06 |
| TLN Talen Energy Corp. | New | 0.06% | +0.06 |
| TRU Transunion | New | 0.05% | +0.05 |
| HOOD Robinhood Markets Inc. Class A | New | 0.05% | +0.05 |
| KTOS Kratos Defense & Security | New | 0.05% | +0.05 |
| TWLO Twilio Inc. Class A | New | 0.05% | +0.05 |
| PLTR Palantir Technologies Inc. Class A | Add +6.8% | 0.19% | +0.05 |
| ORCL Oracle Corp. | Add +1.8% | 0.21% | +0.04 |
| AVAV Aerovironment Inc. | New | 0.03% | +0.03 |
| ELAN Elanco Animal Health Inc. | New | 0.03% | +0.03 |
| MP MP Materials Corp. | New | 0.03% | +0.03 |
| JNJ Johnson & Johnson | Add +0.0% | 0.21% | +0.03 |
| CVX Chevron Corp. | Add +18.4% | 0.14% | +0.02 |
| DDOG Datadog Inc. Class A | New | 0.02% | +0.02 |
| VNOM Viper Energy Inc. Class A | New | 0.02% | +0.02 |
| ECHO Echostar Corp. Class A | Add +0.1% | 0.03% | +0.02 |
| INTC Intel Corp. | Add +0.3% | 0.07% | +0.02 |
| MU Micron Technology Inc. | Add +0.1% | 0.09% | +0.02 |
| XYZ Block Inc. | New | 0.02% | +0.02 |
| UTHR United Therapeutics Corp. | Add +0.1% | 0.06% | +0.02 |
| CG The Carlyle Group Inc. | Add +22.0% | 0.05% | +0.01 |
| LITE Lumentum Holdings Inc. | Add +0.4% | 0.04% | +0.01 |
| WPM Wheaton Precious Metals Corp. | Add +4.7% | 0.06% | +0.01 |
| APH Amphenol Corp. Class A | Add +0.8% | 0.07% | +0.01 |
| TTD Trade Desk Inc./the Class A | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | Add +3.9% | 0.16% | +0.01 |
| GLW Corning Inc. | Add +1.0% | 0.03% | +0.01 |
| WBD Warner Bros Discovery Inc. | Add +9.9% | 0.02% | +0.01 |
| DKS Dick's Sporting Goods Inc. | Add +18.2% | 0.05% | +0.01 |
| SGI Somnigroup International Inc. | Add +1.5% | 0.06% | +0.01 |
| EVR Evercore Inc. Class A | Add +7.2% | 0.04% | +0.01 |
| NXT Nextpower Inc. | Add +2.8% | 0.04% | +0.01 |
| WELL Welltower Inc. | Add +7.5% | 0.05% | +0.01 |
| COLB Columbia Banking System Inc. | Add +42.0% | 0.02% | +0.01 |
| CYTK Cytokinetics Inc. | Add +0.0% | 0.02% | +0.01 |
| RTX RTX Corp. | Add +0.1% | 0.10% | +0.01 |
| HD Home Depot Inc. | Add +0.0% | 0.19% | +0.01 |
| CLF Cleveland-Cliffs Inc. | Add +1.9% | 0.02% | +0.01 |
| SNX TD Synnex Corp. | Add +2.5% | 0.04% | +0.01 |
| PFGC Performance Food Group Co. | Add +0.1% | 0.05% | +0.01 |
| DASH DoorDash Inc. Class A | Add +7.9% | 0.05% | +0.00 |
| WCC Wesco International Inc. | Add +9.4% | 0.03% | +0.00 |
| CELH Celsius Holdings Inc. | Add +1.6% | 0.03% | +0.00 |
| BX Blackstone Inc. | Add +0.9% | 0.06% | +0.00 |
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 |