Northwestern Mutual Investment Management Company, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Northwestern Mutual Investment Management Company, LLC reported 877 stock positions worth $8.6 billion. Its top holding was iShares MSCI Eafe ETF (EFA) at 17.6% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 12.0%) and iShares Core S&P Small-Cap E (IJR, 8.7%). Compared with Q3 2025, it opened 16 new positions, sold out of 17, added to 506 and reduced 340. The biggest buy was a new position in Ishr Ibx Usd Hiyld CB ETF-Ui (HYG) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MILWAUKEE, WI
- CIK
- 0001629649
- Portfolio Value
- $8.6B (Q4 2025)
- SEC Filing
- 0001629649-26-000001 ↗ filed Feb 5, 2026
Holdings Value
Holdings 877 stocks · $8.6B
| EFA iShares MSCI Eafe ETF | 17.63% | 15,736,766 | $1.5B | Add +13.9% |
| IVV iShares Core S&P 500 ETF | 12.02% | 1,504,300 | $1.0B | Add +6.9% |
| IJR iShares Core S&P Small-Cap E | 8.75% | 6,236,257 | $749.5M | Add +35.0% |
| IJH iShares Core S&P Midcap ETF | 8.62% | 11,197,934 | $739.1M | Add +11.9% |
| VOO Vanguard S&P 500 ETF | 6.74% | 920,788 | $577.5M | Reduce -0.1% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 5.50% | 5,845,000 | $471.3M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 4.17% | 3,243,904 | $357.4M | Add +21.5% |
| USHY iShares Broad Usd High Yield | 3.26% | 7,470,000 | $279.3M | Add +1258.2% |
| JNK SS SPDR BB High Yield Bond | 2.04% | 1,800,000 | $175.0M | New |
| NVDA Nvidia Corp. | 1.69% | 776,429 | $144.8M | Reduce -0.2% |
| AAPL Apple Inc. | 1.50% | 472,133 | $128.4M | Reduce -0.2% |
| MSFT Microsoft Corp. | 1.34% | 237,477 | $114.8M | Add +0.2% |
| VCLT Vanguard Long-Term Corp. Bond | 1.12% | 1,265,890 | $96.0M | Add +4.3% |
| AMZN Amazon.com Inc. | 0.84% | 310,831 | $71.7M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 0.68% | 185,896 | $58.2M | Add +0.3% |
| AVGO Broadcom Inc. | 0.61% | 150,888 | $52.2M | Add +0.7% |
| GOOG Alphabet Inc. Class C | 0.54% | 148,578 | $46.6M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.54% | 69,588 | $45.9M | Add +0.7% |
| AGG iShares Core U.S. Aggregate | 0.52% | 447,618 | $44.7M | Add +67.0% |
| TSLA Tesla Inc. | 0.47% | 89,782 | $40.4M | Add +0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 58,591 | $29.5M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 0.33% | 86,982 | $28.0M | Reduce -0.8% |
| LLY Eli Lilly & Co. | 0.32% | 25,374 | $27.3M | Add +0.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.23% | 221,238 | $19.8M | No change |
| V Visa Inc. Class A | 0.22% | 53,923 | $18.9M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.19% | 134,746 | $16.2M | Reduce -0.8% |
| JNJ Johnson & Johnson | 0.19% | 76,982 | $15.9M | Add +0.3% |
| WMT Walmart Inc. | 0.18% | 140,111 | $15.6M | Add +0.2% |
| MA Mastercard Inc. Class A | 0.17% | 26,199 | $15.0M | Reduce -0.4% |
| PLTR Palantir Technologies Inc. Class A | 0.15% | 72,989 | $13.0M | Add +0.7% |
| ABBV Abbvie Inc. | 0.15% | 56,472 | $12.9M | Add +0.3% |
| NFLX Netflix Inc. | 0.15% | 135,390 | $12.7M | No change |
| COST Costco Wholesale Corp. | 0.14% | 14,160 | $12.2M | Add +0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.14% | 214,662 | $11.8M | Reduce -1.2% |
| AMD Advanced Micro Devices | 0.13% | 52,018 | $11.1M | Add +0.6% |
| HD Home Depot Inc. | 0.13% | 31,804 | $10.9M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.12% | 74,663 | $10.7M | Add +0.0% |
| ORCL Oracle Corp. | 0.12% | 53,742 | $10.5M | Add +1.8% |
| GE General Electric filed as GE AEROSPACE | 0.12% | 33,703 | $10.4M | Reduce -0.3% |
| MU Micron Technology Inc. | 0.12% | 35,864 | $10.2M | Add +0.6% |
| CSCO Cisco Systems Inc. | 0.11% | 125,913 | $9.7M | Reduce -0.2% |
| UNH Unitedhealth Group Inc. | 0.11% | 28,943 | $9.6M | Add +0.3% |
| WFC Wells Fargo & Co. | 0.11% | 100,300 | $9.3M | Reduce -1.8% |
| CVX Chevron Corp. | 0.11% | 60,476 | $9.2M | Reduce -1.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.10% | 29,867 | $8.8M | Add +0.6% |
| KO The Coca-Cola Co. | 0.10% | 123,699 | $8.6M | Add +0.2% |
| CAT Caterpillar Inc. | 0.10% | 14,953 | $8.6M | Add +0.1% |
| GS Goldman Sachs Group Inc. | 0.10% | 9,583 | $8.4M | Reduce -0.7% |
| MRK Merck & Co. Inc. | 0.10% | 79,304 | $8.3M | Reduce -0.4% |
| FNV Franco-Nevada Corp. | 0.10% | 40,133 | $8.3M | No change |
| CRM Salesforce Inc. | 0.09% | 30,419 | $8.1M | Reduce -0.2% |
| RTX RTX Corp. | 0.09% | 42,840 | $7.9M | Add +0.4% |
| CIEN Ciena Corp. | 0.09% | 31,559 | $7.4M | Add +0.2% |
| ABT Abbott Laboratories | 0.08% | 55,561 | $7.0M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.08% | 12,005 | $7.0M | Reduce -0.3% |
| MCD McDonald's Corp. | 0.08% | 22,754 | $7.0M | Add +0.1% |
| LRCX Lam Research Corp. | 0.08% | 40,132 | $6.9M | Reduce -0.5% |
| MS Morgan Stanley | 0.08% | 38,594 | $6.9M | Reduce -0.2% |
| C Citigroup Inc. | 0.08% | 57,172 | $6.7M | Reduce -2.6% |
| AMAT Applied Materials Inc. | 0.08% | 25,454 | $6.5M | Reduce -0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.08% | 57,043 | $6.5M | Reduce -0.5% |
| COHR Coherent Corp. | 0.08% | 35,161 | $6.5M | Add +1.5% |
| ISRG Intuitive Surgical Inc. | 0.07% | 11,328 | $6.4M | Reduce -0.9% |
| AXP American Express Co. | 0.07% | 17,168 | $6.4M | Reduce -0.8% |
| PEP Pepsico Inc. | 0.07% | 43,690 | $6.3M | Add +0.1% |
| INTU Intuit Inc. | 0.07% | 8,908 | $5.9M | Add +0.2% |
| QCOM Qualcomm Inc. | 0.07% | 34,220 | $5.9M | Reduce -0.5% |
| LITE Lumentum Holdings Inc. | 0.07% | 15,863 | $5.8M | Add +1.9% |
| APP AppLovin Corp. Class A | 0.07% | 8,648 | $5.8M | Add +0.2% |
| GEV GE Vernova Inc. | 0.07% | 8,669 | $5.7M | Reduce -0.1% |
| AMGN Amgen Inc. | 0.07% | 17,205 | $5.6M | Add +0.3% |
| T AT&T Inc. | 0.07% | 226,520 | $5.6M | Reduce -0.6% |
| BKNG Booking Holdings Inc. | 0.06% | 1,029 | $5.5M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.06% | 134,723 | $5.5M | Add +0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.06% | 35,561 | $5.5M | Add +0.0% |
| BA The Boeing Co. | 0.06% | 25,021 | $5.4M | Add +3.8% |
| UBER Uber Technologies Inc. | 0.06% | 66,390 | $5.4M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.06% | 66,543 | $5.3M | Add +1.4% |
| SCHW Schwab (charles) Corp. | 0.06% | 53,370 | $5.3M | Reduce -1.9% |
| INTC Intel Corp. | 0.06% | 143,266 | $5.3M | Add +2.7% |
| APH Amphenol Corp. Class A | 0.06% | 39,110 | $5.3M | Add +0.5% |
| SPGI S&P Global Inc. | 0.06% | 9,904 | $5.2M | Reduce -0.6% |
| KLAC KLA Corp. | 0.06% | 4,198 | $5.1M | Reduce -0.2% |
| NOW ServiceNow Inc. | 0.06% | 33,147 | $5.1M | No change |
| TXN Texas Instruments Inc. | 0.06% | 29,032 | $5.0M | Add +0.2% |
| CDNS Cadence Design SYS Inc. | 0.06% | 15,939 | $5.0M | Reduce -3.5% |
| BLK BlackRock Inc. | 0.06% | 4,610 | $4.9M | Add +0.5% |
| COF Capital One Financial Corp. | 0.06% | 20,313 | $4.9M | Reduce -0.3% |
| GILD Gilead Sciences Inc. | 0.06% | 39,643 | $4.9M | Add +0.2% |
| TWLO Twilio Inc. Class A | 0.06% | 33,922 | $4.8M | Reduce -0.8% |
| UTHR United Therapeutics Corp. | 0.05% | 9,634 | $4.7M | Reduce -4.4% |
| ADBE Adobe Inc. | 0.05% | 13,375 | $4.7M | Reduce -1.1% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.05% | 69,853 | $4.7M | Add +0.9% |
| DHR Danaher Corp. | 0.05% | 20,087 | $4.6M | Reduce -1.1% |
| CASY Casey's General Stores Inc. | 0.05% | 8,319 | $4.6M | Add +0.4% |
| WPM Wheaton Precious Metals Corp. | 0.05% | 39,003 | $4.6M | No change |
| CW Curtiss-Wright Corp. | 0.05% | 8,250 | $4.5M | Reduce -1.8% |
| PFE Pfizer Inc. | 0.05% | 181,669 | $4.5M | Add +0.3% |
| BSX Boston Scientific Corp. | 0.05% | 47,366 | $4.5M | Add +0.3% |
| ILMN Illumina Inc. | 0.05% | 34,186 | $4.5M | Reduce -0.2% |
Portfolio Sells Q3 2025 → Q4 2025
| VOO Vanguard S&P 500 ETF | Reduce -0.1% | 6.74% | −1.43 |
| NVDA Nvidia Corp. | Reduce -0.2% | 1.69% | −0.41 |
| AAPL Apple Inc. | Reduce -0.2% | 1.50% | −0.24 |
| FIX Comfort Systems USA Inc. | Reduce -85.7% | 0.01% | −0.08 |
| JPM JPMorgan Chase & Co. | Reduce -0.8% | 0.33% | −0.07 |
| FBND Fidelity Total Bond ETF | Sold out | 0.00% | −0.07 |
| V Visa Inc. Class A | Reduce -0.4% | 0.22% | −0.05 |
| MA Mastercard Inc. Class A | Reduce -0.4% | 0.17% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -0.8% | 0.19% | −0.03 |
| UBER Uber Technologies Inc. | Reduce -0.1% | 0.06% | −0.03 |
| CVX Chevron Corp. | Reduce -1.4% | 0.11% | −0.03 |
| T AT&T Inc. | Reduce -0.6% | 0.07% | −0.03 |
| GE General Electric | Reduce -0.3% | 0.12% | −0.03 |
| CDNS Cadence Design SYS Inc. | Reduce -3.5% | 0.06% | −0.03 |
| BAC Bank of America Corp. | Reduce -1.2% | 0.14% | −0.02 |
| LNWO Light & Wonder Inc. | Sold out | 0.00% | −0.02 |
| SNV Synovus Financial Corp. | Sold out | 0.00% | −0.02 |
| DIS The Walt Disney Co. | Reduce -0.5% | 0.08% | −0.02 |
| FISV Fiserv Inc. | Reduce -0.8% | 0.01% | −0.02 |
| TMUS T-Mobile US Inc. | Reduce -0.4% | 0.04% | −0.02 |
| BKNG Booking Holdings Inc. | Reduce -0.3% | 0.06% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -1.8% | 0.11% | −0.01 |
| ADBE Adobe Inc. | Reduce -1.1% | 0.05% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -0.5% | 0.07% | −0.01 |
| OC Owens Corning | Reduce -1.4% | 0.02% | −0.01 |
| DKS Dick's Sporting Goods Inc. | Reduce -0.8% | 0.03% | −0.01 |
| ORLY O'reilly Automotive Inc. | Reduce -0.3% | 0.03% | −0.01 |
| EQH Equitable Holdings Inc. | Reduce -4.0% | 0.04% | −0.01 |
| CW Curtiss-Wright Corp. | Reduce -1.8% | 0.05% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -0.7% | 0.10% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -1.9% | 0.06% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -1.1% | 0.04% | −0.01 |
| CVLT Commvault Systems Inc. | Reduce -0.5% | 0.01% | −0.01 |
| ALE Allete Inc. | Sold out | 0.00% | −0.01 |
| THC Tenet Healthcare Corp. | Reduce -0.1% | 0.05% | −0.01 |
| AZO AutoZone Inc. | Reduce -0.6% | 0.02% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -0.1% | 0.03% | −0.01 |
| USFD US Foods Holding Corp. | Reduce -0.6% | 0.04% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -0.2% | 0.11% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.0% | 0.03% | −0.01 |
| COP Conocophillips | Reduce -0.8% | 0.04% | −0.01 |
| DOCU Docusign Inc. | Reduce -0.1% | 0.04% | −0.01 |
| GEV GE Vernova Inc. | Reduce -0.1% | 0.07% | −0.01 |
| SNX TD Synnex Corp. | Reduce -0.9% | 0.03% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -0.7% | 0.04% | −0.01 |
| CSL Carlisle Cos Inc. | Reduce -1.9% | 0.03% | −0.01 |
| CRM Salesforce Inc. | Reduce -0.2% | 0.09% | −0.01 |
| K Kellanova | Sold out | 0.00% | −0.01 |
| ICE Intercontinental Exchange Inc. | Reduce -0.1% | 0.03% | −0.01 |
| SPGI S&P Global Inc. | Reduce -0.6% | 0.06% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 5.50% | +5.50 |
| USHY iShares Broad Usd High Yield | Add +1258.2% | 3.26% | +2.96 |
| JNK SS SPDR BB High Yield Bond | New | 2.04% | +2.04 |
| IJR iShares Core S&P Small-Cap E | Add +35.0% | 8.75% | +0.81 |
| AGG iShares Core U.S. Aggregate | Add +67.0% | 0.52% | +0.13 |
| PINS Pinterest Inc. Class A | New | 0.04% | +0.04 |
| LLY Eli Lilly & Co. | Add +0.1% | 0.32% | +0.04 |
| HL Hecla Mining Co. | New | 0.03% | +0.03 |
| MU Micron Technology Inc. | Add +0.6% | 0.12% | +0.03 |
| LITE Lumentum Holdings Inc. | Add +1.9% | 0.07% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 0.68% | +0.03 |
| BAH Booz Allen Hamilton Holdings | New | 0.03% | +0.03 |
| SPXC SPX Technologies Inc. | New | 0.03% | +0.03 |
| DY Dycom Industries Inc. | New | 0.03% | +0.03 |
| BWA Borgwarner Inc. | New | 0.03% | +0.03 |
| STRL Sterling Infrastructure Inc. | New | 0.02% | +0.02 |
| CVNA Carvana Co. | New | 0.02% | +0.02 |
| COHR Coherent Corp. | Add +1.5% | 0.08% | +0.02 |
| CRBG Corebridge Financial Inc. | New | 0.02% | +0.02 |
| CIEN Ciena Corp. | Add +0.2% | 0.09% | +0.02 |
| PATH Uipath Inc. Class A | New | 0.02% | +0.02 |
| ULS Ul Solutions Inc. Class A | New | 0.02% | +0.02 |
| BSY Bentley Systems Inc. Class B | New | 0.01% | +0.01 |
| PNFP Pinnacle Financial Partners | Add +95.0% | 0.04% | +0.01 |
| ARES Ares Management Corp. Class A | New | 0.01% | +0.01 |
| SNDK Sandisk Corp. | New | 0.01% | +0.01 |
| AMD Advanced Micro Devices | Add +0.6% | 0.13% | +0.01 |
| AA Alcoa Corp. | Add +0.4% | 0.04% | +0.01 |
| ECHO Echostar Corp. Class A | Add +0.5% | 0.04% | +0.01 |
| RGLD Royal Gold Inc. | Add +23.5% | 0.05% | +0.00 |
| WBD Warner Bros Discovery Inc. | Add +0.3% | 0.03% | +0.00 |
| MTSI Macom Technology Solutions H | Add +0.4% | 0.03% | +0.00 |
| AAL American Airlines Group Inc. | Add +0.4% | 0.03% | +0.00 |
| OMC Omnicom Group | Add +65.1% | 0.01% | +0.00 |
| BRKR Bruker Corp. | Add +0.5% | 0.01% | +0.00 |
| ALB Albemarle Corp. | Add +0.3% | 0.01% | +0.00 |
| CRS Carpenter Technology | Add +0.3% | 0.04% | +0.00 |
| KNX Knight-Swift Transportation | Add +0.4% | 0.02% | +0.00 |
| AMKR Amkor Technology Inc. | Add +0.4% | 0.01% | +0.00 |
| FCX Freeport-McMoran Inc. | Add +0.3% | 0.03% | +0.00 |
| MKSI MKS Inc. | Add +0.4% | 0.03% | +0.00 |
| WAT Waters Corp. | Add +0.1% | 0.04% | +0.00 |
| SHC Sotera Health Co. | Add +18.2% | 0.01% | +0.00 |
| DG Dollar General Corp. | Add +0.3% | 0.01% | +0.00 |
| CLF Cleveland-Cliffs Inc. | Add +15.6% | 0.02% | +0.00 |
| BIIB Biogen Inc. | Add +0.3% | 0.01% | +0.00 |
| VFC VF Corp. | Add +0.4% | 0.02% | +0.00 |
| CRL Charles River Laboratories | Add +0.3% | 0.00% | +0.00 |
| EL Estee Lauder Companies Class A | Add +5.2% | 0.01% | +0.00 |
| ASH Ashland Inc. | Add +0.4% | 0.01% | −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 |