2026-Q1 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 13F Filing: Northwestern Mutual's BAI stake surged to $93.5M in Q1

Every quarter, institutional money managers report their U.S.-listed equity holdings to the SEC on Form 13F, giving outsiders a delayed but detailed look at what they owned on the filing date. This filing covers Northwestern Mutual Wealth Management Co.'s positions as of 2026-03-31 and shows a portfolio that held 4113 positions with a turnover ratio of 0.073936 — down from 0.076605 the prior quarter.

1. Start with the filing's frame. A 13F is a point-in-time snapshot, not a trade log: it tells you what was held at quarter end and how those positions shifted. Here, the headline numbers are 4113 positions, an HHI concentration score of 0.036173, and turnover of 0.073936. That turnover figure is the share of the portfolio that changed hands during the quarter, and at this level it describes a low-activity, largely buy-and-hold book.

2. Separate a genuinely new position from an existing one. The action field is the source of truth: new_buy means the position first appeared this quarter, while add means shares were increased. None of the top changes in this filing is a new_buy. The closest thing to a launch is BAI, whose weight went from 0.00% to 0.06%; because the action is add, BAI existed before, just at a negligible size.

3. Read a trim as a partial sale, not an exit. GOOGL was trimmed from 0.46% to 0.40% of the portfolio, and OEF from 0.10% to 0.05%. A full exit would show sold_out; there are no sold_out lines in this top list. These are reductions, not liquidations.

4. Know what unchanged means — and notice there is no unchanged here. Every line in this filing's top changes carries an active decision. If you do see unchanged in a 13F, it means the manager did not trade the position; any change in dollar value or weight is simply the stock's price moving during the quarter.

5. Read the overall pattern. The dominant move is buying: broad U.S. index funds (IJH, IJR, RSP, VTV), international funds (SCHF, VEA, VWO, IEFA, IEMG), and bond funds (BND, AGG, FBND, TLT) were all added, while the trims are concentrated in individual names such as GOOGL, AAPL, and OEF. Some of those adds — IVV, SPY, MSFT, VUG, QQQ, AMZN, GSLC, QQQM, META — actually show lower dollar values. In each case, shares were added (real buying), but the price fell more than the added shares were worth; that is not a sell.

The table below recaps the moves discussed above.

This Quarter at a Glance