NM
Northwestern Mutual Investment Management Company, LLC — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Northwestern Mutual Investment Management Company, LLCCIK: 0001629649
Diversified strategyContrarian
Total reported value
$8.5B
Reporting period: 2026-06-30 · Number of holdings: 880
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC disclosed 880 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $8.5B and a quarterly turnover rate of 30.9%.
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Personality snowflake
- Concentration
- 22.88
- Portfolio Stability
- 30.86
- Momentum
- 0
- Sector conviction
- 50.52
- Diversification
- 100
- Sizing Uniformity
- 29.72
Northwestern Mutual Investment Management Company, LLC's disclosed holdings carry a Herfindahl concentration index of 0.057 — mathematically equivalent to about 17 equally-sized positions, well below its 880 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 7.03), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 32% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim EFA
-7.7% -$14.1M
Add USHY
+1004.2% $291.2M
New buy TLT
Add HYG
+509.8% $251.0M
Sold out IGV
Add VOO
+40.7% $202.0M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 880 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | EFA | Ishares Msci Eafe ETF | ETF-Other | 12.69% | -3.93% | -7.70% | |
| 2 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 12.34% | +0.46% | +17.20% | |
| 3 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 8.72% | -1.20% | -4.73% | |
| 4 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 7.70% | -1.07% | -0.56% | |
| 5 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 6.21% | +1.25% | +40.68% | |
| 6 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 5.83% | +0.14% | +32.41% | |
| 7 | USHY | Ishares Broad Usd High Yield | ETF-High Yield | 3.75% | +3.31% | +1004.21% | |
| 8 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 3.52% | +2.78% | +509.76% | |
| 9 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 2.95% | +2.95% | NEW | |
| 10 | NVDA | Nvidia CORP | Stock-Tech | 1.82% | -0.24% | -0.13% | |
| 11 | VCLT | Vanguard Long-term CORP Bond | ETF-Corp Bonds | 1.75% | +0.24% | +48.29% | |
| 12 | AAPL | Apple Inc | Stock-Tech | 1.60% | -0.21% | +0.24% | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 1.04% | -0.29% | +0.24% | |
| 14 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.88% | -0.11% | +0.41% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.79% | -0.02% | +0.92% | |
| 16 | AVGO | Broadcom Inc | Stock-Tech | 0.67% | -0.04% | +0.06% | |
| 17 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.63% | -0.02% | +1.27% | |
| 18 | JNK | Ss Spdr Bb High Yield Bond | ETF-High Yield | 0.59% | +0.59% | NEW | |
| 19 | MU | Micron Technology Inc | Stock-Tech | 0.49% | +0.31% | +0.40% | |
| 20 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.48% | -0.18% | -6.07% | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.46% | -0.15% | +0.61% | |
| 22 | MINT | Pimco Enhanced Short Maturit | ETF-Other | 0.46% | -0.06% | +14.44% | |
| 23 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.45% | -0.06% | +0.30% | |
| 24 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.36% | +0.01% | +0.02% | |
| 25 | AMD | Advanced Micro Devices | Stock-Tech | 0.36% | +0.20% | +0.21% | |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.34% | -0.09% | +0.18% | |
| 27 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.33% | -0.05% | -0.42% | |
| 28 | INTC | Intel CORP | Stock-Tech | 0.25% | +0.15% | +0.82% | |
| 29 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.23% | -0.06% | +0.09% | |
| 30 | AMAT | Applied Materials Inc | Stock-Tech | 0.22% | +0.09% | +0.19% | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.21% | -0.04% | -1.08% | |
| 32 | XOM | Exxon Mobil CORP | Stock-Energy | 0.21% | -0.13% | -0.62% | |
| 33 | LRCX | Lam Research CORP | Stock-Tech | 0.20% | +0.07% | +0.35% | |
| 34 | WMT | Walmart Inc | Stock-Consumer Staples | 0.19% | -0.07% | +0.21% | |
| 35 | CAT | Caterpillar Inc | Stock-Industrials | 0.18% | +0.02% | -0.81% | |
| 36 | CSCO | Cisco Systems Inc | Stock-Tech | 0.17% | +0.02% | +0.17% | |
| 37 | ABBV | Abbvie Inc | Stock-Healthcare | 0.17% | -0.02% | +0.17% | |
| 38 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.16% | -0.05% | +0.15% | |
| 39 | MA | Mastercard Inc - A | Stock-Financials | 0.16% | -0.04% | -0.72% | |
| 40 | IGLB | Ishares 10+ Year Inv Gr CORP | ETF-Other | 0.15% | +0.15% | NEW | |
| 41 | KLAC | Kla CORP | Stock-Tech | 0.15% | +0.06% | +898.59% | |
| 42 | GE | General Electric | Stock-Industrials | 0.15% | +0.01% | -0.32% | |
| 43 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.14% | +0.02% | +0.46% | |
| 44 | BAC | Bank Of America CORP | Stock-Financials | 0.14% | -0.02% | -1.41% | |
| 45 | HD | Home Depot Inc | Stock-Consumer Disc | 0.13% | -0.03% | +0.25% | |
| 46 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.13% | -0.03% | +0.40% | |
| 47 | SNDK | Sandisk CORP | Stock-Tech | 0.13% | +0.08% | +0.53% | |
| 48 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.12% | -0.02% | -0.29% | |
| 49 | GEV | GE Vernova Inc | Stock-Industrials | 0.12% | +0.01% | -0.10% | |
| 50 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.12% | -0.02% | +0.22% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+19%
- Stdev
- +12.2%
- Beta
- +0.88
- Alpha
- -0.9%
- Max Drawdown
- -7.8%
- Annualized Perf
- +17.3%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.64
- Stutzer
- +0.4
- Treynor
- +0.19
- Sterling
- +1.1
- Calmar
- +2.22
- Information Ratio
- -0.7
- Tracking Error
- +4.6%
- Stdev Down
- +6.4%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +31.4%
- Worst 12 Months
- +4%
- Efficiency Ratio
- +0.55
- Sharpe
- +1.37
- Stdev Sectors
- +8.4%
- Skewness
- -0.12
- Kurtosis
- -0.5
- Upside Potential
- +4.25
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 880 | $8.5B | 31 | ||
| 2026 Q1 | 874 | $6.6B | 34 | ||
| 2025 Q4 | 877 | $8.6B | 24 | ||
| 2025 Q3 | 877 | $6.9B | 20 | ||
| 2025 Q2 | 879 | $6.5B | 0 | ||
| 2025 Q1 | 877 | $6.3B | 100 | ||
| 2024 Q4 | 875 | $4.5B | 0 | ||
| 2024 Q3 | 874 | $4.3B | 0 | ||
| 2024 Q2 | 876 | $3.9B | 0 | ||
| 2024 Q1 | 877 | $3.8B | 0 | ||
| 2023 Q4 | 880 | $3.7B | 0 | ||
| 2023 Q3 | 879 | $3.6B | 0 | ||
| 2023 Q2 | 882 | $3.7B | 0 | ||
| 2023 Q1 | 880 | $3.8B | 0 | ||
| 2022 Q4 | 883 | $3.8B | 0 | ||
| 2022 Q3 | 885 | $3.9B | 0 | ||
| 2022 Q2 | 885 | $4.3B | 0 | ||
| 2022 Q1 | 897 | $4.4B | 0 | ||
| 2021 Q4 | 898 | $5.1B | 0 | ||
| 2021 Q3 | 894 | $4.9B | 0 | ||
| 2021 Q2 | 900 | $5.7B | 100 | ||
| 2021 Q1 | 902 | $5.7B | 30 | ||
| 2020 Q4 | 901 | $7.5B | 27 | ||
| 2020 Q3 | 919 | $7.2B | 0 | ||
| 2020 Q2 | 924 | $7.2B | 30 | ||
| 2020 Q1 | 919 | $6.6B | 67 | ||
| 2019 Q4 | 916 | $5.6B | 49 | ||
| 2019 Q3 | 921 | $4.6B | 17 | ||
| 2019 Q2 | 914 | $4.3B | 90 | ||
| 2019 Q1 | 908 | $5.5B | 34 | ||
| 2018 Q4 | 915 | $6.0B | 37 | ||
| 2018 Q3 | 910 | $6.6B | 37 | ||
| 2018 Q2 | 914 | $6.7B | 24 | ||
| 2018 Q1 | 913 | $6.0B | 39 | ||
| 2017 Q4 | 885 | $6.1B | 25 | ||
| 2017 Q3 | 893 | $6.1B | 14 | ||
| 2017 Q2 | 897 | $5.9B | 21 | ||
| 2017 Q1 | 901 | $5.6B | 60 | ||
| 2016 Q4 | 899 | $5.1B | 24 | ||
| 2016 Q3 | 900 | $4.8B | 89 | ||
| 2016 Q2 | 909 | $4.7B | 47 | ||
| 2016 Q1 | 907 | $4.6B | 34 | ||
| 2015 Q4 | 833 | $4.7B | 24 | ||
| 2015 Q3 | 840 | $4.7B | 23 | ||
| 2015 Q2 | 862 | $5.0B | 24 | ||
| 2015 Q1 | 879 | $4.9B | 0 |
Holding changes this quarter
Northwestern Mutual Investment Management Company, LLC's most significant position changes for 2026-06-30: New buy: Ishares 20+ Year Treasury Bd (TLT); Sold out: Ishares Expanded Tech-softwa (IGV); New buy: Ss Spdr Bb High Yield Bond (JNK); New buy: Ishares 10+ Year Inv Gr CORP (IGLB); New buy: Marvell Technology Inc (MRVL).
Showing top 200 changes by size (of 896 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | USHY | Ishares Broad Usd High Yield | +3.3% | +1004.21% | Add |
| 2 | TLT | Ishares 20+ Year Treasury Bd | +3% | NEW | New buy |
| 3 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | +2.8% | +509.76% | Add |
| 4 | VOO | Vanguard S&p 500 ETF | +1.3% | +40.68% | Add |
| 5 | JNK | Ss Spdr Bb High Yield Bond | +0.6% | NEW | New buy |
| 6 | IVV | Ishares Core S&p 500 ETF | +0.5% | +17.20% | Add |
| 7 | MU | Micron Technology Inc | +0.3% | +0.40% | Add |
| 8 | VCLT | Vanguard Long-term CORP Bond | +0.2% | +48.29% | Add |
| 9 | AMD | Advanced Micro Devices | +0.2% | +0.21% | Add |
| 10 | INTC | Intel CORP | +0.2% | +0.82% | Add |
| 11 | IGLB | Ishares 10+ Year Inv Gr CORP | +0.2% | NEW | New buy |
| 12 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +0.1% | +32.41% | Add |
| 13 | MRVL | Marvell Technology Inc | +0.1% | NEW | New buy |
| 14 | AMAT | Applied Materials Inc | +0.1% | +0.19% | Add |
| 15 | SNDK | Sandisk CORP | +0.1% | +0.53% | Add |
| 16 | LRCX | Lam Research CORP | +0.1% | +0.35% | Add |
| 17 | KLAC | Kla CORP | +0.1% | +898.59% | Add |
| 18 | ✓ | +0.1% | NEW | New buy | |
| 19 | ROKU | Roku Inc | +0.1% | NEW | New buy |
| 20 | PANW | Palo Alto Networks Inc | 0% | +0.56% | Add |
| 21 | WDC | Western Digital CORP | 0% | +1.86% | Add |
| 22 | CDE | Coeur Mining Inc | 0% | NEW | New buy |
| 23 | SMTC | Semtech CORP | 0% | NEW | New buy |
| 24 | SANM | Sanmina CORP | 0% | NEW | New buy |
| 25 | MKSI | Mks Inc | 0% | +0.98% | Add |
| 26 | GLW | Corning Inc | 0% | +0.51% | Add |
| 27 | STRL | Sterling Infrastructure Inc | 0% | +0.31% | Add |
| 28 | TOST | Toast Inc-class A | 0% | NEW | New buy |
| 29 | DOCN | Digitalocean Holdings Inc | 0% | NEW | New buy |
| 30 | VIAV | Viavi Solutions Inc | 0% | NEW | New buy |
| 31 | DELL | Dell Technologies -c | 0% | -2.46% | Trim |
| 32 | CAT | Caterpillar Inc | 0% | -0.81% | Trim |
| 33 | CSCO | Cisco Systems Inc | 0% | +0.17% | Add |
| 34 | UNH | Unitedhealth Group Inc | 0% | +0.46% | Add |
| 35 | CRWD | Crowdstrike Holdings Inc - A | 0% | +1.15% | Add |
| 36 | TWLO | Twilio Inc - A | 0% | +0.52% | Add |
| 37 | MTSI | Macom Technology Solutions H | 0% | +2.13% | Add |
| 38 | TTMI | Ttm Technologies | 0% | +0.92% | Add |
| 39 | ONTO | Onto Innovation Inc | 0% | +0.59% | Add |
| 40 | LSCC | Lattice Semiconductor CORP | 0% | +0.57% | Add |
| 41 | IESC | Ies Holdings Inc | 0% | NEW | New buy |
| 42 | LLY | Eli Lilly & Co | 0% | +0.02% | Add |
| 43 | TXN | Texas Instruments Inc | 0% | +0.49% | Add |
| 44 | GE | General Electric | 0% | -0.32% | Trim |
| 45 | GEV | GE Vernova Inc | 0% | -0.10% | Trim |
| 46 | CRS | Carpenter Technology | 0% | +0.17% | Add |
| 47 | ENTG | Entegris Inc | 0% | +0.74% | Add |
| 48 | OKTA | Okta Inc | 0% | -0.66% | Trim |
| 49 | SITM | Sitime CORP | 0% | +0.77% | Add |
| 50 | ILMN | Illumina Inc | 0% | -0.64% | Trim |
1–50 of 200
Filing History
FAQ
What is Northwestern Mutual Investment Management Company, LLC and what type of investor is it?
Northwestern Mutual Investment Management Company, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $8.5B, spread across 880 disclosed positions.
What are Northwestern Mutual Investment Management Company, LLC's largest equity positions?
Based on the latest 13F filing, Northwestern Mutual Investment Management Company, LLC's top holdings by market value are:
1. Ishares Msci Eafe ETF (EFA) — $1.1B (12.7%)
2. Ishares Core S&p 500 ETF (IVV) — $1.1B (12.3%)
3. Ishares Core S&p Small-cap E (IJR) — $743.7M (8.7%)
4. Ishares Core S&p Midcap ETF (IJH) — $656.8M (7.7%)
5. Vanguard S&p 500 ETF (VOO) — $529.3M (6.2%)
What changes did Northwestern Mutual Investment Management Company, LLC make in its most recent portfolio filing?
In the latest reported quarter, Northwestern Mutual Investment Management Company, LLC made 199 notable position adjustments: 16 new positions were initiated, 119 existing holdings were added to, 56 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: Ishares 20+ Year Treasury Bd (TLT); Sold out: Ishares Expanded Tech-softwa (IGV); New buy: Ss Spdr Bb High Yield Bond (JNK); New buy: Ishares 10+ Year Inv Gr CORP (IGLB); New buy: Marvell Technology Inc (MRVL)
What sectors does Northwestern Mutual Investment Management Company, LLC focus on?
Northwestern Mutual Investment Management Company, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 33.1%
• Industrials: 13.0%
• Financials: 11.2%
• Consumer Discretionary: 9.9%
• Health Care: 9.0%
• Communication Services: 7.7%
Investment Profile
Northwestern Mutual Investment Management Company, LLC returned an annualized 17.3% over the trailing 36 months — underperforming the S&P 500 by 0.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 33.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 31 over the past 4 quarters — a shift toward more active trading.
It has added to its LQD position over the past two quarters (+$139.9M, now $497.3M), while trimming EFA over the same stretch (-$428.8M, still holding $1.1B).
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Developer Access
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