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Livermore
Livermore
ZHEN

Northwestern Mutual Wealth Management Co

SEC CIK
0001141802
Latest filing
Aug 12, 2026

The latest 13F from Northwestern Mutual Wealth Management Co covers Q2 2026 (filed Aug 12, 2026): 4,084 long positions worth $187.2B. The top 10 holdings make up 46.3% of the portfolio, and the largest is iShares Core S&P 500 ETF at 14.0%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
474
Est. +$112.8M
Added
1747
Est. +$12.1B
Reduced
1364
Est. −$6.67B
Sold out
503
Est. −$33.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    14.0%$26.2B
  2. Vanguard Total Bond Market ETF921937835
    5.5%$10.4B
  3. iShares Core S&P Mid-Cap ETF464287507
    5.5%$10.2B
  4. Schwab International Equity ETF808524805
    4.6%$8.57B
  5. iShares Core S&P Small Cap ETF464287804
    3.5%$6.61B

Share of portfolio

Top 5 holdings and the other 4,079 positions, by share of portfolio value

  1. iShares Core S&P 500 ETF14.0%
  2. Vanguard Total Bond Market ETF5.5%
  3. iShares Core S&P Mid-Cap ETF5.5%
  4. Schwab International Equity ETF4.6%
  5. iShares Core S&P Small Cap ETF3.5%
  6. Other 4,079 positions66.9%

Biggest buys

New and added positions, by estimated amount bought

  1. American Centy ETF Tr025072349
    +$2.73BAdded
  2. Schwab U.S. REIT ETF808524847
    +$999.9MAdded
  3. Vanguard Total Bond Market ETF921937835
    +$474.1MAdded
  4. Vanguard Real Estate ETF922908553
    +$397.1MAdded
  5. iShares Core S&P 500 ETF464287200
    +$315.4MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. American Centy ETF Tr025072349
    +1.46 pp0.1% → 1.6%
  2. Schwab U.S. REIT ETF808524847
    +0.53 pp0.1% → 0.6%
  3. iShares Core S&P Small Cap ETF464287804
    +0.21 pp3.3% → 3.5%
  4. Vanguard Real Estate ETF922908553
    +0.17 pp0.7% → 0.9%
  5. Capital Grp Fixed Incm ETF T14020Y607
    +0.15 pp<0.1% → 0.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46432F388
    −$3.94BReduced
  2. iShares Tr464287432
    −$465.3MReduced
  3. Vanguard Ftse Emerging Markets ETF922042858
    −$149.9MReduced
  4. MRVLMarvell Technology, Inc.
    −$110.9MReducedHistory
  5. AMDAdvanced Micro Devices Inc
    −$92.3MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares Tr46432F388
    −1.66 pp2.0% → 0.4%
  2. iShares Tr464287432
    −0.57 pp2.4% → 1.8%
  3. Vanguard Ftse Emerging Markets ETF922042858
    −0.19 pp2.7% → 2.5%
  4. Vanguard Mun BD FDS922907746
    −0.15 pp1.2% → 1.0%
  5. iShares Core U.S. Aggregate Bond ETF464287226
    −0.11 pp0.8% → 0.7%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$187.2B
+$24.8B (+15.3%) vs. prior quarter
Positions
4,084
−29 vs. prior quarter
Top 10 concentration
46.3%
Top 10 as share of value
Turnover
3.8%
Q2 2026, one quarter
Average holding period
20.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $187.2B (Q2 2026)

Q1 2021: $47.1BQ2 2021: $52.7BQ3 2021: $54.7BQ4 2021: $61.2BQ1 2022: $62.4BQ2 2022: $58.2BQ3 2022: $57.3BQ4 2022: $66.1BQ1 2023: $71.6BQ2 2023: $77.4BQ3 2023: $76.9BQ4 2023: $88.7BQ1 2024: $97.3BQ2 2024: $101.4BQ3 2024: $112.6BQ4 2024: $118.5BQ1 2025: $122.3BQ2 2025: $137.2BQ3 2025: $150.0BQ4 2025: $158.1BQ1 2026: $162.4BQ2 2026: $187.2B
Q1 2021Q2 2026
13F filings of Northwestern Mutual Wealth Management Co by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 12, 20264,084$187.2BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q1 2026SEC
Q1 2026May 7, 20264,113$162.4BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q4 2025SEC
Q4 2025Feb 10, 2026Amended4,006$158.1BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q3 2025SEC
Q3 2025Nov 14, 20253,789$150.0BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q2 2025SEC
Q2 2025Aug 13, 20253,653$137.2BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q1 2025SEC
Q1 2025May 14, 20253,648$122.3BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q4 2024SEC
Q4 2024Feb 11, 20253,588$118.5BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q3 2024SEC
Q3 2024Nov 12, 20243,585$112.6BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q2 2024SEC
Q2 2024Aug 16, 20243,482$101.4BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q1 2024SEC
Q1 2024May 15, 20243,555$97.3BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q4 2023SEC
Q4 2023Feb 13, 20243,461$88.7BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q3 2023SEC
Q3 2023Nov 14, 20233,266$76.9BiShares Core S&P 500 ETFVanguard Total Bond Market ETFiShares Core S&P Mid-Cap ETFvs. Q2 2023SEC
Q2 2023Aug 14, 20233,333$77.4BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q1 2023SEC
Q1 2023May 15, 20233,341$71.6BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q4 2022SEC
Q4 2022Feb 21, 20233,319$66.1BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q3 2022SEC
Q3 2022Nov 14, 20223,211$57.3BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q2 2022SEC
Q2 2022Aug 4, 20223,312$58.2BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q1 2022SEC
Q1 2022May 9, 20223,246$62.4BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q4 2021SEC
Q4 2021Feb 3, 20223,256$61.2BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q3 2021SEC
Q3 2021Nov 15, 20213,098$54.7BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q2 2021SEC
Q2 2021Aug 13, 20213,069$52.7BiShares Core S&P 500 ETFVanguard Total Bond Market ETFSchwab International Equity ETFvs. Q1 2021SEC
Q1 2021May 14, 20212,829$47.1BiShares Core S&P 500 ETFSchwab International Equity ETFVanguard Total Bond Market ETF–SEC