Northwestern Mutual Wealth Management Co
Reported US equity positions for Q1 2026 — $162.4B across 4,113 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| IVV iShares Core S&P 500 ETF | $22.6B | 13.9% | 34,597,700 |
| BND Vanguard Total Bond Market ETF | $9.9B | 6.1% | 134,816,565 |
| IJH iShares Core S&P Mid-Cap ETF | $8.7B | 5.4% | 128,823,592 |
| SCHF Schwab International Equity ETF | $7.5B | 4.6% | 302,286,734 |
| IJR iShares Core S&P Small-Cap ETF | $5.4B | 3.3% | 43,438,406 |
| RSP Invesco S&P 500 Equal Weight ETF | $5.2B | 3.2% | 27,094,873 |
| FBND Fidelity Total Bond ETF | $4.4B | 2.7% | 95,853,856 |
| VWO Vanguard FTSE Emerging Markets ETF | $4.3B | 2.7% | 80,160,119 |
| VEA Vanguard FTSE Developed Markets ETF | $4.1B | 2.5% | 64,148,091 |
| SPY State Street SPDR S&P 500 ETF Trust | $4.0B | 2.4% | 6,112,403 |
| TLT iShares 20+ Year Treasury Bond ETF | $3.8B | 2.4% | 44,380,392 |
| IEFA iShares Core MSCI EAFE ETF | $3.3B | 2.0% | 36,342,282 |
| VLUE iShares MSCI USA Value Factor ETF | $3.3B | 2.0% | 23,028,163 |
| IQLT iShares MSCI Intl Quality Factor ETF | $2.6B | 1.6% | 56,735,506 |
| VTEB Vanguard Tax-Exempt Bond ETF | $1.9B | 1.2% | 38,571,552 |
| QQQ Invesco QQQ Trust, Series 1 | $1.8B | 1.1% | 3,182,188 |
| VO Vanguard Morningstar Mid-Cap ETF | $1.8B | 1.1% | 6,309,032 |
| VOO Vanguard S&P 500 ETF | $1.7B | 1.1% | 2,887,575 |
| DFIV Dimensional International Value ETF | $1.6B | 1.0% | 31,175,901 |
| IUSB iShares Core Universal USD Bond ETF | $1.4B | 0.9% | 30,338,047 |
| IEMG iShares Core MSCI Emerging Markets ETF | $1.4B | 0.8% | 19,440,275 |
| AGG iShares Core U.S. Aggregate Bond ETF | $1.3B | 0.8% | 12,962,808 |
| VNQ Vanguard Real Estate ETF | $1.1B | 0.7% | 12,831,491 |
| NVDA NVIDIA Corporation | $1.0B | 0.6% | 5,796,037 |
| MUB iShares National Muni Bond ETF | $945.1M | 0.6% | 8,903,359 |
| AAPL Apple Inc. | $932.3M | 0.6% | 3,673,641 |
| BIV Vanguard Intermediate-Term Bond ETF | $931.6M | 0.6% | 12,069,986 |
| SCHX Schwab U.S. Large-Cap ETF | $892.5M | 0.5% | 34,809,568 |
| VTV Vanguard Morningstar Value ETF | $890.8M | 0.5% | 4,540,035 |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | $886.6M | 0.5% | 7,085,798 |
| QQQM Invesco NASDAQ 100 ETF | $878.0M | 0.5% | 3,694,937 |
| VV Vanguard Morningstar Large-Cap ETF | $849.2M | 0.5% | 2,841,612 |
| CGDV Capital Group Dividend Value ETF | $842.6M | 0.5% | 19,806,076 |
| MSFT Microsoft Corporation | $831.9M | 0.5% | 2,247,277 |
| INTF iShares International Equity Factor ETF | $787.8M | 0.5% | 20,220,438 |
| VUG Vanguard Morningstar Growth ETF | $775.7M | 0.5% | 1,775,949 |
| DYNF iShares U.S. Equity Factor Rotation Active ETF | $770.8M | 0.5% | 13,249,358 |
| AMZN Amazon.com, Inc. | $758.6M | 0.5% | 3,642,218 |
| VB Vanguard Morningstar Small-Cap ETF | $736.8M | 0.5% | 2,812,991 |
| IVLU iShares MSCI Intl Value Factor ETF | $721.6M | 0.4% | 18,186,706 |
| GOOGL Alphabet Inc. | $650.0M | 0.4% | 2,260,545 |
| IAU iShares Gold Trust Shares | $568.6M | 0.4% | 6,449,886 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | $533.4M | 0.3% | 864,768 |
| CGGR Capital Group Growth ETF | $520.3M | 0.3% | 12,947,006 |
| IWB iShares Russell 1000 ETF | $492.1M | 0.3% | 1,380,105 |
| COWZ Pacer US Cash Cows 100 ETF | $478.2M | 0.3% | 7,643,470 |
| IEF iShares 7-10 Year Treasury Bond ETF | $463.0M | 0.3% | 4,850,856 |
| VGT Vanguard Information Tech ETF | $435.7M | 0.3% | 624,524 |
| FENI Fidelity Enhanced International ETF | $432.5M | 0.3% | 11,625,396 |
| SCHD Schwab US Dividend Equity ETF | $421.4M | 0.3% | 13,734,714 |
| SPYM State Street SPDR Portfolio S&P 500 ETF | $411.1M | 0.3% | 5,371,307 |
| EMXC iShares MSCI Emerging Markets ex China ETF | $404.5M | 0.2% | 5,142,002 |
| AVEM Avantis Emerging Markets Equity ETF | $399.5M | 0.2% | 4,957,349 |
| FMDE Fidelity Enhanced Mid Cap Core ETF | $396.8M | 0.2% | 11,035,544 |
| META Meta Platforms, Inc. | $396.3M | 0.2% | 692,603 |
| DBEF Xtrackers MSCI EAFE Hedged Equity ETF | $374.1M | 0.2% | 7,572,286 |
| QUAL iShares MSCI USA Quality Factor ETF | $364.6M | 0.2% | 1,900,969 |
| CGGO Capital Group Global Growth Equity ETF | $362.4M | 0.2% | 10,859,399 |
| SCHM Schwab U.S. Mid Cap ETF | $360.3M | 0.2% | 11,638,443 |
| AVGO Broadcom Inc. | $342.1M | 0.2% | 1,105,145 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| IVV iShares Core S&P 500 ETF | Add | $22.6B | $1.5B | +43% |
| IJH iShares Core S&P Mid-Cap ETF | Add | $8.7B | $188.3M | +27,004% |
| IQLT iShares MSCI Intl Quality Factor ETF | Add | $2.6B | $936.4M | +226% |
| QQQ Invesco QQQ Trust, Series 1 | Trim | $1.8B | $145.3M | -10% |
| DYNF iShares U.S. Equity Factor Rotation Active ETF | Add | $770.8M | $171.2M | +473% |
| IWB iShares Russell 1000 ETF | Add | $492.1M | $180.5M | +86% |
| FMDE Fidelity Enhanced Mid Cap Core ETF | Trim | $396.8M | $817.2M | -41% |
| AVGO Broadcom Inc. | Trim | $342.1M | $257.2M | -67% |
| EFA iShares MSCI EAFE ETF | Trim | $238.6M | $745.9M | -78% |
| SPEM State Street SPDR Portfolio Emerging Markets ETF | Add | $162.3M | $311.5M | +106% |
| AMAT Applied Materials, Inc. | Trim | $155.4M | $146.3M | -82% |
| CGCB Capital Group Core Bond ETF | Add | $141.1M | $157.4M | +1,116% |
| CVX Chevron Corporation | Trim | $133.3M | $150.2M | -90% |
| IJT iShares S&P SmallCap 600 Growth ETF | Trim | $127.4M | $2.2B | -97% |
| SHY iShares 1-3 Year Treasury Bond ETF | Trim | $122.3M | $2.3B | -72% |
| SPYV State Street SPDR Portfolio S&P 500 Value ETF | Add | $122.1M | $269.3M | +48% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.