# NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1141802. Source: https://holderbook.com/funds/1141802-northwestern-mutual-wealth-management-co/

- Reported value: $187.2B
- Positions: 4,085
- Weight of the ten largest: 46.3%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $26.2B | 35,018,846 | 14.0% | 31 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $10.4B | 141,274,305 | 5.5% | 31 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $10.2B | 132,841,270 | 5.5% | 31 |
| SCHWAB STRATEGIC TR | [SCHF](https://holderbook.com/stocks/SCHF/) | $8.6B | 309,394,253 | 4.6% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $6.6B | 44,570,998 | 3.5% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $6.0B | 28,221,905 | 3.2% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $4.8B | 66,823,471 | 2.5% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $4.7B | 6,238,087 | 2.5% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $4.6B | 77,649,601 | 2.5% | 31 |
| FIDELITY MERRIMACK STR TR | [FBND](https://holderbook.com/stocks/FBND/) | $4.6B | 101,656,759 | 2.5% | 17 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $3.6B | 37,299,272 | 1.9% | 31 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $3.4B | 38,995,705 | 1.8% | 31 |
| AMERICAN CENTY ETF TR | [AVLV](https://holderbook.com/stocks/AVLV/) | $3.0B | 32,368,237 | 1.6% | 15 |
| ISHARES TR | [IQLT](https://holderbook.com/stocks/IQLT/) | $2.9B | 59,026,522 | 1.6% | 30 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $2.3B | 3,173,768 | 1.2% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $2.2B | 3,216,197 | 1.2% | 31 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $2.0B | 24,385,742 | 1.0% | 31 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.9B | 38,222,195 | 1.0% | 31 |
| DIMENSIONAL ETF TRUST | [DFIV](https://holderbook.com/stocks/DFIV/) | $1.8B | 33,545,101 | 1.0% | 20 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $1.7B | 20,134,881 | 0.9% | 31 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $1.6B | 16,949,846 | 0.9% | 31 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $1.5B | 33,421,651 | 0.8% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $1.3B | 12,874,193 | 0.7% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.2B | 5,923,023 | 0.6% | 31 |
| SCHWAB STRATEGIC TR | [SCHH](https://holderbook.com/stocks/SCHH/) | $1.2B | 49,794,731 | 0.6% | 31 |
| INVESCO EXCH TRADED FD TR II | [QQQM](https://holderbook.com/stocks/QQQM/) | $1.2B | 3,868,368 | 0.6% | 19 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $1.1B | 37,819,350 | 0.6% | 31 |
| CAPITAL GROUP DIVIDEND VALUE | [CGDV](https://holderbook.com/stocks/CGDV/) | $1.1B | 21,588,874 | 0.6% | 17 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $1.0B | 4,787,110 | 0.6% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.0B | 3,571,020 | 0.6% | 31 |
| BLACKROCK ETF TRUST | [DYNF](https://holderbook.com/stocks/DYNF/) | $1.0B | 15,169,385 | 0.6% | 10 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $1.0B | 9,354,522 | 0.5% | 31 |
| GOLDMAN SACHS ETF TR | [GSLC](https://holderbook.com/stocks/GSLC/) | $991.5M | 6,988,089 | 0.5% | 31 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $983.5M | 12,822,370 | 0.5% | 31 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $973.8M | 2,831,461 | 0.5% | 31 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $937.9M | 10,888,180 | 0.5% | 31 |
| ISHARES TR | [INTF](https://holderbook.com/stocks/INTF/) | $896.3M | 21,882,011 | 0.5% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $873.4M | 3,664,707 | 0.5% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $858.0M | 2,300,016 | 0.5% | 31 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $852.9M | 2,813,902 | 0.5% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $791.1M | 2,213,803 | 0.4% | 31 |
| ISHARES TR | [IVLU](https://holderbook.com/stocks/IVLU/) | $779.5M | 18,638,395 | 0.4% | 24 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $659.9M | 3,302,880 | 0.4% | 31 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $635.4M | 903,341 | 0.3% | 31 |
| CAPITAL GROUP GROWTH ETF | [CGGR](https://holderbook.com/stocks/CGGR/) | $618.6M | 13,105,474 | 0.3% | 17 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $565.5M | 4,731,562 | 0.3% | 31 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $547.7M | 1,337,416 | 0.3% | 31 |
| ISHARES INC | [EMXC](https://holderbook.com/stocks/EMXC/) | $547.4M | 5,351,025 | 0.3% | 20 |
| FIDELITY COVINGTON TRUST | [FMDE](https://holderbook.com/stocks/FMDE/) | $538.6M | 13,272,880 | 0.3% | 11 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $518.8M | 5,376,383 | 0.3% | 21 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $515.0M | 5,860,444 | 0.3% | 31 |
| FIDELITY COVINGTON TRUST | [FENI](https://holderbook.com/stocks/FENI/) | $506.6M | 12,623,230 | 0.3% | 11 |
| ISHARES TR | [IEF](https://holderbook.com/stocks/IEF/) | $479.3M | 5,068,013 | 0.3% | 31 |
| ISHARES GOLD TR | [IAU](https://holderbook.com/stocks/IAU/) | $477.3M | 6,320,401 | 0.3% | 21 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $463.4M | 12,568,632 | 0.2% | 31 |
| PACER FDS TR | [COWZ](https://holderbook.com/stocks/COWZ/) | $457.4M | 7,353,591 | 0.2% | 22 |
| CAPITAL GROUP GBL GROWTH EQT | [CGGO](https://holderbook.com/stocks/CGGO/) | $457.0M | 10,795,701 | 0.2% | 17 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $453.9M | 1,201,650 | 0.2% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $426.7M | 757,472 | 0.2% | 31 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $424.9M | 13,398,710 | 0.2% | 31 |
| DBX ETF TR | [DBEF](https://holderbook.com/stocks/DBEF/) | $412.9M | 7,558,741 | 0.2% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $395.7M | 1,119,936 | 0.2% | 31 |
| ISHARES TR | [IOO](https://holderbook.com/stocks/IOO/) | $383.8M | 2,809,336 | 0.2% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $383.1M | 1,170,524 | 0.2% | 31 |
| VICTORY PORTFOLIOS II | [VFLO](https://holderbook.com/stocks/VFLO/) | $371.4M | 8,117,217 | 0.2% | 8 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $371.2M | 10,969,343 | 0.2% | 31 |
| AMERICAN CENTY ETF TR | [AVDE](https://holderbook.com/stocks/AVDE/) | $370.0M | 4,148,065 | 0.2% | 21 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $367.8M | 2,343,448 | 0.2% | 31 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $359.6M | 1,519,922 | 0.2% | 31 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $354.0M | 1,613,234 | 0.2% | 31 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $353.5M | 539,026 | 0.2% | 31 |
| PUTNAM ETF TRUST | [PVAL](https://holderbook.com/stocks/PVAL/) | $337.3M | 6,620,755 | 0.2% | 9 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $335.5M | 2,701,639 | 0.2% | 31 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $333.6M | 6,322,811 | 0.2% | 31 |
| AMERICAN CENTY ETF TR | [AVUV](https://holderbook.com/stocks/AVUV/) | $326.0M | 2,613,184 | 0.2% | 23 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $313.6M | 433,796 | 0.2% | 31 |
| CAPITAL GRP FIXED INCM ETF T | [CGSM](https://holderbook.com/stocks/CGSM/) | $305.2M | 11,567,287 | 0.2% | 6 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $303.4M | 820,003 | 0.2% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $290.6M | 242,271 | 0.2% | 31 |
| FIRST TR EXCHANGE-TRADED FD | [RDVY](https://holderbook.com/stocks/RDVY/) | $283.1M | 3,492,637 | 0.2% | 31 |
| ISHARES INC | [EZU](https://holderbook.com/stocks/EZU/) | $280.1M | 4,029,838 | 0.1% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $279.1M | 480,509 | 0.1% | 31 |
| VANGUARD INDEX FDS | [VOT](https://holderbook.com/stocks/VOT/) | $277.4M | 905,608 | 0.1% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $275.3M | 635,416 | 0.1% | 7 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $275.0M | 575,918 | 0.1% | 31 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $273.1M | 2,295,436 | 0.1% | 31 |
| CAPITAL GRP FIXED INCM ETF T | [CGMU](https://holderbook.com/stocks/CGMU/) | $271.8M | 9,893,297 | 0.1% | 11 |
| CAPITAL GROUP INTL FOCUS EQT | [CGXU](https://holderbook.com/stocks/CGXU/) | $267.0M | 7,711,530 | 0.1% | 17 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $266.7M | 1,651,011 | 0.1% | 10 |
| J P MORGAN EXCHANGE TRADED F | [JMUB](https://holderbook.com/stocks/JMUB/) | $266.6M | 5,262,506 | 0.1% | 15 |
| SPDR SERIES TRUST | [TFI](https://holderbook.com/stocks/TFI/) | $266.3M | 5,815,223 | 0.1% | 31 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $264.0M | 2,541,735 | 0.1% | 31 |
| INVESCO EXCHANGE TRADED FD T | [XMMO](https://holderbook.com/stocks/XMMO/) | $233.4M | 1,371,946 | 0.1% | 31 |
| INVESCO EXCHANGE TRADED FD T | [SPHQ](https://holderbook.com/stocks/SPHQ/) | $229.0M | 2,541,105 | 0.1% | 31 |
| BLACKROCK ETF TRUST | [BAI](https://holderbook.com/stocks/BAI/) | $228.4M | 4,331,839 | 0.1% | 5 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $228.0M | 1,657,682 | 0.1% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $222.8M | 445,157 | 0.1% | 31 |
| J P MORGAN EXCHANGE TRADED F | [JCPB](https://holderbook.com/stocks/JCPB/) | $222.0M | 4,729,235 | 0.1% | 12 |
| SCHWAB STRATEGIC TR | [SCHA](https://holderbook.com/stocks/SCHA/) | $220.4M | 6,100,987 | 0.1% | 31 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $219.2M | 1,109,433 | 0.1% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +11.9% | +14.8% | -2.9% | 100% |
| Q1 2026 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.6% | 100% |
| Q3 2025 | +5.9% | +7.8% | -1.9% | 100% |
| Q2 2025 | +7.4% | +10.5% | -3.0% | 100% |
| Q1 2025 | -1.3% | -4.6% | +3.3% | 100% |
| Q4 2024 | -2.3% | +2.1% | -4.4% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $187.2B | 4,085 |
| Q1 2026 | $162.4B | 4,110 |
| Q4 2025 | $158.1B | 4,005 |
| Q3 2025 | $150.0B | 3,789 |
| Q2 2025 | $137.2B | 3,653 |
| Q1 2025 | $122.3B | 3,648 |
| Q4 2024 | $118.5B | 3,585 |
| Q3 2024 | $112.6B | 3,580 |
| Q2 2024 | $101.4B | 3,482 |
| Q1 2024 | $97.3B | 3,555 |
| Q4 2023 | $88.7B | 3,461 |
| Q3 2023 | $76.9B | 3,266 |