Institutional Manager · CIK 0001141802

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

MILWAUKEE, WI · File #028-11160

Latest AUM

$158.12B

Positions

3,869

Top-10 Concentration

62.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ISHARES TR	464287507	-122,173,447	-$48.41B	+$40.59B
REDUCE	SCHWAB STRATEGIC TR	808524805	-285,499,473	-$27.09B	+$20.44B
REDUCE	VANGUARD BD INDEX FDS	921937835	-126,474,211	-$21.28B	+$11.89B
ADD	BROOKFIELD CORP	11271J107	+18,536,964	+$12.69B	+$130.0M
ADD	GLOBAL X FDS	37954Y715	+110,789,578	+$8.25B	+$11.4M
REDUCE	ISHARES TR	46432F388	-22,096,543	-$7.40B	+$4.65B
ADD	CALAMOS CONV & HIGH INCOME F	12811P108	+10,180,764	+$6.97B	+$3.9M
REDUCE	VANGUARD INTL EQUITY INDEX F	922042858	-74,825,889	-$5.97B	+$1.91B
ADD	GLOBAL X FDS	37954Y830	+216,797,938	+$5.21B	-$2.2M
ADD	HARTFORD INSURANCE GROUP INC	HIG-PG	+73,835,976	+$4.89B	-$1.7M

Sector Allocation

Consumer Discretionary

7.5%$11.78B

5.6%$8.85B

4.8%$7.67B

4.1%$6.48B

3.8%$5.96B

3.5%$5.50B

2.5%$4.04B

1.5%$2.37B

0.5%$783.4M

Communication Services

0.5%$723.8M

Real Estate

0.4%$708.6M

Filing History

Feb 10, 202613F COMBINATION REPORT (Amended)Q/E Dec 20254,007 pos · $158.12B
Feb 5, 202613F COMBINATION REPORTQ/E Dec 20253,869 pos · $158.12B
Nov 14, 202513F COMBINATION REPORTQ/E Sep 20253,789 pos · $150.02B
Aug 13, 202513F COMBINATION REPORTQ/E Jun 20253,653 pos · $137.19B
May 14, 202513F COMBINATION REPORTQ/E Mar 20253,648 pos · $122.28B
Feb 11, 202513F COMBINATION REPORTQ/E Dec 20243,588 pos · $118.52B
Nov 12, 202413F COMBINATION REPORTQ/E Sep 20243,585 pos · $112.56B
Aug 16, 202413F COMBINATION REPORTQ/E Jun 20243,482 pos · $101.37B
May 15, 202413F COMBINATION REPORTQ/E Mar 20243,555 pos · $97.32B
Nov 14, 202313F COMBINATION REPORTQ/E Dec 20233,266 pos · $76.90B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	33,837,717	$23.18B	19.27%
2	VANGUARD BD INDEX FDS	921937835	130,902,798	$9.70B	8.06%
3	ISHARES TR	464287507	124,791,222	$8.24B	6.85%
4	SCHWAB STRATEGIC TR	808524805	297,753,417	$7.16B	5.95%
5	ISHARES TR	464287804	42,562,587	$5.12B	4.25%
6	INVESCO EXCHANGE TRADED FD T	IVZ	26,252,217	$5.03B	4.18%
7	FIDELITY MERRIMACK STR TR	316188309	92,442,810	$4.26B	3.54%
8	VANGUARD INTL EQUITY INDEX F	922042858	78,224,671	$4.21B	3.50%
9	SPDR S&P 500 ETF TR	SPY	5,951,990	$4.06B	3.37%
10	VANGUARD TAX-MANAGED FDS	921943858	61,886,335	$3.87B	3.21%
11	ISHARES TR	464287432	43,140,136	$3.76B	3.13%
12	ISHARES TR	46432F842	34,998,927	$3.13B	2.60%
13	ISHARES TR	46432F388	22,746,544	$3.11B	2.59%
14	ISHARES TR	46434V456	55,312,118	$2.51B	2.09%
15	INVESCO QQQ TR	IVZ	3,091,292	$1.90B	1.58%
16	VANGUARD MUN BD FDS	922907746	36,651,506	$1.84B	1.53%
17	VANGUARD INDEX FDS	922908629	6,181,162	$1.79B	1.49%
18	VANGUARD INDEX FDS	922908363	2,682,140	$1.68B	1.40%
19	DIMENSIONAL ETF TRUST	25434V807	29,462,953	$1.47B	1.22%
20	ISHARES TR	46434V613	28,622,754	$1.33B	1.11%