NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO
Q2 2025 Form 13-F

MILWAUKEE, WISCONSIN
CIK 0001141802 · Institutional investment manager
Holdings reported by Allspring Funds Management LLC since Q1 2024 , PUTNAM INVESTMENT MANAGEMENT LLC since Q1 2024
$137.2B Reported Value Total
Reported value
$137.2B
Quarter over quarter
+7.4%
Holdings
3,650
Top-10 concentration
49.3%

Filing Structure

Reports holdings for

Holdings reported by

Key People

Named on the latest Form 13-F filing — not necessarily an owner
Matt Moore
Sr Director
Q1 2025
Q3 2025
Go to latest

Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q2 2025 13F filing summary

Period of report June 30, 2025
Filed August 13, 2025
Form 13F-HR
Reported value $137.2B
Positions 3,650
Change in reported value +12.2%
New positions 440
Exited positions 431
Position turnover 21.3%
Top-10 concentration 49.3%

13F filings by quarter

Quarter Positions Value
Q2 2026 13F
Filed Aug 12, 2026
 4,073 $187.2B
Q1 2026 13F
Filed May 7, 2026
 4,106 $162.4B
Q4 2025 13F
Filed Feb 5, 2026
 3,999 $158.1B
Q3 2025 13F
Filed Nov 14, 2025
 3,787 $150.0B
Q2 2025 13F
Filed Aug 13, 2025
 3,650 $137.2B
Q1 2025 13F
Filed May 14, 2025
 3,641 $122.3B
Q4 2024 13F
Filed Feb 11, 2025
 3,580 $118.5B
Q3 2024 13F
Filed Nov 12, 2024
 3,578 $112.6B
Q2 2024 13F
Filed Aug 16, 2024
 3,478 $101.4B
Q1 2024 13F
Filed May 15, 2024
 3,550 $97.3B
Q4 2023 13F
Filed Feb 13, 2024
 3,456 $88.7B
Q3 2023 13F
Filed Nov 14, 2023
 3,261 $76.9B
Q2 2023 13F
Filed Aug 14, 2023
 3,330 $77.4B
Q1 2023 13F
Filed May 15, 2023
 3,334 $71.6B
Q4 2022 13F
Filed Feb 21, 2023
 3,314 $66.1B
Q3 2022 13F
Filed Nov 14, 2022
 2,943 $57.3B
Q2 2022 13F
Filed Aug 4, 2022
 2,984 $58.2B
Q1 2022 13F
Filed May 9, 2022
 2,956 $62.4B
Q4 2021 13F
Filed Feb 3, 2022
 2,990 $61.2B
Q3 2021 13F
Filed Nov 15, 2021
 2,886 $54.7B

33 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q2 2025

# Holding Reported value % of portfolio
1 IVV ISHARES TR $20.2B 14.7%
2 BND VANGUARD BD INDEX FDS $9.0B 6.57%
3 IJH ISHARES TR $7.4B 5.42%
4 SCHF SCHWAB STRATEGIC TR $7.3B 5.34%
5 IJR ISHARES TR $4.5B 3.29%
6 RSP INVESCO EXCHANGE TRADED FD T $4.5B 3.27%
7 FBND FIDELITY MERRIMACK STR TR $3.9B 2.87%
8 TLT ISHARES TR $3.6B 2.61%
9 SPY SPDR S&P 500 ETF TR $3.6B 2.61%
10 VWO VANGUARD INTL EQUITY INDEX F $3.5B 2.58%
11 VEA VANGUARD TAX-MANAGED FDS $3.1B 2.29%
12 IEFA ISHARES TR $2.7B 1.99%
13 VLUE ISHARES TR $2.4B 1.78%
14 VO VANGUARD INDEX FDS $1.9B 1.37%
15 QQQ INVESCO QQQ TR $1.8B 1.3%
16 VTEB VANGUARD MUN BD FDS $1.7B 1.26%
17 IQLT ISHARES TR $1.5B 1.07%
18 VOO VANGUARD INDEX FDS $1.3B 0.97%
19 AGG ISHARES TR $1.2B 0.87%
20 IUSB ISHARES TR $1.1B 0.82%

Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.

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