NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC

MILWAUKEE, WI · CIK 1629649 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2020 · limited liability company

Assets managed$323.1bn
Staff246 · 213 in investment roles
Main clients (by assets)Insurers 98%, Private funds 2%
Private funds25 · $5.1bn gross assets
Websitecapital.northwesternmutual.com
Form ADV · 2026-05-06SEC adviser record

Legal entityNORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC (US)
Part of The Northwestern Mutual Life Insurance Company (US)

Other 13F filers in this group: MASON STREET ADVISORS, LLC $1.1bn

Kindprivate equity, structured credit, mutual funds, institutions, futures
Others nearbyMilwaukee, WI, New York, NY
FamilyThe Northwestern Mutual Life Insurance Company · 2 related pages

As an employer

Offices in1 country
Private fundssecuritized asset 9, private equity 16

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Milwaukee, WI (main office)United States	United States	about 212
New York, NYUnited States	United States	1

US visa salary filings

Filings FY2024–2026305
Median salary offered$132,000
Middle half$120,481 – $148,000
Job titles83
E-3 (Australians)1

Job title	Filings	Median	Range
Senior Software EngineerFranklin, WI	68	$134,332	$110,000 – $169,175
Software EngineerMilwaukee, WI	37	$118,000	$95,000 – $130,000
Lead Software EngineerMilwaukee, WI	19	$153,650	$134,350 – $168,000
Senior Data EngineerMilwaukee, WI	16	$128,298	$110,000 – $144,024
Senior Systems Software EngineerFranklin, WI	11	$129,500	$119,000 – $157,192
Senior Systems EngineerFranklin, WI	10	$130,225	$118,420 – $140,159
Systems EngineerFranklin, WI	8	$104,211	$88,000 – $120,481
Manager Software EngineeringMilwaukee, WI	7	$163,836	$148,701 – $172,872
Senior Analytics EngineerMckinney, TX	6	$135,492	$124,323 – $149,695
Manager, Software EngineeringFranklin, WI	5	$148,694	$148,689 – $159,119
Senior Iam EngineerCumming, GA	5	$130,000	$126,000 – $136,350
Data EngineerMilwaukee, WI	5	$110,000	$99,000 – $113,000

28 more job titles

Iam EngineerFranklin, WI	5	$101,900	$94,500 – $117,929
Senior Data ScientistNew York, NY	4	$146,922	$141,470 – $152,985
Senior Product ManagerBuford, GA	4	$133,492	$112,050 – $158,100
Senior Support EngineerFranklin, WI	4	$115,675	$105,264 – $122,100
Systems Software EngineerFranklin, WI	4	$114,096	$108,697 – $117,998
Test EngineerMilwaukee, WI	4	$93,088	$83,832 – $97,879
Lead Data EngineerFranklin, WI	3	$156,374	$152,201 – $158,583
Engineering Test LeadDunellen, NJ	3	$141,590	$132,000 – $148,000
Site Reliability EngineerFrisco, TX	3	$129,891	$121,333 – $138,014
Penetration TesterMilwaukee, WI	3	$122,400	$109,833 – $127,000
Principal Product ManagerMilwaukee, WI	2	$206,383	$182,766 – $230,000
Principal Software EngineerMilwuakee, WI	2	$191,774	$183,850 – $199,698
Assistant Director Software EngineeringFranklin, WI	2	$167,116	$145,600 – $188,631
Software Engineering ManagerAventura, FL	2	$163,065	$156,130 – $170,000
Manager Of Data EngineeringDelaware, OH	2	$147,786	$142,771 – $152,800
Data ScientistLeander, TX	2	$135,466	$135,105 – $135,828
Senior Cyber Risk Analytics EngineerIrving, TX	2	$131,826	$128,610 – $135,041
Software Development Engineer In TestFranklin, WI	2	$131,626	$108,253 – $155,000
Senior Cyber Security EngineerFranklin, WI	2	$126,060	$121,128 – $130,993
Senior Test EngineerFranklin, WI	2	$115,450	$113,400 – $117,500
Senior Director Of Software EngineeringNew York, NY	1	$275,000
Senior Director Iam EngineeringNew York, NY	1	$231,132
Lead EngineerLivermore, CA	1	$188,664
Assistant Director “ Data Science And AnalyticsRochester, NY	1	$187,372
Lead Test EngineerMilwaukee, WI	1	$181,376
Software Engineer LeadClarksburg, MD	1	$178,000
Principal Iam EngineerAustin, TX	1	$170,000
Lead Enterprise ArchitectMilwaukee, WI	1	$167,230

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Northwestern Mutual Life Insurance Company, Northwestern Mutual Wealth Management Company.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$8.5bn reported value +29.3% vs Q1 2026

880positions

65.5%in top 10

22 new 460 added 394 reduced 16 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

NORTHWESTERN MUTUAL LIFE INSURANCE CO – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR MSCI EAFE ETF EFA	EFA	10,419,892	$1.1bn12.69%	12.69%	Reduced -869.4k	-869,449 -7.7%
2	ISHARES TR CORE S&P500 ETF IVV	IVV	1,405,896	$1.1bn12.34%	12.34%	Added +206.3k	+206,296 17.2%
3	ISHARES TR CORE S&P SCP ETF IJR	IJR	5,014,613	$743.7m8.72%	8.72%	Reduced -248.9k	-248,915 -4.7%
4	ISHARES TR CORE S&P MCP ETF IJH	IJH	8,517,640	$656.8m7.70%	7.70%	Reduced -47.6k	-47,618 -0.6%
5	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	770,657	$529.3m6.21%	6.21%	Added +222.9k	+222,859 40.7%
6	ISHARES TR IBOXX INV CP ETF LQD	LQD	4,559,454	$497.3m5.83%	5.83%	Added +1.1m	+1,116,000 32.4%
7	ISHARES TR BROAD USD HIGH USHY	USHY	8,646,000	$320.1m3.75%	3.75%	Added +7.9m	+7,863,000 1004.2%
8	ISHARES TR IBOXX HI YD ETF HYG	HYG	3,750,000	$299.9m3.52%	3.52%	Added +3.1m	+3,135,000 509.8%
9	ISHARES TR 20 YR TR BD ETF TLT	TLT	2,913,600	$251.8m2.95%	2.95%	New
10	NVIDIA CORPORATION COM NVDA	NVDA	776,551	$155.4m1.82%	1.82%	Reduced -990	-990 -0.1%
11	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	1,980,590	$149.0m1.75%	1.75%	Added +645.0k	+645,000 48.3%
12	APPLE INC COM AAPL	AAPL	470,900	$136.3m1.60%	1.60%	Added +1.1k	+1,140 0.2%
13	MICROSOFT CORP COM MSFT	MSFT	238,168	$88.8m1.04%	1.04%	Added +566	+566 0.2%
14	AMAZON COM INC COM AMZN	AMZN	313,851	$74.8m0.88%	0.88%	Added +1.3k	+1,275 0.4%
15	ALPHABET INC CAP STK CL A GOOGL	GOOGL	187,999	$67.2m0.79%	0.79%	Added +1.7k	+1,709 0.9%
16	BROADCOM INC COM AVGO	AVGO	151,801	$57.3m0.67%	0.67%	Added +92	+92 0.1%
17	ALPHABET INC CAP STK CL C GOOG	GOOG	151,537	$53.5m0.63%	0.63%	Added +1.9k	+1,895 1.3%
18	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	520,000	$50.1m0.59%	0.59%	New
19	MICRON TECHNOLOGY INC COM MU	MU	36,157	$41.7m0.49%	0.49%	Added +143	+143 0.4%
20	ISHARES TR CORE US AGGBD ET AGG	AGG	411,464	$40.7m0.48%	0.48%	Reduced -26.6k	-26,578 -6.1%
21	META PLATFORMS INC CL A META	META	70,408	$39.7m0.46%	0.46%	Added +424	+424 0.6%
22	PIMCO ETF TR ENHAN SHRT MA AC MINT	MINT	392,414	$39.6m0.46%	0.46%	Added +49.5k	+49,514 14.4%
23	TESLA INC COM TSLA	TSLA	90,265	$38.0m0.45%	0.45%	Added +273	+273 0.3%
24	ELI LILLY & CO COM LLY	LLY	25,362	$30.4m0.36%	0.36%	Added +6	+6 0.0%
25	ADVANCED MICRO DEVICES INC COM AMD	AMD	52,280	$30.4m0.36%	0.36%	Added +111	+111 0.2%
26	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	58,780	$29.4m0.34%	0.34%	Added +104	+104 0.2%
27	JPMORGAN CHASE & CO COM JPM	JPM	85,910	$28.1m0.33%	0.33%	Reduced -361	-361 -0.4%
28	INTEL CORP COM INTC	INTC	151,473	$21.2m0.25%	0.25%	Added +1.2k	+1,235 0.8%
29	JOHNSON & JOHNSON COM JNJ	JNJ	77,179	$19.6m0.23%	0.23%	Added +68	+68 0.1%
30	APPLIED MATLS INC COM AMAT	AMAT	25,445	$18.4m0.22%	0.22%	Added +47	+47 0.2%
31	VISA INC COM CL A V	V	53,213	$18.3m0.21%	0.21%	Reduced -579	-579 -1.1%
32	EXXON MOBIL CORP COM XOM	XOM	132,895	$18.2m0.21%	0.21%	Reduced -823	-823 -0.6%
33	LAM RESEARCH CORP COM NEW LRCX	LRCX	40,096	$17.4m0.20%	0.20%	Added +138	+138 0.3%
34	WALMART INC COM WMT	WMT	140,559	$15.9m0.19%	0.19%	Added +294	+294 0.2%
35	CATERPILLAR INC COM CAT	CAT	14,768	$15.7m0.18%	0.18%	Reduced -120	-120 -0.8%
36	CISCO SYS INC COM CSCO	CSCO	126,640	$14.9m0.17%	0.17%	Added +216	+216 0.2%
37	ABBVIE INC COM ABBV	ABBV	56,647	$14.3m0.17%	0.17%	Added +95	+95 0.2%
38	COSTCO WHSL CORP NEW COM COST	COST	14,224	$13.3m0.16%	0.16%	Added +22	+22 0.1%
39	MASTERCARD INCORPORATED CL A MA	MA	25,871	$13.3m0.16%	0.16%	Reduced -188	-188 -0.7%
40	ISHARES TR 10+ YR INVST GRD IGLB	IGLB	258,000	$12.9m0.15%	0.15%	New
41	KLA CORP COM NEW KLAC	KLAC	41,881	$12.6m0.15%	0.15%	Reduced -59	-59 -0.1%
42	GE AEROSPACE COM NEW GE	GE	33,452	$12.5m0.15%	0.15%	Reduced -107	-107 -0.3%
43	UNITEDHEALTH GROUP INC COM UNH	UNH	29,117	$12.1m0.14%	0.14%	Added +132	+132 0.5%
44	BANK AMERICA CORP COM BAC	BAC	209,326	$11.9m0.14%	0.14%	Reduced -3.0k	-2,992 -1.4%
45	HOME DEPOT INC COM HD	HD	31,935	$11.3m0.13%	0.13%	Added +81	+81 0.2%
46	PROCTER AND GAMBLE CO COM PG	PG	74,658	$10.9m0.13%	0.13%	Added +295	+295 0.4%
47	SANDISK CORP COM SNDK	SNDK	4,747	$10.8m0.13%	0.13%	Added +25	+25 0.5%
48	MERCK & CO INC COM MRK	MRK	79,187	$10.2m0.12%	0.12%	Reduced -231	-231 -0.3%
49	GE VERNOVA INC COM GEV	GEV	8,615	$10.1m0.12%	0.12%	Reduced -9	-9 -0.1%
50	COCA COLA CO COM KO	KO	124,151	$10.1m0.12%	0.12%	Added +275	+275 0.2%
51	CHEVRON CORP NEW COM CVX	CVX	60,023	$9.9m0.12%	0.12%	Added +42	+42 0.1%
52	NETFLIX INC COM NFLX	NFLX	135,005	$9.6m0.11%	0.11%	Reduced -95	-95 -0.1%
53	GOLDMAN SACHS GROUP INC COM GS	GS	9,458	$9.6m0.11%	0.11%	Reduced -139	-139 -1.4%
54	PALO ALTO NETWORKS INC COM PANW	PANW	26,002	$8.9m0.10%	0.10%	Added +146	+146 0.6%
55	TEXAS INSTRS INC COM TXN	TXN	29,180	$8.7m0.10%	0.10%	Added +141	+141 0.5%
56	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	73,616	$8.6m0.10%	0.10%	Added +523	+523 0.7%
57	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	30,135	$8.5m0.10%	0.10%	Added +226	+226 0.8%
58	MARVELL TECHNOLOGY INC COM MRVL	MRVL	28,071	$8.4m0.10%	0.10%	New
59	RTX CORPORATION COM RTX	RTX	43,177	$8.2m0.10%	0.10%	Added +226	+226 0.5%
60	WELLS FARGO CO NEW COM WFC	WFC	98,116	$8.1m0.10%	0.10%	Reduced -839	-839 -0.8%
61	MORGAN STANLEY COM NEW MS	MS	38,433	$8.0m0.09%	0.09%	Reduced -63	-63 -0.2%
62	ORACLE CORP COM ORCL	ORCL	54,405	$8.0m0.09%	0.09%	Added +147	+147 0.3%
63	FRANCO NEV CORP COM FNV	FNV	36,895	$7.7m0.09%	0.09%	Unchanged
64	CITIGROUP INC COM NEW C	C	54,684	$7.7m0.09%	0.09%	Reduced -1.2k	-1,232 -2.2%
65	WESTERN DIGITAL CORP COM WDC	WDC	11,051	$7.1m0.08%	0.08%	Added +202	+202 1.9%
66	TWILIO INC CL A TWLO	TWLO	34,141	$7.0m0.08%	0.08%	Added +175	+175 0.5%
67	AMPHENOL CORP CL A APH	APH	39,443	$7.0m0.08%	0.08%	Added +111	+111 0.3%
68	CARPENTER TECHNOLOGY CORP COM CRS	CRS	11,177	$6.9m0.08%	0.08%	Added +19	+19 0.2%
69	MKS INC. COM MKSI	MKSI	15,195	$6.8m0.08%	0.08%	Added +147	+147 1.0%
70	CORNING INC COM GLW	GLW	25,110	$6.4m0.08%	0.08%	Added +128	+128 0.5%
71	CURTISS WRIGHT CORP COM CW	CW	8,310	$6.3m0.07%	0.07%	Added +49	+49 0.6%
72	AMGEN INC COM AMGN	AMGN	17,305	$6.3m0.07%	0.07%	Added +75	+75 0.4%
73	QUALCOMM INC COM QCOM	QCOM	33,793	$6.2m0.07%	0.07%	Reduced -349	-349 -1.0%
74	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	8,160	$6.2m0.07%	0.07%	Added +93	+93 1.1%
75	ANALOG DEVICES INC COM ADI	ADI	15,652	$6.2m0.07%	0.07%	Added +17	+17 0.1%
76	ENTEGRIS INC COM ENTG	ENTG	34,305	$6.2m0.07%	0.07%	Added +253	+253 0.7%
77	MCDONALDS CORP COM MCD	MCD	22,780	$6.2m0.07%	0.07%	Reduced -8	-8 -0.0%
78	ATI INC COM ATI	ATI	30,698	$6.1m0.07%	0.07%	Added +261	+261 0.9%
79	ILLUMINA INC COM ILMN	ILMN	34,035	$6.0m0.07%	0.07%	Reduced -219	-219 -0.6%
80	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	11,915	$6.0m0.07%	0.07%	Reduced -107	-107 -0.9%
81	PEPSICO INC COM PEP	PEP	43,821	$5.9m0.07%	0.07%	Added +91	+91 0.2%
82	NEXTERA ENERGY INC COM NEE	NEE	66,860	$5.9m0.07%	0.07%	Added +221	+221 0.3%
83	STERLING INFRASTRUCTURE INC COM STRL	STRL	6,903	$5.8m0.07%	0.07%	Added +21	+21 0.3%
84	AMERICAN EXPRESS CO COM AXP	AXP	17,064	$5.8m0.07%	0.07%	Reduced -73	-73 -0.4%
85	MASTEC INC COM MTZ	MTZ	13,861	$5.8m0.07%	0.07%	Added +119	+119 0.9%
86	WOODWARD INC COM WWD	WWD	13,402	$5.7m0.07%	0.07%	Added +46	+46 0.3%
87	VERIZON COMMUNICATIONS INC COM VZ	VZ	133,876	$5.7m0.07%	0.07%	Reduced -1.1k	-1,058 -0.8%
88	ARISTA NETWORKS INC COM SHS ANET	ANET	33,106	$5.6m0.07%	0.07%	Added +65	+65 0.2%
89	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	14,760	$5.6m0.07%	0.07%	Added +308	+308 2.1%
90	PURE STORAGE INC CL A P	P	70,980	$5.6m0.07%	0.07%	Added +711	+711 1.0%
91	BOEING CO COM BA	BA	25,274	$5.5m0.06%	0.06%	Added +146	+146 0.6%
92	XPO INC COM XPO	XPO	26,412	$5.4m0.06%	0.06%	Added +168	+168 0.6%
93	TJX COS INC NEW COM TJX	TJX	35,454	$5.4m0.06%	0.06%	Reduced -78	-78 -0.2%
94	DISNEY WALT CO COM DIS	DIS	55,676	$5.4m0.06%	0.06%	Reduced -1.0k	-1,009 -1.8%
95	UNION PAC CORP COM UNP	UNP	19,035	$5.2m0.06%	0.06%	Added +48	+48 0.2%
96	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	9,548	$5.2m0.06%	0.06%	Reduced -98	-98 -1.0%
97	OKTA INC CL A OKTA	OKTA	37,714	$5.1m0.06%	0.06%	Reduced -249	-249 -0.7%
98	WELLTOWER INC COM WELL	WELL	22,633	$5.1m0.06%	0.06%	Added +307	+307 1.4%
99	DEERE & CO COM DE	DE	8,054	$5.1m0.06%	0.06%	Reduced -13	-13 -0.2%
100	ABBOTT LABS COM ABT	ABT	55,846	$5.1m0.06%	0.06%	Added +207	+207 0.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ISHARES TR IGV	IGV	1,134,300	$90.8m1.1m shares
HONEYWELL INTL INC		10,157	$4.6m10.2k shares
TOPBUILD CORP BLD	BLD	6,253	$2.2m6.3k shares
MASIMO CORP MASI	MASI	10,228	$1.8m10.2k shares
CARNIVAL CORP		36,802	$952.4k36.8k shares
COTERRA ENERGY INC CTRA	CTRA	24,275	$853.0k24.3k shares
DUPONT DE NEMOURS INC DWDP	DWDP	4,364	$599.7k4.4k shares
HOLOGIC INC HOLX	HOLX	7,121	$538.3k7.1k shares
BELLRING BRANDS INC BRBR	BRBR	26,272	$422.7k26.3k shares
FLOWERS FOODS INC FLO	FLO	47,311	$385.6k47.3k shares
BLACKBAUD INC BLKB	BLKB	8,019	$309.6k8.0k shares
CONCENTRIX CORP CNXC	CNXC	9,797	$268.0k9.8k shares
CONAGRA BRANDS INC CAG	CAG	15,306	$240.6k15.3k shares
EPAM SYS INC EPAM	EPAM	1,767	$239.3k1.8k shares
POOL CORP POOL	POOL	1,049	$212.2k1.0k shares
COTY INC COTY	COTY	82,801	$166.4k82.8k shares