NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC

Insurance Manager

NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC is an Insurance Manager based in Milwaukee, WI led by Thomas David Zale, reporting $299.97B in AUM as of Q3 2025 with 65% ETF concentration, 69% concentrated in top 10 holdings, and 19% allocation to EFA.

PresidentThomas David Zale

Portfolio Value: $6.9B
Positions: 879
Top Holding: EFA at 18.64%
Last Reported: Q3 2025

Address720 East Wisconsin Avenue, Milwaukee, WI, 53202-4797, United States

Top Holdings

Largest long holdings in NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC's portfolio (69.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares MSCI EAFE EFA	ETF ETF	$1.3B	18.64%	+$19.7M Bought	— 13.8M shares	Q3 2019 Held for 6y 2m
2 iShares Core S&P 500 ETF IVV	ETF ETF	$941.6M	13.61%	-$104.1M Sold	— 1.4M shares	Q1 2015 Held for 10y 8m
3 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$653.0M	9.44%	-$19.5M Sold	— 10.0M shares	Q4 2015 Held for 9y 11m
4 Vanguard S&P 500 ETF VOO	ETF ETF	$564.5M	8.16%	+$103.9M Bought	— 921.9K shares	Q2 2019 Held for 6y 5m
5 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$548.9M	7.93%	-$168.4M Sold	— 4.6M shares	Q1 2016 Held for 9y 8m
6 iShares iBoxx $ Investment Grade Corporate Bond LQD	ETF ETF	$297.6M	4.30%	+$58.6M Bought	— 2.7M shares	Q2 2023 Held for 2y 5m
7 Nvidia NVDA	Semiconductors Technology	$145.1M	2.10%	-$57.8K Sold	0.00% 777.7K shares	Q1 2015 Held for 10y 8m
8 Microsoft MSFT	Software - Infrastructure Technology	$122.7M	1.77%	-$101.0K Sold	0.00% 236.9K shares	Q1 2015 Held for 10y 8m
9 Apple AAPL	Consumer Electronics Technology	$120.4M	1.74%	-$884.8K Sold	0.00% 473.0K shares	Q1 2015 Held for 10y 8m
10 Vanguard Long-Term Corporate Bond VCLT	ETF ETF	$94.3M	1.36%	+$73.0M Bought	— 1.2M shares	Q2 2025 Held for 5 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC's latest filing

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Market Value

$6.9B

Prior: $6.5B

Q/Q Change

+6.39%

+$415.4M

Net Flows % of MV

-0.308%

Turnover Ratio

4.64%

New Purchases

11 stocks

$32.8M

Added To

231 stocks

+$272.0M

Sold Out Of

17 stocks

$10.2M

Reduced Holdings

619 stocks

-$315.9M

Increased Positions

Position	Shares Δ	Change
1 Applovin Corporation APP	New	0 → 8.6K +$6.2M
2 Fidelity Total Bond FBND	New	0 → 107.7K +$5.0M
3 Nutanix, Inc. NTNX	New	0 → 59.8K +$4.4M
4 Robinhood Markets, Inc. HOOD	New	0 → 24.7K +$3.5M
5 Kratos Defense & Security Solutions KTOS	New	0 → 37.6K +$3.4M

Decreased Positions

Position	Shares Δ	Change
1 Skechers SKX	Sold	29.1K → 0 −$1.8M
2 Hess HES	Sold	8.8K → 0 −$1.2M
3 ChampionX CHX	Sold	42.7K → 0 −$1.1M
4 Ansys ANSS	Sold	2.8K → 0 −$985.2K
5 NICE NICE NICE	Sold	5.8K → 0 −$984.2K

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Analytics

Portfolio insights and performance metrics for NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC

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Sector Allocation

ETF

64.50%

Technology

10.70%

Financial Services

4.80%

Industrials

4.00%

Consumer Cyclical

3.90%

Healthcare

3.10%

Communication Services

2.80%

Consumer Defensive

1.60%

Real Estate

1.20%

Energy

1.20%

Basic Materials

0.90%

Utilities

0.90%

Market Cap Distribution

Mega Cap (> $200B)

15.92%

Large Cap ($10B - $200B)

14.48%

Mid Cap ($2B - $10B)

4.83%

Small Cap ($300M - $2B)

0.01%

Nano Cap (< $50M)

0.21%

N/A (ETF or Unknown)

64.55%

Portfolio Concentration

Top 10 Holdings %

69.07%

Top 20 Holdings %

74.76%

Top 50 Holdings %

79.77%

Top 100 Holdings %

83.59%