Style
IndexTurnover
Orientation
Index / PassiveNorthwestern Mutual Wealth Management employs a passive, multi-asset, core-satellite approach grounded in broad diversification, with 91.4% of sector exposure unclassified, indicating a heavy reliance on index-tracking ETFs. The portfolio is dominated by low-cost market-cap-weighted funds, led by a 13.9% allocation to the S&P 500 (IVV) and significant fixed-income exposure through BND at 6.1%, alongside targeted factor tilts like VLUE (2.0%) and international exposure via SCHF (4.6%) and VWO (2.7%). This composition reveals a conviction in systematic, rules-based investing over active stock selection, with a strategic emphasis on scalability and liquidity, as evidenced by top holdings consisting entirely of ETFs and assets under management growing from $118.5B to $162.4B over the observed period. The inclusion of long-duration Treasuries (TLT, 2.4%) and municipal bonds (VTEB, 1.2%) further underscores a disciplined, risk-aware posture aimed at balancing equity beta with defensive income streams.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Ishares TR(IVV) | 35,018,846 | $26.2B | 14.01% |
| 2 | Vanguard BD Index FDS(BND) | 141,274,305 | $10.4B | 5.54% |
| 3 | Ishares TR(IJH) | 132,841,270 | $10.2B | 5.47% |
| 4 | Schwab Strategic TR(SCHF) | 309,394,253 | $8.6B | 4.58% |
Latest filing, equity positions only
| 5 |
| Ishares TR(IJR) |
| 44,570,998 |
| $6.6B |
| 3.53% |
| 6 | Invesco Exchange Traded FD T(RSP) | 28,221,905 | $6.0B | 3.21% |
| 7 | Vanguard Tax-Managed FDS(VEA) | 66,823,471 | $4.8B | 2.54% |
| 8 | State STR Spdr S&P 500 ETF T(SPY) | 6,238,087 | $4.7B | 2.49% |
| 9 | Vanguard Intl Equity Index F(VWO) | 77,649,601 | $4.6B | 2.48% |
| 10 | Fidelity Merrimack STR TR(FBND) | 101,656,759 | $4.6B | 2.47% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 3.14% | 3.78% | +0.64% |
| Unclassified | 91.22% | 90.92% | -0.3% |
| Consumer Defensive | 0.42% | 0.35% | -0.07% |
| Energy | 0.38% | 0.31% | -0.07% |
| Financial Services | 1.22% | 1.15% | -0.07% |
| Consumer Cyclical | 0.87% | 0.83% | -0.04% |
| Utilities | 0.18% | 0.16% | -0.02% |
| Communication Services | 1.06% | 1.04% | -0.02% |
| Healthcare | 0.64% | 0.62% | -0.02% |
| Basic Materials | 0.12% | 0.1% | -0.02% |
| Industrials | 0.69% | 0.68% | -0.01% |
| Real Estate | 0.06% | 0.06% | 0% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Unclassified | 91.26% | 90.94% | -0.32% |
| Mega Cap | 5.71% | 5.93% | +0.22% |
| Large Cap | 2.89% | 2.93% | +0.04% |
| Mid Cap | 0.11% | 0.17% | +0.06% |
| Small Cap | 0.03% | 0.02% | -0.01% |
| Micro Cap | 0.01% | 0.01% | 0% |
Quarter-over-quarter position changes