NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO

Northwestern Mutual Wealth Management reported $162.4B across 4,113 positions for Q1 2026, up from $158.1B. The book is almost entirely an ETF allocation engine — $112.8B in funds — anchored by iShares Core S&P 500 (IVV, 13.91%), Vanguard Total Bond (BND, 6.11%) and iShares Core S&P Mid-Cap (IJH, 5.36%). The quarter's reallocation added mid-cap, international and small-cap exposure — IJH (+$463M), Schwab International (SCHF, +$324M), iShares Small-Cap (IJR, +$285M) — while trimming the large-cap IVV core and adding a new $1.8B QQQ stake.