Active/Passive Balanced Portfolio
Actively managed U.S. stock fund
As of its 2026 Q2 report, Active/Passive Balanced Portfolio held 31 positions with $2.02B in net assets. Its ten largest holdings made up 72.1% of the fund. The fund costs 0.44% a year. Over the 12 months to May 2026, it returned 15.9%, with dividends reinvested. In 2026 Q2 it added 5 new positions and exited 4.
The investment objective of the Portfolio is to realize as high a level of total return as is consistent with reasonable investment risk through appreciation and income.
The fund operates as a fund of funds, investing in a combination of actively managed and passive underlying portfolios and exchange-traded funds to allocate assets across equities, fixed income, and cash equivalents according to a balanced target allocation. The adviser adjusts allocations among underlying funds in response to changing market conditions and may concentrate more than 25% of assets in a single underlying fund or ETF. Because underlying portfolios or ETFs may themselves be non-diversified or invest heavily in single issuers, sectors, or geographic regions, the fund's returns depend on the adviser's selection and weighting of those underlying vehicles.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Northwestern Mutual Series Fund, Inc. - Select Bond Portfolio | 24.68% | $499.45M | 446.3M | $1.12 |
iShares Core U.S. Aggregate Bond ETF | 13.68% | $276.90M | 2.8M | $98.98 |
Northwestern Mutual Series Fund, Inc. - Multi-Sector Bond Portfolio | 7.49% | $151.53M | 144.7M | $1.05 |
iShares Core S&P 500 ETF | 5.00% | $101.23M | 135.2K | $748.89 |
State Street SPDR Portfolio Long Term Treasury ETF | 4.82% | $97.46M | 3.7M | $26.23 |
Northwestern Mutual Series Fund, Inc. - International Equity Portfolio | 4.13% | $83.48M | 34.7M | $2.41 |
State Street SPDR Portfolio S&P 400 Mid Cap ETF | 3.54% | $71.70M | 1.1M | $67.56 |
Northwestern Mutual Series Fund, Inc. - Emerging Markets Equity Portfolio | 3.20% | $64.71M | 39.0M | $1.66 |
State Street SPDR Portfolio S&P 600 Small Cap ETF | 3.06% | $61.82M | 1.1M | $57.67 |
Northwestern Mutual Series Fund, Inc. - International Growth Portfolio | 2.55% | $51.59M | 20.9M | $2.47 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 31 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 43.73% |
| Bonds | 35.87% |
| Securitized | 17.39% |
| Cash & short-term | 2.17% |
| 2 smaller | 0.45% |
| Derivatives | -0.04% |
Look-through blends 28 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
How it has done
C000000080 share class · total returns with dividends reinvested
Volatility over the last 12 months: 6.82%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Active/Passive Balanced Portfolio is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified · Fund of funds
- Expense ratio, by class
- 0.44%
- Portfolio turnover
- 16.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
5 new· the largest 4
4 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
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