Mid Cap Growth Stock Portfolio
NORTHWESTERN MUTUAL SERIES FUND INC
Expense ratio
Net assets1
$959.48M
Holdings1
109
Category
US Equity
Return

Investment objective & strategy

As of May 2, 2025 · prospectus

Objective. The investment objective of the Portfolio is long-term growth of capital.

Strategy. Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid-capitalization growth companies. For purposes of the Portfolio, mid-capitalization companies are those companies with market capitalizations within the capitalization range of the Russell MidCap Growth Index. As of March 31, 2025, this range was approximately $681.01 million to $197.95 billion. The market capitalization range of the index changes over time. Securities of companies whose market capitalizations no longer fall within this range after purchase may continue to be held by the Portfolio. Growth companies, as defined by the adviser, are those included in a third-party growth index or those that exhibit certain financial characteristics (e.g., a companys forward and historical earnings … Normally, the Portfolio invests at least 80% of net assets (plus any borrowings for investment purposes) in stocks of mid-capitalization growth companies. For purposes of the Portfolio, mid-capitalization companies are those companies with market capitalizations within the capitalization range of the Russell MidCap Growth Index. As of March 31, 2025, this range was approximately $681.01 million to $197.95 billion. The market capitalization range of the index changes over time. Securities of companies whose market capitalizations no longer fall within this range after purchase may continue to be held by the Portfolio. Growth companies, as defined by the adviser, are those included in a third-party growth index or those that exhibit certain financial characteristics (e.g., a companys forward and historical earnings growth, or its forward and historical revenue growth) determined by the adviser to indicate the company has above-average growth potential (e.g., sales, revenue or earnings growth that may outpace peer averages or the overall market). For this purpose, a third-party growth index is an index developed, calculated, and maintained by a third-party that measures the performance of growth stocks. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Portfolio invests. The advisers assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Portfolios investments in securities and ascertain key issues that merit engagement with issuers. These ESG factor assessments may not be conclusive and securities of issuers may be purchased and retained by the Portfolio for reasons other than material ESG factors while the Portfolio may divest or not invest in securities of issuers that may be positively impacted by such factors. Examples of ESG factors which may be considered (which are provided for illustrative purposes only, are not exhaustive and may not be relevant to a particular investment) are climate change risk, human capital management and executive compensation. The advisers ESG integration approach does not change the Portfolios investment objective, exclude specific types of industries or companies or limit the Portfolios investable universe. The Portfolio is not designed for investors who wish to screen out particular types of companies or investments or are looking for funds that meet specific ESG goals. The Portfolio seeks to reduce overall risk by diversifying across sectors, industry groups and companies. The Portfolios sector exposure relative to its benchmark is driven by an investment process which relies on fundamental company analysis and individual stock selection. As a result, based upon market or economic conditions, the Portfolio may at times have a relatively high percentage of its assets invested in a particular sector of the market. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. The Portfolio invests primarily in U.S. common stocks. The Portfolio may invest up to 20% of net assets in American Depositary Receipts (ADRs). The Portfolio may additionally invest in real estate investment trusts (REITs).

Top holdings

As of March 31, 2026 · N-PORT
SecurityTickerValue% of fund
HOWMET AEROSPACE INC $33.30M 3.47%
HILTON WORLDWIDE HOLDINGS INC $32.93M 3.43%
VERTIV HOLDINGS CO $32.34M 3.37%
ROYAL CARIBBEAN CRUISES LTD $29.90M 3.12%
QUANTA SVCS INC $27.87M 2.90%
COMFORT SYSTEMS USA INC $24.60M 2.56%
CENCORA INC $23.97M 2.50%
INSMED INC $21.53M 2.24%
CLOUDFLARE INC-A $21.39M 2.23%
ALNYLAM PHARMACEUTICALS INC $19.70M 2.05%
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Allocation by sector

As of March 31, 2026 · N-PORT
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Portfolio moves

Dec 31, 2025 → Mar 31, 2026
Opened
14
Exited
14
Increased
33
Decreased
61
Unchanged
1

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

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Similar funds

Funds whose portfolios most overlap this one, by weight
FundOverlapNet exp.
JNL/JPMorgan MidCap Growth Fund 99% 0.59%
JPMorgan Mid Cap Growth Fund · HLGEX, OSGIX, OMGCX, JMGZX, JMGFX, JMGMX, JMGPX, JMGQX 98% 0.65%
SA JPMorgan Mid-Cap Growth Portfolio 93% 0.75%
View all similar funds →

Advisers

As of December 31, 2025 · N-CEN
FirmRole
J.P. Morgan Investment Management, Inc. Sub-adviser
Mason Street Advisors, LLC Adviser

Footnotes

  1. Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.

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