Industries › NAICS 523920
Industry · NAICS 523920 · sector 52 Finance and insurance
Portfolio Management
Federal contract obligations classified under NAICS 523920, the organisations that win them and the agencies that award them.
USAspending caveat. Figures are obligations reported by federal agencies to USAspending.gov, not payments. In USAspending's words: "An outlay occurs when federal money is actually paid out, not just promised to be paid ('obligated')." "Every agency has a Senior Accountable Official who must officially certify that the quarterly financial data submitted by their agency is accurate and complete." "If there are any discrepancies in procurement data, FPDS is the authoritative source." Contract data for the Department of Defense and the U.S. Army Corps of Engineers is published with a 90-day delay. Data loaded 30 Sep 2026.
Federal agencies obligated $35M in contracts classified under NAICS 523920, Portfolio Management, in FY2026, and $231M over the five fiscal years since FY2023; the industry ranks 348 of 526 on this site.
Obligations were down 51% on FY2025 ($71M), with $0 so far in FY2027.
The largest recipient organisations over FY2022–FY2025 were Pacific Investment Management Company LLC ($45M), Pgim, Inc. ($39M) and Arrowstreet Capital LP ($31M).
By place of performance, the most money went to NJ and IA.
Contract obligations by fiscal year
Compared with the largest industry FY2026
| Measure | This industry | Aircraft Manufacturing | All contracts |
|---|---|---|---|
| Contract obligations, FY2026 | $35M | $45B | $716B |
| Five-year total | $231M | $211B | $3.0T |
| Share of all contract obligations, five years | 0% | 7.1% | 100% |
Top contractors obligations, FY2022–FY2025
| # | Organisation | Obligations |
|---|---|---|
| 1 | Pacific Investment Management Company LLC | $45M |
| 2 | Pgim, Inc. | $39M |
| 3 | Arrowstreet Capital LP | $31M |
| 4 | Marathon Asset Management Limited | $26M |
| 5 | Wellington Management Company LLP | $24M |
| 6 | Western Asset Management Co, LLC | $19M |
| 7 | Allspring Global Investments, LLC | $19M |
| 8 | Goldman Sachs Asset Management, L.P | $17M |
| 9 | TCW Asset Management Company LLC | $15M |
| 10 | Neuberger Berman Investment Advisers LLC | $9.9M |
| 11 | Principal Real Estate Investors LLC | $8.6M |
| 12 | Duff & Phelps Investment Management Co | $7.7M |
| 13 | Nuveen Asset Management, LLC | $7.5M |
| 14 | Schroder Investment Management North America Inc | $6.8M |
| 15 | Ninety One North America, Inc. | $6.6M |
| 16 | Baillie Gifford Overseas Limited | $6.4M |
| 17 | Blackrock Institutional Trust Company National Association | $5.5M |
| 18 | Aqr Capital Management LLC | $5.4M |
| 19 | Invesco Trust Company | $4.0M |
| 20 | Los Angeles Capital Management LLC | $3.4M |
| 21 | Grove Street Investment, LLC | $3.1M |
| 22 | New Century Advisors LLC | $1.4M |
| 23 | Pugh Capital Management Inc | $1.2M |
| 24 | CSM Advisors LLC | $439K |
| 25 | LM Capital Group, LLC | $316K |
Where the work is performed
Other industries in sector 52: Finance and insurance
- 524114 Direct Health and Medical Insurance Carriers $177B
- 522390 Other Activities Related to Credit Intermediation $5.1B
- 524292 Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds $3.2B
- 523150 Investment Banking and Securities Intermediation $1.2B
- 522110 Commercial Banking $772M
- 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities $481M
- 524298 All Other Insurance Related Activities $238M
- 524210 Insurance Agencies and Brokerages $202M
- 523940 Portfolio Management and Investment Advice $54M
- 523910 Miscellaneous Intermediation $50M
- 525120 Health and Welfare Funds $41M
Questions and answers
How much does the federal government spend on NAICS 523920?
$35M in contract obligations classified under Portfolio Management in FY2026, $231M over the five fiscal years since FY2023. Obligations are commitments, not payments.
Who are the top contractors in Portfolio Management?
Pacific Investment Management Company LLC ($45M), Pgim, Inc. ($39M), Arrowstreet Capital LP ($31M), Marathon Asset Management Limited ($26M), Wellington Management Company LLP ($24M), by contract obligations over FY2022–FY2025.
Which agencies buy in this industry?
Not available.
What is a NAICS code?
In USAspending's words: "NAICS stands for the North American Industrial Classification System. This 6-digit code tells you what industry the work falls into. Each contract record has a NAICS code." Assistance awards (grants, loans, direct payments) carry no NAICS code and are not counted here.
Provenance
Source: USAspending.gov API v2, spending by category (NAICS) by fiscal year, recipient cross-tabulation for FY2022–FY2025 and award search, loaded 30 Sep 2026. State figures come from each state's top-100 NAICS list, so small amounts in a state may be missing. See methodology.