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MUTUAL FUNDS & ETFS

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1 New accounts with a minimum investment amount of $50 are offered through the Thrivent Mutual Funds "automatic purchase plan." Otherwise, the minimum initial investment requirement is $2,000 for non-retirement accounts and $1,000 for IRA or tax-deferred accounts, minimum subsequent investment requirement is $50 for all account types. Account minimums for other options vary.

Thrivent ETFs may be purchased through your financial professional or brokerage platforms.

Contact your financial professional or brokerage firm to understand minimum investment amounts when purchasing a Thrivent ETF.

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MUTUAL FUND FOCUS

Asset allocation funds can help tame portfolio volatility


Key points

Diversification

Asset allocation funds may help reduce volatility by spreading assets in several different types of investments.

Levels of risk

Asset allocation funds are designed to target different investor risk levels.


Volatility will always play a part in the performance of the stock market, but you can help mitigate the volatility in your own portfolio by investing in asset allocation mutual funds.

Asset allocation funds are designed to attempt to reduce volatility by spreading assets in several different types of investments, including a variety of equity stocks, bonds and other fixed income securities.

Although diversification—with several asset groups feeding into the performance of the portfolio—does not eliminate risk, it may help reduce losses during stock market fluctuations. For instance, when the prices of small-cap stocks are falling, large-cap stocks or international stocks within the portfolio may be moving up, along with bonds and other debt-related assets.


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It is important to note that bonds can also be volatile, particularly in times when credit quality comes under pressure or when interest rates are changing. However, over longer terms, bonds have historically had lower volatility than stocks. The two asset classes can often be correlated in the opposite direction (when stocks go down, many bond sectors tend to rise), so while multi-asset portfolios could have lower returns over the long term than an all-equity index like the S&P 500® Index—a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks—they will usually have lower volatility, too, often resulting in a smoother ride for investors.

Standard deviation is a statistical measure of volatility. The higher the standard deviation, the riskier an investment is considered to be. The chart below shows the returns and standard deviation of returns over a recent period for five different Morningstar Target Risk Indexes that represent various levels of diversification (with a mix of assets that may include stocks, bonds and other types of investments). The baseline is represented by the S&P 500, which shows an annualized return higher than any of the sub-indexes—and a higher standard deviation. All five indexes had lower standard deviations than the S&P 500.

Chart depicting the risk & return over standard deviation of the S&P 500 vs Morningstar indexes

Asset allocation fund choices

Thrivent Mutual Funds offers six different asset allocation funds that range from conservative to aggressive. Although each of the funds has an asset allocation target, the actual allocation can vary depending on the outlook and judgment of the fund managers. The funds are actively managed by a team of more than 140 investment professionals.

For example, Thrivent Moderately Aggressive Allocation Fund (TMAFX) has a target asset allocation of 80% equity securities and 20% fixed income securities, but the actual allocation typically varies somewhat as the fund manager makes adjustments in the holdings to react to changing market and economic conditions.

This Fund typically invests in more than a dozen different asset groups. The largest group is domestic large-cap stocks, which typically accounts for over a third of the Fund’s total assets. The Fund also invests in several other equity groups, including international, small-cap and mid-cap. Bonds and other debt instruments make up the balance of portfolio assets, led by U.S. government bonds, securitized debt, investment grade corporates and cash. Other bond instruments include leveraged loans, international government bonds and flexible income. 

The diversification of these asset allocation funds makes them less volatile than the performance of a single equity category, such as a fund that invests primarily in mid-cap stocks. Although the more conservative portfolios would tend to have lower potential returns over the long term, their losses tend to be more modest and less frequent than the more aggressive investments, and they tend to have lower volatility.

Gauging relative volatility and risk

To gauge relative volatility, investors often use a metric known as beta. Beta is a statistical measure of the volatility, or market risk, of an investment compared to a benchmark. The lower the beta, the lower the volatility of the investment compared with the benchmark.

The S&P 500 Index is considered a beta baseline, with a beta of 1.0. Anything over 1.0 is considered more volatile or risky than the market and anything under 1.0 is considered less volatile and less risky. For example, over a recent three-year period through March 30, 2025, Thrivent Moderately Aggressive Allocation Fund – Class S had a beta of 0.83, which indicated that it was 17% less volatile than the S&P 500 Index during that period.

In addition to the Thrivent Moderately Aggressive Allocation Fund, Thrivent also manages five other asset allocation funds, giving investors with conservative to aggressive risk tolerances the opportunity to choose a portfolio suited to their objectives and threshold for risk:

  • Thrivent Conservative Allocation Fund (THYFX). For investors looking for a moderately conservative risk tolerance, this Fund’s target allocation is 80% in fixed income securities and 20% of assets in equity securities. While this fund would probably trail the market and the other Thrivent Asset Management asset allocation funds during a strong bull market, it would typically be the least volatile, with the lowest risk, during rocky periods in the market. Over a recent three-year period through March 30, 2025, the Thrivent Conservative Allocation Fund – Class S has had the lowest beta of the group at 0.47, which indicates that it was 53% less volatile than the S&P 500 Index. 

  • Thrivent Moderately Conservative Allocation Fund (TCAIX). The target allocation for this fund is 57% fixed income securities and 43% equity securities. Over a recent three-year period through March 30, 2025, the Thrivent Moderately Conservative Allocation Fund – Class S has a a beta of 0.58, which indicates that it was 42% less volatile than the S&P 500 Index.
  • Thrivent Dynamic Allocation Fund (IBBFX).  For investors looking for a middle of the line approach, this Fund’s target allocation is 55% in fixed income securities and 45% in equity securities. Over a recent three-year period through March 30, 2025, the Thrivent Dynamic Allocation Fund – Class S has a beta of 0.57, which indicates that it was 43% less volatile than the S&P 500 Index. 
  • Thrivent Moderate Allocation Fund (TMAIX). This Fund’s target allocation is 65% of assets in equity securities and 35% in fixed income securities. Over the recent three-year period through March 30, 2025, the Thrivent Moderate Allocation Fund – Class S had a beta of 0.74, which indicates that it was 26% less volatile than the S&P 500 Index.
  • Thrivent Aggressive Allocation Fund (TAAIX). This Fund is geared to investors who want most of their assets in the stock market, but still prefer some diversification to offset the volatility of the market. The target allocation of the fund is 95% of assets in equity securities and 5% in fixed income securities. Over a recent three-year period through March 30, 2025, the Thrivent Aggressive Allocation Fund – Class S had the highest beta of the asset allocation fund group at 0.93, which indicated that it was 7% less volatile than the S&P 500 Index.

Thrivent Asset Management has more than 20 mutual funds and exchange-traded funds spanning most major asset classes to help investors build diversified portfolios.

Although asset allocation funds cannot shelter you entirely from the ups and downs of the market, they can lower your exposure to the stock market and help reduce the volatility of your own portfolio over the long-term.

Learn more about Thrivent Asset Allocation Funds.

 

 

Past performance is not necessarily indicative of future results.

Any indexes shown are unmanaged and do not reflect the typical costs of investing. Investors cannot invest directly in an index.

Prior to 02/28/2025, Thrivent Dynamic Allocation Fund was named Thrivent Balanced Income Plus Fund, Thrivent Conservative Allocation Fund was named Thrivent Diversified Income Plus Fund.

Asset Allocation Fund Risks: The value of the Funds is influenced by a number of factors, including the performance of the broader market, the effectiveness of the Adviser’s allocation strategy, and risks specific to the Funds’ asset classes, market cap groups, investment styles, and issuers. Debt securities are subject to risks such as declining prices during periods of rising interest rates and credit risk, or the risk that an issuer may not pay its debt. The Funds invest in other funds; therefore, the Funds are dependent upon the performance of the other funds and are subject to the risks, additional fees and expenses of the other funds. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability, which may be magnified for investments in emerging markets. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. The Adviser is also subject to actual or potential conflicts of interest. The use of quantitative investing techniques and derivatives (such as futures) also involve risks. High yield securities are subject to increased credit risk as well as liquidity risk. U.S. government securities and mortgage-related and other asset-backed securities are subject to additional risk. When interest rates fall, certain obligations are paid off more quickly and proceeds may have to be invested in securities with lower yields. These and other risks are described in the prospectus.

The Morningstar average represents the average total return annualized when greater than one year for all reported funds in the category. Morningstar averages do not include sales charges/fees. If included, returns would have been lower.

© 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.  Past performance is no guarantee of future results.

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