THRIVENT MODERATE ALLOCATION FUND
Actively managed U.S. stock fund
As of its 2026 Q2 report, THRIVENT MODERATE ALLOCATION FUND held 1,287 positions with $4.37B in net assets. Its ten largest holdings made up 51.5% of the fund. The THMAX share class costs 1.08% a year. Over the 12 months to May 2026, THMAX returned 19.2%, with dividends reinvested. In 2026 Q3 it added 201 new positions and exited 165.
Thrivent Moderate Allocation Fund (the "Fund") seeks long-term capital growth while providing reasonable stability of principal.
The fund allocates assets across equity and debt securities using a prescribed model, targeting 65% equities and 35% debt within stated ranges, and invests significantly through other Adviser-managed funds as well as direct securities holdings. The fund rebalances at least annually to maintain allocations within its ranges, so actual holdings may drift outside those ranges between rebalancing dates. The fund may use futures contracts to hedge or gain exposure and may invest in foreign and emerging-market securities.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
THRIVENT MUTUAL FUNDS | 11.31% | $493.89M | — |
THRIVENT MUTUAL FUNDS | 10.63% | $464.27M | — |
THRIVENT MUTUAL FUNDS | 8.18% | $357.08M | — |
THRIVENT MUTUAL FUNDS | 4.67% | $203.98M | — |
GVMXXSTATE ST INST US GOV MM FUND | 3.48% | $152.14M | — |
THRIVENT MUTUAL FUNDS | 3.36% | $146.55M | — |
THRIVENT MUTUAL FUNDS | 2.93% | $127.95M | — |
THRIVENT MUTUAL FUNDS | 2.63% | $115.01M | — |
THRIVENT MUTUAL FUNDS | 2.35% | $102.79M | — |
THRIVENT MUTUAL FUNDS | 1.98% | $86.37M | — |
The 200 largest of 1,287 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%.
| Other | 49.40% |
| Stocks | 25.37% |
| Cash & short-term | 12.77% |
| Securitized | 7.23% |
| 2 smaller | 6.00% |
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 47.8%
- Cash
- 11.6%
- Securitized
- 7.0%
- Information Technology
- 6.8%
- 12 other sectors
- 26.8%
- Other
- 47.8%
- Cash
- 11.6%
- Securitized
- 7.0%
- Information Technology
- 6.8%
- Government
- 5.7%
- Financials
- 3.6%
- Industrials
- 3.2%
- Health Care
- 3.0%
- International
- 2.6%
- Consumer Discretionary
- 2.4%
- Communication Services
- 2.0%
- Energy
- 1.1%
- Utilities
- 1.0%
- Materials
- 0.8%
- Real Estate
- 0.8%
- Consumer Staples
- 0.6%
How it has done
THMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.18%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.08% | +19.21% | +50.63% | +39.10% | -7.42% | |
| 0.86% | +19.47% | +51.73% | +40.72% | -7.40% |
These classes hold the same portfolio, so the 1.62pp spread over 5 years is the cost difference between them — roughly 0.32pp a year — not a difference in what they own.
Fees & fund details
THRIVENT MODERATE ALLOCATION FUND is an actively managed U.S. equity fund. 17% of THMAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 96% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.86% – 1.08%· THMAX 1.08%
- Portfolio turnover
- 59.00% a year · as of 2026 Q1
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.
201 new· the largest 4
165 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 89.9% |
| Floating rate | 9.9% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.0% |
| 1-3y | 16.5% |
| 3-5y | 12.2% |
| 5-10y | 8.8% |
| 10y+ | 59.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 62% |
| Credit spreads | 38% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.87 yr |
| High yield | +0.17 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.21 yr | 13% |
| 5 yr | 0.52 yr | 31% |
| 10 yr | 0.62 yr | 37% |
| 30 yr | 0.31 yr | 18% |
| 3 mo | 0.04 yr | 4% |
| 1 yr | 0.03 yr | 3% |
| 5 yr | 0.22 yr | 21% |
| 10 yr | 0.25 yr | 24% |
| 30 yr | 0.50 yr | 48% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.04 | +0.00 | $16.0k | $170 |
| 1 yr | +0.21 | +0.02 | +0.01 | $9.9k | $5.0k |
| 5 yr | +0.52 | +0.13 | +0.10 | $54.7k | $41.8k |
| 10 yr | +0.62 | +0.21 | +0.04 | $90.2k | $18.7k |
| 30 yr | +0.31 | +0.48 | +0.02 | $208.5k | $9.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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