THRIVENT MODERATE ALLOCATION FUND
Thrivent Mutual Funds · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| THMAX | 1.28% | 1.08% |
| TMAIX | 1.06% | 0.86% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 59.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 47.7% |
| Cash | 12.6% |
| Securitized | 7.1% |
| Information Technology | 6.3% |
| 12 smaller | 26.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: THRIVENT MUTUAL FUNDS ×2, FEDERAL NATIONAL MORTGAGE ASSOCIATION ×2, FEDERAL HOME LOAN BANKS OFFICE OF FINANCE, FEDERAL HOME LOAN MORTGAGE CORPORATION ×2, GEV
Largest exited: UNITED STATES TREASURY ×2, FEDERAL NATIONAL MORTGAGE ASSOCIATION ×4, FEDERAL HOME LOAN BANKS OFFICE OF FINANCE ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +20.14% | +44.82% | +36.13% | 8.36% | -7.42% | |
| +20.48% | +45.90% | +37.73% | 8.37% | -7.40% |
These classes hold the same portfolio, so the 1.60pp spread over 5 years is the cost difference between them — roughly 0.32pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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 | — |
| GVMXX | STATE ST INST US GOV MM FUNDGVMXX | 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 | — |
Top 10 positions are 51.52% of net assets, top 25 65.53%, across 1.1K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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