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FUND COMMENTARY

Chad Miller talks active management process at Thrivent

By Chad Miller, CFA, Senior Portfolio Manager | 04/06/2023

04/06/2023

 

Chad Miller, Senior Portfolio Manager, shares Thrivent's approach to actively managing funds.

Video transcript

Chad Miller: We're lucky at Thrivent to have the mandate that we should look out at the next 3 to 5 years and beyond for our clients to create value. That gets us out of the day to day, the week to week, the quarterly results, and we can focus on the things that are actually financially material over the long term.

As I think about active management, the biggest advantage is creating those structures to let the market give you opportunities. When it's down, you try and capitalize on those. And when it's up, it's perhaps the time to get more defensive, then you lean back on that structure and process you have in place as a company.

Chad Miller, CFA
Senior Portfolio Manager

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Video transcript

Chad Miller: We're lucky at Thrivent to have the mandate that we should look out at the next 3 to 5 years and beyond for our clients to create value. That gets us out of the day to day, the week to week, the quarterly results, and we can focus on the things that are actually financially material over the long term.

As I think about active management, the biggest advantage is creating those structures to let the market give you opportunities. When it's down, you try and capitalize on those. And when it's up, it's perhaps the time to get more defensive, then you lean back on that structure and process you have in place as a company.

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:
 - You may have to pay more money to trade the ETF’s shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
 - The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
 - These additional risks may be even greater in bad or uncertain market conditions.
 - The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF’s performance. If other traders are able to copy or predict the ETF’s investment strategy, however, this may hurt the ETF’s performance. For additional information regarding the unique attributes and risks of the ETF, see the Principal Risks section of the prospectus.

Related insights

Fund Commentary [VIDEO]

08/01/2023

Miller joins “ETF 360” to talk active ETFs

Miller joins “ETF 360” to talk active ETFs

Miller joins “ETF 360” to talk active ETFs

VettaFi head of research Todd Rosenbluth interviewed Chad Miller, Senior Portfolio Manager with Thrivent Asset Management, for “ETF 360” to discuss Thrivent Small-Mid Cap ESG ETF (TSME).

VettaFi head of research Todd Rosenbluth interviewed Chad Miller, Senior Portfolio Manager with Thrivent Asset Management, for “ETF 360” to discuss Thrivent Small-Mid Cap ESG ETF (TSME).

08/01/2023