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Thrivent High Yield Fund —
Class A
LBHYX
LBHYX
Thrivent High Yield Fund
Class
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
Limited
Credit Quality:
Low
 
Inception date
4/3/1987
As of
Public offering price
N/A
Net asset value
-
Daily NAV change
-
As of N/A
YTD return with sales charge
-14.52%
1-year return with sales charge
-14.52%
As of 12/30/2022
Net annual fund operating expenses
0.79%
As of
Max sales charge
4.50%
As of
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Thrivent High Yield Fund seeks high current income, and secondarily growth of capital.

This Fund invests primarily in corporate bonds that are either unrated or rated as “below investment-grade,” commonly known as "junk bonds." Credit rating agencies evaluate bond issuers and assign ratings based on their ability to pay interest and repay principal as scheduled. Bond issuers that are considered to have a greater risk of defaulting on payments pay higher interest rates to compensate investors for the additional risk. The Fund is managed as a high yield portfolio that primarily invests in bonds in the top three ratings of the high yield credit quality spectrum. The high yield sector may provide portfolio diversification benefits because it has a low correlation to other sectors of the fixed income market and less sensitivity to interest rate risk, but is more risky than investment-grade debt. The Fund may also utilize derivatives to manage duration, or interest rate risk.

The Fund may be suitable for investors who:

  • Seek a high level of income
  • Have a medium to long-term investment time horizon and a moderate risk tolerance
  • Are comfortable with a higher level of risk and volatility compared to other bond funds
Fund management

Our seasoned team of more than 130 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 75% have at least 10 years of experience, more than 45% have more than 20 years of investment experience, and more than 80% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

  • Paul J. Ocenasek, CFA
    Paul J. Ocenasek, CFA
    Senior Portfolio Manager
    Managing this fund since 1997

    Mr. Ocenasek joined Thrivent in 1987. He has served as a portfolio manager since 1997. Read more.


Performance

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Average Annualized Returns

as of 12/30/2022
0.79% Total annual fund operating expenses

The average annualized returns for the fund reflect the current maximum sales charge of 4.50%.

See data by:

Yields

as of 12/30/2022
12 Month Distribution
5.34%
30 Day SEC
7.01%
Monthly Distribution
5.99%

Growth of 10K

as of 12/30/2022
$13,268
Total market value
$5,418
Current value of reinvested dividends and capital gains

Calendar year performance

as of 12/30/2022

Characteristics

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Holdings breakdown

as of 12/30/2022
Total number of holdings
456
Turnover ratio (as of 11/30/2022)
35%

Top 10 Holdings

as of 11/30/2022
9.47%
of all holdings
N/A
N/A
Security name % of total assets Maturity Coupon rate
SPDR Bloomberg Short Term High Yield Bond ETF High Yield Bond ETF 2.71%
SPDR Bloomberg High Yield Bond ETF 1.41%
Sprint Corporation 0.93% 02/15/2025 7.63%
Gray Escrow II, Inc. 0.71% 11/15/2031 5.38%
Herc Holdings, Inc. 0.67% 07/15/2027 5.50%
TransDigm, Inc. 0.64% 03/15/2026 6.25%
Drawbridge Special Opportunities Fund, LP 0.62% 02/15/2026 3.88%
Albertson's Companies, Inc. 0.61% 02/15/2028 5.88%
H&E Equipment Services, Inc. 0.59% 12/15/2028 3.88%
NCR Corporation 0.58% 09/01/2027 5.75%

Fund Diversification

as of 12/30/2022
N/A
N/A
  • Consumer Cyclical
    18.71%
  • Communications
    13.18%
  • Consumer Noncyclical
    12.76%
  • Energy
    12.64%
  • Capital Goods
    10.91%
  • Finance
    7.68%
  • Basic Industry
    6.39%
  • Technology
    5.90%
  • Miscellaneous
    4.40%
  • Cash
    2.60%
  • Utilities
    2.47%
  • Transportation
    2.31%
  • Equities, MLPs and REITs
    .08%

Fixed Income characteristics

as of 12/30/2022
Duration Average Life
Thrivent High Yield Fund 3.53 5.27
Bloomberg U.S. Aggregate Bond Index 6.15 8.61

Credit quality rating distribution

as of 12/30/2022
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    5.10%
  • Cash
    2.60%
  • U.S. Government Guaranteed
    .00%
  • AAA
    .00%
  • AA
    .00%
  • A
    .00%
  • BBB
    2.50%
Bond type
% of total
  • High Yield (HY) Bonds
    90.26%
  • BB
    35.78%
  • B
    46.32%
  • CCC
    8.16%
  • CC
    .00%
  • C
    .00%
  • D
    .00%
  • Non-Rated (NR) Bonds
    .24%
  • May be HQ/HY/NR Bonds
    4.40%
  • ETFs/Closed-End Funds
    4.40%

Volatility

as of 12/30/2022
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns (without sales charge)
Thrivent High Yield Fund 10.96 -1.43
Bloomberg U.S. Aggregate Bond Index 5.69 -2.71

Ratings


Morningstar

as of 12/31/2022
Category: High Yield Bond
Morningstar Information
Funds in category
Overall
625
3-Year
625
5-Year
579
10-Year
414
Risk vs. category
Average
625
Return vs. category
Below Average
625

Morningstar ratings are calculated based on risk-adjusted return.

Fixed income style box
Hi
Med
Low
QUALITY
Limited
Moderate
Extensive
SENSITIVITY

Distributions

as of 12/30/2022
Dividends Month End Nav Month End Pop
January 2022 $0.0168 $4.54 $4.75
February 2022 $0.0158 $4.49 $4.70
March 2022 $0.0171 $4.44 $4.65
April 2022 $0.0163 $4.26 $4.46
May 2022 $0.0181 $4.25 $4.45
June 2022 $0.0170 $3.95 $4.14
July 2022 $0.0171 $4.17 $4.37
August 2022 $0.0190 $4.05 $4.24
September 2022 $0.0181 $3.87 $4.05
October 2022 $0.0188 $3.97 $4.16
November 2022 $0.0183 $4.03 $4.22
December 2022 $0.0196 $3.98 $4.17

Trailing 12-Months; Dividend Schedule: Declared Daily, Paid Monthly


Capital gains - trailing 12 months

as of 12/30/2022
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.54%
Total Annual Fund Operating Expenses 0.79%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 Semiannually
Front-End Sales Charge Max 4.50%
Back-End Sales Charge None

Minimum investment

Initial for non-retirement accounts $2,000
Initial for retirement or tax deferred accounts $1,000
Additional Purchases $50
Initial minimums are waived when a recurring investment of $50 or more is set up

Documents

Title Download View
Prospectus & Fund Documents -
Fund Facts -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -

Due to rounding, some values may not total 100%.

Strategy

The portfolio management team seeks to add value through security selection and active management, and monitors risk in an effort to build a well-diversified portfolio. The team uses fundamental, quantitative and technical investment research techniques to determine which securities to buy and sell. Through careful credit research, the team strives to identify U.S. companies that will have adequate cash flows to meet their principal and interest obligations. The team also considers the macro-economic environment and performs an ongoing assessment of relative value and risk. Based on this market outlook, the Fund may take overweight and underweight positions in various industries and may reallocate across the higher and lower-quality segments of the high yield market.

Risk

High yield securities are subject to increased credit risk as well as liquidity risk. 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. Convertible securities are subject to the usual risk associated with debt securities along with market risk and may also be forced to convert at an inopportune time which may decrease returns. Leveraged loans are subject to numerous risks, including liquidity, credit, declines in the value of collateral underlying them, and detrimental legal actions against them. In unusual circumstances, the Fund could experience a loss when selling portfolio securities to meet redemption requests for a variety of reasons. The London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it. When interest rates fall, certain obligations will be paid off more quickly and proceeds may have to be invested in securities with lower yields. The Fund’s value is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability, which may be magnified for investments in emerging markets. Markets may also be impacted by domestic or global events, including public health threats, terrorism, natural disasters or similar events. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. The Adviser's assessment of investments and ESG considerations may prove incorrect, resulting in losses or poor performance. The use of derivatives such as futures involves additional risks and transaction costs. These and other risks are described in the prospectus.

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