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Thrivent High Yield Fund —
Class S
LBHIX
LBHIX
Thrivent High Yield Fund
Class
Risk profile
Conservative Aggressive

Morningstar Fixed Income Style Box

Interest Rate Sensitivity:
Limited
Credit Quality:
Low
 
Inception date
10/31/1997
As of
Net asset value
-
Daily NAV change
-
As of N/A
YTD return
0.05%
1-year return
9.57%
As of 02/29/2024
Net annual fund operating expenses
0.55%
As of
Sales charge
None
As of
Contact a consultant

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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 140 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, more than 50% 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.

  • Paul Tommerdahl, CFA
    Paul Tommerdahl, CFA
    Senior Portfolio Manager
    Managing this fund since 2023

    Mr. Tommerdahl joined Thrivent in 2016, serving as a senior portfolio manager. Read more.


Performance

All data represents past performance. Past performance does not guarantee 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 02/29/2024
0.55% Total annual fund operating expenses
Thrivent High Yield Fund Bloomberg U.S. Corporate High Yield Bond Index Morningstar High Yield Bond Avg
3M 3.49% 4.03% 3.80%
YTD 0.05% 0.29% 0.50%
1Y 9.57% 11.03% 10.10%
3Y 1.61% 1.84% 1.78%
5Y 3.01% 4.16% 3.68%
10Y 3.36% 4.34% 3.50%
See data by:

Yields

as of 02/29/2024
12 Month Distribution
5.86%
30 Day SEC
7.23%
Monthly Distribution
6.10%

Growth of 10K

as of 02/29/2024
$13,921
Total market value
$5,875
Current value of reinvested dividends and capital gains

Calendar year performance

as of 02/29/2024

Characteristics

All data represents past performance. Past performance does not guarantee 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 02/29/2024
Total number of holdings
513
Turnover ratio (as of 01/31/2024)
32%

Top 10 Holdings

as of 01/31/2024
7.43%
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 2.20%
Albertson's Companies, Inc. 0.62% 02/15/2028 5.88%
H&E Equipment Services, Inc. 0.60% 12/15/2028 3.88%
Caesars Entertainment, Inc. 0.60% 10/15/2029 4.63%
Gray Television, Inc. 0.58% 11/15/2031 5.38%
SS&C Technologies, Inc. 0.58% 09/30/2027 5.50%
DIRECTV Financing, LLC/DIRECTV Financing Co-Obligor, Inc. 0.58% 08/15/2027 5.88%
Tenet Healthcare Corporation 0.57% 11/01/2027 5.13%
1011778 B.C., ULC/New Red Finance, Inc. 0.56% 01/15/2028 4.38%
Teva Pharmaceutical Finance Netherlands III BV 0.54% 10/01/2026 3.15%

Fund Diversification

as of 12/29/2023
N/A
N/A
  • Consumer Cyclical
    19.84%
  • Energy
    13.78%
  • Consumer Noncyclical
    13.30%
  • Communications
    12.43%
  • Capital Goods
    12.37%
  • Finance
    7.28%
  • Basic Industry
    6.75%
  • Technology
    5.33%
  • Utilities
    2.96%
  • Miscellaneous
    2.29%
  • Transportation
    2.22%
  • Cash
    1.42%
  • Equities, MLPs and REITs
    .03%

Fixed Income characteristics

as of 02/29/2024
Duration Average Life
Thrivent High Yield Fund 3.07 4.11
Bloomberg U.S. Aggregate Bond Index 6.15 8.66

Credit quality rating distribution

as of 02/29/2024
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    2.22%
  • U.S. Government Guaranteed
    .00%
  • AAA
    .00%
  • AA
    .00%
  • A
    .14%
  • BBB
    2.08%
Bond type
% of total
  • High Yield (HY) Bonds
    95.30%
  • BB
    35.74%
  • B
    48.19%
  • CCC
    10.72%
  • CC
    .50%
  • C
    .03%
  • D
    .12%
  • Non-Rated (NR) Bonds
    .14%
  • May be HQ/HY/NR Bonds
    2.36%
  • ETFs/Closed-End Funds
    2.36%

Volatility

as of 02/29/2024
Standard deviation Average annualized returns
Thrivent High Yield Fund 8.26 1.61
Bloomberg U.S. Aggregate Bond Index 7.07 -3.16

Ratings


Morningstar

as of 02/29/2024
Category: High Yield Bond
Morningstar Information
Funds in category
Overall
607
3-Year
607
5-Year
575
10-Year
430
Risk vs. category
Average
607
Return vs. category
Average
607

Morningstar ratings are calculated based on risk-adjusted return.

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

Distributions

as of 02/29/2024
Dividends Month End Nav
March 2023 $0.0203 $4.07
April 2023 $0.0184 $4.08
May 2023 $0.0214 $4.02
June 2023 $0.0196 $4.05
July 2023 $0.0201 $4.09
August 2023 $0.0198 $4.08
September 2023 $0.0192 $4.01
October 2023 $0.0213 $3.94
November 2023 $0.0212 $4.08
December 2023 $0.0203 $4.20
January 2024 $0.0219 $4.18
February 2024 $0.0202 $4.16

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


Capital gains - trailing 12 months

as of 02/29/2024
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 0.55%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 0.55%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 Semiannually
Front-End Sales Charge None
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 -
Fund Commentary -
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 and other 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 additional risks and may also be forced to convert at an inopportune time which may decrease returns. The use of derivatives such as futures involves additional risks and transaction costs. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability. The Adviser’s assessment of investments may prove incorrect, resulting in losses or poor performance. Leveraged loans also known as bank loans are subject to numerous risks. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. The Fund’s value is influenced by the performance of the broader market. When interest rates fall, certain obligations are paid off more quickly and proceeds may have to be invested in securities with lower yields. In unusual circumstances, the Fund could experience a loss when selling portfolio securities to meet redemption requests for a variety of reasons. These and other risks are described in the prospectus.

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