Fund Evaluator:
Thrivent Dynamic Allocation S (IBBFX)
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Best Performing in Moderately Conservative Allocation Over the Last Year
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Fund Details
Thrivent Dynamic Allocation S Overview
Thrivent Dynamic Allocation S (IBBFX) is an actively managed Allocation Moderately Conservative Allocation fund. Thrivent Funds launched the fund in 1997.
The investment seeks long-term total return through a balance between income and the potential for long-term capital growth. Under normal circumstances, the fund invests 25-65% in equity securities and 35-75% in debt securities. The equity securities in which the fund invests may include common stock, preferred stock, securities convertible into common stock, or securities or other instruments the price of which is linked to the value of common stock.
About Thrivent Dynamic Allocation S (IBBFX)
There are 3 members of the management team with an average tenure of 8.52 years: David Spangler (2019), Stephen Lowe (2013), Theron Whitehorn (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Thrivent Dynamic Allocation S has 997 securities in its portfolio. The top 10 holdings constitute 47.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thrivent Dynamic Allocation S is part of the Allocation global asset class and is within the Allocation fund group. Thrivent Dynamic Allocation S has 7.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 32.0%. There is 3.8% allocated to foreign stock, and 1.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 52.7% (49.4% domestic bond, 3.3% foreign bond and 2.8% convertible bond). Thrivent Dynamic Allocation S has -13.1% of the portfolio in cash.
Assets Under Management
The fund has $218 million in total assets, which is below the $563 million average for the Moderately Conservative Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IBBFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thrivent Dynamic Allocation S expense ratio is above average compared to funds in the Moderately Conservative Allocation category. Thrivent Dynamic Allocation S has an expense ratio of 0.74%, which is 26% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Thrivent Dynamic Allocation S has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.
Recently, in the month of June 2026, Thrivent Dynamic Allocation S returned 0.3%, which earned it a grade of B, as the Moderately Conservative Allocation category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Thrivent Dynamic Allocation S has a trailing yield of 2.97%, which is below the 3.33% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thrivent Dynamic Allocation S Grades
Year to date, the fund has returned 5.7%, 0.6 percentage points better than the category, which translates into a grade of B. The fund has returned 12.6% over the past year (grade of B), 10.7% over the past three years (grade of B) and 5.3% per year over the past five years (grade of B) and 7.0% per year over the past 10 years (grade of B).
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IBBFX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IBBFX Return (NAV) | 0.3% | 6.5% | 12.6% | 10.7% | 5.3% | 7.0% |
| IBBFX Grade | B | B | B | B | B | B |
| +/- Category | 0.3% | 1.2% | 1.3% | 0.6% | 0.5% | 0.8% |
| Moderately Conservative Allocation Avg | 0.1% | 5.3% | 11.3% | 10.1% | 4.9% | 6.2% |
| IBBFX Tax Cost Ratio | na | na | 1.9% | 1.4% | 1.4% | 1.3% |
IBBFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IBBFX Return (NAV) | 5.7% | 12.5% | 8.4% | 12.3% | -13.7% | 12.1% | 9.0% | 17.0% | -4.8% | 11.7% | 7.1% |
| IBBFX Grade | B | B | C | A | D | B | B | B | D | A | C |
| +/- Category | 0.6% | 1.0% | 0.0% | 2.3% | -1.9% | 2.1% | 1.0% | 1.4% | -0.5% | 1.8% | -1.3% |
| Moderately Conservative Allocation Avg | 5.1% | 11.5% | 8.3% | 10.0% | -11.8% | 10.0% | 8.0% | 15.6% | -4.3% | 9.8% | 8.5% |
| Risk Measures | |
| Standard Deviation: | 7.4% |
| Total Risk Index: | 0.61 - Below Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 0.78 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $459 Mil |
| Fund Total Assets: | $ 219 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.9 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Lowe Stephen (2013), Spangler David (2019), Whitehorn Theron (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 997 |
| % in Top 10 Holdings: | 47.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.1% |
Portfolio Allocation |
|
| Domestic Stock: | 32.0% |
| Foreign Stock: | 3.8% |
| Preferred Stock: | 1.3% |
| Domestic Bond: | 49.4% |
| Foreign Bond: | 3.3% |
| Convertible Bond: | 2.8% |
| Other: | 20.5% |
| Cash: | -13.1% |
Purchase Information
| Fund Family: | Thrivent Funds |
| Phone Number: | 800-847-4836 |
| Website: | www.ThriventFunds.com. |
| Status: | Open |
| Inception Date: | December 29, 1997 |
| Min. Initial Purchase: | $2,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.74% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.01% |
| Share Class: | Thrivent Dynamic Allocation A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
