Fund Evaluator:
Thrivent Moderate Allocation S (TMAIX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Thrivent Moderate Allocation S Overview
Thrivent Moderate Allocation S (TMAIX) is an actively managed Allocation Moderate Allocation fund. Thrivent Funds launched the fund in 2005.
The investment seeks long-term capital growth while providing reasonable stability of principal. The fund pursues its objective by investing in a combination of other funds managed by the Adviser and directly held financial instruments. It is designed for investors who seek moderate long-term capital growth with reasonable stability of principal and are comfortable with moderate levels of risk and volatility. The fund allocates 45%-85% of its assets in equity securities, and 15%-55% in debt securities.
About Thrivent Moderate Allocation S (TMAIX)
There are 3 members of the management team with an average tenure of 8.65 years: David Spangler (2019), Stephen Lowe (2016), David Royal (2018). 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 Moderate Allocation S has 1335 securities in its portfolio. The top 10 holdings constitute 58.6% 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 Moderate Allocation S is part of the Allocation global asset class and is within the Allocation fund group. Thrivent Moderate Allocation S has 10.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 56.4%. There is 9.1% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 29.1% (27.2% domestic bond, 1.9% foreign bond and 0.0% convertible bond). Thrivent Moderate Allocation S has -6.1% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $2 billion average for the Moderate 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.
TMAIX 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 Moderate Allocation S expense ratio is high compared to funds in the Moderate Allocation category. Thrivent Moderate Allocation S has an expense ratio of 0.86%, which is 13% lower than its category average, making the fund expense ratio grade a C. 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 Moderate Allocation S has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, Thrivent Moderate Allocation S returned -0.2%, which earned it a grade of C, as the Moderate Allocation category had an average return of -0.3%. 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 Moderate Allocation S has a trailing yield of 1.76%, which is below the 1.97% 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 Moderate Allocation S Grades
Year to date, the fund has returned 6.5%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 13.3% over the past year (grade of C), 12.3% over the past three years (grade of C) and 6.4% per year over the past five years (grade of C) and 8.2% per year over the past 10 years (grade of C).
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TMAIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TMAIX Return (NAV) | -0.2% | 2.6% | 13.3% | 12.3% | 6.4% | 8.2% |
| TMAIX Grade | C | B | C | C | C | C |
| +/- Category | 0.1% | 0.5% | 0.3% | 0.3% | -0.2% | -0.2% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| TMAIX Tax Cost Ratio | na | na | 2.0% | 1.7% | 1.5% | 1.3% |
TMAIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TMAIX Return (NAV) | 6.5% | 13.5% | 12.9% | 16.0% | -16.2% | 12.3% | 13.5% | 18.5% | -4.6% | 12.6% | 8.7% |
| TMAIX Grade | C | C | B | B | D | D | C | D | C | D | B |
| +/- Category | 0.0% | 0.2% | 0.6% | 1.6% | -2.3% | -2.1% | 0.6% | -1.3% | 0.5% | -1.2% | 0.9% |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.3% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 1.01 - Average |
| Category Risk Grade: | C (55% Rank) |
| Beta: | 0.94 |
| R-Squared: | 90% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 1.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4445 Mil |
| Fund Total Assets: | $2,299 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Lowe Stephen (2016), Royal David (2018), Spangler David (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1335 |
| % in Top 10 Holdings: | 58.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.9% |
Portfolio Allocation |
|
| Domestic Stock: | 56.4% |
| Foreign Stock: | 9.1% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 27.2% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 11.5% |
| Cash: | -6.1% |
Purchase Information
| Fund Family: | Thrivent Funds |
| Phone Number: | 800-847-4836 |
| Website: | www.ThriventFunds.com. |
| Status: | Open |
| Inception Date: | June 30, 2005 |
| 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 (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Thrivent Moderate Allocation A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
