Fund Evaluator:
Thrivent Government Bond S (TBFIX)
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Best Performing in Intermediate Government Over the Last Year
| 3.8% | Victory Government Securities (USGNX) |
| 3.6% | American Century Government Bond Inv (CPTNX) |
| 3.5% | PGIM Government Income Z (PGVZX) |
| 3.4% | Fidelity Advisor Government Income Z (FIKPX) |
| 3.3% | Fidelity Government Income (FGOVX) |
Fund Details
Thrivent Government Bond S Overview
Thrivent Government Bond S (TBFIX) is an actively managed Taxable Bond Intermediate Government fund. Thrivent Funds launched the fund in 2010.
The investment seeks total return, consistent with preservation of capital. The fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in U.S. government bonds. U.S. government bonds are debt instruments issued or guaranteed by the U.S. government or its agencies and instrumentalities, including U.S. Treasuries, TIPS, U.S. government agency debt, and mortgage-backed securities issued or guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae) or the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac).
About Thrivent Government Bond S (TBFIX)
There are 2 members of the management team with an average tenure of 3.71 years: Kent White (2023), Jon-Paul (JP) Gagne (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury TR USD(1987) index with a weighting of 100%. Thrivent Government Bond S has 79 securities in its portfolio. The top 10 holdings constitute 67.8% 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 Government Bond S is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Thrivent Government Bond S has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 106.9% (106.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thrivent Government Bond S has -6.9% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $935 million average for the Intermediate Government 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.
TBFIX 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 Government Bond S expense ratio is average compared to funds in the Intermediate Government category. Thrivent Government Bond S has an expense ratio of 0.45%, 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 Government Bond S has a portfolio turnover rate of 352%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 100% for the Intermediate Government category.
Recently, in the month of June 2026, Thrivent Government Bond S returned 0.2%, which earned it a grade of B, as the Intermediate Government category had an average return of 0.2%. 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 Government Bond S has a trailing yield of 3.81%, which is above the 3.49% category average. The fund normally distributes its income monthly 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 Government Bond S Grades
Year to date, the fund has returned 0.1%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 3.2% over the past year (grade of B), 3.9% over the past three years (grade of A) and 0.4% per year over the past five years (grade of A) and 1.2% per year over the past 10 years (grade of B).
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TBFIX 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 |
|
| TBFIX Return (NAV) | 0.2% | 0.1% | 3.2% | 3.9% | 0.4% | 1.2% |
| TBFIX Grade | B | D | B | A | A | B |
| +/- Category | 0.0% | -0.0% | 0.5% | 0.5% | 0.7% | 0.4% |
| Intermediate Government Avg | 0.2% | 0.2% | 2.8% | 3.4% | -0.3% | 0.8% |
| TBFIX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.3% | 1.1% |
TBFIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBFIX Return (NAV) | 0.1% | 7.3% | 1.3% | 4.5% | -10.5% | -1.8% | 7.2% | 5.8% | 0.1% | 2.6% | 1.4% |
| TBFIX Grade | C | B | A | A | A | B | C | C | F | A | A |
| +/- Category | 0.0% | 0.4% | 0.6% | 0.8% | 1.3% | 0.2% | -0.1% | -0.1% | -0.4% | 0.8% | 0.5% |
| Intermediate Government Avg | 0.1% | 6.9% | 0.7% | 3.8% | -11.8% | -2.0% | 7.3% | 5.9% | 0.5% | 1.8% | 0.8% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (83% Rank) |
| Beta: | 1.00 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $49 Mil |
| Fund Total Assets: | $ 48 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 352% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Gagne Jon-Paul (JP) (2022), White Kent (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 79 |
| % in Top 10 Holdings: | 67.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 106.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -6.9% |
Purchase Information
| Fund Family: | Thrivent Funds |
| Phone Number: | 800-847-4836 |
| Website: | www.ThriventFunds.com. |
| Status: | Open |
| Inception Date: | February 26, 2010 |
| 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 (%): | 0.45% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.61% |
| Share Class: | Thrivent Government Bond S |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
