Thrivent Small Cap Stock Fund Q4 2025 Commentary

Thrivent Asset Management10 FollowersFollow5ShareSavePlay(5min)CommentsSummaryThe Fund underperformed the Russell 2000 Index over the last quarter mainly due to allocation effects and underperformed the past year mainly due to security selection.Negative security selection was led by the Health Care sector and in particular, Twist Biosciences and ADMA Biologics.The focus remains on finding solid companies that are attractively priced with long runways ahead of them for growth in sales, earnings, and free cash flow.For the period ending December 31, 2025, Thrivent Small Cap Stock Fund S shares delivered a 2.35% return for the year compared to 12.81% for the Russell 2000.Top 10 holdings, excluding derivatives and cash, represented 18.56% of the Fund as of November 28, 2025, led by PegaSyst, Inc. at 2.10%. peepo/E+ via Getty Images Executive Summary The Fund underperformed the Russell 2000 Index over the last quarter mainly due to allocation effects and underperformed the past year mainly due to security selection. The largest detractors to the past quarter were This article was written byThrivent Asset Management10 FollowersFollowThrivent has offered investment products since 1970. The investment adviser for our funds is Thrivent Asset Management, LLC (TAM), a subsidiary of Thrivent. A membership-owned fraternal organization, Thrivent has provided holistic financial services and dedication to serving our clients for more than 100 years. Thrivent Distributors, LLC, a registered broker-dealer and member FINRA, is the distributor for Thrivent Mutual Funds and Thrivent Variable Portfolios. ALPS Distributors, Inc., member FINRA, is the distributor for Thrivent ETFs. Thrivent Distributors, LLC is the marketing agent for Thrivent ETFs. Asset management services for the Thrivent Mutual Funds and Thrivent ETFs are provided by Thrivent Asset Management, LLC, an SEC-registered investment adviser.

Thrivent Asset Management, LLC also provides sponsors of managed accounts with non-discretionary investment advice in the form of model portfolios.

Thrivent Variable Portfolios are advised by Thrivent, an SEC-registered investment adviser. Thrivent Distributors, LLC and Thrivent Asset Management, LLC are both subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans. ALPS Distributors, Inc. is not affiliated with Thrivent or any of its subsidiaries. Note: This account is not managed or monitored by Thrivent, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the Thrivent's official channels.