META - Thrivent High Yield Fund Q1 2025 Commentary
2025-06-30 00:30:00 ET
Performance factors
Tariffs took the spotlight during the first quarter creating significant uncertainty regarding inflation prospects and economic growth. This uncertainty led spreads (the additional yield over risk-free Treasuries) to increase sixty basis points during the quarter and ninety basis points from the low point reached in January as economic growth estimates declined, and inflation expectations rose. Higher-risk, CCC-rated bonds returned -0.44% for the quarter while higher-quality, BB-rated bonds returned 1.49% for the quarter. Industries most exposed to tariffs and/or the consumer, such as retail and automotive, have underperformed. Industries less exposed and more service oriented, such as financials and food & beverage, have outperformed....
Thrivent High Yield Fund Q1 2025 Commentary