Morningstar - Q4 2022 - 63
a company's stock has promising upside because
the business is improving its operations.
Unlike some small-cap managers, however, Finn
and Tinucci don't think it's necessary to visit
companies. They focus on combing through filings
and talking with corporate executives on the
phone. The team then checks and cross-checks its
assumptions, estimates, and views so that
only the strongest prospects survive the scrutiny.
For most of their research, Tinucci says, " you
get to 'no' more often than you get to 'yes' " -and
they're comfortable with that.
One might think such strenuous tests
would make for a relatively concentrated portfolio.
Not so. The Thrivent team is well aware
that attractive-looking stocks can be cheap
for a reason, so it invests in a portfolio
of 80-120 stocks, with top positions rarely
exceeding 2% of assets each. Sector weightings
are close but not too tight to the Russell
2000 prospectus benchmark-usually within 5
percentage points. The managers also like to stay
fully invested. If they can't find the right deals,
they sometimes put small amounts in an
index- or industry-tracking ETF just to keep
investors' cash deployed.
Risk management is serious business at Thrivent.
" We want to do right by our clients, " Finn says.
" Our clients do business with us for a reason.
We want to generate alpha without undue risk. "
To that end, Thrivent regularly monitors at least
30 factors, including allocations to high-growth
stocks and cyclical businesses, exposure to
debt, and liquidity. Finn expects all of his equity
Jim Tinucci and Matt Finn, portfolio managers
of Thrivent Small Cap Stock.
morningstar.com/products/magazine
63
http://www.morningstar.com/products/magazine
Morningstar - Q4 2022
Table of Contents for the Digital Edition of Morningstar - Q4 2022
Contents
Morningstar - Q4 2022 - Cover1
Morningstar - Q4 2022 - Cover2
Morningstar - Q4 2022 - 1
Morningstar - Q4 2022 - 2
Morningstar - Q4 2022 - Contents
Morningstar - Q4 2022 - 4
Morningstar - Q4 2022 - 5
Morningstar - Q4 2022 - 6
Morningstar - Q4 2022 - 7
Morningstar - Q4 2022 - 8
Morningstar - Q4 2022 - 9
Morningstar - Q4 2022 - 10
Morningstar - Q4 2022 - 11
Morningstar - Q4 2022 - 12
Morningstar - Q4 2022 - 13
Morningstar - Q4 2022 - 14
Morningstar - Q4 2022 - 15
Morningstar - Q4 2022 - 16
Morningstar - Q4 2022 - 17
Morningstar - Q4 2022 - 18
Morningstar - Q4 2022 - 19
Morningstar - Q4 2022 - 20
Morningstar - Q4 2022 - 21
Morningstar - Q4 2022 - 22
Morningstar - Q4 2022 - 23
Morningstar - Q4 2022 - 24
Morningstar - Q4 2022 - 25
Morningstar - Q4 2022 - 26
Morningstar - Q4 2022 - 27
Morningstar - Q4 2022 - 28
Morningstar - Q4 2022 - 29
Morningstar - Q4 2022 - 30
Morningstar - Q4 2022 - 31
Morningstar - Q4 2022 - 32
Morningstar - Q4 2022 - 33
Morningstar - Q4 2022 - 34
Morningstar - Q4 2022 - 35
Morningstar - Q4 2022 - 36
Morningstar - Q4 2022 - 37
Morningstar - Q4 2022 - 38
Morningstar - Q4 2022 - 39
Morningstar - Q4 2022 - 40
Morningstar - Q4 2022 - 41
Morningstar - Q4 2022 - 42
Morningstar - Q4 2022 - 43
Morningstar - Q4 2022 - 44
Morningstar - Q4 2022 - 45
Morningstar - Q4 2022 - 46
Morningstar - Q4 2022 - 47
Morningstar - Q4 2022 - 48
Morningstar - Q4 2022 - 49
Morningstar - Q4 2022 - 50
Morningstar - Q4 2022 - 51
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Morningstar - Q4 2022 - 53
Morningstar - Q4 2022 - 54
Morningstar - Q4 2022 - 55
Morningstar - Q4 2022 - 56
Morningstar - Q4 2022 - 57
Morningstar - Q4 2022 - 58
Morningstar - Q4 2022 - 59
Morningstar - Q4 2022 - 60
Morningstar - Q4 2022 - 61
Morningstar - Q4 2022 - 62
Morningstar - Q4 2022 - 63
Morningstar - Q4 2022 - 64
Morningstar - Q4 2022 - 65
Morningstar - Q4 2022 - 66
Morningstar - Q4 2022 - 67
Morningstar - Q4 2022 - 68
Morningstar - Q4 2022 - 69
Morningstar - Q4 2022 - 70
Morningstar - Q4 2022 - 71
Morningstar - Q4 2022 - 72
Morningstar - Q4 2022 - 73
Morningstar - Q4 2022 - 74
Morningstar - Q4 2022 - 75
Morningstar - Q4 2022 - 76
Morningstar - Q4 2022 - 77
Morningstar - Q4 2022 - 78
Morningstar - Q4 2022 - 79
Morningstar - Q4 2022 - 80
Morningstar - Q4 2022 - Cover3
Morningstar - Q4 2022 - Cover4
Morningstar - Q4 2022 - S1
Morningstar - Q4 2022 - S2
Morningstar - Q4 2022 - S3
Morningstar - Q4 2022 - S4
Morningstar - Q4 2022 - S5
Morningstar - Q4 2022 - S6
Morningstar - Q4 2022 - S7
Morningstar - Q4 2022 - S8
Morningstar - Q4 2022 - S9
Morningstar - Q4 2022 - S10
Morningstar - Q4 2022 - S11
Morningstar - Q4 2022 - S12
Morningstar - Q4 2022 - S13
Morningstar - Q4 2022 - S14
Morningstar - Q4 2022 - S15
Morningstar - Q4 2022 - S16
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