Thrivent Mutual Fund group was recognized by Thomson Reuters Lipper Fund awards as Best Mixed-Assets Small Fund Family Award for the third year in a row and Best Overall Small Fund Family for the second year in a row.

It is difficult to win a Lipper Fund Family award one year, even more so to repeat, according to Tom Roseen, head of research services at Lipper. To win fund family awards in the mixed-assets and best overall categories multiple funds had to perform well in multiple categories. Fund family awards are based on three-year performance measures from multiple individual funds.

"It's an amazing feat that they got the overall and mixed assets awards," Roseen said. "I think it's quite a feat for Thrivent to hit that."

Thomson Reuters Lipper announced the annual awards at an event held in New York on March 23rd. Awards are based on risk-adjusted performance for the period ending Nov. 30, 2016.

"We appreciate being honored by Thomson Reuters Lipper for the performance of our funds, which provides recognition of our long-term, disciplined investment process," said David Royal, president of Thrivent Mutual Funds in a release.

In addition to the asset class awards Thrivent's Mid-Cap Stock Fund, Class S and Thrivent Large Cap Stock Fund, Class S won best of category recognition for their three- and five-year performances.

Thrivent's Mid-Cap Stock Fund competes in one of the larger categories. In the best performance over three years the Mid-Cap Core Fund category that has 112 funds competing, and the best performance over five year years has 102 entrants.

Thrivent Mutual Funds competes in the small fund family category which is based on assets under management. Companies in the small category have less than $63.5 billion in assets under management, but there are more entrants in the small category than the large.

Thrivent Mutual Funds has 23 mutual funds and over $15 billion in assets. Since 2008 Thrivent Mutual Funds have won 15 Thomson Reuters Lipper Fund Awards.

According to Roseen, the overall success of Thrivent Mutual Funds goes back to the underlying investment philosophy mandated by Thrivent. "Obviously this mandate is working very well for Thrivent," Roseen said. "Their ability to pick stocks or fixed income or bonds, shows that something is working very well for this group."