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For Financial Professionals in the US

VIT Flexible Bond Portfolio

For 25 years, this active fixed income strategy has been anchoring investor portfolios given its focus on risk-adjusted returns and capital preservation

NAV
$11.22
As of 03/06/2026

1-Day Change
$0.00 (0.00%)
 As of 03/06/2026

YTD Return
0.72%
As of 03/06/2026

Overview

About This Portfolio

This dynamic core bond portfolio leverages a bottom-up, fundamentally driven investment process designed to generate risk-adjusted outperformance and capital preservation. Throughout its 25 year history, the Portfolio has utilized an active and flexible approach to manage across a variety of market and rate cycles.

Why Invest in This Portfolio

Dynamic Core Bond Holding
By emphasizing risk-adjusted returns and capital preservation, the portfolio can serve as a foundation for a fixed income portfolio. The strategy uses a bottom-up, fundamentally driven investment process that seeks to identify the best opportunities across fixed income sectors, including up to 35% high yield.

Integrated Research
Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free-cash-flow generation, quality of management and security valuation.

Sophisticated Risk Management
Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Portfolio Management

Greg Wilensky, CFA: Head of US Fixed Income/Head of Core Plus | Portfolio Manager
Greg Wilensky, CFA

Head of US Fixed Income/Head of Core Plus | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough: Portfolio Manager
Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

John Lloyd: Global Head of Multi-Sector Credit | Portfolio Manager
John Lloyd

Global Head of Multi-Sector Credit | Portfolio Manager

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 12/31/2025)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio Service Class 1.09 7.22 7.22 4.69 -0.47 2.07 5.05
Bloomberg U.S. Aggregate Bond Index 1.10 7.30 7.30 4.66 -0.36 2.01 4.35
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
RETURNS (%) (As of 01/31/2026)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio Service Class 0.74 0.27 6.83 3.63 -0.28 1.99 5.04
Bloomberg U.S. Aggregate Bond Index 0.58 0.11 6.85 3.65 -0.20 1.88 4.34
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.
Calendar Year Returns (%)
VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
VIT Flexible Bond Portfolio Service Class 7.22 1.63 5.29 -13.90 -1.11 10.25 9.28 -1.29 3.35 2.22
Bloomberg U.S. Aggregate Bond Index 7.30 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Morningstar Percentile

 (As of 12/31/2025) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 65 84 81 77 15
US Fund Intermediate Core-Plus Bond | Rank/Count 342/538 401/508 351/475 306/407 15/130
 (As of 02/28/2026) 1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 74 84 80 82 18
US Fund Intermediate Core-Plus Bond | Rank / Count 400/544 398/511 349/476 325/409 18/133

Growth of a Hypothetical Investment

VIT Flexible Bond Portfolio Service Class Bloomberg U.S. Aggregate Bond Index Intermediate Core-Plus Bond
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 01/31/2026 Class SERVICE Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 0.36 0.25
Alpha 0.30 0.23
Tracking Error 0.67 0.69
Beta 1.04 1.02
R-squared (%) 98.93 98.89
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 104.45 102.69
Down Capture Ratio 102.36 100.41
STANDARD DEVIATION 3YR 5YR
Flexible Bond Portfolio 6.11 6.50
Bloomberg U.S. Aggregate Bond TR Index 5.85 6.36
SHARPE RATIO 3YR 5YR
Flexible Bond Portfolio -0.17 -0.51
Bloomberg U.S. Aggregate Bond TR Index -0.22 -0.54
Annual Fees & Expenses (As of the most recent prospectus)
SERVICE SHARES
Management Fees 0.50%
12b-1 Fees 0.25%
Other Expenses 0.13%
Total Gross Expenses 0.88%
Waivers -0.06%
Total Net Expenses 0.82%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on April 30, 2025. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Portfolio’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange-traded funds (“ETFs”) in which the Portfolio invests, less certain operating expenses. The contractual waivers will remain in effect for at least a one-year period commencing on April 30, 2025.

Portfolio

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

Top Holdings (As of 01/31/2026)
% of Fund
United States Treasury Note/Bond, 4.00%, 11/15/2035 5.52
United States Treasury Note/Bond, 3.63%, 12/31/2030 5.30
Fannie Mae or Freddie Mac, 6.00%, 02/12/2026 2.44
United States Treasury Note/Bond, 3.38%, 11/30/2027 2.20
United States Treasury Note/Bond, 4.75%, 08/15/2055 1.70
United States Treasury Note/Bond, 4.63%, 11/15/2045 1.60
Janus Henderson Emerging Markets Debt Hard Currency ETF 1.24
United States Treasury Note/Bond, 3.88%, 12/31/2032 0.88
Applovin Corp, 5.50%, 12/01/2034 0.82
Fannie Mae or Freddie Mac, 5.00%, 02/12/2026 0.66
TOTAL 22.36
View full holdings
Portfolio Characteristics (As of 01/31/2026)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues		 647 13914
Portfolio Turnover Rate
(1-year trailing)		 158.40% -
Weighted Average Maturity
(years)		 6.36 8.12
Effective Duration
(years)		 5.80 5.91
Yield to Worst
 5.08% 4.35%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2026
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Index % of Fund % of Index As of 01/31/2026
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 01/31/2026
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 01/31/2026

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 01/31/2026

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