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
$11.19
As of 06/09/2023

1-Day Change
-$0.03 (-0.27%)
 As of 06/09/2023

YTD Return
1.82%
As of 06/09/2023

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.

Knowledge Shared

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

View Our Insights

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 03/31/2023)
Flexible Bond Portfolio - Class SS Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
Flexible Bond Portfolio - Class SS Shares 2.91 2.91 -5.48 -1.12 1.18 1.35 5.14
Bloomberg U.S. Aggregate Bond Index 2.96 2.96 -4.78 -2.77 0.91 1.36 4.38
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.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

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

RETURNS (%) (As of 05/31/2023)
Flexible Bond Portfolio - Class SS Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
Flexible Bond Portfolio - Class SS Shares 1.54 2.27 -2.70 -2.94 1.09 1.35 5.09
Bloomberg U.S. Aggregate Bond Index 2.04 2.46 -2.14 -3.65 0.81 1.39 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.

Performance for Service Shares prior to 12/31/99 reflects the performance of Institutional Shares, adjusted to reflect the expenses of Service Shares.

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

Calendar Year Returns (%)
Flexible Bond Portfolio - Class SERVICE Shares Bloomberg U.S. Aggregate Bond Index
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Flexible Bond Portfolio - Class SERVICE Shares -13.90 -1.11 10.25 9.28 -1.29 3.35 2.22 -0.06 4.69 -0.32
Bloomberg U.S. Aggregate Bond Index -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55 5.97 -2.02

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 57 47 37 67 11
Intermediate Core-Plus Bond | Rank/Count 283/617 268/566 181/543 289/468 12/166
(As Of 05/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 70 65 38 66 11
Intermediate Core-Plus Bond | Rank / Count 373/628 343/565 189/543 284/467 12/166

RETURNS-BASED STATISTICS (As of 04/30/2023 Inst Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Information Ratio 1.12 0.27
Alpha 1.43 0.50
Tracking Error 1.20 1.84
Beta 1.01 1.01
R-squared (%) 96.48 90.00
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg U.S. Aggregate Bond Index		 3YR 5YR
Up Capture Ratio 117.96 110.05
Down Capture Ratio 97.64 103.61
STANDARD DEVIATION 3YR 5YR
Flexible Bond Portfolio 6.38 5.82
Bloomberg U.S. Aggregate Bond Index 6.19 5.45
SHARPE RATIO 3YR 5YR
Flexible Bond Portfolio -0.45 0.04
Bloomberg U.S. Aggregate Bond Index -0.68 -0.05
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2022)
SERVICE SHARES
Management Fees 0.50%
12b-1 Fees 0.25%
Other Expenses 0.10%
Total Gross Expenses 0.85%
Waivers -0.03%
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 28, 2023. This contractual waiver may be terminated or modified only at the discretion of the Portfolio's Board of Trustees.

 

Portfolio

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

Top Holdings (As of 04/30/2023)
% of Portfolio
United States Treasury Note/Bond, 4.00%, 02/29/28 4.11
United States Treasury Note/Bond, 3.88%, 02/15/43 4.09
United States Treasury Note/Bond, 4.00%, 11/15/52 4.07
United States Treasury Note/Bond, 4.00%, 11/15/42 3.31
United States Treasury Note/Bond, 3.50%, 02/15/33 3.28
United States Treasury Note/Bond, 3.62%, 03/31/28 2.72
United States Treasury Note/Bond, 3.75%, 04/15/26 2.39
United States Treasury Note/Bond, 3.50%, 04/30/28 1.87
Ginnie Mae II Pool, 2.50%, 05/18/23 1.63
United States Treasury Note/Bond, 3.50%, 04/30/30 1.59
Total 29.06
View full holdings
Portfolio Characteristics (As of 04/30/2023)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues		 530 13275
Portfolio Turnover Rate
(1-year trailing)		 166.38% -
Weighted Average Maturity
(years)		 8.13 13.05
Effective Duration
(years)		 6.18 6.30
Yield to Worst
 4.61% 4.36%

Yield to Worst calculation excludes cash.
Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Regional Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Developed vs Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Maturity Breakdown of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Credit Quality of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 04/30/2023)
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

Documents

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