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
$13.89
As of 09/18/2020

1-Day Change
$0.00 (0.00%)
As of 09/18/2020

YTD Return
8.50%
As of 09/18/2020

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

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

PORTFOLIO MANAGEMENT

Greg Wilensky, CFA

Head of U.S. Fixed Income

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 06/30/2020)
VIT Flexible Bond Portfolio - Class SS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio - Class SS Shares 6.71 6.62 9.77 5.09 3.88 4.08 6.07
Bloomberg Barclays U.S. Aggregate Bond Index 2.90 6.14 8.74 5.32 4.30 3.82 5.28
RETURNS (%) (As of 08/31/2020)
VIT Flexible Bond Portfolio - Class SS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
VIT Flexible Bond Portfolio - Class SS Shares 3.10 8.26 8.32 5.22 4.18 3.95 6.09
Bloomberg Barclays U.S. Aggregate Bond Index 1.31 6.85 6.47 5.09 4.33 3.65 5.28
CALENDAR YEAR RETURNS (%)
VIT Flexible Bond Portfolio - Class SS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
VIT Flexible Bond Portfolio - Class SS Shares 7.73 6.39 8.09 -0.32 4.69 -0.06 2.22 3.35 -1.29 9.28
Bloomberg Barclays U.S. Aggregate Bond Index 6.54 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01 8.72

MORNINGSTAR PERCENTILE

(As Of 06/30/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 6 31 62 58 10
Intermediate Core-Plus Bond Category|Rank/Count 42/616 174/581 325/530 268/468 12/187
(As Of 08/31/2020)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 10 30 65 58 9
Intermediate Core-Plus Bond Category|Rank/Count 71/614 173/581 337/532 270/476 11/187

RETURNS-BASED STATISTICS (As of 08/31/2020 Inst Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.17 0.07
Alpha 0.04 0.04
Tracking Error 2.27 1.79
Beta 1.07 1.02
R-squared (%) 72.21 76.44
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 111.20 104.94
Down Capture Ratio 117.92 108.55
STANDARD DEVIATION 3YR 5YR
VIT Flexible Bond Portfolio 4.28 3.68
Bloomberg Barclays U.S. Aggregate Bond Index 3.40 3.15
SHARPE RATIO 3YR 5YR
VIT Flexible Bond Portfolio 0.89 0.90
Bloomberg Barclays U.S. Aggregate Bond Index 1.01 1.01
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/2019)
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%

Portfolio

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

Top Holdings (As of 08/31/2020)
% of Portfolio
United States Treasury Note/Bond, 1.12%, 02/28/22 3.20
United States Treasury Note/Bond, 1.25%, 05/15/50 2.98
United States Treasury Note/Bond, 2.75%, 08/15/42 2.25
Fannie Mae Pool, 3.00%, 02/01/47 1.99
Fannie Mae Pool, 3.50%, 07/01/48 1.10
United States Treasury Note/Bond, 1.12%, 05/15/40 1.05
United States Treasury Note/Bond, 0.25%, 06/30/25 0.89
JPMorgan Chase & Co, 4.45%, 12/05/29 0.67
Fannie Mae or Freddie Mac, 3.50%, 09/14/20 0.65
Fannie Mae or Freddie Mac, 4.00%, 09/14/20 0.58
Total 15.36
View full holdings
Portfolio Characteristics (As of 08/31/2020)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues
623 11736
Portfolio Turnover Rate
(1-year trailing)
162.29% -
Weighted Average Maturity
(years)
8.39 13.54
Effective Duration
(years)
6.34 6.00
Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 08/31/2020)
US Preferred Stock 0.37 -
Credit-Investment Grade 49.70 27.49
MBS 17.11 26.98
Treasuries 10.59 36.81
Credit-High Yield 7.98 -
CMO 5.02 -
ABS 4.67 0.38
CMBS 3.45 2.21
Bank Loans 0.41 -
Futures 0.19 -
Short Futures -0.04 -
Cash & Equivalents 0.55 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 08/31/2020)
North America 94.44 92.89
Europe 4.57 3.25
Latin America 0.30 0.94
Japan 0.14 0.68
Cash & Equivalents 0.55 -
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 08/31/2020)
U.S. 94.05 91.73
Non-U.S. Developed 5.10 5.39
Non-U.S. Emerging 0.30 1.45
Cash & Equivalents 0.55 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 08/31/2020)
< 1 yr 2.97 0.80
1 - 3 yrs 17.19 18.81
3 - 5 yrs 21.43 14.92
5 - 7 yrs 14.29 9.80
7 - 10 yrs 23.76 10.00
10 - 20 yrs 7.06 9.50
> 20 yrs 10.45 36.17
N/A 1.93 -
Credit Quality of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 08/31/2020)
Aaa 33.19 69.66
Aa 0.68 3.41
A 12.83 12.40
Baa 41.78 14.53
Ba 6.18 -
B 3.45 -
NOT RATED 0.97 -

Documents

TOP