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
$13.52
As of 08/03/2021

1-Day Change
$0.00 (0.00%)
As of 08/03/2021

YTD Return
0.05%
As of 08/03/2021

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 | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 06/30/2021)
Flexible Bond Portfolio - Class SS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
Flexible Bond Portfolio - Class SS Shares 2.15 -1.28 2.08 6.14 3.52 3.74 5.93
Bloomberg Barclays U.S. Aggregate Bond Index 1.83 -1.60 -0.33 5.34 3.03 3.39 5.08
RETURNS (%) (As of 07/31/2021)
Flexible Bond Portfolio - Class SS Shares Bloomberg Barclays U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(09/13/1993)
Flexible Bond Portfolio - Class SS Shares 2.32 -0.17 1.01 6.51 3.61 3.68 5.95
Bloomberg Barclays U.S. Aggregate Bond Index 2.16 -0.50 -0.70 5.73 3.13 3.35 5.10
CALENDAR YEAR RETURNS (%)
Flexible Bond Portfolio - Class SERVICE Shares Bloomberg Barclays U.S. Aggregate Bond Index
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Flexible Bond Portfolio - Class SERVICE Shares 6.39 8.09 -0.32 4.69 -0.06 2.22 3.35 -1.29 9.28 10.25
Bloomberg Barclays U.S. Aggregate Bond Index 7.84 4.22 -2.02 5.97 0.55 2.65 3.54 0.01 8.72 7.51

MORNINGSTAR PERCENTILE

(As Of 06/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 63 34 60 62 9
Intermediate Core-Plus Bond Category|Rank/Count 395/593 202/578 344/547 295/478 11/180
(As Of 06/30/2021)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 63 34 60 62 9
Intermediate Core-Plus Bond Category|Rank/Count 395/593 202/578 344/547 295/478 11/180

RETURNS-BASED STATISTICS (As of 06/30/2021 Inst Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio 0.46 0.41
Alpha 0.52 0.61
Tracking Error 2.28 1.80
Beta 1.10 1.04
R-squared (%) 74.18 78.23
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 121.66 114.04
Down Capture Ratio 123.67 102.73
STANDARD DEVIATION 3YR 5YR
Flexible Bond Portfolio 4.44 3.84
Bloomberg Barclays U.S. Aggregate Bond Index 3.49 3.25
SHARPE RATIO 3YR 5YR
Flexible Bond Portfolio 1.15 0.68
Bloomberg Barclays U.S. Aggregate Bond Index 1.16 0.58
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 12/31/20)
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 06/30/2021)
% of Portfolio
Fannie Mae or Freddie Mac, 2.50%, 07/14/21 4.09
United States Treasury Note/Bond, 0.12%, 04/30/23 3.24
United States Treasury Note/Bond, 0.12%, 02/28/23 2.63
United States Treasury Note/Bond, 0.50%, 02/28/26 2.16
US TSY INFL BOND 0.13 04/15/2026, 0.12%, 04/15/26 1.98
United States Treasury Note/Bond, 1.62%, 11/15/50 1.85
United States Treasury Note/Bond, 0.75%, 04/30/26 1.81
Ginnie Mae, 2.00%, 07/21/21 1.68
United States Treasury Note/Bond, 1.38%, 08/15/50 1.60
United States Treasury Note/Bond, 2.75%, 08/15/42 1.57
Total 22.61
View Full Holdings
Portfolio Characteristics (As of 06/30/2021)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues
483 12164
Portfolio Turnover Rate
(1-year trailing)
111.06% -
Weighted Average Maturity
(years)
7.56 13.69
Effective Duration
(years)
5.87 6.48
Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 06/30/2021)
US Preferred Stock 0.52 -
Credit-Investment Grade 24.59 26.41
Treasuries 19.10 37.54
Credit-High Yield 17.30 -
MBS 16.56 27.54
CMBS 6.16 2.13
ABS 6.14 0.31
Inflation Linked 4.01 -
CMO 3.86 -
Bank Loans 1.26 -
Futures 0.15 -
Short Futures -0.03 -
Cash & Equivalents 0.38 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 06/30/2021)
North America 94.98 93.23
Europe 3.17 2.93
Asia/Pacific Ex Japan 1.35 0.73
Latin America 0.12 0.94
Cash & Equivalents 0.38 -
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 06/30/2021)
U.S. 94.54 92.09
Non-U.S. Developed 4.15 5.01
Non-U.S. Emerging 0.93 1.46
Cash & Equivalents 0.38 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 06/30/2021)
< 1 yr 3.08 0.69
1 - 3 yrs 15.42 18.63
3 - 5 yrs 23.82 14.97
5 - 7 yrs 18.17 9.97
7 - 10 yrs 22.45 9.88
10 - 20 yrs 5.19 10.98
> 20 yrs 8.08 34.88
N/A 2.89 -
Credit Quality of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 06/30/2021)
Aaa 45.99 70.75
Aa 1.18 3.46
A 6.45 11.12
Baa 24.07 14.67
Ba 15.30 -
B 4.10 -
NOT RATED 2.01 -

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