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
$13.78
As of 07/09/2020

1-Day Change
$0.04 (0.29%)
As of 07/09/2020

YTD Return
7.64%
As of 07/09/2020

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 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
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 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
GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 05/31/2020 Inst Shares)

RISK / REWARD
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Information Ratio -0.11 -0.19
Alpha -0.44 -0.29
Tracking Error 2.17 1.71
Beta 1.05 1.00
R-squared (%) 71.73 77.09
UP/DOWN MARKET CAPTURE (%)
VS. Bloomberg Barclays U.S. Aggregate Bond Index
3YR 5YR
Up Capture Ratio 103.03 98.87
Down Capture Ratio 119.89 110.30
STANDARD DEVIATION 3YR 5YR
VIT Flexible Bond Portfolio 4.06 3.58
Bloomberg Barclays U.S. Aggregate Bond Index 3.28 3.14
SHARPE RATIO 3YR 5YR
VIT Flexible Bond Portfolio 0.76 0.69
Bloomberg Barclays U.S. Aggregate Bond Index 1.01 0.89
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 05/31/2020)
% of Portfolio
United States Treasury Note/Bond, 2.75%, 08/15/42 2.70
Fannie Mae Pool, 3.00%, 02/01/47 2.34
United States Treasury Note/Bond, 2.00%, 02/15/50 2.11
United States Treasury Note/Bond, 1.12%, 02/28/22 2.01
United States Treasury Note/Bond, 2.38%, 11/15/49 1.34
Ginnie Mae II Pool, 4.00%, 05/20/48 0.92
Fannie Mae Pool, 3.50%, 02/01/43 0.84
JPMorgan Chase & Co, 4.45%, 12/05/29 0.72
Goldman Sachs Group Inc, 3.50%, 04/01/25 0.71
Fannie Mae or Freddie Mac, 4.00%, 06/11/20 0.63
Total 14.32
View full holdings
Portfolio Characteristics (As of 05/31/2020)
  PORTFOLIO INDEX
Number of Holdings
Debt Issues
593 11392
Portfolio Turnover Rate
(1-year trailing)
172.81% -
Weighted Average Maturity
(years)
8.54 13.46
Effective Duration
(years)
6.25 5.90

Sector Allocation % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 05/31/2020)
US Preferred Stock 0.06 -
Credit-Investment Grade 49.99 26.47
MBS 20.12 27.42
Treasuries 8.78 37.49
CMO 6.26 -
Credit-High Yield 6.06 0.06
ABS 4.07 0.41
CMBS 3.67 2.20
Bank Loans 0.44 -
Futures 0.17 -
Cash & Equivalents 0.38 -
Regional Allocations % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 05/31/2020)
North America 95.97 92.91
Europe 3.34 3.31
Latin America 0.31 0.90
Cash & Equivalents 0.38 -
Developed VS Emerging Markets % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 05/31/2020)
U.S. 95.74 91.81
Non-U.S. Developed 3.57 5.35
Non-U.S. Emerging 0.31 1.41
Cash & Equivalents 0.38 -
MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS % OF PORTFOLIO % OF INDEX % OF PORTFOLIO % OF INDEX (As of 05/31/2020)
< 1 yr 3.75 0.92
1 - 3 yrs 13.03 19.07
3 - 5 yrs 25.17 14.77
5 - 7 yrs 16.26 9.92
7 - 10 yrs 22.50 9.91
10 - 20 yrs 4.75 8.88
> 20 yrs 11.87 36.53
N/A 2.23 -
Credit Quality of Fixed Income Holdings % OF PORTFOLIO % of Index % OF PORTFOLIO % of Index (As of 05/31/2020)
Aaa 34.82 70.65
Aa 1.25 3.45
A 14.81 12.22
Baa 40.30 13.62
Ba 5.12 0.06
B 2.78 -
NOT RATED 0.48 -

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